Monument’s focus
is to build on
current gold
production
through its
project portfolio
development
and acquisition opportunities.
“We are using the opportunities
presented in a weakened commodities
market to reduce single metal risk,
single project risk and single country
risk by acquiring accretive distressed
assets for development.”
Robert Baldock, President and CEO
TABL E O F C ONT ENTS
1
2014 Highlights – 2015 Key Strategies
2014 HIGHLIGHTS
FINANCIAL
• Gross Revenue from gold sales of
$48.58 million
• Profit margin generated from gold
production of $16.28 million
• Cash balance of US$24.7 million on
June 30, 2014
• Assets increased to $250.5 million
in fiscal 2014
PRODUCTION
• Gold Production of 35,983 ounces
• Cash cost per ounce of US$613
• A record 1,018,972 tonnes of ore
processed, an increase of 9% from
fiscal 2013
2 President’s Message to Shareholders
DEVELOPMENT / EXPLORATION
4 Corporate Overview
5
Financial Performance
6 Operating Highlights
7 Capital Structure & Market Performance
8 Gold Portfolio
16 Polymetallic Portfolio
19 Corporate Social Responsibility
Inside Back Cover – Corporate Information
Read in conjunction with Monument’s Fiscal 2014
Audited Financial Statements and Management
Discussion & Analysis, avaliable at www.sedar.ca
and www.monumentmining.com
All dollar amounts in US$ except where noted.
• Acquired the Murchison Gold Project
in Western Australia
• Focused R&D studies on low capital
cost sulphide ore treatment alternatives
at Selinsing plant
• Continued exploration for gold
discovery potential in Malaysia and
Australia
• Progressed Mengapur development
on oxide iron beneficiation plant based
on R&D studies
MONUMENT MINING LIMITED 2014 ANNUAL REPO RT
DIVERSIFYING FOR
SUSTAINABILITY
2015 KEY STRATEGIES AND DELIVERABLES
• Develop gold focused portfolio diversifying the country risk and single
production site risk
• Deliver sustainable gold production through the optimization of plant
performance and effective exploration programs
• Deliverables
– Exploit Intec Technology at the Selinsing site for economic solution
of gold sulphides recovery and optimize performance of the current
gold processing plant
– Complete resource definition and economic assessment study and
develop Murchison Gold Project into a production site
– Strengthen geological study and exploration targets
Selinsing Gold Mine
2015 STRATEGIES 1
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
TOTAL ASSETS
(IN THOUSANDS OF US$)
PROPERTY PORTFOLIO
(ALL 100% INTEREST)
AVERAGE LONDON
SPOT GOLD PRICE (US$)
2 LET TE R TO SH ARE HOLD ERS
PRESIDENT’S
MESSAGE TO
SHAREHOLDERS
focus was Diversification
Fiscal 2014 business
for
Sustainability. The Company has been developing through
its growth path from an exploration junior to a gold
producer, and working toward becoming a mid-tier dividend
paying company. Diversifying for Sustainability provides us
a strategy to achieve this mission, including diversification
of single country risk, the single commodity risk and the
single site production and cash flow risk. The success of the
Selinsing gold production has enabled us to execute this
strategy since fiscal 2012 when the Mengapur Polymetallic
Project in Malaysia was first bought for cash that was
generated from our Selinsing production. The Company
has cash, cash flow and no debt, which reflects a cautious
approach to this volatile and cyclical industry.
As a part of this strategy, a significant accomplishment
in fiscal 2014 was acquiring for cash the Murchison
Gold Project, a turn-key asset into the Company’s gold
portfolio, including a JORC compliance historical gold
resource, the fully operational Burnakura gold processing
plant and a newly developed camp site and all necessary
infrastructures. The Murchison Gold Project is situated in
the politically safe and mining-friendly
jurisdiction of
Western Australia - the Murchison Gold Field, which has
been explored since the 1900s and contains a number of
closed mines with significant historical multi-million ounce
production as well as currently operating gold projects. It
has been and still is a prolific gold region.
Subsequent to fiscal 2014, when the downturn in the
resource sector continued to support a “buyer’s market”,
the Company also acquired the accretive Tuckanarra Gold
Project about 40 kms southwest of Monument’s Burnakura
mill at the Murchison Gold Project. These Western Australia
acquisitions are a strategic move to consolidate a large land
position in the region.
As fiscal 2014 passed behind, Monument has sustained its
gold production under a challenging market where gold
prices continued declining. In fiscal 2014, the Selinsing Gold
MONUMENT MINING LIMITED 2014 ANNUAL REPO RT
Mine operation produced 35,983 ounces at an average cash cost of $613 per ounce in line
with our mine plan. Our gross revenues were $48.6 million, generated from gold sales of
37,670 ounces at an average realized gold price of $1,290 per ounce. Overall in past five
years we have mined 3.3 million tonnes of ore, producing over 190,000 ounces of gold and
have generated over $274 million in revenues, of which we are very proud.
While oxide and leachable sulphide ore were continuously feeding through the
Selinsing mill during fiscal 2014, our research and development team concentrated
on exploring economic alternatives for gold sulphides treatment, including roasting,
pressure oxidation, halide-chloride leaching, fine grinding, and biological heap leach.
In February 2015, subsequent to fiscal 2014, Monument has secured an interim Intec
License to exploit sulphide gold and copper recovery technology. Intec is a hydro-
metallurgical process using a mixed halide lixiviant for the extraction of pure copper,
precious metals and associated metals from sulphide concentrates. The Intec Technology
has demonstrated success in a laboratory environment; Monument plans to scale up the
Intec Technology to an operational stage over the next two year’s trial commercialization
period. Upon success, the Company is expecting to maintain sustainable gold production
at the Selinsing Gold Mine until fiscal 2020, without accounting for any further exploration
success in the Selinsing and Buffalo Reef projects.
Exploration is our future. During fiscal 2014, a structural geological study was carried at Buffalo Reef to identify additional
exploration targets. The continuous technical study together with targeted drilling during the period was conducted to convert
inferred resources to indicated and measured resources and reserves for Selinsing and Buffalo Reef projects; however a NI 43-101
technical report is pending due to ongoing test work on the sulphide material. The completion of such test work will enable the
Company to produce an updated resource statement in compliance with NI 43-101 standards.
Since acquiring the Murchison Gold Project, a drilling program was initiated in May 2014 at the Alliance and New Alliance open pits
in the Burnakura area. This work was designed to validate the historical resource, increase the grade and geological continuity of
the mineralization through confirmation and infill drilling, test for resource extensions, and define further exploration targets. This
work also contributes to the subsequent resource estimate study planned for fiscal 2015 in order to provide a commercial outcome
within an eighteen month time frame from acquisition. Subsequent to year end, encouraging first and second round drill results
were announced at the Alliance and New Alliance open pits and third round drill results at the Federal City open pit.
The Mengapur Polymetallic Project continues to represent a long term mining asset opportunity with downstream commodity
product potential. During fiscal 2014, extensive metallurgical work was complete at the Company’s in-house R&D laboratory to
support the design and construction of the iron/copper beneficiation plant. However, in light of the sharp decline in iron price and
the continued slide of copper, the start-up and pending production has been put on hold subsequent to fiscal 2014.
Looking ahead to 2015, we expect to see more of the same uncertainty in resource prices and will navigate accordingly. We
believe GOLD will continue to be our focus to generate cash flow. The combination of expansion of the gold inventory and
commercialization test work on Intec gold sulphides recovery technology will potentially open up a new chapter. With our zero
debt position, cash reserves and continuous cash inflow, and ongoing support from our shareholders, we look forward to conquer
the challenges in fiscal 2015 and beyond, and exploit the opportunities our future holds.
Sincerely, ROBERT F. BALDOCK President and CEO
3 LE TTE R TO SH AR EHO LDERS
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
CORPORATE OVERVIEW
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1)
is an established Canadian gold producer and mining asset
developer that owns and operates the Selinsing gold mine
in Malaysia, with gold production cash costs among the
lowest in the mining industry. The experienced manage-
ment team is focused on growth and is advancing several
projects and properties
including the Murchison Gold
Projects at Burnakura and Gabanintha in Western Australia;
and the Mengapur Polymetallic Project, at Pahang State in
Malaysia. Subsequent to fiscal 2014, the Tuckanarra Gold
Project in Western Australia has also been added to its
gold portfolio.
The Company’s longer-term goal is to be a sustainable,
dividend paying, mid-tier gold, base metals and industrial
mineral producer.
Monument’s management team has proven their ability to
quickly build profitable operations. The Company employs
over 300 people in Malaysia and Western Australia, and is
committed to the highest standards of environmental man-
agement, social responsibility, and health and safety for its
employees and neighboring communities. Monument’s Head
Office is located in Vancouver, B.C., Canada, and operates
through its subsidiaries in Pahang State, Malaysia and in West-
ern Australia.
Monument’s primary business objective is to advance a
portfolio of mineral projects from exploration and develop-
ment to production and to increase gold and other mineral
assets through acquisition of prospective land or gold and
other mineral projects at an advanced development stage.
As of June 30, 2014 the Company controlled producing and
exploration properties covering 63,666 acres in Malaysia and
Western Australia. Monument has a large pipeline of quality
projects ranging from an operating gold mine to grass roots
exploration for future potential.
4 CO RP OR ATE O VER VIEW
MONUMENT MINING LIMITED 2014 AN NUAL REPORT
FINANCIAL PERFORMANCE
EARNINGS/SHARE (US$)
In a climate of challenging market conditions, the Company
has continued measures to strengthen the Balance Sheet
and provide a strong platform to pursue its primary business
objectives. In comparison to the prior fiscal year, the Company
has increased total assets by $7.92 million to $250.47 million
from $242.55 million.
The overall operating results of the Company reflect its
income from gold mining operations, on-going corporate
business development, administrative costs and other income
or expenses such as interest, gains or losses on derivative
liabilities and foreign exchange gains or losses.
During fiscal 2014, Monument Mining sold 37,670 ounces of
gold at an average price of $1,290 per ounce for $48.6 million
in gross revenue. Cash costs per ounce sold for fiscal 2014 was
$613, which is among the lowest in the industry. Cash provided
from operating activities was $16.5 million in fiscal 2014.
Income from mining operations generated $16.3 million for
fiscal 2014 compared to $57.5 million for fiscal 2013. The
main reasons for the lower income resulted from operations
were a significant drop in overall gold price and reduced gold
production during the year. The net loss attributable to
common shareholders for fiscal 2014 was $2.6 million or $0.01
per share (basic), compared to net income of $32.8 million or
$0.14 per share (basic) for fiscal 2013.
REVENUE (US$ M)
Fiscal 2014 Net Loss of $0.01 Per Share
NET INCOME (US$ M)
Fiscal 2014 Net Loss of $2.6 Million
OPERATING CASH FLOW (US$ M)
Gross Revenue for Fiscal 2014 is
$48.6 Million
Cash from Operating Activities for
Fiscal 2014 of $16.5 Million
5 FIN AN CIAL PE R FO RMA NCE
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
OPERATING HIGHLIGHTS
(expressed in US$)
Fiscal 2013 Fiscal 2014
Revenues (000’s)
20,805
19,640
20,325
30,506
16,002
8,340
12,094
12,147
Q1
$
Q2
$
Q3
$
Q4
$
Q1
$
Q2
$
Q3
$
Q4
$
Average realized gold price
(per ounce)
Average London spot gold price
1,658
1,730
1,626
1,419
16,002
8,340
12,094
12,147
(per ounce)
1,652
1,723
1,632
1,414
1,308
1,287
1,266
1,292
Net earnings before other income
attributable to common
shareholders (000’s)
Earnings per share before
other income:
– Basic
– Diluted
Net earnings after other income
and tax Attributable to
common shareholders (000’s)
Earnings Per Share:
– Basic
– Diluted
13,229
10,268
9,951
14,937
1,326
1,276
1,293
1,295
0.06
0.06
0.05
0.05
0.04
0.04
0.05
0.05
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
10,834
12,457
(5,513)
15,060
1,742
1,453
(915)
(4,911)
0.05
0.05
0.06
0.06
(0.02)
(0.02)
0.05
0.05
0.01
0.01
0.01
0.01
(0.00)
(0.00)
(0.02)
(0.02)
a) Q1 Fiscal 2014 restated earnings from $2.494m, due to restatement of share-based compensation expense.
b) Q1 Fiscal 2014 restated earnings from $1.577m, due to restatement of share-based compensation expense. Q2 fiscal 2013 restated from $0.13
Selected Financial Information (expressed in thousands of US$)
BALANCE SHEET
Current assets
Non-current assets
Total assets
Current liabilities
Other liabilities
Non-controlling interests
Equity attributable to shareholders
Total liabilities and shareholders’ equity
June 30,
2014
June 30,
2013
June 30,
2012
$ 43,171
$ 74,356
$ 50,180
207,294
250,465
6,123
16,723
–
227,619
250,465
168,197
242,553
12,941
10,018
–
219,594
242,553
161,769
211,949
19,053
22,389
24,186
146,321
211,949
Working capital excluding derivative liabilities
$ 37,048
$ 61,415
$ 31,131
6 OP ER ATIN G HIGHLIGHT S
MONUMENT MINING LIMITED 2014 ANNUAL REPO RT
OPERATING HIGHLIGHTS
Monument has projects in Malaysia and Western Australia.
The project portfolio consists of both Gold and Polymetallic
properties. The Company’s 100% owned gold portfolio includes
the Selinsing Gold Mine, the Buffalo Reef Property, FELDA
Land and the Famehub properties, all located in Pahang State
within the Central Gold Belt of Malaysia, and the Murchison
Gold Project in Western Australia. Monument also owns 100%
of the development stage Mengapur Polymetallic Project also
in Pahang State, Malaysia.
With gold prices in the $1,300 per ounce range this year,
Monument has maintained its low cash cost gold production
at Selinsing and continued to optimize the plant performance
in order to increase gold recoveries. Operating cash flow from
Selinsing production has been invested in the development of
the gold and polymetallic project portfolio, including research
and development programs, exploration, and the strategic
acquisition of mineral resources. This continuous capital
reinvestment in Monument’s future is to achieve the Company’s
long-term growth plans and objectives.
CAPITAL STRUCTURE & MARKET PERFORMANCE
CAPITAL STRUCTURE As of June 30, 2014
During fiscal 2014, the Company issued 25 million fully
paid Monument common shares at CAD$0.50 per share to
Malaco Mining Sdn. Bhd. in consideration for a profit-sharing
arrangement with respect to the oxide magnetite top soils
on Area C of the Mengapur Project, as well as approximately
1.2 million tonnes of previously stockpiled oxide magne-
tite-bearing top soils. As of June 30, 2014, based on market
capitalization, Monument Mining Limited was the 35th largest
mining company on the TSX venture exchange (PwC: Junior
Mining Report 2014).
Shares Outstanding
Warrants
Options
Agent Options
Fully Diluted
Share Price
52 Week High/Low
Market Capitalization
300,218,030
25,000,000
19,215,501
3,115,000
347,548,531
$0.23
$0.37/$0.21
$69.1 M
FISCAL 2014 STOCK CLOSING PRICE (CDN)
FISCAL 2014 TRADING VOLUMES
7 S TRUC TURE & PERF O RMANC E
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
GOLD PORTFOLIO
SELINSING AREA TENEMENTS
The Selinsing Gold Mine
was successfully
constructed and
expanded in phases
at a low-capex,
allowing the
Company to
build steady
cash flow for the
project portfolio
expansion and the
same approach
to project start-
up is being
deployed at
Murchison.
SELINSING
GOLD PRODUCTION (Ounces of Gold)
8 SE LIN SING AR EA OP ER ATIO NS
SELINSING & BUFFALO REEF AREA PROPERTIES
KEY PERFORMANCE INDICATORS
For Periods Ended June 30, 2014
Fiscal 2014
October 2009 to
June 30, 2014
Ore Mined (tonnes)
494,141
Ore Processed (tonnes)
1,018,972
Avg head grade (g/t)
1.31
Calculated Gold Content (oz)
32,568
Gold Poured (ounces)
Gold Production (ounces)
Gold Sold (ounces)
Revenue (US$ 000s)
Total Cash Cost $/oz
34,344
35,983
37,670
48,583
613
3,281,420
2,946,269
2.44
194,558
192,728
191,780
186,744
274,512
377
SELINSING COST OF PRODUCTION
(US$ per Ounce)
Monument Mining acquired 100% of the Selinsing property
located in Pahang State, Malaysia at Bukit Selinsing Koyan,
approximately 65 kilometres (kms) north of Raub and 30 kms west
of Kuala Lipis in 2007. Concurrently it acquired the contiguous
Buffalo Reef properties to the north. The Famehub exploration
properties, consisting of 32,000 acres in nine project areas, were
acquired in 2010 and are located 2 kms to 50 kms northeast of
Selinsing. In April 2013 Monument obtained consent from the
Federal Land Development Authority (FELDA) of Malaysia to
explore and develop 14 blocks totaling 3,920 acres located
adjacent to the east and south of Selinsing and owned by settlers.
GO LD RESOURCES
In May 2013, Monument announced an updated resource
estimate in its August 2012 National Instrument (NI) 43-101
Technical Report for its Selinsing and Buffalo Reef properties.
Estimated at August 31, 2012, the proven and probable reserves
are 222.9 kilo-ounces (koz) of gold from 4,890 kilo-tonnes (kt)
of material at a grade of 1.4 grams of gold per tonne (g/t).
These reserves are within an estimated measured and indicated
resource of 289.4 koz of gold from 6,307 kt of material at a grade
of 1.4 g/t. The inferred resource at Selinsing and Buffalo Reef
is an additional 48.0 koz of gold from 1,070 kt of material at
a grade of 1.4 g/t. (“Selinsing Gold Mine and Buffalo Reef
Project Expansion”, Mark Odell, P.E., Practical Mining LLC, May
2013). The tables below summarize the calculated reserves and
resources by area and ore type.
OXIDE SULFIDE OXIDE + SULFIDE
Category
g/t Au (kOz)
Au (kOz)
kTonnes
kTonnes
kTonnes
g/t
g/t
Au (kOz)
Reserves (based on a US$1550/oz gold price)
Proven
Probable
P+P
2,360
496
2,857
0.7
1.7
0.9
54.6
26.7
81.3
Resources including Reserves (based on a US$1700/oz gold price)
Measured
Indicated
M+I
Inferred
2,361
588
2,949
268
0.7
1.6
0.9
1.2
54.6
29.5
84.1
10
Selinsing-Buffalo Reef Reserve/Resource as of August 31, 2012 (Practical Mining, May 23, 2013)
266
1,768
2,034
322
3,036
3,358
801
2.5
2.1
2.2
2.1
1.9
1.9
1.5
21.4
120.2
141.7
21.7
183.6
205.3
38.0
2,626
2,264
4,890
2,682
3,624
6,307
1,070
0.9
2.0
1.4
0.9
1.8
1.4
1.4
76.0
146.9
222.9
76.3
213.0
289.4
48.0
9 S ELIN S ING ARE A O PER ATI ON S
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
SELINSING &
BUFFALO REEF AREA
PROPERTIES
At Selinsing, the mine
operation continues to
provide an economic
catalyst, through
extensive use of
local suppliers and
employment which
creates a substantial
multiplying effect
to the local and
state economy.
10 SE LIN SIN G AR E A OPE R ATIO NS
SELINSING & BUFFALO REEF AREA PROPERTIES
S ELINSING GOLD MINE
Commercial gold production at the Selinsing processing plant
commenced in September 2010. The gravity and carbon in
leach treatment circuits at Selinsing increased its plant capacity
to one million tonnes per annum (“tpa”) from an initial 400,000
tpa as a result of completion of the Phase III expansion in June
2012. Concurrently, the tailings storage facility was upgraded
to accommodate 10 years of production from the one million
tpa gold plant.
During fiscal 2014, 494,141 tonnes of ore were mined at the
Selinsing operation, a 44% decrease compared to fiscal 2013.
The mining operation for fiscal 2014 resulted in lower ore
extraction and higher strip ratio due to a push back of the
west high wall at the Selinsing open pit in order to access an
additional oxide ore body.
For fiscal 2014, 1,018,972 tonnes of ore were processed,
a 9% increase from fiscal 2013. Ore processed during the
fiscal year included only oxide and leachable sulphide mate-
rial. A further plant expansion is required in order to process
refractory sulphide materials. The average mill feed grade was
1.31 g/t gold and recovery was 75.9% for a calculated gold
content of 32,568 ounces. In fiscal 2014, 35,983 ounces were
produced (Defined as good delivery gold bullion according to
London Bullion Market Association (“LBMA”), net of gold Dore
in transit and refinery adjustment).
RESEARCH & DEVELO PMENT
At Selinsing Gold Mine a plant expansion will be needed
to process refractory sulfide materials from deeper in the
Selinsing and Buffalo Reef deposits. A research and develop-
ment team was established at Selinsing to explore different
including:
refractory ore processes
roasting, pressure
leaching, fine grinding, and
oxidation, halide-chloride
biological heap leach options in order to significantly improve
the economics of the project. Subsequent to fiscal 2014, the
Company secured an interim Intec License to exploit sulphide
gold and copper recovery technology at its Selinsing gold
processing plant.
Once the Intec Technology is exploited through the four-stages
of the commercialization trial testing program and is signed off
by a qualified person at the Company’s satisfaction, the Com-
pany expects to complete and publish an updated technical
report prepared in accordance with NI 43-101. During the
Intec test work period, the Selinsing gold plant will continue
to be fed with the low grade oxide stockpile and the stock-
piled materials discharged from the mill in the early stage of
production.
EXPL ORATIO N
During fiscal 2014, exploration at Selinsing, Buffalo Reef and
FELDA lands were focused on the collation and interpretation
of all geological, geochemical and geophysical data, mapping
geological structures, updating the resource estimate and
block model, and drilling additional oxide targets. The total
fiscal 2014 exploration drill program at Selinsing, Buffalo Reef,
and FELDA properties consisted of 119 diamond drill holes
totaling 10,039 metres (m).
• At Selinsing the drill hole assay results confirm that gold
mineralization extends below the existing pit design and
continues at depth;
• At Buffalo Reef the exploration program was focusing on
cleaning up the drill hole logging data, completing assay
work and conducting the geological structure study in order
to improve understanding of regional geology and define
further drilling targets;
• The objective of the fiscal 2014 FELDA exploration program
was to discover new resources and potentially enable
Selinsing open pit to be extended to access depth.
11 SE LIN SIN G AR E A O PE R ATIO NS
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
GOLD PORTFOLIO
MURCHISON GOLD
PROJECT
The Murchison
acquisition diversifies
our project portfolio
to another country and
lays the foundation for
further consolidation
opportunities in
Western Australia, to
which has already been
added the Tuckanarra
Gold Project.
12 MUR CH ISON GOLD PR OJ EC T
MURCHISON GOLD PROJECT
The Murchison Gold Project consists of the Burnakura and Gabanintha gold properties, which are located in the Murchison
Mineral Field, Western Australia. The Murchison Mineral Field has been explored since the 1900s and contains a number of currently
operating gold projects. The project is located 40 km southeast of Meekatharra and 765 km northeast of Perth. It was previously
owned by a group of Australia based companies.
In February 2014, the Company acquired the Murchison Gold Project, including a number of mining and exploration tenements and
lease applications covering approximately 98 square kms of land. The tenement package holds a Joint Ore Reporting Committee
(JORC) compliant resource, a fully operational gold processing plant, a newly developed camp site and all necessary infrastructures.
H IS TORICAL RESOUR CES
At the Murchison Gold Project a historical indicated resource of 2.48 mt @3.2 g/t Au for 254 koz and a historical inferred resource of
3.94 mt@ 2.3 g/t Au for 292 koz as per the JORC guidelines of 2004 and 2012 within a number of previously operated open pits and
an underground mine was determined by BM Geological Services in the report: “Murchison Gold Project: Burnakura and Gabanintha
Resource Inventory (December 2013)”. The Company believes that the quality of the data supporting the resources meets industry
standards. Wireframes were built using 0.5 g/t Au mineralized envelopes. The resources are estimated using either ordinary Kriging
or multiple indicator Kriging and are reported above a block grade of ≥1 g/t Au. The historical resources have been reported in line
with the JORC guidelines, and resource confidence categories and the reliability of the estimate are consistent with this standard.
Monument is not treating the historical resource estimate on the property as current mineral resources.
MURCHISON
TENEMENTS
13 M UR CHIS ON GOLD PRO JE C T
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
MURCHISON GOLD
PROJECT
Monument has
fast-tracked the
Murchison Gold Project
drilling program and
development work,
aiming to provide a
commercial production
outcome in
the near-term.
14 M UR CHIS ON GOLD P R OJ EC T
MURCHISON GOLD PROJECT
DEVELOPMENT & EXPLO RATION
In fiscal 2014, development work included: preparation of site
logistics, communications, a review of the historical resource
data for remodeling, construction of a SQL database with
data validation and planning for metallurgical test work. An
inspection of the plant and crushing circuit was undertaken
to make recommendations for circuit reconfiguration to
improve crushing circuit performance and potentially a
heap leach operation, which is the first priority. Preliminary
engineering for a 2,000,000 t heap leach pad has been
carried out and draft operating permits have been prepared in
anticipation of filing applications with regulators.
In fiscal 2014, exploration work under a resource estimation
study aimed to place the project into production. The initial drill
program of 7,250 m of RC drilling was designed for Alliance
and New Alliance areas aimed at targeting infill resource
drilling as well as extensional and exploration drilling. The
drilling program was designed to validate the historical re-
source and confirm the grade and geological continuity of the
mineralization as well as test for potential resource extensions.
Up to the end of fiscal 2014, a total of 44 RC drill holes for
4,039 m were completed at Alliance and New Alliance. Sub-
sequent to year end, encouraging first and second round drill
results were announced at the Alliance and New Alliance open
pit deposits, and a third round of drill results at Federal City
open pit. This work will contribute to the resource estimate
study to assess the economics of these deposit areas with the
aim to bring them into production.
The diamond drilling was undertaken to provide core material for
metallurgical test work in order to understand the recoveries from
the carbon in leach (CIL) and carbon in pulp (CIP) process and pro-
vide initial heap leach test work information. During fiscal 2014,
6 PQ diamond drill holes for 409 m were completed at Alliance
and New Alliance.
BURNAKURA LOCATION
PLAN & GEOLO GY
15 MUR CH ISON GOLD PR OJ EC T
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
POLYMETALLIC PORTFOLIO
The Mengapur
Project continues to
represent the most
significant opportunity
for a long term mining
asset owned by the
Company with downstream
commodity products.
16 MEN GAPUR POLYME TA LLIC P R O J EC T
MENGAPUR PROJECT
The Mengapur Polymetallic Project was acquired by Monument in fiscal 2012 and 2013, located in Pahang State, Malaysia,
approximately 130 kms southeast of Monument’s wholly owned Selinsing Gold Mine and 75 kms northwest of the Malaysian port
city of Kuantan. It was historically owned by Malaysian Mining Corporation who defined the historic polymetallic resources in a full
bankable feasibility study.
RESOURCES
The Mengapur Polymetallic deposit contains a historical Copper (Cu), Sulfur (S), Gold (Au). Silver (Ag) oxide and sulphide resource
from a previous drilling campaign conducted in the 1980’s as reported in the “NI 43-101 Technical Report, Mengapur Project
(Amended) (Snowden, January 2012)”. The historical resource consisted of 224 million tonnes (mt) averaging 0.597% Cu equivalent
(eqv) (6.54% S, 0.25% Cu, 0.16g/t Au, and 8.86g/t Ag) at a cut-off grade of 0.336% Cu eqv cut-off grade (Snowden, January 2012).
A historical sulphide reserve consists of 64.8 mt averaging 0.737% Cu eqv (8.63% S, 0.27% Cu, 0.21g/t Au, and 2.59a/t Ag) at the
same 0.336% Cu eqv cut-off grade (Snowden, 2012). The Company has completed 64,000 m of exploration drilling verifying these
historic resources and is advancing them to current NI 43-101 compliance.
Since acquisition, exploration has been ongoing to further understand the potential polymetallic resources and to support mine
design. During fiscal 2014, exploration activities at Mengapur focused on iron oxide development, with further exploration activities
being conducted on identification of iron oxide resources. A total of 4,786 m from 50 diamond drill holes were drilled during the year
of which 36 of them with a total of 2,104 m were dedicated for iron oxide resource estimation at Area C.
GEOLOGY CROSS-SECTION A-A’ SHOWING THE SP6 DESIGN PIT
17 M E NGAP UR P OLYMETA LLIC P RO J EC T
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
MENGAPUR PROJECT
At Mengapur an on-site R&D laboratory has been built,
A preliminary economic assessment study (PEA study) was
fully equipped and placed in use during fiscal 2014. R&D
carried out during fiscal 2014, aimed to define Copper (Cu),
programs are exploring the development of a number of
Sulfur (S), Gold (Au), Silver (Ag) oxide and sulphide resource
potential marketable commodity products subsequent to
under NI 43-101 guidance, bringing the historical resources
the targeted recovery of copper concentrate and magnetite,
to current. The completion of the NI 43-101 Technical Report
and develop and prove a viable flow sheet circuit for recovery
is awaiting issue of a mining lease title over the Star Destiny
of these products. The Mengapur mine is envisioned to be
mining lease application and completion of the remaining
developed as a large multi-commodity open pit mine.
metallurgical test work and analysis.
During the fourth quarter of fiscal 2014,
construction of an oxide iron beneficiation plant was initiated
and designed to separate iron from copper and other metals
in the top soil and fresh rock at the Mengapur site. Subsequent
to fiscal 2014, due to the sharp decline of iron prices, the
plant development has been put on hold and the Company
is re-evaluating the production alternatives and has initiated
studies on copper production.
18 MEN GAPUR POLYME TA LLIC P R O J EC T
CORPORATE & SOCIAL RESPONSIBILITY
is committed to the highest standards of
Monument
environmental management, social responsibility, and health
and safety for its employees and neighboring communities.
As of June 30, 2014, the Company employed over 300
people at its Malaysian and Australia operations. At the
Malaysian operations a majority of employees are hired
locally and live in the surrounding communities with their
families. The Australia operations began in fiscal 2014 and
employees are being sourced from Western Australia.
H EALTH & SAFETY
The Company places a strong emphasis on safety procedures
and training. The objective is a perfect health and safety work-
place for Monument people. During the year there were no
fatal injuries with only minor work related accidents. The mine
enforces a comprehensive safety program and continues to
improve procedures for accident prevention.
ENVIRONMENT
Monument develops and operates all of its projects in an
environmentally responsible and sustainable manner, ensur-
ing a safe and healthy environment. It strives to disrupt as
little of the area it works in as possible. The company plans
and implements projects that protect and support the natural
environment surrounding its operations and applies the best
environmental practice that ensures the highest commitment
to environmental protection.
The Company established environmental monitoring and con-
trol procedures in compliance with the Environmental Impact
Assessment and Environmental Management Plan approved
by the Malaysian Department on the Environment and the
Mining Scheme adopted by the Department of Minerals and
Geosciences. During the year ambient air and noise sampling
was conducted including environmental sampling for water
quality in local streams and all results were satisfactory.
19 COR PORATE & SO C IA L RE SP O NSIBI LIT Y
At the Mengapur site, the Erosion Sedimentation Control
Plan (ESCP) was approved by Department of Drainage and
Irrigation which form a main component of the environmental
management plan. The ESCP plan is important to ensure that
the mining operations are adequately mitigated to minimize
the extent of disturbance by implementing proactive and
integrated erosion and sediment control measures approved
by the authority.
COM MU NIT Y SU PPORT PROGR AMS
Monument strives to support and work with the local
communities in which it operates. We implement various
community development programs focusing on employment
creation, providing support for better health, education and
community development as well as promoting local business.
These areas of focus were determined based on priorities and
needs of our community and is in line with our strategy that
seeks to balance profit with development considerations.
is
involved
At Selinsing, the mine operation continues to provide an
economic catalyst, through extensive use of local suppliers
and employment which creates a substantial multipying
effect to the local and state economy, this enables the
local communities to build better lives. Monument funds
local schools for additional academic and co-curriculum
activities. The Company
in promoting skills
development in Malaysia with the goal of increasing local
employment at its operations. Monument provides fund-
ing through internship programs with various institutions of
higher learning in the Country, preparing a skilled workforce
for the future. In addition, promising local students are given
scholarships to pursue their education related to the mining
industry and are encouraged to pursue a career with
Monument’s operations in the future. Our local education
support program aims to benefit a wide range of stakeholders
and has the potential to make a lasting sustainable impact.
MON UMEN T MINING LIMITED 2014 ANNUA L REPO RT
CORPORATE & SOCIAL
RESPONSIBILITY
The Company continues to advance the Mengapur project
as a sustainable mining project which substantially benefits
economic development within the Eastern Coridor Economic
Region. Monument had invested more than $116 million in
acquisition costs, exploration, research and development
expenditures.
FO RWA RD L OOKIN G STATEMEN TS
This annual report 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 events that are not historical facts. Generally, forward-
looking statements can be identified by the use of forward-looking terminol-
ogy 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”. Forward-looking statements in this annual
report include, without limitation, statements related to: the Company’s expec-
tations regarding future gold production at the Selinsing Gold Mine; the ability
of the Company to move exploration and development properties into commer-
cial production; the results of testing gold and copper recovery technologies;
completion of technical reports on the Company’s projects and the timing and
results thereof; and all other plans for mining, development and exploration and
the timing and results thereof. The forward-looking statements in this annual
report 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 in testing
The Malaysian Institute of Economic Research shows that
the substantial investment made by this project will generate
positive economic impacts to the Country. The construction
and operating expenditures, as well as various taxes and
royalties paid by the Company will provide major economic
stimulus both locally and nationally. Monument is working
closely with the local and Pahang state governments, and
other partners, to plan sustainable projects and community
programs that will help to improve education, health and local
living conditions.
20 COR PORATE & SO CI AL R ESPO NSIB ILI T Y
gold and copper recovery technologies that have not been proven in the field;
all of the uncertainties inherent in economic studies and resource estimates;
uncertainties regarding the results and timing of current exploration activities;
uncertainties in the progress and timing of development activities; foreign oper-
ations risks; other risks inherent in the mining industry and other risks 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 SEDAR at www.sedar.com. Material factors and assump-
tions used to develop forward-looking statements in this annual report include:
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 minerals; the expected timing and results of development and exploration
activities; costs of future activities; capital and operating expenditures; success
of exploration activities; mining or processing issues; exchange rates; assump-
tions regarding political matters in Malaysia; risks related to ongoing litigation;
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 proj-
ects, all of which are available under the profile of the Company on SEDAR 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 accor-
dance with applicable securities laws.
OFFICERS & MAN AGEMEN T
CORPORATE H EADQ UA RT ER S
Robert Baldock, CA (M), FCPA, FIMC
President & CEO
Cathy Zhai, B.Sc., CGA
CFO & Corporate Secretary
Director of Human Resources
Zaidi Harun, B.Sc.
Vice President, Business Development
Kevin J. Wright, ACSM
Project Manager, Mengapur Project
Chee Yau Tan, MCSM, M.Sc., MBA
General Manager, Selinsing Gold Mine
Todd W. Johnson, M.Sc Geo, Eng, P.E.
Vice President, Exploration
David Morrison, BEng.
General Manager, Murchison Project
DIRE CTORS
Robert Baldock
Kuala Lipis, Malaysia
Cathy Zhai
Vancouver, British Columbia
George Brazier
Vancouver, British Columbia
Graham Dickson
Vancouver, British Columbia
Zaidi Harun
Kuala Lipis, Malaysia
Gerald Ruth
Toronto, Ontario
Frank Wright
Vancouver, British Columbia
www.monumentmining.com
Suite 1580, 1100 Melville Street
Vancouver, BC, V6E 4A6 Canada
Telephone 604.638.1661
Fax
info@monumentmining.com
604.638.1663
IN VES T OR REL ATIO NS
Vancouver
Richard Cushing B.A. (Econ.), CSC
Investor Relations
Suite 1580, 1100 Melville Street
Vancouver, BC, V6E 4A6 Canada
Telephone 604.638.1661
Fax
info@monumentmining.com
604.638.1663
Europe
Wolfgang Seybold
Managing Director, Axino, GmbH
Neckarstrasse 45
73728 Esslingen, Germany
Telephone +49.711.25 35 92.40
Fax
+49.711.25 35 92.33
wolfgang.seybold@axino.com
www.axino.com
ST OCK L IST IN G
TSX Venture Exchange Symbol: MMY
Frankfurt Stock Exchange Symbol: D7Q1
REGI ST RAR A ND TR AN SF ER A GEN T
Computershare Trust Company of Canada
Vancouver, British Columbia
A UDIT ORS
Grant Thornton LLP
Vancouver, British Columbia
B AN KERS
Bank of Montreal
Vancouver, British Columbia
LEGAL COUNSEL
DuMoulin Black LLP
Vancouver, British Columbia