GlobeNewswire Inc | Aug 24, 2021 07:35AM EDT

August 24, 2021

-- The Beaufor Mine technical report shows an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, a significant increase compared to the previous mineral resource estimate (see press release dated January 28, 2021). -- Inferred resource estimated at 818,900 tonnes grading 4.7 g/t Au for a total of 122,500 ounces, a 307% increase (+92,400 ounces) versus the resource estimate announced in January 2021. -- Mineral resource estimate (MRE) developed for an underground scenario using cut-off grades of 2.8 g/t Au (>=45 degree dip) and 3.2 g/t Au (<45 degree dip). The cut-off grades were calculated using a gold price of US$1,550 per ounce. -- The new MRE includes 166 mineralized zones with a minimum true thickness of 2.4 m. -- Compared to the previous MRE, the new MRE incorporates a part of the 20202021 drill results (+5,066.6 m of drilling in 22 surface diamond drillholes (DDH), and +12,729.3 m in 131underground DDH) and uses a block modelling methodology with the interpretation and 3D modelling of 166 mineralized zones. In the previous MRE, the mineral resource was estimated using the polygonal methodology in 2D with a total of 63 mineralized zones. -- Approximately 24,700 metres of the ongoing 42,500-metre diamond drilling program are not included in the current MRE.

MONTREAL, Aug. 24, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (Monarch or theCorporation) (TSX: GBAR) (OTCQX: GBARF) announces that it has filed on SEDAR a National Instrument 43-101 technical report for its Beaufor Mine project. Monarch published a press release on July 28, 2021 (see press release), which summarized the assumptions and key results contained in the technical report. There are no material differences between the assumptions and estimates contained in Monarchs press release dated July 28, 2021, pertaining to this property, from those contained in the technical report that was filed today, and which is available on Monarchs website (see technical report).

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporations qualified person under National Instrument 43-101.

About MonarchMonarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarchs wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.

Forward-Looking Statements The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarchs actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION: Jean-Marc Lacoste 1-888-994-4465President and Chief Executive Officer jm.lacoste@monarchmining.com Mathieu Sguin 1-888-994-4465Vice President, Corporate Development m.seguin@monarchmining.com Elisabeth Tremblay 1-888-994-4465Senior Geologist ? Communications Specialist e.tremblay@monarchmining.com

www.monarchmining.com

Table 1: Monarch combined gold resources

Tonnes Grade Ounces (metric) (g/t Au)Beaufor Mine^1 Measured Resources 328,500 5.7 59,900Indicated Resources 956,400 5.2 159,300Total Measured and Indicated 1,284,900 5.3 219,200Total Inferred 818,900 4.7 122,500Croinor Gold^2 Measured Resources 80,100 8.44 21,700Indicated Resources 724,500 9.20 214,300Total Measured and Indicated 804,600 9.12 236,000Total Inferred 160,800 7.42 38,400McKenzie Break^3 In-pit Total Indicated 1,441,377 1.80 83,305Total Inferred 2,243,562 1.44 104,038Underground Total Indicated 387,720 5.03 62,677Total Inferred 1,083,503 4.21 146,555Swanson^4 In-pit Total Indicated 1,864,000 1.76 105,400Total Inferred 29,000 2.46 2,300Underground Total Indicated 91,000 2.86 8,400Total Inferred 87,000 2.87 8,000TOTAL COMBINED^5 714,982Measured and Indicated Resources 421,793Inferred Resources

^1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23,2021, Val-d?Or, Qubec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P.Geo. and Dario Evangelista P. Eng., BBA Inc.^2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resourceestimate (January 8, 2016). This resource estimate was prepared for MonarchGold and has not been reviewed by a qualified person for Monarch Mining asrequired under National Instrument 43-101 and is thus considered as anhistorical estimate.^3 Source: NI 43-101 Technical Evaluation Report on the McKenzie BreakProperty, February 1, 2021, Val-d?Or, Qubec, Canada, Alain-Jean Beauregard,P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and MerouaneRachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.^4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for theSwanson Project, January 22, 2021, Val-d?Or, Qubec, Canada, ChristineBeausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.^5 Numbers may not add up due to rounding.