Monument Reports First Quarter Fiscal 2025 Results Gross Revenue of US$19.37 Million and Cash Cost of US$837/Oz
November 27, 2024 News Release Release #06- 2024
Monument Reports First Quarter Fiscal 2025 Results
Gross Revenue of US$19.37 Million and Cash Cost of US$837/Oz
Vancouver, B.C ., November 27, 2024, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1) “Monument” or the
“Company” today announced its financial results for the three months ended September 30, 2024 (“Q1 FY 2025 ”). All
amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commente d, "Q1 FY 2025 continuously delivered stable production and positive cash flow.
The cash reserves increased by $9.68 million to $17.88 million , which lays a foundation for corporate development and
business growth. The work has initiated in assessment of resources and drilling targets for opportunities of life of mine
expiation at Selinsing , and studying economics at the Murchison Gold Project for second ary cash generation potential,
considering the high gold prices.”
First Quarter Highlights:
• $17.88 million cash on hand, $9.68 million increase from $10.9 million during Q1 FY 2025, compared to $4.54 million
cash on hand, $1.42 million decrease during Q1 FY 2024;
• $24.72 working capital, $4.17 million or 20% increase from $20.55 million at the end of June 30, 2024;
• Net profit of $3.00 million, or $0.01 per share for Q1 FY 2025, compared to net loss of ($0.08 million), or
($0.00)/share for Q1 FY 2024;
• Gross margin of 11.61 million for Q1 FY 2025, 2.9 times increase compared to $3.01 million in Q1 FY 2024;
• Production performance:
- 8,059 ounces of gold produced (Q1 FY 2024: 7,243 ounces);
- 9,270 ounces of gold sold at a record average realized price of $2,535/oz for gross revenue of $19.37 million (Q1 FY
2024: 4,607 ounces sold at an average realized price of $1,939/oz for gross revenue of $6.91 million);
- Cash cost of $837 per ounce sold (Q1 FY 2024: $847/oz);
- All in sustaining cost of $1,115 per ounce sold for Q1 FY 2025, 17% increase compared to $957/oz in Q1 FY 2024.
• Near mine resources and drilling targets evaluation initiated for expansion of life of mine .
First Quarter Fiscal Year 2025 Production and Financial Highlights
Three months ended Sept.30,
2024 2023
Production
Ore mined (tonnes) 137,932 256,904
Waste removed (tonnes) 2,313,000 2,115,211
Gold Sulphide Production
Ore processed (tonnes) 189,676 177,494
Average mill feed grade (g/t) 1.74 1.81
Processing recovery rate (%) 76.22 69.63
Gold produced (oz) (1) 8,059 7,243
Gold sold (oz) 9,270 4,607
Financial (expressed in thousands of US$) $ $
Revenue 19,371 6,911
Gross margin from mining operations 11,611 3,009
Net Income before other items 8,601 1,073
Net income (loss) 2,997 (85)
Cash flows provided by operations 9,668 20
Working capital 24,723 11,722
Earnings (Loss) per share – basic and diluted (US$/share) 0.01 (0.00)
Weighted average gold price US$/oz US$/oz
Realized price - sulphide production 2,535 1,939
Cash cost per ounce sold
Mining 244 266
Processing 285 349
Royalties 231 172
Operations 77 60
Total cash cost per ounce sold (2) 837 847
Operation expenses 6 8
Corporate expenses 2 1
Accretion of asset retirement obligation 6 12
Exploration and evaluation expenditures 1 2
Sustaining capital expenditures 263 87
Total all-in sustaining costs per ounce sold(3) 1,115 957
(1) Out of total 8,059 ounces of gold production reported in Q1 FY 2025, of which 153 ounces were production adjustments.
(2) Total cash cost for sulphide plant production includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties, and operating costs such as storage,
temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, capital costs, exploration
costs and corporate administration costs.
(3) All-in sustaining cost per ounce includes total cash costs, operation expenses, and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-
based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included.
GOLD PRODUCTION RESULTS
First quarter gold production
• The sulphide flotation plant produced 8,059 ounces of gold, including 153 ounces adjustments. The mill processed
189,676 tonnes of sulphide ore at an improved average recovery of 76.22% because of plant improvements and
optimization while slightly lower grade (at 1.74 g/t) transition and fresh sulphide ore being treated compared to Q1
FY 2024.
• During Q1 FY 2025, mining activities continued to focus on Buffalo Reef and Felda Block 7 . Ore mined in the
quarter was 46% lower than in Q1 FY 2024, primarily due to a reduction of stockpile turnover caused by processing
plant downtime resulting from a TNB power failure and crushing plant blockage. The heavy rainfall also disrupted
blasting in certain areas and caused blockages in the crusher.
• The ore processed during the quarter was 7% more than in Q1 FY 2024 although there were power supply issues,
stoppages from scheduled and unscheduled maintenance of the cyclone feed pump and secondary mill.
FINANCIAL RESULTS
First Quarter financial results
• Q1 FY 2025 gold sales generated revenue of $19.37 million from 9,270 oz gold sold at an average realized price of
$2,535 per ounce (Q1 FY 2024: 4,607 oz at $1,939 per ounce for gross revenue of $6.91 million) from the sulphide
flotation plant.
• Mining operations before non -cash amortization and depreciation generated a gross margin of $ 11.61 million, an
increase of 2.9 times from $3.01 million in Q1 FY 2024.
• The cash cost from the sulphide gold production is well controlled and decreased to $837/oz for the first quarter from
$847/oz in the first quarter of FY 2024.
• Net cash generated from operating activities of $9. 68 million in the quarter, an increase of $9.6 6 million compared
to $0.02 million of net cash generation during Q1 FY 2024, which was mainly led by higher gross margin from more
gold concentrate sales at higher realized gold prices.
• The Company’s cash and cash equivalents as at September 30, 2024 were $17.88 million, an increase of $7.02 million
from $10.86 million as at June 30, 2024. And current assets exceeded current liabilities by $24.72 million (June 30,
2024: $20.55 million) demonstrating a strong net working capital position.
MINE DEVELOPMENT
Selinsing Gold Mine
Pre-stripping and cut-back
Mining at Buffalo Reef and Felda Block 7 continued and reached the high-grade portion of the orebody. Stripping and cutback
were mainly at the Buffalo Reef pit BRC4 to support ore continuity and production sustainability. The stripping ratio is
expected to decline during the remainder of fiscal 2025.
Tailing Storage Facility (TSF) Upgrade
TSF stage 6 seepage and drainage work were completed in September 2024 and stage 7 has been planned to commence after
Q1 FY 2025.
Flotation Plant and Related Facilities
Development work at Selinsing focused on ongoing plant improvements and optimization including a new filter press soft
starter, survey instruments and handheld X -ray fluorescent analyzer. Crushing and flotation plant modifications including
installation of new jaw crusher bearings, an automatic greasing system, cone crusher motor, secondary ball mill motor control
unit and liquid r esistance starter, cyclone launder, conveyor integrator, new froth pump and slurry pump , and other pumps
and pipelines. The upgr aded power supply was connected, and new earthing system installed for the concentrate thickener
and filter press.
Murchison Gold Project
During the quarter t he Company continued working on a review of the Murchison Gold Project, including reassessment of
the economics of a production restart. A geological database and archive review are in progress. The Company also continued
to review all historical and recent drillhole data for the Gabanintha tenement, in order to plan infill drilling programmes .
The Company continued to engage with the local Aboriginal group to discuss its production intentions in order to obtain the
traditional owner’s support. An updated mine closure plan for the Burnakura project was submitted at the end of September
2024 following engagement with local stakeholders, and initial meetings were held with the local Native Title holders,
regarding the commencement of exploration activity at Gabanintha.
Exploration
Malaysia
Exploration activities at Selinsing included geological work and exploration planning for life of mine expansion; drilling is
planned to resume towards the end of Q2 FY 2025 and will be aimed at upgrading known resources outside of the current pit
shells to add mine life and also test new oxide and sulphide targets.
Western Australia
No exploration was undertaken at the Murchison project during Q1 FY 2025, although the intention remains to begin with
historical resource confirmation drilling at Gabanintha as part of a potential production restart, with subsequent exploratio n
activities to include regional geological interpretation following the two-phases of exploration completed at Burnakura during
FY 2022 and FY 2023. At the new drill core storage yard at Burnaku ra, core samples have been reorganized and are now
ready for geological inspection.
About Monument
Monument Mining Limited (TSX -V: MMY, FSE:D7Q1) is an established Canadian gold producer that 100% owns and
operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It
has 20% interest in Tuckanarra Gold Project jointly owned with Odyssey Gold Ltd in the same region. The Company employs
approximately 250 people in both regions and is committed to the highest standards of environmental management, social
responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [email protected]
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
Disclaimer Regarding Forward-Looking Statements
This news release includes statements containing forward -looking information about Monument, its business and future plans ("forward -
looking statements"). Forward-looking statements are statements that involve expectations, plans, objectives or future even ts that are not
historical facts and include the Company's plans with respect to its mineral projects, expectations regarding the completion of the ramp-
up period to target production level at Selinsing and the timing thereof, expectations regarding the Company’s continuing ability to source
explosives from suppliers, expectations regarding completion of the proposed storage shed and ammonium nitrate depot and the timing
thereof, and the timing and results of the other proposed programs and events referred to in this news release. Generally, forward-looking
information can be identified by the use of forward -looking terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
The forward-looking statements in this n ews release are subject to various risks, uncertainties and other factors that could cause actual
results or achievements to differ materially from those expressed or implied by the forward -looking statements. These risks and certain
other factors include , without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties;
uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of developmen t activities,
including those related to the ramp-up process at Selinsing and the completion of the proposed storage shed and ammonium nitrate depot;
uncertainties and risks related to the Company’s ability to source explosives from suppliers; foreign operations risks ; other risks inherent
in the mining industry and other risks described in the management discussion and analysis of the Company and the technical r eports on
the Company's projects, all of which are available under the profile of the Company on SEDAR at ww w.sedar.com. Material factors and
assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per
ounce of gold production and the estimated cash flows which may be generated from th e operations, general economic factors and other
factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company's
projects; assumptions regarding the future price of gold of other minera ls; the timing and amount of estimated future production;
assumptions regarding the timing and results of development activities, including the ramp -up process at Selinsing and the completion of
the proposed storage shed and ammonium nitrate depot; expectations that the Company will continue to be able to source explosives from
suppliers in a timely manner; costs of future activities; capital and operating expenditures; success of exploration activiti es; mining or
processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the
Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on S EDAR at
www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actua l results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward -looking statements. The Company
does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.