Monarch Mining Corporation - Beaufor resources up 136%, valuation up 20%
Monarch Mining Corporation’s potentially high-return gold projects in the well-established Abitibi gold belt have reported a 136% increase in measured and indicated (M&I) resources at its Beaufor asset to 219,200oz of gold, with total measured, indicated and inferred (MI&I) up 178% to 341,700oz. We have added a six-year life extension and now forecast an 11-year life for Beaufor, which is set to start production by June 2022. Croinor is planned for start-up in FY24/25. Ongoing exploration could lead to more life extensions. McKenzie Break and Swanson could add further value in the future. Meanwhile an additional C$11.3m has been raised from a royalty transaction and C$13.5m from debt financing increasing gross cash to over C$43m. We have increased our valuation by 20% to C$1.19/share.
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