Monarch Mining Corporation (“Monarch”) is a publicly traded gold mining company (TSX:GBAR; OTCQX:GBARF) that owns four projects, namely the Beaufor, Croinor Gold, McKenzie Break and Swanson projects, all located near Monarch’s wholly owned Beacon 750 tpd mill.
Monarch owns more than 295 km2 of mining assets in the prolific Abitibi mining camp, representing a combined portfolio of 666,882 ounces of M&I gold resources, and 423,193 ounces of inferred resources. Commercial production at the Beaufor mine began in the early 1930s with total production over 1.1 million ounces of gold since its initial start-up..
Monarch was spun out of Monarch Gold Corporation following its successful +$200M transaction with Yamana Gold Inc. in November 2020. At that time, operations at Beaufor and Beacon Mill had been suspended for over a year with Monarch management then stating their key objective to restart operations by June 2022. With positive drill results and an updated production strategy, Monarch started processing ore at Beacon Mill pouring its first gold bar on July 27, 2022. However, in late 2022, Monarch announced the suspension of Beaufor and Beacon Mill due to operational challenges in which both were placed on care and maintenance. Since the suspension, Monarch has proceeded with a $5 million non-brokered private placement to address Beaufor’s operational challenges.”