GlobeNewswire Inc | Jan 20, 2022 07:35AM EST

January 20, 2022

-- Monarch has received the final assays from its 2021 surface drilling program, which include high-grade intersections of 99.7 g/t Au over 0.6 m, 33.1 g/t Au over 0.5 m, 29.9 g/t Au over 0.7 m and 28.0 g/t Au over 0.6 m. -- These positive surface drilling results continue to define reserves and potentially mineable stopes near surface in the area of the W and 350 zones. These potential stope areas are located near surface, easily accessible from a surface ramp 350 metres from the main Beaufor shaft. -- This marks the completion of Monarchs initially planned 42,500-metre Beaufor exploration drill program, which was successful at testing exploration targets defined by high-grade intersections and resource blocks near current existing underground development, both from surface and underground. -- Exploration and development drilling is continuing on the property with five drills underground.

MONTREAL, Jan. 20, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (Monarch or theCorporation) (TSX: GBAR) (OTCQX: GBARF)is pleased to report the final results from its 2021 surface drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-dOr, Qubec. The results show several high-grade assays such as 46.29 g/t Au over 1.3 m (including 99.7 g/t Au over 0.6 m), 9.71 g/t Au over 2.5 m (including 33.1 g/t Au over 0.5 m), 29.8 g/t Au over 0.7 m and 28.1 g/t Au over 0.5m. Much of the surface drilling consisted of shallow holes testing the W and 350 zones within 250 metres of surface. Monarch has reported previous surface drill results in the area, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 m (see press release dated January 19, 2021).

Figure 1: Longitudinal view of the 350, 367 and W zones at the Beaufor propertyFigure 2: Section view of the 350, 367 and W zones at the Beaufor property

The Beaufor Mine began producing in the early 1930s and over the years has yielded over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch the opportunity to access the mine area to drill-test targets. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these near-mine targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. Currently, 258 holes totalling 43,419 metres have been drilled during the exploration program. Given the positive results obtained, additional holes are now being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing exploration definition drilling with five underground drill rigs.

Underground development and rehabilitation are ongoing in the area of the W and 350 zones, which is easily accessible from a surface ramp located 350 metres from the main Beaufor shaft. The surface ramp providing access to the W and 350 zones presently extends to a vertical depth of 180 metres below surface.

BBA Inc. completed the mineral resource estimate for the Beaufor Mine in August 2021. An additional 25,623 metres of drilling in 105 drill holes has been completed since.

The results of this surface drilling program are very encouraging, said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. We are very pleased to be able to develop new sectors of the mine where we can define and pull mineralization elsewhere than the bottom of the mine, which was the focus in the past. This work confirms our view that the project has excellent discovery potential both underground and near surface and that there is therefore a strong possibility of increased mine resources on multiple fronts.

Sampling consists of sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-dOr, Quebec, and AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10.0 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

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 BeauforThe Beaufor Mine is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-dOr mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining in August 2021 by Charlotte Athurion, P. Geo, BBA Inc. The mineral resource estimate is listed in the table below.

Table 1: 2021 mineral resource estimate for the Beaufor Mine

Category Tonnage (t) Grade (g/t Au) Ounces Au (oz)Measured 328,500 5.7 59,900Indicated 956,400 5.2 159,300Total Measured and Indicated 1,284,900 5.3 219,200Inferred 818,900 4.7 122,500

Mineral resource estimate notes:

-- The independent qualified person for the 2021 MRE, as defined by National Instrument (NI) 43-101 guidelines, is Charlotte Athurion, P.Geo., of BBA Inc. The effective date of this MRE is July 23, 2021. -- These mineral resources are not mineral reserves as they do not have demonstrated economic viability. -- The mineral resource estimate follows CIM definitions (2014) for mineral resources. -- Results are presented diluted and considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grades are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource statement. -- The resources include 166 mineralized zones with a minimum true thickness of 2.4 m using the grade of the adjacent material when assayed or a value of 0.00025 when not assayed. High-grade capping varies from 20 to 65 g/t Au (when required) and was applied to composited assay grades for interpolation using an Ordinary Kriging interpolation method (ID2 for 96_01, 96_02, 20 zones, 21_01, 140, 367 and 350 zones) based on 1.5 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.75 (g/cm3). A second capping was applied for the second and third passes in order to restrict high-grade impact at greater distance. -- Inferred Mineral Resources were defined for blocks within the units that have been informed by a minimum of two drillholes within 50 m of a drillhole (100 m of drill spacing); Indicated Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 12.5 m of a drillhole (25 m of drill spacing); Measured Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 5 m of a drillholes (10 m of drill spacing) or 3 m around voids. Measured Mineral Resources were only defined for zones with a good reliability of the geological continuity or supported by underground workings. -- The estimate is reported for potential underground scenario at 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, a USD:CAD exchange rate of 1.32 (resulting in C$1,914 per ounce gold price); mining cost C$125/t (>=45 degree dip); C$150/t (<45 degree dip); processing cost C$35/t; G&A C$16/t; metallurgical recovery of 97%; royalties of US$37.52 per ounce; and refining and transport cost of US$1.50 per ounce. -- The number of metric tonnes and ounces were rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade/31.10348). Rounding may result in apparent summation differences between tonnes, grades and contained metals content. -- BBA Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in this Report that could materially affect the mineral resource estimate.

AboutMonarchMonarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) 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 30years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarchs wholly owned 750 tpd Beacon Mill. Monarch owns 28,702 hectares (287km2) 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.

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 1-888-994-4465Geologist and Communication Manager e.tremblay@monarchmining.com

www.monarchmining.com

Table 2: Beaufor Mine significant assay results (Surface Drill Holes)

Hole From (m) To (m) Width (m)* Au (g/t)BES-21-024 81.15 81.8 0.65 4.70BES-21-024 92.6 93.1 0.5 8.03BES-21-026 61.5 63.4 1.9 0.76BES-21-027 71.5 72.5 1.0 4.25BES-21-028 53.6 54.1 0.5 13.10BES-21-032 68 70.5 2.5 1.79BES-21-032 89.5 90 0.5 11.40BES-21-033 83.9 84.4 0.5 0.45BES-21-034 81.5 82.6 1.1 6.88Incl. 82 82.6 0.6 11.50BES-21-034 85.5 86 0.5 3.93BES-21-034 173.5 176 2.5 9.71Incl. 175.5 176 0.5 33.10BES-21-034 181 182.8 1.8 3.19BES-21-034 202.5 204.5 2.0 1.52BES-21-034 210.5 213 2.5 1.27BES-21-035 70 70.5 0.5 1.40BES-21-035 121.1 121.6 0.5 0.92BES-21-039 85 85.55 0.55 1.77BES-21-040 215.7 218 2.3 2.53BES-21-043 91.5 93 1.5 0.48BES-21-044 36 36.6 0.6 28.10BES-21-045 60.2 61 0.8 0.80BES-21-046A 187 190.5 3.5 4.05Incl. 189 190.5 1.5 8.41BES-21-047 204.1 204.85 0.75 1.30BES-21-048 32.8 34.1 1.3 46.29Incl. 33.5 34.1 0.6 99.70BES-21-048 47.1 49.75 2.65 2.50Incl. 47.1 48.25 1.15 5.49BES-21-048 220.2 220.9 0.7 29.90BES-21-049 52.3 53 0.7 1.18BES-21-050 64.5 65.5 1.0 0.34BES-21-051 64.7 66.2 1.5 3.83BES-21-052 57 59.1 2.1 0.92BES-21-053 31.5 32.2 0.7 1.03BES-21-053 43.85 44.35 0.5 1.84BES-21-053 73.7 74.3 0.6 0.98

*The width shown is the core length. The true width is taken into account in the mineral resource estimate.

Table 3: Beaufor Mine drill hole location

Hole Mine E Mine N Elevation Azimuth () Dip () Length (m)BES-21-023 1423.3 3381 3046 355 -53 102BES-21-024 1409 3382 3046 356 -55 108BES-21-025 1433 3370 3047 353 -53 102BES-21-026 1438 3354 3047 352 -53 102BES-21-027 1434 3340 3047 352 -53 108BES-21-028 1448 3351 3047 353 -53 111BES-21-029 1458 3368 3047 353 -53 102BES-21-030 1442 3376 3047 353 -53 102BES-21-031 1428 3395 3046 352 -54 102BES-21-032 1411 3363 3047 352 -52 117BES-21-033 1410.7 3340.2 3047 350 -59 135BES-21-034 1441 3311 3048 347 -52 243BES-21-035 1430.7 3332.6 3047 351 -55 132BES-21-038A 1598 3123 3052 40 -76 342BES-21-039 1607 3132 3052 25 -75 324BES-21-040 1584 3164 3051 48 -75 300BES-21-043 1800 3141 3054 55 -72 111BES-21-044 1846 3186 3052 343 -65 57BES-21-045 1846 3186 3052 325 -78 66BES-21-046A 1767 3652 3044 43 -76 225BES-21-047 1741 3625 3044 31 -75 258BES-21-048 1751 3583 3045 23 -75 297BES-21-049 2477.6 3435 3064 360 -90 102BES-21-050 2457.5 3435 3064 360 -90 102BES-21-051 2457.5 3420.6 3064 360 -90 105BES-21-052 2485 3458 3064 360 -90 105BES-21-053 2498 3450 3064 360 -90 102

Table 4: Monarch combined gold resources

Mineral resource estimates Tonnes Grade Ounces (metric) (g/t Au)Beaufor Mine^1 Measured Resources 328,500 5.7 59,900 Indicated Resources 956,400 5.2 159,300 Total Measured and Indicated 1,284,900 5.3 219,200 Total Inferred 818,900 4.7 122,500 McKenzie Break^2 In-pit Total Indicated 1,441,377 1.80 83,305 Total Inferred 2,243,562 1.44 104,038 Underground Total Indicated 387,720 5.03 62,677 Total Inferred 1,083,503 4.21 146,555 Swanson^3 In-pit Total Indicated 1,864,000 1.76 105,400 Total Inferred 29,000 2.46 2,300 Underground Total Indicated 91,000 2.86 8,400 Total Inferred 87,000 2.87 8,000 TOTAL COMBINED^4 478,982Measured and Indicated Resources 383,393 Inferred Resources

^1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for theBeaufor Mine Project, July 23, 2021, Val-d?Or, Qubec, Canada, CharlotteAthurion, P. Geo., Clovis Auger, P. Geo., and Dario Evangelista, P. Eng., BBAInc.^2 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.^3 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.^4 Numbers may not add due to rounding.

Historical mineral resource estimate Tonnes Grade Ounces (metric) (g/t Au)Croinor Gold^1,2 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 38,400

1 Source: Monarch Gold prefeasibility study (January 19, 2018). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves.2 Numbers may not add due to rounding.