Monarch Mining Corp. Reports High-Grade Intersections at McKenzie Break

• Monarch reports additional gold assays from its 2022 McKenzie Break drilling program.
• Notable high-grade, near-surface intersections include 35.9 g/t Au over 0.5 m (MK-22-353), 28.2 g/t Au over 0.66 m (MK-22-334), 17.2 g/t Au over 0.9 m (MK-22-357) and 12.65 g/t Au over 1.5 m (MK-22-335).
• The 2022 drilling program focused on expanding the proposed pit shell limits to the north and southwest.
• Since the publication of the 2021 mineral resource estimate ("MRE"), Monarch has drilled 41,424 m in 121 holes.

The 2022 drilling program began in April and 53 holes have been drilled for a total of 16,104 metres. The program aimed at expanding the size of the 2021 MRE pit shell in the up-dip direction (to the west), increasing the current underground resource to the east and north and testing additional exploration targets along the volcanic-intrusive contact to the south.

This press release relates to newly received assay results for 12 holes, namely holes MK-22-334 to 338, MK-22-343 to 344, MK-22-352 to 354 and MK-22-356 to 357 (see table 2 at the end of this release). The results for the holes drilled at the northern edge of the deposit include 35.9 g/t Au over 0.5 m and 11.05 g/t Au over 1.3 m, indicating that the mineralization remains open to the north. Drilling in the southwestern part of the deposit returned best intersections of 12.65 g/t Au over 1.5 m and 28.2 g/t Au over 0.66 m, showing that the mineralization also extends in the up-dip direction, thus confirming that the pit shell can be expanded to the west. The three holes drilled within the pit shell limits to fill in larger gaps in earlier drilling returned a best intersection of 17.20 g/t Au over 0.9 m (see Figure 1). Results are pending for the remaining 30 holes.

Since the publication of the 2021 MRE by Geologica and GoldMinds, Monarch has completed a total of 41,424 m of drilling in 121 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and in the area of the underground mineral resource blocks. This drilling has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.

"Our primary aim is to continue to expand the footprint of the mineral resource estimate, including the proposed pitshell," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "The McKenzie Break mineralization remains open in all directions, and the near-surface intersections we are seeing confirm that the current pit shell limits and underground resource can still be expanded in several directions."

About McKenzie Break
Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. Monarch continues to have drilling success beyond the limits of the current resource envelope (see Table 1). Based on the results obtained from the MRE and drilling to date, the mineralized envelope currently measures 1,100 metres by 600 metres and has been tested down to a vertical depth of 400 metres.

The table below shows the combined MRE for the McKenzie Break deposit. The McKenzie Break assay results and significant intervals and drill hole locations, as well as Monarch's combined gold resources, can be found in tables at the end of this press release.

Table 1: 2021 MRE for the McKenzie Break deposit

MRE notes:

<sup>1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.

2. The database used for this mineral estimate includes drill results obtained from historical records and up to the recent 2018-2020 drill program.</sup>

^{3. Mineral resources are reported at a cut-off grade of 0.50 g/t Au for the pit-constrained and underground mineral resources are reported at a cut-off grade of 2.38 g/t Au within reasonably mineable volumes.}

^{4. These cut-offs were calculated at a gold price of C$1,980 ounce.}

^{5. The pit-constrained resources were based on the following parameters: mining cost $3.5/t, processing, transportation + G&A costs $27/t, Au recovery 95%, pit slopes 15 degrees for overburden and 50 degrees for rock.}

^{6. The underground reasonably mineable volumes were based on the following parameters: mining cost $98/t, processing, transportation + G&A costs $27/t, Au recovery 95%, dilution of 15% at 0 g/t Au with a minimum stope dimension of 10m x 10m x 5m.}

^{7. The geological interpretation of the deposits was based on lithologies and the typical mineralized interval mainly composed by diorite hosted shear zones.}

^{8. The mineral resource presented here was estimated with a block size of 5m x 5m x 5m for the pit-constrained and for underground.}

^{9. The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 60 g/t Au applied on 0.6-metre composites.}

^{10. The mineral estimation was completed using the inverse distance squared methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used.}

^{11. Tonnage estimates are based on rock specific gravity of 2.77 tonnes per cubic metre for all the zones. Results are presented undiluted and in situ.}

^{12. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).}

^{13. This mineral resource estimate is dated February 11, 2021, and with an amended date of October 14, 2021. The effective date for the drill hole database used to produce this updated MRE is February 1, 2021. Tonnages and ounces in the tables are rounded to the nearest hundred. Numbers may not total due to rounding.}

^{14. No economic evaluation of the resources has been produced.}

The NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, was prepared by Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng. of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng. of GoldMinds GeoServices, all qualified persons under National Instrument 43-101.

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, Québec, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 3 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation's qualified person under National Instrument 43-101.

About Monarch
Monarch Mining Corp. (TSX: GBAR) (OTCQX: GBARF) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 29,504 hectares (295 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.

Forward-looking statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the timeline of the initiatives described in this press release, the entering into or more sale agreements, debt settlement agreements, merger or other combination business agreements, the Corporation's commitments and initiatives outlined in the press release, the intended results of the initiatives described in this press release, the positive impact of the foregoing on project economics, and those statements which are discussed under the "About Monarch" paragraph and elsewhere in the press release which essentially describe the Corporation's outlook and objectives, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") within the meaning of Canadian, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the Corporation's ability to continue as a going concern, the Corporation being a going concern able to realize its assets and discharge its liabilities in the normal course of business as they come due into the foreseeable future, the generation of interest for its review of a range of alternatives, in either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch, a debt restructuring, or other strategic initiatives with the goal of maximizing return in respect of the Company's assets, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation, the business conditions of the Corporation will not change In a materially adverse manner, expectations that the business of the Corporation will continue in the ordinary course, litigation as well as cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in Monarch's Annual Information Form dated September 28, 2022, including in the section thereof captioned "Risk Factors", which is available on SEDAR at www.sedar.com. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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Further information regarding the Corporation is available in the SEDAR database (www.sedar.com) and on the Corporation's website at: www.monarchmining.com

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Table 2: McKenzie Break assay results

*The width shown is the core length. True width is estimated to be between 60% and 70% of core length.

Table 3: McKenzie Break drill hole locations

Table 4: Monarch combined gold resources