Mr. Jean-Marc Lacoste reports

MONARCH REPORTS HIGH-GRADE DRILL RESULTS AT BEAUFOR CONFIRMING THE EXTENSION OF THE W AND 140 ZONES AT DEPTH

Monarch Mining Corp. has released additional results from its 2021/2022 underground drilling program at its wholly owned Beaufor mine gold project, located 20 kilometres east of Val d'Or, Que. The recently received results are from the W and 140 zones in the upper level of the Beaufor mine and include: 37.59 grams per tonne gold over 2.5 metres, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m. Positive results were also received for other areas drilled in 2021 and 2022. These results have been incorporated in the new geological model, which takes into account all recent and historical data and is based on BBA Inc.'s geological interpretation, as seen in its 2021 National Instrument 43-101-compliant resource estimate. These new positive results have prompted Monarch to continue drilling the W and 140 zones. The 140 zone has only been sparsely mined in the past, and the W zone has well-developed infrastructure that would allow near-term production.

Commercial production at the Beaufor mine began in the early 1930s, and the mine has produced over 1.1 million ounces of gold over the years. In June, 2020, the corporation initiated a 42,500-metre diamond drilling program to test two types of targets: (i) the areas around historical high-grade intersections near the existing underground infrastructure; and (ii) 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 fewer than 200 metres long. However, the depth and position of newer targets have required Monarch to drill longer holes with underground electric drill rigs, and, as a result, exploration drifts for diamond drilling are being developed to allow deeper drilling and optimal interception angles and to reduce overall exploration costs. Since June, 2020, 335 holes, totalling 54,723 metres, have been drilled during the exploration and definition drilling programs. Given the positive results, 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 to drill, with five drill rigs underground.

Underground development and rehabilitation are continuing in the W and 350 zones, which are easily accessible from the surface ramp located 100 metres from the main Beaufor shaft. The ramp presently descends to a vertical depth of 180 metres.

"We are happy with the results we are seeing so far with this program, which continues to generate strong drill results," said Jean-Marc Lacoste, president and chief executive officer of Monarch. "In particular, these latest results confirm the high-grade nature and potential depth extension of the W and 140 zones, which are currently defined near surface and are part of our plan for near-term mining using the existing ramp. We will definitely focus our additional drilling on extending these zones at depth."

Drill results are obtained by sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val d'Or, Que., and AGAT Laboratories in Mississauga, Ont., for assaying. The samples are crushed, pulverized and assayed by fire assay with atomic absorption finish. Samples exceeding 10 grams per tonne gold are reassayed using the gravity method, and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive quality assurance/quality control 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, PGeo, the corporation's qualified person under NI 43-101.

About Monarch Mining Corp.

Monarch Mining is a fully integrated mining company that owns four projects, including the Beaufor mine, which has produced more than one million ounces of gold over the past 30 years. Other assets include the Croinor, McKenzie Break and Swanson properties, all located near Monarch's wholly owned, 750-tonne-per-day Beacon mill. Monarch owns 29,504 hectares (295 square kilometres) 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.

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