Monarch Gold Corporation (TSX:MQR) announced the spin-off of Mineral properties and certain other assets and liabilities on November 1, 2020. Pursuant to the terms of the transaction, Monarch Gold Corporation will complete a spin-out to its shareholders, through a newly-formed company (“SpinCo”) of its other mineral properties and certain other assets and liabilities. The shareholders of Monarch Gold Corporation will receive 0.2 shares of spin co for each share held. The transaction will require, among other things, the approval of at least 66 2/3% of the votes cast by Monarch Gold Corporation shareholders at a special meeting of shareholders. All of the directors and officers of Monarch Gold Corporation have entered into support agreements with Yamana Gold Inc., pursuant to which they have agreed, among other things, to vote their Monarch Gold Corporation shares in favor of the transaction. Certain larger shareholders of Monarch Gold Corporation have also entered into support agreements and together with shares already owned or held by Yamana Gold Inc., approximately 28% of Monarch Gold Corporation's issued and outstanding shares would be voted in support of the transaction. In addition to Monarch Gold Corporation shareholder approval, the transaction is subject to applicable regulatory, court, and stock exchange approvals and certain other closing conditions customary for transactions of this nature. No approval of Yamana Gold Inc., shareholders is required in connection with the transaction. Monarch Gold Corporation's Board of Directors recommends that shareholders vote in favor of the transaction. The transaction has been approved by the Boards of Directors of Yamana Gold Inc. and Monarch Gold Corporation. As of January 22, 2021, Board of Directors of Monarch Gold unanimously approved the transaction, Court and shareholders of Monarch Gold approved the transaction. The companies are working towards closing the transaction during 2020 and not later than early January 2021. Listing is expected on January 26, 2021.

Monarch Gold Corporation (TSX:MQR) completed the spin-off of Mineral properties and certain other assets and liabilities for CAD 43 million on January 21, 2021. The spin co will be known as Monarch Mining Corporation. Under the terms of the transaction, each former holder of Monarch will receive 0.2 of a share of Monarch Mining.