ANNUAL 2
REPORT
0
1
5
RESOURCEFUL PEOPLE
Monument’s
hardworking and dedicated team is led by responsible management with the
experience to grow gold production through its project portfolio
development and acquisition opportunities.
“People at Monument are our strength. Since inception the
Company has been accumulating a highly trained mining work
force culture at its operations in Malaysia and Australia.”
Robert Baldock, CEO and President
Table of Contents
01 2015 Highlights
02 2016 Growth Strategy
03 President’s Message to Shareholders
05 People Resources
07 Corporate Overview
08 Capital Structure & Market Performance
2015 HIGHLIGHTS
FINANCIAL
09 Operating Highlights
10 Financial Performance
11 Gold Portfolio
19 Polymetallic Portfolio
20 Corporate Social Responsibility
22 Corporate Information
(cid:127) Net profit of $11.38 million, or $0.04 earnings per share (basic) (2014: net loss $2.63 million, or ($0.01) per share)
(cid:127) 36,500oz of gold sold for gross revenue of $44.84 million (2014: 37,670oz for $48.58 million)
(cid:127) Profit margin of $15.89 million in 2015 (2014: $16.28 million)
(cid:127) Cash balance of US$29.35 million in 2015 (2014: $24.73 million)
(cid:127) Total Assets of $262.51 million in 2015 (2014: $254.72 million)
PRODUCTION
(cid:127) Gold recovery increased by 12% to 36,567 ounces
(cid:127) Cash cost per ounce decrease by 4% to US$587 per ounce
(cid:127) Processing recovery rate of gold increased by 9% to 82.4%
(cid:127) Average ore head grade increased by 11% to 1.45g/t Au
DEVELOPMENT/EXPLORATION
(cid:127) Secured interim Intec Licence to exploit sulphide gold and copper recovery technology
(cid:127) Closed the acquisition of a 100% Interest in the Tuckanarra Gold Project in Western Australia
(cid:127) Completed a NI 43-101 Resource Estimate on Alliance/New Alliance deposits at Murchison Gold Project
confirming Gold Resources
(cid:127) Added experienced mining professionals to the Monument team across all operations
1 2015 HIGHLIGHTS
Monument’s
hardworking and dedicated team is led by responsible management with the
experience to grow gold production through its project portfolio
development and acquisition opportunities.
“People at Monument are our strength. Since inception the
Company has been accumulating a highly trained mining work
force culture at its operations in Malaysia and Australia.”
Robert Baldock, CEO and President
09 Operating Highlights
10 Financial Performance
11 Gold Portfolio
19 Polymetallic Portfolio
20 Corporate Social Responsibility
22 Corporate Information
Table of Contents
01 2015 Highlights
02 2016 Growth Strategy
03 President’s Message to Shareholders
05 People Resources
07 Corporate Overview
08 Capital Structure & Market Performance
2015 HIGHLIGHTS
FINANCIAL
(cid:127) Profit margin of $15.89 million in 2015 (2014: $16.28 million)
(cid:127) Cash balance of US$29.35 million in 2015 (2014: $24.73 million)
(cid:127) Total Assets of $262.51 million in 2015 (2014: $254.72 million)
PRODUCTION
(cid:127) Gold recovery increased by 12% to 36,567 ounces
(cid:127) Cash cost per ounce decrease by 4% to US$587 per ounce
(cid:127) Processing recovery rate of gold increased by 9% to 82.4%
(cid:127) Average ore head grade increased by 11% to 1.45g/t Au
(cid:127) Net profit of $11.38 million, or $0.04 earnings per share (basic) (2014: net loss $2.63 million, or ($0.01) per share)
(cid:127) 36,500oz of gold sold for gross revenue of $44.84 million (2014: 37,670oz for $48.58 million)
DEVELOPMENT/EXPLORATION
(cid:127) Secured interim Intec Licence to exploit sulphide gold and copper recovery technology
(cid:127) Closed the acquisition of a 100% Interest in the Tuckanarra Gold Project in Western Australia
(cid:127) Completed a NI 43-101 Resource Estimate on Alliance/New Alliance deposits at Murchison Gold Project
confirming Gold Resources
(cid:127) Added experienced mining professionals to the Monument team across all operations
RESOURCEFUL PEOPLE
2016 GROWTH
STRATEGY
(cid:127) Continue developing gold focused portfolio diversifying the country risk and single production site risk
(cid:127) Deliver sustainable gold production through the optimization of plant performance, exploration
programs, development programs, and acquisitions
(cid:127) Exploit Intec Technology at the Selinsing site for potential economic solution of gold sulphides recovery
(cid:127) Fast track resource definition, economic assessment studies, and the development of the Murchison
Gold Project into a gold production site
2016 GROWTH STRATEGY 2
TOTAL ASSETS
(IN THOUSANDS OF US$)
$242,553
$254,715
$262,512
$211,949
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2012
2013
2014
2015
PROPERTY PORTFOLIO
(ALL 100% INTEREST)
TUCKANARRA
WESTERN
AUSTRALIA
102,796
EXPLORATION
Z
O
/
$
S
U
1,800
1,750
1,700
1,650
1,600
1,550
1,500
1,450
1,400
1,350
1,300
1,250
1,200
1,150
Q1
Fiscal
2013
Q2
Fiscal
2013
Q3
Fiscal
2013
Q4
Fiscal
2013
Q1
Fiscal
2014
Q2
Fiscal
2014
Q3
Fiscal
2014
Q4
Fiscal
2014
Q1
Fiscal
2015
Q2
Fiscal
2015
Q3
Fiscal
2015
Q4
Fiscal
2015
LONDON FIX PM
MONUMENT REALIZED
3 PRESIDENT’S MESSAGE TO SHAREHOLDERS
PRESIDENT’S MESSAGE
TO SHAREHOLDERS
AND A TRIBUTE TO OUR PEOPLE
Fiscal 2015 has demonstrated performance excellence in
operations despite the continuation of steep declines and
significant swings of commodity prices in gold, iron, copper
and other base metals in the natural resource sector as
instability of international economies has become a “new
reality”.
In Malaysia, our operations have successfully generated
positive cash flow at Selinsing Gold Mine, which brought
the Company a net profit of $11.38 million, or earnings
of $0.04 per share as a result of the improvement in
production efficiency.
Technology is a way to compete in a marketplace with
scarce gold, other metal resources and incremental
rising costs against reduced commodity prices. Our 2015
research and development initiatives have delivered an
interim license in Intec Technology. Upon the success of
scale-up test work programs, Intec may potentially provide
an economic solution to treat sulphide materials through
Monument’s Selinsing Gold Plant and for other gold
projects. The laboratory metallurgical bench work program
in fiscal 2015 has concluded with a positive decision to build
a pilot plant at the Selinsing R&D laboratories. The pilot
plant has been constructed subsequent to the year-end
for commissioning. The pilot plant test work with technical
report on results and costs estimates are expected to be
complete by 31 December 2015.
In Western Australia, our business strategies have delivered
an increased land position with the Tuckanarra Project in
Murchison region; where our continued exploration at the
Burnakura Project has also resulted a NI43-101 Technical
Report on the Alliance and New Alliance Gold Deposits,
confirmed related historical gold resources and defining
further new targets for fiscal 2016 drilling and economic
study programs. Subsequent to year-end, heap leach
design, gold operation optimization and development
work have also commenced targeting gold production in
Q4 2016 at the Burnakura Project.
Our corporate development in fiscal 2015 was focused
on increasing gold resources through mineral property
acquisition with cautionary due diligence, enhancement of
our workforce capabilities by integrated skill matrix and multiple projects
management under a controlled corporate environment. As a part of a
survival strategy ahead of the market downturn, we have eliminated all debt
several years ago and are using innovation to look for long-term growth
opportunities to build a pipeline of projects. Overall, Monument has been
diligently working on acquiring appropriate high quality undervalued
gold resources and diversifying cash flow generation from multiple
producing mines in multiple jurisdictions and countries. It is key for
Monument to strive for continued success going forward towards becoming
a mid-tier dividend paying gold and base metals producer.
Looking forward, in fiscal 2016 we will continue to operate in this
challenging economic climate for sustainable gold production, being
prepared to adjust our development programs accordingly, albeit with
possible lower margins due to lower gold grade at the Selinsing Gold
Mine and with volatile gold prices. These risk factors can be mitigated
however, by an increase in gold inventory and recovery rates from gold
sulphide discovery through the fiscal 2016 exploration programs, Intec
Pilot Plant test work and mine optimization. The commercial objective of
these programs is to extend the life of Selinsing’s gold production and
optimize sulphide gold recoveries. As a result, a NI 43-101 technical
report at Selinsing is expected in Q3 of 2016.
In fiscal 2016, the risk of single site gold production is targeted to be further reduced by potential gold production at
Burnakura Project. Development on the ground includes re-engineering of the crushing circuit, aimed to crush a wide range
of ore materials extracted from various open pit and underground mines to feed both heap leaching and mill facilities, and
engineering design and construction of the heap leach facility. Low-grade oxide ore will be processed through the heap leach
process, targeted to generate cash by June, 2016; while high-grade oxide ore will be stockpiled and processed subsequently
through the CIL plant. The economics of the CIL plant production is yet to be demonstrated and requires further economic
studies and exploration success, including confirmation, infill and exploration drilling in relation to the historical resources
acquired with the project in 2014, which may take up to a further 2-3 years.
The risk of having a single commodity product can be possibly mitigated by our copper potential at the Mengapur
Polymetallic Project in Malaysia and the Gabanintha Project in the Murchison region, WA where copper was produced in the
past. The Company intends to exploit Intec Technology to recover copper from sulphides and try to produce near to LME
grade copper metal on site targeting lower costs than shipping concentrates. Malaysia as a country imports approximately
$1.78 billion USD in refined copper annually to supply its copper pipe, tube, wire and other copper product manufacturing
sectors. Those two projects represent longer term potential to the Company.
In conjunction with closing fiscal 2015 and moving forward to fiscal 2016, my special thanks is extended to our excellent
people who are determined to face challenges with a can-do attitude and innovation to deliver on the corporate objectives.
Monument is unique in that it has an excellent asset base in its human resources, most of whom have been with us since the
early days of the Company and are supportive and creative in many ways. We will continue working hand in hand for a new
chapter of success in fiscal 2016 with pride.
Sincerely,
ROBERT F. BALDOCK President and CEO
PRESIDENT’S MESSAGE TO SHAREHOLDERS 4
5 PEOPLE RESOURCES
PEOPLE RESOURCES 6
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, a gold
portfolio of the Selinsing, Buffalo Reef and Famehub projects in Pahang State, Malaysia and the
Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in Western Australia. It
also owns the Mengapur Polymetallic Project, at Pahang State in Malaysia. The Company controlled
producing and exploration properties covering 166,462 acres as of June 30, 2015.
The Company’s longer-term goal is to be a sustainable, dividend paying, mid-tier gold and base
metals producer through acquisition of gold and other base metals projects and advancing its
mineral portfolio from exploration and development stages to production stage.
Monument’s management team has proven their ability to quickly build profitable operations.
The Company has approximately 260 employees and is committed to the highest standards
of environmental management, social responsibility, and health and safety for its people and
neighboring communities.
7 CORPORATE OVERVIEW
CAPITAL STRUCTURE & MARKET PERFORMANCE
During fiscal 2015, the Company issued a total of 24 million
fully paid common shares at a deemed issue price of
CAD$0.25 per share in acquisitions comprised of 10 million
shares for Tuckanarra Gold Project as part of consideration,
and 14 million for an Interim License to exploit the Intec
technology, being placed in escrow with release based on
achievement of certain milestones.
CAPITAL STRUCTURE AS OF JUNE 30, 2015
Shares Outstanding:
324,218,030
Warrants:
Options:
Fully Diluted:
Share Price:
52 Week High/Low:
Market Capitalization:
25,000,000
18,415,501
367,633,531
$0.11
$0.24/$0.09
$35.7 M
FISCAL 2015 STOCK CLOSING PRICE (CDN)
FISCAL 2015 TRADING VOLUMES
0.25
0.20
0.15
0.10
0.05
0.00
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
TSX CLOSE
FSE CLOSE
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CAPITAL STRUCTURE & MARKET PERFORMANCE 8
9 OPERATING HIGHLIGHTS
FINANCIAL PERFORMANCE
With continued uncertainty and volatility in the
commodities sector this year, the Company
has continued steady low cost gold production
at the Selinsing mine, further increased and
advanced its project portfolio with a stronger
balance sheet. The Company’s total assets
were $262.51 million at June 30, 2015.
During fiscal 2015, Monument generated
revenue of $44.84 million for 36,500oz of
gold sold at an average realized gold price of
$1,228 per ounce (London Fix PM: $1,224 per
ounce). Total income from mining operations remained positive in fiscal 2015 for $15.89 million. Higher
gold production of 36,473 oz (2014: 35,983 oz) and lower cost of per ounces of gold produced at $587
per ounce (2014: $613/oz) are key success factors of fiscal 2015 operation results, despite that total
gold sales being reduced in fiscal 2015 due to timing differences, at lower average realized gold price.
The net income attributable to common shareholders for fiscal 2015 was $11.38 million or $0.04 per
share (basic) as a result of significantly reduced corporate expenditure. Cash provided from operating
activities was $23.68 million in fiscal 2015 compared to $16.50 million in fiscal 2014. Working capital was
$39.72 million at June 30, 2015, an increase of $2.22 million compared to $37.05 million at June 30, 2014.
FINANCIAL PERFORMANCE 10
GOLD PORTFOLIO
SELINSING
AREA OPERATIONS
“At the Selinsing Gold Mine we have the right people who
are committed to excellence. The team is responsible for
the successful operations and steady development which
has created consistent cash flow for the project portfolio
expansion.”
11 GOLD PORTFOLIO
SELINSING & BUFFALO REEF AREA PROPERTIES
irrevocable exploration
Monument acquired 100% of the Selinsing property and
contiguous Buffalo Reef properties located in Pahang
State, Malaysia in 2007. Subsequently it also acquired
exclusive
licenses over 896
acres of FELDA land in adjacent to the east and south
of Selinsing from settlers, consented by the Federal
Land Development Authority (FELDA). 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. Selinsing, Buffalo
Reef are at a development and production stage while
others are at an exploration and evaluation stage.
GOLD RESOURCES
An updated resource estimate for the Selinsing and
Buffalo Reef properties were provided in the “National
Instrument 43-101 Technical Report (“Selinsing Gold
Mine and Buffalo Reef Project Expansion”, Mark Odell,
P.E., Practical Mining LLC, May 2013) with the effective
date of August 31, 2012. The reported 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.
The tables below summarize the calculated reserves and
resources by area and ore type.
GOLD PORTFOLIO 12
“At Selinsing, the mine operation continued to produce
gold at low cash costs per ounce this year, which was
due to a higher gold recovery rate and a strong US dollar
compared to the local Malaysian Ringgit.”
SELINSING GOLD MINE
Commercial gold production, commenced
in
September 2010, is carried out through the Selinsing
gold processing plant at the Selinsing Gold Mine which
is easily accessible by all of its owned properties. The
Selinsing gold plant has capacity of 1,000,000 tonnes
per annum (“tpa”) since June 2012, increased from
an initial 400,000 tpa. The tailings storage facility was
upgraded at the same time to accommodate 10 years
of production.
During fiscal 2015, production was focused on
improving gold recoveries. Comparing to fiscal 2014,
gold recovery increased by 12% to 36,567oz from
32,568oz; average ore head grade increased by 16%
to 1.45g/t Au from 1.31g/t Au; process recovery rate
increased by 9% to 82.4% from 75.9%; gold production
increased to 36,473oz from 35,983oz. Ore processed
however, decreased to 954,165 by 6% from 1,018,972
tonnes, primarily due to down time at the plant
caused by heavy rain during the monsoon season
and resultant power outages, offset by improvements
made through optimization of plant performance,
mainly recovery rates.
Operating cash flow from Selinsing production has
been invested in the development of the project
portfolio,
research and development
programs, exploration, and the strategic acquisition
of mineral resources according to the Company’s
long-term growth plans and objectives.
including
700
600
500
400
300
200
100
0
-100
13 GOLD PORTFOLIO
SELINSING COST OF PRODUCTION
(US$ PER OUNCE)
MINING
PROCESSING
ROYALTIES
OPERATIONS,NET OF
SILVER RECOVERY
TOTAL CASH COST
FISCAL 2013
FISCAL 2014
FISCAL 2015
SELINSING GOLD PRODUCTION
(OUNCES OF GOLD)
RESEARCH & DEVELOPMENT
At the Selinsing Gold Mine a further plant expansion is required in order to process refractory sulphide materials. Options
were recommended by Lycopodium Minerals Pty Ltd. of Australia, but the initial investment is high. In February 2015, the
Company acquired an interim Intec License for the right to exploit Intec sulphide gold and copper recovery technology
using its Selinsing gold processing plant as an alpha site.
The completed Intec laboratory test work in fiscal 2015 successfully demonstrated the technical ability of Intec to recover
gold from the sulphide material on a bench scale. The Pilot Plant was built subsequent to year end for commissioning.
Test work will commence in October 2015 to further demonstrate scale-up capability, targeting completion by the end of
December 2015. Upon final results, a demonstration plant trial testing and a commercial trial testing program may follow,
targeting completion by the third quarter of fiscal 2017.
Together with remaining oxide material, Monument is expecting to maintain sustainable gold production at the Selinsing
Gold Mine through fiscal 2020 for a further 5 years of potential production.
EXPLORATION
During fiscal 2015, exploration drill programs at Selinsing and Buffalo Reef area consisted of 83 drill holes totaling 8,848
metres, focused on replacement of oxide ore and discovery of new gold deposits to extend the life-of-mine at Selinsing.
The programs have confirmed extension and new gold mineralization zones, identified new drill targets, and collected
sulphide ore core samples for Intec test work, and for geo-metallurgical test work to understand the non-refractory sulphide
ore in transition zones, aimed to further improve the recovery of gold from sulphide materials.
GOLD PORTFOLIO 14
GOLD PORTFOLIO
MURCHISON
GOLD PROJECT
“Our experienced Australian exploration team at the
Murchison Gold Project went from commencing exploration
drilling to announcing a mineral resource estimate in less
than 12 months in compliance with NI43-101 standards and
continue rapid progress with fiscal 2016 development and
exploration programs.”
MURCHISON TENEMENTS
HISTORICAL GOLD MINES
15 GOLD PORTFOLIO
MURCHISON GOLD PROJECTS
The Murchison Gold Project was acquired in February, 2014, consisting of the Burnakura and Gabanintha properties,
both located in the Murchison Mineral Field, Western Australia, a highly prospective historical gold province. The
Project includes a number of mining and exploration tenements and lease applications covering approximately 98
square km of land.
The tenement package holds a historical resources under Joint Ore Reporting Committee (JORC) standards, a fully
operational gold processing plant, a newly developed camp site and all necessary infrastructures. The historical
resource consisted of 6.41 million tonnes at an average grade of 2.7 g/t containing 546,000oz Au within a number of
previously operated open pits and an underground mine, which was determined by BM Geological Services in the
report: “Murchison Gold Project: Burnakura and Gabanintha resource inventory (December 2013)”.
The Tuckanarra property was acquired as strategic asset in November 2014, consisting of two exploration licenses, six
prospecting licenses, and a mining lease covering a total of 416 square kms, and containing approximately 100,000oz
Au historical Indicated and Inferred Resources under JORC standards.
EXPLORATION
For fiscal 2015, a total of 163 RC drill holes for 14,343 m were completed at Alliance/New Alliance (“ANA”), concluded
in a Mineral Resource Estimate showing an increase in the Indicated gold ounces as compared to the historical
estimate inventory.
A total of 145 RC drill holes for 8,776 m were completed at the Federal City (“FC”) deposit, shown some impressive
high grade intersections. The resource definition study on Federal City has commenced prior to the end of the year.
The fiscal 2016 exploration program will focus on increasing mineral gold inventory to extend the economically
recoverable life of mine in supporting sustainable production.
GOLD PORTFOLIO 16
GOLD PORTFOLIO
MURCHISON
GOLD PROJECT
“The Murchison Gold Project is targeting completion of
construction and start-up of the heap leach facilities by the
end of June 2016.”
BURNAKURA LOCATION PLAN & GEOLOGY
17 GOLD PORTFOLIO
ALLIANCE/NEW ALLIANCE MINERAL RESOURCE ESTIMATE
The “NI 43-101 Technical Report on the Alliance and New Alliance Gold Deposits Burnakura, Western
Australia”, prepared in accordance with National Instrument 43-101 authored by Darryl Mapleson (MAIG,
FAusIMM) of BM Geological Services, the primary Qualified Person and other independent Qualified
Persons, is filed on SEDAR and the Monument website, dated April 2, 2015 and amended August 7, 2015.
This report indicates that the total contained old ounces at ANA have been increased compared to the
historical inventory estimate.
An Indicated Mineral Resource of 1.88mt@1.6g/t Au for 98,400oz and an Inferred Mineral Resource of
0.1mt@1.5g/t Au for 4,400oz was reported at a 0.5g/t Au grade cut-off. This represents a very positive initial
outcome toward the preparation of a Preliminary Economic Assessment in respect of the Alliance/New
Alliance deposits.
From this initial Mineral Resource Monument is working towards an economic understanding of the revised Resource
model and estimate, with a view to a commercial outcome. The full technical report, prepared in accordance with NI
43-101, is filed on SEDAR and the Monument website under Technical Reports titled: “NI 43-101 Technical Report on
the Alliance and New Alliance Gold Deposits Burnakura, Western Australia.” (Amended) (August 7, 2015)
DEVELOPMENT
Metallurgical test work in fiscal 2015 was completed at the ANA deposit, supporting heap leach recovery
for low grade ore. The optimization of the recovery process in demonstration of economic viability of
early commercial production through heap leach recovery of low grade were carried out in fiscal 2015 and
continued in fiscal 2016.
Subsequent to year end, the Company completed on-site crushing trials test work, initiated crushing
section re-engineering, and commenced the first phase of the heap leach construction at the Burnakura
site targeting commissioning and start-up of the heap leach facilities before the end of June 2016. Once
the early stage of heap leach commercial production commences, the mill start-up will then be addressed,
subject to further success in exploration and economic studies.
GOLD PORTFOLIO 18
POLYMETALLIC PORTFOLIO
MENGAPUR PROJECT
“The Mengapur mine is envisioned to be a long term mining
asset developed as a large multi-commodity open pit mine.”
The Mengapur Polymetallic Project acquired in fiscal 2012 and 2013, is located in Pahang State, Malaysia,
approximately 130 kms southeast of 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).
DEVELOPMENT
At Mengapur 64,000m of exploration drilling work has been completed verifying the historic resources,
since the acquisition in February 2012. The Preliminary Economic Assessment study (“PEA”) was placed on
hold, subject to extension of the exploration license, and pending approval and issue of the mining leases
at Star Destiny. Mine development includes building a camp, in-house laboratories and other infrastructure.
Considerable progress has been made in the 1,000 tpd pilot plant rehabilitation program in fiscal 2014 and
early fiscal 2015, aimed to generate quick cash flow from iron and copper production in top soils, but was
put on hold due to declining iron and copper prices. The Company intends to exploit Intec Technology in
copper sulphides to assess economic viability of copper metal production.
19 POLYMETALLIC PORTFOLIO
CORPORATE & SOCIAL
RESPONSIBILITY
Monument is committed to the highest standard of environmental management, social responsibility, and health and
safety for its employees and neighboring communities. During fiscal 2015 the Company employed approximately
260 people at its Malaysian and Australian operations. A majority of employees are hired from local communities in
Malaysia while in Australia the mining team has been enhanced with many key experienced people.
HEALTH & SAFETY
Our aim is to sustain a high health and safety standard in our workplace, guided by an occupational safety and
health policy and regulatory framework. Our programs promote safety, leadership and responsibility among all
employees to improve procedures for accident prevention. We provide education and training to ensure employees
are knowledgeable of potential work hazards, safe work policies, procedures and practices and their responsibility
to the personal safety of their co-workers. During the year there were no fatal injuries with only minor work related
accidents.
ENVIRONMENT
The Company is devoted to sustainable development, the social and economic well-being of the local communities
and an environmental consciousness across its operations. Our environmental program promotes best environmental
practise at site operations aiming to minimize social and physical environmental impacts. This program is guided by a
regulatory framework, environmental impact study, environmental management plan, and auditing and enforcement
plan that apply to all aspects of operations.
Environmental monitoring and control procedures includes: physical sampling and analysis of emission discharges
and other waste streams, a process control system that monitors and controls key operational parameters and visual
observations of the activities. During the year ambient air and noise sampling were conducted including environmental
sampling for water quality in local streams and all results were satisfactory. Progressive rehabilitation programs were
undertaken involving revegetation, proper slope and drainage maintenance, and a comprehensive erosion control
plan to minimize impact to the environment and ensure sustainability.
CORPORATE SOCIAL RESPONSIBILITY 20
COMMUNITY SUPPORT PROGRAMS
FORWARD LOOKING STATEMENTS
Our community support programs (“CSR”) continue
to promote positive social and environmental change.
The mine site operations provide the local community
with employment, wages and benefits, taxes and
royalties, local procurement of good and services,
and direct CSR contributions. Economic value from
the Company’s operating expenditures flows directly
to the local economy and community.
Community engagement and outreach programs are
important to identify critical issues in the community
that need to be addressed. A good relationship with
the community has been built up over the years.
We support education by contributing funds to
early education of kindergarten students, providing
internships and scholarships to students of higher
learning and tertiary education at the local university
and provide students support for other activities
beyond the classroom.
skills
The Company also promotes mining
development in Malaysia with the goal of increasing
local employment at its operations. Other CSR
programs provide support to community groups
with objectives ranging from conservation of the
environment, youth sports recreation, to cultural
and religious programs. Our support programs aim
to benefit a wide range of stakeholders and make a
lasting positive sustainable impact.
Read in conjunction with Monument’s Fiscal 2015
Audited Financial Statements and Management
Discussion & Analysis, avaliable at www.sedar.ca and
www.monumentmining.com. All dollar amounts in
US$ except where noted.
21 CORPORATE SOCIAL RESPONSIBILITY
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
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”. Forward-looking statements in
this annual report include, without limitation, statements related
to: the Company’s expectations regarding future gold production
at the Selinsing Gold Mine; the ability of the Company to move
exploration and development properties
into commercial
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 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 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 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 assumptions 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; assumptions 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 projects, 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 accordance with applicable securities laws.
CORPORATE INFORMATION
Officers & Management
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
General Manager, Operations, Malaysia
Roger Stangler, B.Sc., MEng, MAusIMM, MAIG
Chief Managing Geologist
Grant Schofield, DipEng (Mining) MAusIMM
Senior Project Manager, Technical Support
Chee Yau Tan, MCSM, M.Sc., MBA
General Manager, Selinsing Gold Mine
Corporate Headquarters
Suite 1580, 1100 Melville Street
Vancouver, British Columbia V6E 4A6 Canada
Tel. 604.638.1661 Fax. 604.638.1663
E-mail. info@monumentmining.com
Website. www.monumentmining.com
Stock Listing
TSX Venture Exchange, Symbol: MMY
Frankfurt Stock Exchange, Symbol: D7Q1
Registrar and Transfer Agent
Computershare Trust Company of Canada
Vancouver, British Columbia
Directors
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
Auditors
BDO Canada LLP Vancouver, British Columbia
Bankers
Bank of Montreal
Vancouver, British Columbia
Legal Counsel
DuMoulin Black LLP
Vancouver, British Columbia
INVESTOR RELATION INFORMATION
Vancouver
Richard Cushing
Investor Relations
Suite 1580, 1100 Melville Street
Vancouver, British Columbia
V6E 4A6 Canada
Tel. 604.638.1661 Fax. 604.638.1663
info@monumentmining.com
www.monumentming.com
Europe
Wolfgang Seybold
Managing Director, AXINO GmbH
Neckarstrasse 45
73728 Esslingen, Germany
Tel. +49.711.82.09.7211
Fax. +49.711.82.09.7215
wolfgang.seybold@axino.com
www.axino.com
CORPORATE INFORMATION 22
RESOURCEFUL PEOPLE