ANNUAL
REPORT
Vision +
Persistence =
Success
Contents
01 2020 Highlights
2021 Objectives
02 Our Business at
a Glance
04 Message from the
Executive Chairman
05 Message from the
President and CEO
06 Market Overview
07 Operating Highlights
08 Financial Highlights
10 Selinsing Gold Mine
14 Murchison Gold Project
18 Mengapur Copper
& Iron Project
20 Social Responsibility
21 Corporate Information
All figures in this annual
report are in United
States dollars unless
otherwise noted.
2020
Highlights
2021
Objectives
Operating & Development
Selinsing Gold Mine
• The 1,000th gold bar poured at the Selinsing
Gold Mine on October 16th 2019
• Selinsing Sulphide Gold Project optimization
continued in progress
• Pit 4 mineralization extended outside of the
defined Selinsing Resources
• Peranggih trial mining delivered encouraging
gravity and leach responses with positive cash.
• Mentique Prospect Discovery with a 1.8km
by 0.8km gold soil anomaly, 1km west of
Peranggih mineralization
Murchison Gold Project
• Completed 3D structural geological study which
confirmed near mine down-plunge potential and
highlights regional prospectivity at the Murchison
Gold Project
• Completed an exploration drilling program at
Burnakura and Gabanintha to test down plunge
extensions of existing high grade gold mineralization,
which resulted in confirming the continuity of gold
mineralization within identified structures and
favorable lithology from existing mineral resources
Mengapur Copper and Iron Project
• Since acquisition, the Company has carried out
extensive exploration programs to confirm historical
resources and metallurgical testwork in studying
downstream products, and in fiscal 2019 a NI43-101
Mineral Resource Estimate Technical Report was
completed and filed
• The Company is working with potential business
partners in building up opportunities for development
of copper and iron down-stream production portfolio
Production & Financial Performance
• Gold Production of 17,360 ounces (2019: 15,763
ounces); project to date of 315,227 ounces
• Cash cost of $878 per ounce (2019: $713 per
ounce); project to date of $509 per ounce
• Gross Revenues of $29.97m (2019: $20.99m);
project to date of $428.9m
• Total Assets of $247.58m (2019: $251.28m)
Selinsing Gold Mine
Finance and place Sulphide
Gold Project into construction
to convert the Selinsing Gold
Processing Plant to Sulphide
process from Oxide process.
Murchison Gold Project
Strategize regional exploration
for new gold discovery and cash
flow generation.
Mengapur Copper & Iron Project
Working with potential partners
in funding Mengapur copper/iron
development.
Corporate development for
high quality gold properties
1
Our Business at a Glance
Monument Mining
Limited is a successful
Canadian gold producer
with an experienced
management team that
has a successful track
record of developing
mining assets.
The Company owns and operates
the Selinsing Gold Mine in Malaysia.
The Selinsing Gold Mine comprising
Selinsing, Buffalo Reef, Felda Land
and Famehub properties in Pahang
State, Malaysia and the Murchison
Gold Project comprises the Burnakura,
Gabanintha and Tuckanarra properties
in the Murchison area of Western
Australia. The Company also owns
the Mengapur Copper and Iron
Project in Pahang State, Malaysia.
We continue to build Monument
Mining into a long-term, sustainable,
multi-project producer and have
invested for growth in our portfolio
to increase mineral property assets
and shareholder value. Monument
maintains high standards in operations
excellent, health, safety, environment
and community development.
The Numbers
Corporate
Office
Vancouver
3
Projects
389.85km2
Property Portfolio
13
Years in Operation
200
People
315,227Oz
Total Gold Produced
to Date
$428.9m
Total Revenue
to Date
$509
Total Cash Costs
Per Oz to Date
8.2m
Tonnes of Ore
Processed to Date
2
“ We continue to build Monument Mining into a
long-term, sustainable, multi-project producer."
Regional
Office
Perth
Selinsing
Gold Mine
Pahang State, Malaysia
About
Open pit gold mine with a
1 million tonnes per annum
gold processing plant. (2020
Production: 17,360 ounces)
Location
158.6km North of
Kuala Lumpur
Land Area
150.3km2
Mengapur Copper
& Iron Project
Pahang State, Malaysia
About
Historical 1,000 tonnes per day
copper flotation and iron magnetite
recovery partially refurbished pilot
plant and mine camp infrastructure.
Location
130km Southeast from
Selinsing Gold Mine
Land Area
9.35km2
Murchison
Gold Project
Murchison Area, Western Australia
About
Historical 260 thousand tonnes per
annum gold processing plant operation
and full mining camp and infrastructure.
Currently exploring to increase the
mineral reserves and mineral resources.
Location
765km Northeast of Perth
Land Area
230.2km2
3
Message From
Executive Chairman
Robert Baldock
When I wrote to you last year, I
discussed our focus on unlocking
value built into our balance sheet
from our existing projects: Selinsing
Sulphide Gold Project, Murchison
Gold Project and Mengapur Copper/
Iron Project.
Fast forward one year and we have the
worldwide Covid-19 pandemic with over
27 million people worldwide infected
and the death toll climbing towards a
million, many countries are still trying
to come out of complete sectors of the
economy shutdown, governments are
printing money to support its businesses
and people, and gold shooting up to
all-time highs above $2,000 per ounce.
It really goes to show us, none of us
know what may lie ahead for the future,
but these challenging and uncertain
times appear to be here to stay with us.
While we don’t how long this pandemic
will last, we want to let all stakeholders
know we will be doing everything within
our capacity to protect our shareholders
and keep our business strong.
Monument over the last 13 years has
acquired a large project portfolio and
has several large catalysts that may
provide stimulus to the value of the
Company. One of those catalysts is
the Selinsing Sulphide Project, in which
the Company continues to focus on
obtaining funding to convert the current
oxide treatment plant to a sulphide
treatment plant, which is expected to
place the Selinsing Sulphide Project
into production within 18 months from
the commencement of construction.
A second catalyst is our Murchison
Gold Project in Western Australia. At
the Murchison Gold Project an updated
NI 43-101 Mineral Resource Estimation
was announced in July 2018. Since
that time, our team in Western Australia
has been planning and implementing
a series drilling programs and studies
to confirm near mine down-plunge
potential and regional exploration to
potentially increase gold inventory and
improve the mine economics. With the
Covid-19 Pandemic, the Australian local
gold industry has been heating up, with
travel outside of Australia becoming
difficult; making local WA projects
more desirable.
A third catalyst is our Mengapur Copper-
Iron Project in Malaysia. Mengapur is a
large economic scale project, in which a
NI 43-101 Mineral Resource Estimation
was released in October 2018. We are
currently looking at potential partnerships
to unlock the value of Mengapur, with
the recent increases in both copper and
iron ore prices.
Each one of these catalysts could
provide an increase in the Company’s
value going forward into fiscal 2021
and beyond for our shareholders. Also,
safety is a priority for us, and we worked
hard in fiscal 2020, during the Covid-19
Pandemic, to continue to improve safety
at every level of the operations for the 200
employees who work at our sites. I would
like to thank our patient shareholders
for their continued support.
Sincerely,
Robert Baldock
Executive Chairman
4
Message From
President & CEO
Cathy Zhai
Fiscal 2020 was challenging for us more
than ever with the Covid-19 pandemic
cutting in the middle of our financing
efforts for our Selinsing Project; while
also exciting for new opportunities as
the gold price hits a record high, and
copper and iron prices also gave a flavor
of the market, subsequent to the year
ended June 20, 2020.
Our work has delivered during 2020
a new business model to top up our
Selinsing opportunities for financing and
development by treating third parties’
sulphide gold concentrates through the
sulphide treatment plant. Murchison
has completed the confirmation drilling
program to test the targets based on
the structural geological studies. The
results have confirmed the continuity
of gold mineralization within identified
structures and favorable lithology from
existing mineral resources. We are also
working with potential partners at the
corporate level to unlock the value of
the Mengapur Project. We believe in
vision and persistence that will lead
us to achieve our corporate objectives,
and we have made good progress in
which we have not only been evaluating
the available opportunities, but also
creating new opportunities that we
believe are in the best interests of our
shareholders.
Selinsing Gold Mine produced 17,360
ounces of gold in 2020 from remaining
oxide ore inventory for gross revenue of
$29.97 million, a gross margin of $12.9
million and a net cash from production
of $6.27 million, improved from $2.14
million last year. Cash cost was $878 per
ounce with all-in sustaining cost of $1,136
per ounce. It has brought our aggregated
Selinsing Gold Mine production to
315,227 ounces at an average cost of
$509 per ounce with gross revenue of
$428.9 million, gross margin of $255
million and a net cash from production
of $178 million. The 1,000th gold bar
was poured in October 2019 that round
up gold production to 304Koz level.
In March 2020, the World Health
Organization declared a global pandemic
following the emergence and rapid
spread of a novel strain of the coronavirus
(“COVID-19”). The Company’s operations
were suspended for eight weeks with
gradual recoveries. The Company’s
financing has been impacted as well.
Management took risk management
measures and a business operating
plan which enables us to sustain our
production and continue with financing
and corporate development to minimize
the adverse impact and risks that
the pandemic contributed to significant
declines and volatility in financial
markets and commercial activities.
In fiscal 2020, Selinsing delivered
positive cash in production, including
the trial mining at Peranggih. It has
further optimized the Sulphide Bio-leach
plant design and certain test work on
gold sulphide concentrates.
Exploration work at Selinsing
continued at Peranggih to supply
additional oxide material around the
mining area to sustain production, and
to identify regional exploration targets
ready for regional exploration planned
after the Selinsing Sulphide Project
is placed into production. The assay
results from previous exploration
program have showed a new anomaly
which has been called the Mentique
Prospect, parallel and 1km west of
the Peranggih Gold Prospect.
The Murchison Project in 2020
completed a 3D structural geological
study at Murchison which confirmed
near mine down-plunge potential
and highlights regional prospectivity.
A drilling program for high priority drill
targets at Gabanintha and Burnakura
was conducted to test down plunge
extensions of existing high grade gold
mineralization at both the Burnakura
Project (Alliance, New Alliance and
NOA deposits), and the Gabanintha
Project (Yagahong deposit). The North
of NOA7/8 (“NOA 9”) regional target within
the Burnakura Project was also tested.
The results have confirmed the continuity
of gold mineralization within identified
structures and favorable lithology from
existing mineral resources.
The Company has also focused on
opportunities to bring cash flow from
the Murchison Project, with gold prices
reaching historical highs, and we are
actively engaging and negotiating with
a number of opportunities to develop
the Murchison Project.
At Mengapur, we have made very positive
movement on our mining leases at
Star destiny and progressed to unblock
the value at Mengapur. We evaluated and
undertook a number of opportunities and
will update the market in due course.
Looking forwards, 2021 is a critical year
with the following deliveries:
• Complete Selinsing Sulphide Project
financing, and initiate construction
• Complete evaluation and based on
such, fund Murchison Gold Project;
• Obtain mining leases from Start Destiny
and bring solution for Mengapur
development; and
• Opportunities for corporate growth.
While the outlook of the Covid-19
pandemic remains uncertain and
continues to challenge the financial and
commercial markets, we work hard and
are determined to be successful for our
future. Best wishes for all our shareholders
and stakeholders for fiscal 2021.
Sincerely,
Cathy Zhai
President & CEO
5
Market Overview
Capital Structure
As of June 30, 2020
Shares Outstanding
RSUs
Fully Diluted
Share Price
52 Week High/Low
Market Capitalization
326,738,231
16,856,798
343,595,029
$0.085
$0.09/$0.04
$27.8 M
The gold price has had strong performance this
year due to increasing investor interest due to
geopolitical uncertainties, a decrease in interest
rates around the world, the printing of money on
a mass scale by world economies as a result of the
Covid-19 pandemic, and the seeking of investment
alternatives as many global equity markets trade
near all-time highs. The continuation of these
macro conditions into 2021 sets the stage for
a sustained robust gold price.
Quarterly Average Gold Price
London Fix PM
Monument Realised
z
O
/
$
S
U
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Fiscal 2019
Fiscal 2020
Fiscal 2020 Trading Volumes
TSK Volume
FSE Volume
Fiscal 2020 Stock Closing Price (CDN)
Closing Price TSX
Closing Price FSE
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
9
1
l
u
J
9
1
g
u
A
9
1
t
p
e
S
9
1
t
c
O
9
1
v
o
N
9
1
c
e
D
0
2
n
a
J
0
2
b
e
F
0
2
r
a
M
0
2
r
p
A
0
2
y
a
M
0
2
n
u
J
9
1
l
u
J
9
1
g
u
A
9
1
t
p
e
S
9
1
t
c
O
9
1
v
o
N
9
1
c
e
D
0
2
n
a
J
0
2
b
e
F
0
2
r
a
M
0
2
r
p
A
0
2
y
a
M
0
2
n
u
J
Fiscal Years
Fiscal Years
7m
6m
5m
4m
3m
2m
1m
0
6
Operating Highlights
Key Performance
Indicators
Ore Mined (Tonnes)
Ore Processed (Tonnes)
Average Head Grade (G/T)
Processing Recovery Rate (%)
Gold Production (Ounces)
Gold Sold (Ounces)
Revenue (USD$ 000s)
Cash Cost Per Ounce (USD$/oz)
F I S C A L 2 0 1 9
F I S C A L 2 0 2 0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
30,305
56,734
34,826
45,076
46,797
88,255
85,691
236,805
241,925
226,697
229,416
234,030
215,304
157,413
0.81
64.2%
3,308
4,550
5,530
617
0.88
72.2%
4,653
4,600
5,663
686
0.76
69.2%
4,225
3,732
4,890
751
0.75
72.3%
3,577
3,623
4,910
830
0.99
71.4%
4,852
4,323
6,343
855
0.98
65.8%
4,827
4,473
6,606
903
1.49
76.2%
5,370
7,323
11,618
893
42,331
68,961
1.06
67.2%
2,311
3,282
5,404
839
Accumulative Gold Production
Project-to-date: 315.2k Oz
Total Production - Prior Period
Production
Total production
)
z
O
(
n
o
i
t
c
u
d
o
r
P
350k
300k
250k
200k
150k
100k
50k
0
1
1
0
2
2
1
0
2
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
z
O
r
e
P
t
s
o
C
h
s
a
C
1000
900
800
700
600
500
400
300
200
100
0
Cash Cost Per Ounce
Project-to-date: $509/Oz
Cash costs per oz
Project-to-date avg cash costs per oz
1
1
0
2
2
1
0
2
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
Fiscal Years
Fiscal Years
Capital Expenditures
G O L D P O R T F O L I O
C O P P E R - I R O N P O R T F O L I O
Previous
Fiscal
Years
Acquisition in Cash
Buildings, Plant & Equipment
Mine Development
Exploration
Total
Fiscal
2020
Buildings, Plant & Equipment
Mine Development
Exploration
Total
Total
Acquisition in Cash
Buildings, Plant & Equipment
Mine Development
Exploration
Total
Selinsing
Murchison
17,234
34,715
17,655
31,400
101,004
624
3,287
524
4,435
17,234
35,339
20,942
31,924
105,439
17,035
1,853
1,442
14,051
34,381
1
135
1,081
1,217
17,035
1,854
1,577
15,132
35,598
Mengapur
90,311
4,622
505
21,502
116,940
-
-
235
235
90,311
4,622
505
21,737
117,175
7
Financial Highlights
Monument’s operations continue gold
production at the Selinsing gold plant
in transition from oxide ore production
to sulphide ore production.
Gold sales generated $29.97 million
for fiscal 2020 comprised of 19,401oz
of gold sold at an average realized
gold price of $1,563 per ounce. Total
production costs were $17.03 million
during the year.
Gold production generated a mining
operating profit of $12.94 million before
non-cash amortization and accretion
and operation expenses, and corporate
expenses were $1.97 million. Net loss
for the year was ($0.28) million, or
$0.00 per share (basic).
The Company’s cash and cash
equivalents, including the restricted
cash balance, as at June 30, 2020
was $10.13 million up from $9.34
million held on June 30, 2019. During
the year, cash investment in exploration
and evaluation activities were $0.76
million at Selinsing, $1.26 million at
Murchison, and $0.15 million at
Mengapur. Working capital was $18.79
million at June 30, 2020, a decrease of
$5.73 million compared to the prior year.
Selected Annual Information
Balance Sheet
(in thousands of USD)
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Equity attributable to shareholders
Total liabilities and shareholders' equity
Working capital (including restricted cash)
June 30, 2020
June 30, 2019
June 30, 2018
June 30, 2017
$
25,121
222,458
247,579
6,335
14,823
226,421
247,579
18,786
$
31,497
219,781
251,278
6,978
17,610
226,690
251,278
24,519
$
33,935
220,350
254,285
6,831
19,710
227,744
254,285
27,104
$
29,419
220,383
249,802
4,970
12,773
232,059
249,802
24,449
Income Statement
(in thousands of USD)
For the year ended
June 30, 2020
For the year ended
June 30, 2019
For the year ended
June 30, 2018
For the year ended
June 30, 2017
Revenue
Production costs
Gross margin from mining operations
Operation expenses
Accretion, depletion and amortization
Corporate expenses
Loss from other items
Income tax recovery/(expense)
Net loss
Loss per share (basic)
Loss per share (diluted)
8
$
29,971
(17,027)
12,944
(770)
(5,691)
(1,974)
(1,955)
(2,829)
(275)
$(0.00)
$(0.00)
$
20,993
(11,772)
9,221
-
(4,436)
(1,884)
(2,354)
(1,046)
(499)
$(0.00)
$(0.00)
$
19,250
(11,103)
8,147
-
(4,669)
(4,527)
(3,242)
(458)
(4,749)
$(0.02)
$(0.02)
$
15,719
(11,990)
3,729
-
(4,671)
(4,347)
(2,131)
215
(7,205)
$(0.02)
$(0.02)
The quarterly financial
results of the Company are
outlined for the past eight
quarters. The financial results
of the Company reflect its
income from gold mining
operations, on-going corporate
business development,
administrative costs and
other income or expenses.
Revenue
In Millions
35
30
25
20
15
10
5
0
Production
Costs
In Millions
18
16
14
12
10
8
6
4
2
0
Gross
Margin
In Millions
14
12
10
8
6
4
2
0
Working
Capital
In Millions
35k
30k
25k
20k
15k
10k
5k
0
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
Revenues (000’s)
Weighted average gold price:
Ore Processed (Tonnes)
Average Head Grade (G/T)
0.81
Net earnings (loss) before other items and tax (000’s)
1,105
Earnings (loss) per share before other items and tax:
Basic
Diluted
0.00
0.00
Net earnings (loss) after other items and tax (000’s)
1,062
Earnings (loss) per share:
Basic
Diluted
0.00
0.00
F I S C A L 2 0 1 9
F I S C A L 2 0 2 0
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
5,530
5,663
4,590
5,210
6,343
6,606
11,618
5,404
236,805
241,925
226,697
229,416
234,030
215,304
157,413
68,961
0.88
768
0.00
0.00
469
0.00
0.00
0.76
269
0.00
0.00
(914)
0.75
759
0.00
0.00
(1,115)
(0.00)
(0.00)
(0.00)
(0.00)
0.99
745
0.00
0.00
208
0.00
0.00
0.98
757
0.00
0.00
1.49
2,303
0.01
0.01
1.06
704
0.00
0.00
(1,076)
1,866
1,273
(0.00)
(0.00)
0.01
0.01
(0.00)
(0.00)
9
Selinsing
Gold Mine
The Selinsing Gold Mine is
located in Pahang State,
Malaysia and includes
Selinsing Gold property,
Buffalo Reef property,
Felda Land, and Famehub
properties. The Buffalo
Reef property lies along
strike to the north of the
Selinsing Gold property.
Felda Land and Famehub
properties are located east
and north of Selinsing and
Buffalo Reef properties.
The one million tonne
per annum (“tpa”) gold
processing plant is located
on the Selinsing site and is
easily accessible by all of
its owned properties.
“ The target at
Selinsing is to
complete the
sulphide plant
conversion funding
and begin the
commencement
of construction.”
10
Gold Production
The Selinsing Gold Mine produced
17,360 ounces in fiscal 2020 compared
to 15,763 ounces in the previous year.
The cash cost was $878 per ounce
compared to $713 per ounce in the
previous year. The average head grade
was 1.11g/t from 0.80g/t in the
previous fiscal year, and the mill feed
was 675,708 tonnes from 934,843
tonnes in the previous year as
production processed stockpiled super
low grade oxide ore, old tailing materials
and ore from production at Selinsing
Pit 5/6, Peranggih and Buffalo Reef in
transition toward treating sulphide ore.
Ore mined was 263,074 tonnes
compared to 166,940 tonnes for the
previous fiscal year. Process recovery
rate was 70.9% compared to 69.5% in
the previous year.
The Selinsing mine is currently
transitioning and aims to convert the
oxide gold treatment plant to a sulphide
gold treatment plant. The plant upgrade
described in the January 2019 Feasibil-
ity Study requires $53 million of capital
and provides a $28 million NPV and 49%
rate of return at $1,300/oz gold price,
with approximately 6 years life of mine
without further ore discovery.
480000
.000000
478000
.000000
476000
.000000
474000
.000000
472000
.000000
4
2
0
0
0
0.
0
0
0
0
0
0
4
2
2
0
0
0.
0
0
0
0
0
0
4
2
4
0
0
0.
0
0
0
0
0
0
8
Peranggih
Peranggih
4
2
6
0
0
0.
0
0
0
0
0
0
¯
Telom Mine
Buffalo Reef
North
Buffalo Reef
Central
Buffalo Reef
South
Rubber Hill Prospect
Block 1 Prospect
North Medang Ridge
Selinsing
Mine
Ular - Seluar Prospect
5
7
4
2
1
6
3
470000
.000000
0
0.5
1
2
Kilometers
Tenement Map
Acid Intrusive
Basic Intrusive
Intermediate Intrusive
Permian Argillite
Under Application
Tenement
Devonian Metasediment
Permian Limestone
Permian Volcanic
Silurian Metasediment
Triassic Sediment
Tenement
Road
No.
1
2
3
4
5
6
7
Name
Tenement Type Area (Ha)
Mining Lease 34.93 Ha
Mining Lease 40.56 Ha
Mining Lease 89.19 Ha
Mining Lease 43.62 Ha
License
ML5/2000
Selinsing Mine
MC1/124
Selinsing Mine
ML7/2011
Dry Dump Area
Buffalo Reef
MC 1/111
Buffalo Reef North Mining Lease 155.73 Ha ML12/2012
Mining Lease 187.90 Ha ML11/2009
Tailing Dam Area
PML 1-10/17
Mining Lease 21.14 Ha
Felda Block 7
Location
Owner
Kuala Lipis Able Return (100%)
Kuala Lipis
Kuala Lipis
Kuala Lipis
Kuala Lipis
Kuala Lipis
Kuala Lipis Able Return (100%)
PKNP (SMSB/SGMM) (100%)
PKNP (DAMAR) (100%)
PKNP (DAMAR) (100%)
PKNP (DAMAR) (100%)
PKNP (DAMAR) (100%)
Exploration
At the Selinsing Gold Mine the exploration
objective is to define additional mineable
oxide and leachable transition/fresh ore
to provide mill feed for the short-term
to put through the current plant and to
discover additional sulphide resources
to boost the economic results of the
sulphide project and increase the mine
life for the long-term. The sulphide
mineralization at Selinsing and Buffalo
Reef deposits is still open down dip,
down plunge and along strike.
2020, under which the bulk sample was
extracted from the higher mineralized
area and fed into the Selinsing gold
processing plant to confirm the average
grade, quantify the presence of coarse
gold, and test the metallurgical
performance at plant scale. 13,047
tonnes of material was processed at
a reconciled head grade of 1.17g/t
with actual recovery of 89.8%. Both
gravity and leach responses were
very encouraging.
Peranggih Prospect trial mining was
carried out from February 22 to March 3
In May 2020, a GC drilling program
commenced at Peranggih with a
planned program of 5,000m total.
During the fourth quarter of fiscal 2020
3,536m were drilled so far and the
program is expected to be completed
in first quarter of fiscal 2021.
The Company discovered a 1.8km by
0.8km gold soil anomaly located 1km
west of the Peranggih deposit on a
parallel north west-south east trending
structure called the Mentique Prospect.
The general trend of the anomaly
corresponds well with the major regional
NNW-SSE structure that hosts gold at
Selinsing, Buffalo Reef and Peranggih.
11
Mineral Resources and Reserves
The Company’s Feasibility Study (“FS”) reported Resources and Reserves at
Selinsing, Buffalo Reef and Felda as seen in the following Table 1 and Table
2, which were prepared by Snowden Mining Industry Consultants Pty Ltd
(“Snowden”) in a NI43-101 Technical Report “Selinsing Gold Sulphide Project”,
filed on Sedar February 1, 2019 at www.sedar.com.
TABLE1: SELINSING-BUFFALO REEF/FELDA MINERAL RESERVES AS OF MARCH 31, 2018 (SNOWDEN)
Category
OXIDE
(above approx. 0.4 g/t Au cut-off)
TRANSITION
(above approx. 0.75 g/t Au cut-off)
SULPHIDE
(above approx. 0.75 g/t Au cut-off)
OXIDE + TRANSITION
+ SULPHIDE
KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz)
MINERAL RESERVES (BASED ON A US$1,300/OZ GOLD PRICE)
Proven*
1,265
0.47
Probable**
991
0.91
P+P
2,256
0.67
19
29
48
-
-
-
45
1.53
2
1,310
0.51
21
757
1.72
41.9
2,680
2.03
175.1
4,428
1.73
246
757
1.72
42
2,725
2.02
177
5,738
1.45
267
*Proven Reserve is entirely stockpile material
**Probable Oxide Reserve is a combination of in situ oxide material occurring in Selinsing and
Buffalo Reef/Felda deposits plus Selinsing Old Tailings material; Probable Transition and Sulphide
Reserve comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits.
TABLE 2: SELINSING-BUFFALO REEF/FELDA MINERAL RESOURCES AS OF MARCH 31, 2018 (SNOWDEN)
Category
OXIDE
(above 0.3 g/t Au cut-off)
TRANSITION
(above 0.5 g/t Au cut-off)
SULPHIDE
(above 0.5 g/t Au cut-off)
OXIDE + TRANSITION
+ SULPHIDE
KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz) KTonnes
g/t
Au (kOz)
MINERAL RESOURCES, REPORTED INCLUSIVE OF MINERAL RESERVES (BASED ON A POTENTIAL US$2,400/OZ GOLD PRICE)
Measured*
1,265
0.47
Indicated**
1,533
0.85
M+I
2,798
0.68
19
42
61
-
-
1,086
1.49
1,086
1.49
In-ferred***
349
1.05
11.8
485
1.22
-
52
52
19
45
1.53
2
1,310
0.51
21
8,052
1.60
415
10,671
1.48
509
8,097
1.60
417
11,981
1.38
530
5,563
1.79
319
6,397
1.70
350
*Measured Resource is entirely stockpile material
**Indicated Oxide Resource is a combination of in situ oxide material occurring in Selinsing and Buffalo
Reef/Felda deposits plus Selinsing Old Tailings material; Indicated Transition and Sulphide Resource
comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits
***Inferred Resource comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits
12
Development
The Selinsing Gold Mine continues
to mine oxide and transition ore as
preparations have been underway for
the transition from oxide gold production
to sulphide gold production and to
convert the current plant to one with a
sulphide treatment circuit once funding
is in place.
cash flow after tax of $97.00 million
from operations, or $45.00 million net
of capital expenditure. With the gold
price now higher than $1,900 per ounce,
the Feasibility Study economics is
much better and provides a strong
commodities price environment to
obtain project financing.
The Feasibility Study for the Selinsing
Gold Sulphide Project was released in
February 2019 and describes adding
flotation and BIOX® processes to the
current Selinsing Gold Processing Plant
to treat sulphide ore. An execution plan
is in place to start up construction of
the Selinsing Gold plant upgrade, and
the sulphide project team continues to
optimize operating and capital costs
estimates.
The Feasibility Study with its six-year
life of mine has a net present value of
$27.56 million based on reported oxide
and sulphide ore reserves (March 2018).
The feasibility study shows that over
the life of mine, a total of 5.7 million
tonnes of ore would be treated at an
average grade of 1.45g/t for 223koz at a
cost of $863.67 per ounce. With a gold
price of $1,300 per ounce, the Selinsing
Gold Mine Project would generate net
The Study also revealed the opportunity
to include Inferred Resources. The
Inferred Mineral Resource inside the
Reserve open pit designs potentially
contains an additional 20 koz of gold.
The Inferred Mineral Resource external
to the open pit design contains 130 koz
of gold. Future exploration programs
may be initiated to target the conversion
of Inferred Mineral Resources to Indicated
Mineral Resources.
During the year groundwork was ongoing
for Sulphide Gold Production including
bioleaching test training exercises for
metallurgists and technicians to better
understand how the bioleach process
works and learn the essential parameters
to be monitored. The proposed pilot
plant equipment specifications were
prepared for use as the BIOX® test
facility, including the crusher, ball mill,
pumps, cyclone, rougher and cleaner
flotation cells, reagent mixing and
dosing pumps. An underground
desktop study was also carried out
internally, which indicating potential
in the Selinsing area.
Construction to raise the tailing
storage facility (“TSF”) was completed
in September 2019 to an elevation of
533.3 mRL to increase TSF capacity
for fiscal 2020 production. Construction
activities have started for the second
stage TSF lift to 535.5 mRL to meet
2021 production requirements.
Testwork and metallurgical drilling
was completed to investigate the
possibility of treating the non-leachable
material using CIL, additional lead nitrate
and flotation methods. The objective of
this work is to provide representative
samples of the remaining ore at Selinsing
and Buffalo Reef as well as deliver
options for continued economic gold
production at Selinsing. With actual
recoveries reaching up to 77.5% the
Company is continuing to monitor
actual results and testwork results,
including the feasibility to support
mining longer term.
13
Murchison
Gold Project
The Murchison Gold
Project consists of the
Burnakura, Gabanintha and
Tuckanarra gold properties,
which are all located
within the Murchison
Mineral Field, which is a
highly prospective historical
gold province within the
Murchison District of
Western Australia. At the
Burnakura site there is
a fully operational gold
processing plant, a newly
developed mine camp, and
all necessary infrastructures.
“ Near mine down-
plunge targets and
regional exploration
at Murchison is
aiming for additional
mineral reserves
and resources to
increase the project’s
commercial value.”
14
The Murchison properties include a number of open
pit and underground opportunities with current and
historical resources that are prospective for resource
extension and regional exploration potential. The
Company has been methodically working to convert
the historical resources into current resources under
NI43-101 standards and to potentially discover new
resources to increase the current resources to improve
the economics for a gold production operation.
Burnakura Tenement Status - December 2019
Legend
620000
640000
660000
Mining Lease
Exploration Licence
Prospecting Licence
40km to Meekatharra
Gabanintha
Great Northern Highway
Tuckanarra
0
0
0
0
2
0
7
0
0
0
0
0
0
7
Burnakura
Monument Murchison Tenement Map
Development
The objective for Murchison in fiscal
2020 was to identify and drill new
exploration targets with a goal to
increase gold inventories. During the
year, Monument completed a 3D
Structural Geological Study at the
Murchison Gold Project as part of the
development strategy. With the major
exploration potential being down deep
of the historical multiple open pits and
surrounding areas, the 3D structural
geological study was initiated to support
the deep drilling target generation for
the drilling program. The 3D structural
study comprises of a 3D survey, data
analysis and 3D modeling. A regional
targeting study for new discoveries
was also undertaken using existing
gravity, magnetic and electromagnetic
data enhancement. Specialized filtering
techniques were used to identify untested
structures in favorable settings.
The 3D Structural Study defined new
high grade down-plunge targets at both
Burnakura and Gabanintha, and existing
down-plunge targets were refined by pit
mapping and 3D structural analysis.
Advanced geophysical filtering of gravity,
magnetic and electromagnetic data
was undertaken and clearly illustrates
some of the key structures controlling
the location of gold mineralization at the
camp to district scale. The potential of
Tenement Type
MINING LEASE
EXPLORATION LICENCE
PROSPECTING LICENCE
Tenement Expiry Date Color Ramp
Near Term
2020-02-26
2020-02-28
2020-06-30
2020-11-11
2021-03-02
2021-03-10
2021-07-14
2021-12-10
2022-01-04
Monument Tenement Types and Status
2022-01-06
Exploration Licence
2022-03-07
Mining Lease
2029-04-13
Prospecting Licence
2029-10-12
2029-10-28
2035-03-04
Third Party Hold
2030-03-28
large granitoid-hosted gold systems at
2030-12-15
Lewis-Reward and Mt Bowie prospects
was highlighted, as well as potential for
2035-08-09
polymetallic VMS systems along strike
2035-09-21
of the Culculli and Austin systems.
Multiple new regional structural targets
were also generated at the Burnakura
BOSENBERG, DENNIS RAYMOND
Project. Historical data updating and
GIS systems refinement work have
MONUMENT MURCHISON PTY LTD
been primarily completed during the
year to realize improved efficiencies and
utilization. The improved interpretation
of data assisted in identifying additional
Geology
drilling targets for the drilling program.
Interp_Monument_Geol_PY
Infrastructure
Open Pits
DORMER, MARTIN MATTHEW BRUCE
Gneiss
Granitic Gniess
Late to post tectonic granitoid
Meta-sediments
Meta-sediments incl. BIF, Chert
Volcanics and Volcanosediments
15
Mineral Resources
The Company reported Mineral Resources at Burnakura as seen in the table below, prepared
by SRK Consulting (Australasia) Pty Ltd in a NI 43-101 Technical Report-(Updated Mineral
Resources, Burnakura Gold Project), filed on Sedar July 18 2018 at www.sedar.com.
UPDATED MINERAL RESOURCES, BURNAKURA GOLD PROJECT (SRK, JULY 2019)
Deposit
Category
Lower Cut-Off (Au g/t)
Tonnes (Kt)
Au (g/t)
Gold (Koz)
NOA1-6
ANA
Authaal
Federal City
Total*
NOA7-8**
Grand
Total
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
3.0
3.0
-
-
1,030
609
2,141
92
-
556
96
259
3,267
1,516
776
35
4,043
1,551
2.1
2.3
1.6
1.5
-
1.4
1.3
1.3
1.7
1.8
4.6
3.9
2.3
1.8
1 Small discrepancies may occur due to rounding.
2 All Mineral Resources have been reported on a dry tonnage basis.
3 SRK is unaware of any issues that materially affect the Mineral Resources in a detrimental sense.
4 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
5 Mineral Resources estimated by David Slater (Principal Consultant, SRK), QP.
6 *Open pit Resources (NOA1-6, ANA, Authaal, Federal City) are constrained in a Lerchs Grossman pit shell,
**Underground Resources (NOA7-8) are constrained to >3g/t and 200m vertical depth.
68
44
107
4
-
25
4
11
179
84
114
4
293
88
Legend
Location of Open Pit
Mb
Biotite Monzogranite
Mining Lease
Exploration Licence
Prospecting Licence
Hg
Hb
Gg
Homeblende Granodiorite to Tonalite
Homeblende Biotite Granodiorite
Granophyric Gabbro
DG
Massuve Dolerite - Gabbro
Cht
Cherty Tuff/Sediments
Ba
Basalt - Massive/Pillow
Mp
Porphyritic Monzogranite
Am
Amphibolite
Fs
Au
Ak
Felsic Volcanics
Archaean - Ultramafic Sequence
Archaean - Komatiite
16
“ We are actively engaging and negotiating
with a number of opportunities to develop
the Murchison Project."
Exploration
In the third quarter of fiscal 2020 a
drilling exploration program began
focusing at the Burnakura and Gabanintha
areas to test these near mine down-
plunge extensions where there are high
quality near mine targets that have good
potential to be mined underground.
Mineralization down dip from the
historically mined Alliance, New Alliance
and Yagahong open pits were drill tested.
In addition, the NOA 9 regional target
was tested as part of Monument’s
regional strategy. A total of 3,864m was
drilled, consisting of 397m of diamond
drilling, 2,864m of reverse circulation
drilling and 603m of AC drilling.
The program successfully tested down
plunge targets at Alliance, New Alliance,
NOA1 and NOA 2 deposits at Burnakura.
The continuity of structures and favorable
lithology from existing resources was
also confirmed. At Gabanintha the drilling
successfully extended the known
mineralized structure a further 300m
down plunge from the existing high
grade drilled area at Yagahong. Drilling
at Yagahong also confirmed the
continuity of the shallowly north-west
plunging structure. In addition, there
were several strong copper intercepts
at Yagahong. Follow up drill programs
will be planned to target and extend
some of the encouraging mineralization
and structures intercepted discovered
in this program.
17
Mengapur
Copper &
Iron Project
The Mengapur Project is
a large scale copper iron
project 130kms southeast
from Selinsing Gold Mine
in the east coast region of
Malaysia in Pahang State
and includes a 9.35 km2
land area. The Mengapur
historical Polymetallic
Resources were defined
by the Malaysian Mining
Corporation in a full
bankable feasibility study.
532000
¯
533000
534000
535000
536000
537000
MENGAPUR
PTG. PHG. (ML). 16/015/04/04/2009
1
ML 8/2011
PTG. PHG. (ML). 16/015/07/2012
SKC(H)1/2008
3
PTG. PHG. (ML). 16/015/04/09/2010
2
1, 2, 3: ML Application
0
500
1,000
Meters
1:15,000
532000
533000
534000
535000
536000
537000
0
0
0
8
1
4
0
0
0
7
1
4
0
0
0
6
1
4
0
0
0
5
1
4
0
0
0
8
1
4
0
0
0
7
1
4
0
0
0
6
1
4
0
0
0
5
1
4
18
Development
Mengapur was acquired in 2012 and
is 100% owned by Monument. To date
there has been 112,000m total drilled
at Mengapur which includes 53,000m
by Monument to confirm historical re-
sources, and 59,000m of historical drill-
ing. The project has been drilled using
mostly diamond core drilling down to a
nominal spacing of approximately 40m
by 40m in a significant portion of the
project area. Metallurgical testwork was
carried out to study downstream prod-
ucts. Site infrastructure work included:
pilot processing plant upgrade, camp
development, and on-site laboratories.
The Mengapur geological and resource
modelling work resulted in a NI43-101
Mineral Resource Estimation Technical
Report announced in October 2019.
The Mineral Resource estimate incor-
porated the 112,000m of drilling and
together with the metallurgical testwork
in progress, will provide a foundation to
further assess economics.
With the rise in copper and iron ore
prices in 2020, the Company intends to
carry out follow-up work to assess the
opportunity for copper/magnetite iron
materials production, and is seeking a
partner for funding Mengapur projects
large scale copper development.
Mineral Resources
Table 1 presents the August 2018
Mineral Resource estimate for the
Mengapur project, reported above a
0.3% Cu cut-off grade. To establish
the requirement for the grade,
quantity and quality of the body of
mineralization to have reasonable
prospects of eventual economic
extraction, a cut-off grade of 0.3%
Cu represents an assumption of
an open-pit mining approach with
limited selectivity and is based on
values used at other similar deposits,
along with consideration of the
continuity above the cut-off grade.
A sensitivity analysis reflecting
a possible selective approach to
eventual economic extraction at
higher cut-off grade of 0.5% is in
table two.
1 Small discrepancies may occur due to
rounding. 2 All Mineral Resources have been
reported on a dry tonnage basis. 3 Snowden
is unaware of any issues that materially
affect the Mineral Resources in a detrimental
sense. 4 Mineral Resources that are not
Mineral Reserves do not have demonstrated
economic viability. 5 Mineral Resources
estimated by John Graindorge (Principal
Consultant, Snowden), QP. 6 The majority of
the interpreted mineralization is within 200
m of the surface and as such considered by
Snowden to be within the limits of extraction
by open-pit mining.
TABLE ONE
INDICATED MINERAL RESOURCE
Material
Type
Tonnes
(Mt)
Cu
(%)
Oxide
Transitional
Fresh
6.3
9.7
23.5
0.45
0.48
0.41
Au
(g/t)
0.17
0.15
0.21
Total Indicated
39.5
0.43
0.18
Ag
(g/t)
Contained
Cu (t)
Contained
Au (Oz)
Contained
Ag (Oz)
9.7
9.8
4.5
6.6
28,300
46,800
96,400
34,000
47,000
1,960,000
3,060,000
159,000
3,400,000
170,000
229,000
8,380,000
INFERRED MINERAL RESOURCE
Material
Type
Tonnes
(Mt)
Cu
(%)
Oxide
Transitional
Fresh
15.5
12.0
23.4
0.41
0.50
0.43
Au
(g/t)
0.06
0.10
0.14
Ag
(g/t)
Contained
Cu (t)
Contained
Au (Oz)
Contained
Ag (Oz)
19.1
17.0
6.9
63,600
60,000
29,900
38,600
9,520,000
6,560,000
100,600
105,300
5,190,000
Total Indicated
50.9
0.44
0.11
13.0
224,000
180,000
21,270,000
TABLE TWO
INDICATED MINERAL RESOURCE
Material
Type
Tonnes
(Mt)
Cu
(%)
Oxide
Transitional
Fresh
Total Indicated
1.3
3.2
3.6
8.1
0.72
0.67
0.61
0.65
0.16
Au
(g/t)
0.12
0.13
0.22
Ag
(g/t)
Contained
Cu (t)
Contained
Au (Oz)
Contained
Ag (Oz)
12.3
12.1
5.7
9.3
9,400
21,400
22,000
5,000
13,400
25,500
510,000
1,240,000
660,000
52,700
41,700
2,420,000
INFERRED MINERAL RESOURCE
Material
Type
Tonnes
(Mt)
Cu
(%)
Oxide
Transitional
Fresh
2.3
3.7
4.4
0.63
0.75
0.66
Au
(g/t)
0.07
0.17
0.14
Ag
(g/t)
Contained
Cu (t)
Contained
Au (Oz)
Contained
Ag (Oz)
17.1
12.2
10.1
14,500
27,800
29,000
5,200
1,260,000
20,200
19,800
1,450,000
1,430,000
Total Indicated
10.5
0.68
0.14
12.4
71,400
47,300
4,190,000
19
Social Responsibility
In fiscal 2020, the global Covid-19
pandemic situation caused an
interruption to the mining operations
at Selinsing in Malaysia. The Selinsing
site operation complied with the
government’s Movement Control
Order (“MCO”) to stop operation for
six weeks starting from March 18th
2020, and recommencing operation
at site starting May 4th 2020, when
the Malaysian government introduced
the Conditional Movement Control
Order (“CMCO”) that allows the mining
sector to resume operation. During the
six week MCO period, the Company
provided assistance to all company
employees and facilitated arrangements
for people to work from home. The
Company retained the majority of
employees and provided basic pay for
some of the workers even though many
were not working during this period.
Upon recommencement of the site
activities, ongoing support and care were
given to all employees to allow them to
return to work safely. Company-wide
standard operating procedures were
introduced to protect employee health
and safety and also the sustainability
of the operations. New precautions for
preventing Covid-19 transmission were
introduced including: social distancing,
daily temperature screening, contact
tracing for any visitors, and wearing a
face mask when social distancing is
not possible. Employee personal and
work site hygiene has been emphasized,
such as hand washing and regular
sanitization of the workplace, canteen,
and living quarters. A Covid-19 pandemic
committee team was established from
the onset of the outbreak to develop,
monitor, and imposing the new standard
operating procedures in line with the
national compliance introduce by the
Malaysian Health Ministry and to date
had successfully mitigated the impact
of the pandemic with zero cases recorded
among the mining workforce.
Monument Mining recognizes its socio-
economic responsibility to the community
to fight the Covid-19 pandemic and
assistance was given to the local front
line workers that include donations of
critical items such as face masks that
were in short supply at the beginning of
20
the pandemic and direct contributions
to the surrounding community that is
badly affected by the pandemic.
The Covid-19 Pandemic does not
hinder the Company from carrying
out sustainable project development
and protecting the environment. The
environmental monitoring programs
continue to be conducted during the
movement control order and beyond.
This includes: water, TSF seepage,
ambient air, air emission from stack,
noise, and vibration guided by sampling
frequency approved by the Mineral
and Geosciences Department and the
Department of Environment Malaysia.
Progressive rehabilitation was carried
out with the planting of several hundred
tree at the nursery and waste dump
slope. The sustain rainfall during the
year, assisted the plant growth whiles
the erosion control infrastructure such
as sedimentation pond and drainage
are also working effectively and regularly
maintained. Our company-wide policy
on environmental management and
practice ensures minimal environmental
impact throughout the mining cycle.
–
Roger L. Stangler, B.Sc., MEng, FAusIMM, MAIG,
retained by Golder Associates Pty Ltd., has
reviewed, prepared, supervised the preparation
and approved the scientific and technical disclo-
sure in the Annual Report as a Qualified Person
under NI43-101 standards.
Read in conjunction with Monument’s Fiscal
2020 Audited Financial Statements and Man-
agement Discussion & Analysis, avaliable at
www.sedar.ca and www.monumentmining.com.
All dollar amounts in US$ except where noted.
CAUTIONARY STATEMENT
REGARDING FORWARD
LOOKING STATEMENTS
This annual report
includes statements
containing forward-looking statements or
forward-looking information under applica-
ble Canadian securities laws (hereinafter
collectively referred to as “forward-looking
statements”) about Monument, its business
and future plans. Forward-looking state-
ments are statements regarding possible
events, conditions or financial performance
that are based on assumptions about future
economic conditions and courses of action
and include expectations, plans, objectives
or future events that are not historical facts.
Statements concerning estimates of miner-
al resources and mineral reserves may also
be deemed to constitute forward-looking
statements to the extent that they involve
estimates of the mineralization that will be
encountered if a property is developed, and
in the case of mineral reserves, such state-
ments reflect the conclusion based on cer-
tain assumptions that the mineral deposit
can be economically exploited. Any state-
ments that express or involve discussions
with respect to predictions, expectations,
beliefs, plans, projections, objectives, as-
sumptions or future events or performance
(often, but not always, using forward-look-
ing terminology such as “plans”, “expects”
or “does not expect”, “is expected”, “budget”,
“scheduled”,
“in-
tends”, “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”) are
not statements of historical fact and may be
forward-looking statements.
“estimates”,
“forecasts”,
include, without
Forward-looking statements in this annual
report
limitation, state-
ments related to: the Company’s expecta-
tions regarding future gold production at
the Selinsing Gold Mine; the ability of the
Company to advance exploration and devel-
opment properties into commercial produc-
tion; the results of testing gold and copper
recovery technologies; completion of techni-
cal reports on the Company’s projects and
the timing and results thereof; timing, costs
and potential success of future activities
on the Company’s properties, including but
not limited to development and operating
costs in the event that a production decision
is made; potential success of exploration,
development and environmental protection
and remediation activities; and all other
plans for mining, development and explora-
tion on the Company’s properties 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 gold, base
metal and other commodity price fluctua-
tions; risks related to general business, eco-
nomic, competitive, geopolitical and social
uncertainties; uncertainties in testing gold
and copper recovery technologies that have
not been proven in the field; uncertainties in-
herent in economic studies and resource es-
timates; uncertainties regarding the results
and timing of current exploration activities;;
uncertainties in the progress and timing of
development activities and the possibility
that future exploration, development or min-
ing results will not be consistent with the
Company’s expectations and/or the results
of initial feasibility, prefeasibility and feasi-
bility studies, including those related to the
interpretation of drill results, and the geolo-
gy, grade and continuity of mineral deposits;
foreign operations risks; risks related to the
ability to obtain financing required to devel-
op mining properties or to complete signifi-
cant technical, environmental or engineering
studies; risks related to foreign exchange
fluctuations; risks related to environmental
regulation and liability; risks associated with
failure to maintain community acceptance,
agreements and permissions (generally re-
ferred to as “social license”); risks related to
the outcome of legal actions, including any
ongoing legal litigation; other risks inherent
in the mining industry, including political and
regulatory risks, and other risks and uncer-
tainties related to the Company’s prospects,
properties and business strategy, including
those described in the management discus-
sion and analysis of the Company and the
technical reports on the Company’s projects,
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 econom-
ic factors and other factors that may be
beyond the control of Monument will not
change in a materially adverse manner; the
results of exploration on the Company’s pro-
jects will be as expected; the future price of
gold or other minerals will be sustained, or
will improve; the expected timing and results
of development and exploration activities of
the Company will not differ material from
management’s expectations; costs of future
activities will be as expected; capital and
operating expenditures will be as expected;
exploration, mining and processing activities
will be viable operationally and economically
and proceed as expected; political matters in
Malaysia and other jurisdictions in which the
Company does or may carry on business in
the future will be stable; and all of the factors
and assumptions described in the manage-
ment discussion and analysis of the Compa-
ny and the technical reports on the Compa-
ny’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 re-
sults not to be as anticipated, estimated or
intended. Should one or more of these risks
and uncertainties materialize, or should un-
derlying assumptions prove incorrect, actual
results may vary materially from those de-
scribed in forward-looking statements. 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 ac-
cordance with applicable securities laws.
Officers & Management
Robert Baldock, CA (M), FCPA, FIMC
Executive Chairman
Cathy Zhai, CPA-CGA, B.Sc.
President & CEO
Zaidi Harun, B.Sc.
Vice President, Business Development
Matthew Antill, BE (Mining)
General Manager, Operations
Charlie Northfield, B.Sc.(Hons), ACSM
General Manager, Selinsing Gold Mine
Neil Rauert, BE (Mining), MEngSc. ,FAusIMM(CP)
Senior Project Manager, Technical Support
Roger Stangler, B.Sc., MEng, FAusIMM, MAIG
Chief Managing Geologist
Luther Nip, CPA, CA
Interim CFO
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
Perth, Western Australia
Cathy Zhai
Vancouver, British Columbia
Zaidi Harun
Kuala Lipis, Malaysia
Graham Dickson
Vancouver, British Columbia
Michael John Kitney
Perth, Australia
Auditors
Grant Thornton 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.monumentmining.com
www.monumentmining.com