Monarch Obtains Receipt for Final Base Shelf Prospectus

MONTREAL, Dec. 23, 2021 - Monarch Mining Corp. ("Monarch" or the "Corporation") (TSX: GBAR) (OTCQX: GBARF) announces that it has received a final receipt for the final short form base shelf prospectus (the "Shelf Prospectus") filed with the securities regulatory authorities in all the provinces of Canada (except the territories).

Monarch will be able to offer for sale and issue common shares (including common shares issued on a "flow-through" basis), debt securities, subscription receipts, warrants and units of the Corporation (collectively, the "Securities"), or any combination thereof, up to an aggregate total of CA$100 million from time to time during the 25-month period that the Shelf Prospectus remains effective.

The terms of such future offerings, if any, will be established at the time of such offerings. At the time any of the securities covered by the Shelf Prospectus are offered for sale, a prospectus supplement containing specific information about the terms of any such offering will be filed with applicable Canadian securities regulatory authorities.

Monarch has filed this Shelf Prospectus to provide the Corporation with greater financial flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any Securities at this time.

A copy of the Shelf Prospectus can be found under the Corporation's SEDAR profile at www.sedar.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Monarch
Monarch Mining Corp. (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which 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 750 tpd Beacon Mill. Monarch owns 28,702 hectares (287 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resources of 478,982 ounces and a combined inferred resource of 383,393 ounces.

Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to, the offering of Securities pursuant to the Shelf Prospectus and those which are discussed under the "About Monarch" paragraph which essentially describes the Corporation's outlook and objectives, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, 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. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the timely delivery and installation of the equipment supporting the Corporation's production, the Corporation's business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

Forward-looking information and 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 information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, 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 favourable terms for the Corporation, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Corporation's assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Corporation's businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments' responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. 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.

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.

Further information regarding the Corporation is available in the SEDAR database and on the Corporation's website.

www.monarchmining.com