GlobeNewswire Inc | Sep 28, 2021 04:48PM EDT

September 28, 2021

MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (Monarch or theCorporation) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the quarter and 232-day period ended June 30, 2021. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

232-DAY PERIOD THREE MONTHS(In dollars, except per share data) ENDED ENDED JUNE 30, JUNE 30, 2021 2021Administration 1,761,466 1,176,022 Care and maintenance 2,757,758 1,794,899 Exploration 3,471,155 2,229,013 Income tax recovery deferred mining (1,766,907) (1,790,126) taxesNet loss (5,598,402) (2,837,751) Net loss per share, basic and diluted (0.12) (0.04)

Since being listed on January 26 as the new entity Monarch Mining Corporation, we have made great progress and are now well on our way to restarting operations at the Beaufor Mine, aiming to increase the mines previous annual production, said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. At the moment, we are getting the Beaufor Mine and Beacon Mill ready to start the pre-production phase start this fall, and we are continuing to recruit personnel to that we can start commercial production by June 2022. On the exploration side, the 42,500-metre drilling program is ongoing at Beaufor, with four underground drills currently on site, and we are extremely pleased with the results to date.

Thanks to strategic financings undertaken during the year, we have managed to increase our cash and balance-of-sale-receivable position to approximately $38 million as at September 15, 2021, while minimizing share dilution for our shareholders. We also continue to move work forward on our other advanced projects, McKenzie Break and Croinor Gold, which both have excellent exploration potential, concluded Mr. Lacoste.

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.