Monarch Mining Corporation (OTCMKTS:GBARF) (TSX:GBAR) Stock Extends Gains: Surges 16% In a Week

Monarch Mining Corporation (OTCMKTS:GBARF) (TSX:GBAR) is up 8% and 16% in a week. The company has received the final payment of around $3.75M from Gold Royalty Corp (NYSE: GROY) related to sales royalties on the Croinor Gold, McKenzie Break, Swanson, and Beacon properties.

Market Stats

On Thursday, GBARF stock moved up 8.30% to $0.5770 with more than 407 shares, compared to its average volume of 14K shares. The stock has moved within a range of $0.0192 – 0.0192 after opening trading at $0.0192.

Monarch Receives Final Payment of $3.75 Million From Gold Royalty in Connection With the Sale of Royalties

The chief executive officer and president poof Monarch Jean-Marc-Lacoste said that the funds would help the company to enhance its working capital needs ahead of the anticipated June 2022 recommencement of the Beacon Mill and Beaufor Mine.

The company is a completely integrated mining firm with four projects under development, such as the Beaufor Mine, which has generated over one million gold ounces in the past 30 years. TheMcKenzie Break, Swanson, and Croinor Gold sites, all located adjacent to Monarch’s fully owned 750 tpd Beacon Mill, are among the company’s other assets.

In addition, Monarch holds mining properties covering 29,000 ha (290 km2) in the Abitibi mining camp. So in the coming weeks, investors should keep an eye on GBARF.

Key Quote

“These funds will further strengthen our working capital in preparation for the restart of the Beaufor Mine and Beacon Mill expected by June 2022,” said Jean-Marc-Lacoste, President and Chief Executive Officer of Monarch.