Monument Reports Second Quarter Fiscal 2026 Results Gross Revenue of US$49.23 Million and Cash Cost of US$1,288/Oz
March 2 2026 News Release Release #03- 2026
Monument Reports Second Quarter Fiscal 2026 Results
Gross Revenue of US$49.23 Million and Cash Cost of US$1,288/Oz
Vancouver, B.C ., March 2 , 2026, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1) “Monument” or the
“Company” today announced its financial results for the three months ended December 31, 2025 (“Q2 FY 2026”). 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, "In Q2 FY 2026, gold production and sales at the Selinsing Gold Mine in
Malaysia, together with favourable gold prices, contributed to strong cash flow and enhanced the Company’s financial
position. During the quarter, cash reserves increased by $19.81 million to $82.65 million, providing robust liquidity to support
future growth initiatives. Exploration drilling at Selinsing continued to focus on potential mine expansion opportunities, while
in Western Australia, the regulatory compliance and the mine infrastructure planning have been placed in the first priority."
SECOND QUARTER OF FISCAL YEAR 2026 HIGHLIGHTS:
• Net income of $20.16 million, or $0.06 per share for Q2 FY 2026, compared to net income of $8.84 million, or
$0.03/share for Q2 FY 2025;
• Gross margin of $31.55 million for Q2 FY 2026, a 173% increase compared to $11.54 million in Q2 FY 2025;
• Cash on hand totaled $82.65 million at the end of Q2 FY 2026, representing an increase of $19.81 million from
$62.84 million over the three-month period;
• Working capital of $86.58 million, representing an increase of $28.04 million from $58.54 million at the end of
June 30, 2025;
• Production performance:
- 10,249 ounces of gold produced during the three months period (Q2 FY 2025: 8,613 ounces);
- 13,725 ounces of gold sold at a record average realized price of $4,197/oz for gross revenue of $49.23
million (Q2 FY 2025: 8,987 ounces sold at an average realized price of $2,678/oz for gross revenue of
$19.80 million);
- Cash cost of $1,288 per ounce sold (Q2 FY 2025: $918/oz), primarily attributable to higher royalties
resulting from an increased average realized gold price;
- All in sustaining cost of $1,421 per ounce sold for Q2 FY 2026, an 18% decrease compared to $1,201/oz
in Q2 FY 2025.
• Exploration drilling programs continued at Selinsing, supporting ongoing resource growth and a potential
extension of mine life;
• A Special Dividend was announced on December 11, 2025 with record date of January 5, 2026, and paid out on
January 19, 2026.
Summary of Second Quarter Fiscal Year 2026 Production and Financial performance
Three months ended Dec.31, Six months ended Dec.31,
2025 2024 2025 2024
Production
Ore mined (tonnes) 251,700 177,296 421,480 315,228
Waste removed (tonnes) 2,098,027 2,061,571 3,847,404 4,374,570
Gold Sulphide Production
Ore processed (tonnes) 224,704 169,636 464,151 359,312
Average mill feed grade (g/t) 1.54 1.83 1.74 1.78
Processing recovery rate (%) 92.49 86.09 89.67 81.01
Gold produced (oz) (1) 10,249 8,613 23,340 16,672
Gold sold (oz) 13,725 8,987 24,952 18,257
Financial (expressed in thousands of US$) $ $ $ $
Revenue 49,230 19,796 81,630 39,167
Gross margin from mining operations 31,547 11,541 53,979 23,152
Net Income before other items 26,301 8,424 41,470 17,025
Net income 20,157 8,839 30,657 11,836
Cash flows provided by operations 21,902 8,722 41,088 18,398
Working capital 86,851 31,926 86,851 31,926
Earnings per share – basic and diluted (US$/share) 0.06 0.03 0.09 0.04
Weighted average gold price US$/oz US$/oz US$/oz US$/oz
-
Realized price - sulphide production 4,197 2,678 3,882 2,613
Cash cost per ounce sold
Mining 355 242 315 243
Processing 300 313 278 299
Royalties 564 290 443 260
Operations 69 73 71 75
Total cash cost per ounce sold (2) 1,288 918 1,107 877
Operation expenses 1 4 1 5
Corporate expenses 2 10 1 6
Accretion of asset retirement obligation 4 6 4 6
Exploration and evaluation expenditures 27 8 35 4
Sustaining capital expenditures 99 255 100 260
Total all-in sustaining costs per ounce sold(3) 1,421 1,201 1,248 1,158
(1) Out of total 10,249 ounces of gold production reported in Q2 FY 2026, of which negative 35 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
• The sulphide flotation plant produced 10,249 ounces of gold during the quarter. A total of 224,704 tonnes of sulphide
ore were processed at an improved average recovery rate of 92.49%, reflecting the continued benefits of plant
improvements and optimization initiatives. Despite a lower average head grade of 1.54 g/t compared to Q2 FY 2025,
operational performance remained strong.
• During Q2 FY 2026, mining activities continued to focus on Buffalo Reef and Felda Block 7. Ore mined during the
quarter increased by 42% compared to Q2 FY 2025. As mining progressed into the ore zone as planned, higher ore
tonnages were achieved and the stripping ratio reduced to 8.34, compared to 11.63 in Q2 FY 2025.
• The ore processed during the quarter was 32% more than in Q2 FY 2025 due to more plant availability, optimization,
and improved outputs of the new filter press, resolving the previous processing bottleneck.
FINANCIAL RESULTS
• Gold sales in Q2 FY 2026 generated strong revenue of $49.23 million from 13,725 ounces sold at a record average
realized price of $4,197 per ounce. This represents a significant improvement compared to Q2 FY 2025, when 8,987
ounces were sold at an average realized price of $2,678 per ounce. All sales during the quarter were produced from
the sulphide flotation plant.
• Mining operations, before non-cash amortization and depreciation, delivered an outstanding gross margin of $31.55
million in Q2 FY 2026, marking a 173% increase from $11.54 million in Q2 FY 2025 and reflecting the strong
operational and financial performance achieved during the quarter.
• Cash cost per gold ounce sold from the sulphide operations was $1,288 for Q2 FY 2026, compared with $918 in Q2
FY 2025. The increase was primarily attributable to a combination of factors, including higher mining costs mainly
driven by greater total ore mined at lower elevations and longer haul distances, as well as increased royalty expenses
resulting from a higher royalty rate, increased gold production and sales volumes, and a higher realized gold price,
and lower feed grades, partially offset by improved recovery rates.
• Net cash generated from operating activities in Q2 FY 2026 totalled $21.90 million, an increase of $13.18 million
compared to $8.72 million in Q2 FY 2025. This strong growth was primarily driven by higher gross margins from
increased gold concentrate sales and stronger realized gold prices.
• The Company’s cash and cash equivalents as at December 31, 2025 were $82.65 million, an increase of $ 36.71
million from $45.94 million as at June 30, 2025. Current assets exceeded current liabilities by $86.58 million (June
30, 2025: $58.54 million), highlighting a strong net working capital position.
MINE DEVELOPMENT
Selinsing Gold Mine
R&D Work
Bench scale testwork was conducted using an alternative reagent for stibnite activation and new collectors for enhanced
consistent gold recovery, subject to pricing and availability. Weekly laboratory bench scale testwork was carried out to
compare results against plant production figures with the aim of optimizing reagent dosing, maximizing gold and antimony
recoveries and maintaining concentrate quality.
Concentrate Warehouse Extension
Detailed engineering of the proposed concentrate shed extension was completed. Construction progressed well during the
quarter with the structure footings, concrete floor slab and access ramps completed. Fabrication of the structural members
was also completed. Overall completion was 65% at the end of the quarter.
Tailing Storage Facility Stage 7 Upgrade
A further geotechnical site investigation was completed at the TSF main, saddle and south embankments. Additional
piezometer pipes were installed around the TSF to monitor the phreatic surface. Detailed Stage 7 design of the south
embankments was completed by the TSF design consultants and construction was scheduled to start in Q3 FY2026. Design
of the main and saddle embankments was still ongoing at the end of the quarter.
Flotation Plant and Related Facilities
Some High-Density Polyethylene (“HDPE”) pipelines were upgraded to improve slurry pump performance. High pressure
lubrication oil pumps, manifolds and pipelines were replaced at the primary ball mill. The new filter press operated reliably
throughout the quarter. The original filter press was run periodically as part of ongoing care and maintenance activities.
Murchison Gold Project
During Q2 FY2026, the Company finalized the scope of the Murchison Gold Project PEA and actively engaged mining and
engineering consultants to advance plans for a rapid recommencement of operations. A comprehensive geological database
and archive review was completed, and a confirmation drilling program was prepared for the Gabanintha tenements to validate
historical drilling results and support the inclusion of selected historical resources in future mine planning.
Engagement with Traditional Owners continued constructively during the quarter to strengthen relationships and progress
production planning discussions. Heritage surveys were completed, pursuant to the Interim Heritage Agreement, and the final
heritage survey report covering the Gabanintha and Burnakura areas was issued after completion of field activities.
The processing plant, camp accommodation, catering, offices, and associated infrastructure were maintained in excellent
condition, ensuring the site is ready to support a rapid production restart. Accommodation and catering facilities remained
available throughout the quarter, providing support for administrative, exploration, and mining activities.
Exploration
Malaysia
The Buffalo Reef exploration drilling program progressed during this quarter with 12 holes completed and 2,141.4 metres
drilled. The drilling program targeted extensions of oxide and sulphide minerali zation in known mining areas, and potential
mineral resource expansion outside of the current pit-shell, which may support an extension of the mine life, subject to further
studies. By the end of the second quarter of FY 2026, a total of 4,378.1 metres had been drilled as part of the resource
expansion program, and a total of 3,681 samples were prepared and dispatched to a recognized independent third-party assay
laboratory.
Western Australia
During the quarter, the Company reviewed historical resources and data at the Murchison Gold Project’s Gabanintha and
Burnakura deposits and completed initial planning to define infill and extension drilling targets aimed at potential resource
growth.
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 by Odyssey Gold Ltd in the same region. The Company
employs approximately 288 people in both regions and is committed to the highest standards of environmental
management, social responsibility, including health and safety for its employees and neighboring communities and good
corporate governance.
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.