Jean-Marc Lacoste
President and CEO 
1-888-994-4465 x 201
Mathieu Séguin, CFA
Vice President, Corporate Development
Elisabeth Tremblay 
Senior Geologist – Communications Specialist

Strong performance with net earnings of $2.2 million

Montreal, Quebec, Canada, February 14, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSXV: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) reported its results today for the second quarter ended December 31, 2018. Amounts are in Canadian dollars unless otherwise indicated.


  • Second quarter revenues of $11.4 million from the sale of 5,169 ounces of gold combined with revenue from custom milling, which were up 2% from the first quarter of the year and 71% from last year.
  • Net earnings of $2.2 million or $0.009 per share, diluted, compared to $0.7 million or $0.003 per share,diluted, last year.
  • Strong financial position, with $9.3 million in cash.
  • Production activities at the Beaufor Mine are extended to April 2019, to be carried out in accessible stopes using a smaller workforce.
  • Final results for the 2018 drilling program on Croinor Gold are received and show a larger deposit that remains open in all directions (see news release).
  • The Corporation successfully completed a positive feasibility study on its Wasamac gold deposit (see feasibility study), which can be summarized as follows:

- Forecast average production of 142,000 ounces of gold per year for 11 years.

- Pre-tax NPV of $522 million.

- Pre-tax IRR of 23.6%.

- Cash production cost of US$550 per ounce.

  • Ongoing discussions with several parties to explore financing, partnership and other opportunities to advance the Wasamac project.

“These better-than-expected results are the result of good operational planning and the stellar work of our employees at the Beaufor Mine and Camflo Mill,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We also expect strong results for the current quarter provided gold prices hold at current levels.”

“Needless to say, the future of the Wasamac deposit is currently our highest priority, as the results of the feasibility study show that Wasamac has the potential to become a major low-cost gold mine. Discussions are ongoing with several parties for financing or a joint venture. In addition, Mathieu Séguin, who has just joined Monarch, will apply his expertise in corporate financing and mergers and acquisitions to helping us structure the best possible transaction to realize Wasamac's full value for our shareholders,” added Mr. Lacoste.

Summary of financial results

Key operating statistics

(1) The average selling prices for the six-month period ended December 31, 2018, would be $16 higher ($23 higher for the same period ended December 31, 2017) if gold deliveries (861 ounces for the quarter) to Auramet International LLC in connection with deferred revenues for the periods had been recognized at market price on the date the agreement was entered into on October 2, 2017, instead of at the recorded price, representing the amounts received from future gold production divided by the ounces to be delivered.

(2) Production cash cost is a non-IFRS measure of financial performance without a standard meaning under IFRS. It may therefore not be comparable to a similar measure presented by another company. See "Non-IFRS measures" in the Corporation's management discussion and analysis for the quarter ended December 31, 2018.

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation’s qualified person under National Instrument 43101.


Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold (see video), McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills, as well as other promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s 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.

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