Monument Reports Second Quarter Fiscal 2025 Results Gross Revenue of US$19.80 Million and Cash Cost of US$918/Oz
February 27, 2025 News Release Release #01- 2025
Monument Reports Second Quarter Fiscal 2025 Results
Gross Revenue of US$19.80 Million and Cash Cost of US$918/Oz
Vancouver, B.C ., February 27, 20 25, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1) “Monument” or the
“Company” today announced its financial results for the three months (“Q2 FY 2025”) and six months ended December 31,
2024 (“YTD 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 commented, "Q2 FY 2025 focused on sustaining stable gold production at the Selinsing Gold
Mine, delivering healthy cash flow and building a solid cash balance to fund business development. During the quarter cash
reserves increased by $ 5.2 million to $ 23.08 million and working capital increased by $7.2 million to $31.92 million. The
Murchison Project review continued including economic assessment of a potential production restart for a second source of
cash flow as gold price approaching $3,000 per ounce.”
Second Quarter Highlights:
• $23.08 million cash on hand, $5.20 million increase from $17.88 million during Q2 FY 2025, compared to $4.84
million cash on hand, $0.30 million decrease during Q2 FY 2024;
• $31.92 working capital, $11.37 million or 55% increase from $20.55 million at the end of June 30, 2024;
• Net profit of $8.84 million, or $0.03 per share for Q2 FY 2025, compared to net loss of ($0.60 million), or
($0.00)/share for Q2 FY 2024;
• Gross margin of 11.54 million for Q2 FY 2025, 1.4 times more than $4.77 million in Q2 FY 2024;
• Production performance:
- 8,613 ounces of gold produced (Q2 FY 2024: 6,809 ounces);
- 8,987 ounces of gold sold at a record average realized price of $2,678/oz for gross revenue of $19.80 million (Q2 FY
2024: 6,967 ounces sold at an average realized price of $1,946/oz for gross revenue of $11 million);
- Cash cost of $918 per ounce sold (Q2 FY 2024: $894/oz);
- All in sustaining cost of $1,201 per ounce sold for Q2 FY 2025, 2% increase compared to $1,175/oz in Q2 FY 2024;
- Planning of mineral resource in-fill and step-out drilling programs to increase the Selinsing mine life underway and
expected to commence in Q3 FY 2025.
Second Quarter and YTD Fiscal Year 2025 Production and Financial Highlights
Three months ended Dec.31, Six months ended Dec.31,
2024 2023 2024 2023
Production
Ore mined (tonnes) 177,296 332,684 315,228 589,588
Waste removed (tonnes) 2,061,571 2,673,041 4,374,570 4,788,251
Gold Sulphide Production
Ore processed (tonnes) 169,636 192,217 359,312 369,711
Average mill feed grade (g/t) 1.83 1.55 1.78 1.68
Processing recovery rate (%) 86.09 71.10 81.01 70.34
Gold produced (oz) (1) 8,613 6,809 16,672 14,052
Gold sold (oz) 8,987 6,967 18,257 11,574
Financial (expressed in thousands of US$) $ $ $ $
Revenue 19,796 10,997 39,167 17,908
Gross margin from mining operations 11,541 4,769 23,152 7,778
Net Income before other items 8,424 1,818 17,025 2,891
Net income (loss) 8,839 (595) 11,836 (680)
Cash flows provided by operations 8,722 2,414 18,398 2,434
Working capital 31,926 14,252 31,926 14,252
Earnings (Loss) per share – basic and diluted (US$/share) 0.03 (0.00) 0.04 (0.00)
Weighted average gold price US$/oz US$/oz US$/oz US$/oz
-
Realized price - sulphide production 2,678 1,946 2,613 1,940
Cash cost per ounce sold
Mining 242 298 243 285
Processing 313 341 299 344
Royalties 290 172 260 172
Operations 73 83 75 74
Total cash cost per ounce sold (2) 918 894 877 875
-
Operation expenses 4 5 5 6
Corporate expenses 10 8 6 6
Accretion of asset retirement obligation 6 8 6 9
Exploration and evaluation expenditures 8 2 4 2
Sustaining capital expenditures 255 258 260 190
Total all-in sustaining costs per ounce sold(3) 1,201 1,175 1,158 1,088
(1) Out of total 8,613 ounces of gold production reported in Q2 FY 2025, of which 660 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
Second quarter gold production
• The sulphide flotation plant produced 8,613 ounces of gold, including 660 ounces adjustments. The mill processed
169,636 tonnes of sulphide ore at an improved average recovery of 86.09% because of plant improvements and
optimization, the use of new reagents including ethylene glycol frother, and the treatment of higher-grade transition
and fresh sulphide ore. Further, higher grade transition and fresh sulphide ore at 1.83 g/t were treated compared to
Q2 FY 2024.
• During Q2 FY 2025, mining activities continued to focus on Buffalo Reef and Felda Block 7. Ore mined in the
quarter was 47% lower than in Q2 FY 2024, primarily due to avoidance of excessive ore stockpiles and a reduction
of stockpile turnover caused by processing plant downtime resulting from a power supply failure and primary ball
mill CPU fault and motor replacement. The heavy rainfall also disrupted blasting in certain areas and caused
blockages in the crusher.
• The ore processed during the quarter was 12% less than in Q2 FY 2024 due to the primary ball mill CPU failure and
motor replacement, and a bottleneck at the filter press.
YTD FY 2025 gold production
• Mine production included total material mined of 4,689,798 tonnes (six months ended December 31, 2023 (“YTD
FY 2024”): 5,377,839 tonnes), comprising to 315,228 tonnes of ore (YTD FY 2024: 589,588 tonnes) and
4,374,570 tonnes of waste (YTD FY 2024: 4,788,251 tonnes). The stripping ratio increased to 13.88 compared to
8.12 during YTD FY 2024.
• The mill processed 359,312 tonnes of sulphide ore during YTD FY 2025, averaging a head grade of 1.78 g/t and a
recovery of 81.01%. This compares with 369,711 tonnes of sulphide ore at a head grade of 1.68 g/t and a recovery
rate of 70.34% processed during YTD FY 2024.
FINANCIAL RESULTS
Second Quarter financial results
• Q2 FY 2025 gold sales generated revenue of $19.80 million from 8,987 oz gold sold at a record average realized
price of $2,678 per ounce (Q2 FY 2024: 6,967 oz at $1,946 per ounce for gross revenue of $11.00 million) from the
sulphide flotation plant.
• Mining operations before non -cash amortization and depreciation generated a gross margin of $ 11.54 million, 1.4
times more than $4.77 million in Q2 FY 2024.
• The cash cost from the sulphide gold production is controlled to $918/oz compared to $894/oz in the Q2 FY 2024.
• Net cash generated from operating activities of $ 8.72 million in the quarter, an increase of $ 6.31 million compared
to $2.41 million of net cash generation during Q2 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 December 31 , 2024 were $23.08 million, an increase of $ 12.22
million from $10.86 million as at June 30, 2024. And current assets exceeded current liabilities by $ 31.92 million
(June 30, 2024: $20.55 million) demonstrating a strong net working capital position.
YTD FY 2025 financial results
• Revenue of $ 39.17 million from the sale of gold concentrates, containing 18,257 oz of gold sold at the average
realized gold price of $2,613/oz (YTD FY 2024: revenue of $17.91 million for 11,574 oz of gold sold at the average
realized price at $1,940 per ounce).
• Total mining cost of $4.43 million compared to $3.30 million during YTD FY 2024.
• Total processing costs related to the sulphide operations were $5.46 million compared to $3.99 million during YTD
FY 2024.
• Mining operations before non -cash amortization and depreciation generated a gross margin of $ 23.15 million, an
increase of $15.37 million from $7.78 million during YTD FY 2024.
• The cash cost from the sulphide flotation gold production was $87 7/oz (YTD FY202 4: $ 875/oz for the gold
concentrate).
MINE DEVELOPMENT AND EXPLORATION
Selinsing Gold Mine
Pre-stripping and cut-back, and mining methods
Mining at Buffalo Reef and Felda Block 7 continued and reached the high -grade portion of the orebody. The stripping ratio
is expected to decline during the remainder of fiscal 2025 after the cutback activities are conducted as per the mining schedule.
Tailing Storage Facility Upgrade
Raising the TSF main embankment to 540m RL was completed to accommodate an additional three -year’s of TSF capacity
in relation to the sulphide concentrate production and a spillway was constructed to 539.2m RL in the saddle dam. A buttress
along the toe of the main embankment was completed using waste material from the Buffalo Reef pits to raise the factor of
safety ahead of the next construction raise planned for 2025. TSF stage 6 seepage and drainage work were completed in
September 2024 and stage 7 has been planned to commence after Q2 FY 2025.
Flotation Plant and Related Facilities
During Q2 FY 2025, plant optimization improvements included: a new primary mill drive motor and CPU parts, crushing and
flotation plant modifications including installation of new jaw crusher liner plates, cone crusher concave and mantle liners,
certain conveyor belts and gearbox, cyclone feed pump repair, secondary ball mill discharge pump repair, Knelson tail launder,
filter feed tank agitator blades, water recovery thickener underflow pump repair, rougher tailings sump pump, and other pumps
and pipelines. The 1,600 kW primary mill motor was replaced with the spare unit and a new 75 kW motor was installed for
the TSF booster pump. Further upgrades to the filter press operation including a new filter press, new compressor and new
concentrate surge tank have been planned and are expected to be completed and commissioned in the third quarter of fiscal
2025 after further optimization design and electrical control centralization.
Exploration
During the second quarter the Company continued a review process for the potential expansion of mineral resources at
Selinsing, and a proposal of drill holes for Buffalo Reef resource conversion drilling has been reviewed. An exploration team
has been recr uited for exploration programs and a core logging, cutting and sampling facility has been established . A new
drilling program is expected to commence in the third quarter, which will aim to identify additional oxide and sulphide
mineralisation, upgrade the resources outside of the current pit-shell and potentially increase the life of mine.
Murchison Gold Project
At the Murchison Gold Project the Company has continued a review of the historic resources at Gabanintha and resources at
Burnakura during the quarter, including analysis of historical data received from regulators in Q2 FY 2024; completed the
initial planning work to identify the step out drilling targets at both Burnakura and Gabanintha as opportunity for extension
of the mineralization.
About Monument
Monument Mining Limited (TSX -V: MMY, FSE:D 7Q1) 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 actual 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.