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Monarch Reports Its Results for the Fourth Quarter and Year Ended June 30, 2023
MONARCH MINING CORPORATION (TSX: GBAR) (OTCQB: GBARF) reported its results for the fourth quarter and year ended June 30, 2023. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
| (In dollars except per-share data) | Three months ended June 30 |
Year ended June 30 |
||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Revenues | 2,543,471 | – | 5,093,466 | – | ||||
| Cost of sales | (844,375 | ) | – | (18,390,772 | ) | – | ||
| Revenue (Loss) from mine operations | 1,699,096 | – | (13,297,306 | ) | – | |||
| Administration expenses | (730,806 | ) | (2,610,057 | ) | (4,386,513 | ) | (8,902,910 | ) |
| Operating expenses | – | (8,809,760 | ) | – | (12,473,263 | ) | ||
| Care and maintenance expenses | (1,671,817 | ) | – | (3,334,693 | ) | – | ||
| Exploration expenses | (6,036 | ) | (272,053 | ) | (213,904 | ) | (3,646,827 | ) |
| Operating loss | (709,563 | ) | (11,691,870 | ) | (21,232,416 | ) | (25,023,000 | ) |
| Finance expenses | – | – | (1,621,629 | ) | (518,265 | ) | ||
| Gain on disposal of assets | – | – | 1,475,000 | 16,259,338 | ||||
| Impairment of property, plant and equipment | (15,000,000 | ) | (13,000,000 | ) | (22,000,000 | ) | (13,000,000 | ) |
| Impairment of mining property and exploration and evaluation assets | (8,958,087 | ) | – | (8,958,087 | ) | – | ||
| Provision | – | – | (1,156,285 | ) | – | |||
| Current income taxes and recovery of deferred mining taxes | (1,771,443 | ) | (2,481,836 | ) | 1,751,121 | 960,233 | ||
| Net loss and comprehensive loss | (22,651,720 | ) | (22,674,979 | ) | (49,070,694 | ) | (21,133,506 | ) |
| Net loss per share, basic and diluted | (0.13 | ) | (0.26 | ) | (0.28 | ) | (0.24 | ) |
| (In dollars) | June 30, 2023 | June 30, 2022 |
| Cash and cash equivalents | 231,892 | 9,339,558 |
| Restricted cash | 1,000,000 | 7,000,000 |
| Total assets | 45,679,352 | 93,895,219 |
For more information, please consult the Corporation’s consolidated annual financial statements, management’s discussion and analysis, and annual information form for the year ended June 30, 2023, which have been filed on SEDAR+ at www.sedarplus.ca and posted on the Corporation’s website at www.monarchmining.com.
About Monarch
Monarch Mining Corporation is a gold mining company that owns three projects, including the Beaufor Mine, which is currently on care and maintenance and has produced more than 1 million ounces of gold over the last 30 years. Other assets include the McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 14,316 hectares (143 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.
Posted September 30, 2023
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