MONARCH MINING CORPORATION  (TSX: GBAR) (OTCQX: GBARF) is pleased to announce that it has received a final cash payment of $3.75 million from Gold Royalty Corp. (NYSE: GROY) in connection with the sale of royalties on the Beacon, Croinor Gold, McKenzie Break and Swanson properties (see news releases dated July 23, 2021 and August 5, 2021 for further details on the transaction).

“These funds will further strengthen our working capital in preparation for the restart of the Beaufor Mine and Beacon Mill expected by June 2022,” said Jean-Marc-Lacoste, President and Chief Executive Officer of Monarch.

About Monarch

Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,000 hectares (290 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.