[9] In August 2006, International Gold Fields announced that it was planning to reopen the mine,[7] but instead sold it in February 2007, when it was purchased by Monarch for A$4 million.

[10] Monarch recommenced mining at Davyhurst in June and at Mount Ida in July 2007,[11] announcing its first gold pour the following month.

[15] Monarch appointed Pitcher Partners as voluntary administrators on 10 July 2008, all mining operations at Mount Ida thereby being put on hold.

In June 2009, Stirling Resources Limited, under managing director Michael Kiernan, announced its intention to inject funds into Monarch Gold.

[3] Stirling announced that it would cover all of Monarch's debt, A$55 million, and intended to return both the Mount Ida and the Davyhurst Gold Mine into operation, the latter within three months of the take-over.

Stirling experienced considerable delays in their fund raising and had to request extensions on the deadline for the recapitalisation of Monarch, first to 31 December 2009 and then to 31 January 2010.