Annual
Report
2022
Monument 2.0
Moving to the Next Stage
of Gold Production
00
Contents
01
Year in Review
02
Who We Are
03
Our Assets
04
Message from the Chairman
07
Message from the President and CEO
08
Market Review
09
Operating Review
10
Financial Review
12
Selinsing Gold Mine
18
Murchison Gold Project
22
Social Responsibility
24
Corporate Information
All figures in this annual report are in United States dollars unless otherwise noted
01
Operation and
Financial Performance
69%
Completion for Selinsing
Sulphide Project
$1,723 per oz.
Cash Cost (2021: $1,178 per oz.)
$14.44m
Gross Revenues (2021: $23.27m)
Year in Review
Selinsing Gold Mine
• Commenced and
progressed the flotation
plant construction at the
Selinsing Gold Mine to
produce salable sulphide
gold concentrates and
extend the LOM by 6
years for Monument 2.0
• Transitioning from oxide
ore production to sulphide
ore production through the
flotation plant construction
and mine development
which includes upgrading
tailing storage facilities,
pre-stripping and sulphide
ore stockpile mining.
Murchison Gold Project
• Successfully completed Phase 1 and 2 Drill
Programs of the 2-year exploration program
at Murchison.
• Phase 1 Assay results included the discovery
of high-grade gold mineralization at the
Junction Target.
• Phase 2 DD Assay results encountered
multiple mineralization horizons at depth,
indicating gold mineralization down-dip
and the potential for additional underground
economic mineralization at the NOA 1 deposit.
02
Who We Are
Monument Mining Limited
is a junior gold producer with
a successful track record
of developing and operating
mining assets and has
producing gold since 2010.
The Company owns and operates the Selinsing Gold Mine in
Malaysia. The Selinsing Gold Mine is comprised of the Selinsing,
Buffalo Reef, Felda Land and Famehub properties in Pahang
State, Malaysia. Monument also owns the Murchison Gold
Projects comprising Burnakura, Gabanintha, and Tuckanarra
(20% ownership), in the Murchison region of Western Australia.
Monument’s value creation strategy is to build the Company into
a long-term, sustainable, multi-project producer by investing in
our gold portfolio to increase Mineral Reserves and Resources
and build up the production profile of the Company. Monument
maintains high standards in operations excellent, health, safety,
environment and community development for all stakeholders.
15
Years in Operation
200
People Strong
$133.4m
Total Assets
380.5km2
Property Portfolio
Our Assets
03
Selinsing Gold Mine
Pahang State, Malaysia
Murchison Gold Project
Murchison Area, Western Australia
Open pit gold mine with a 1 million tonnes per annum
gold processing plant. (Project to date production
332,600 ounces). Progressing Phase 1 Selinsing
Sulphide Project development including flotation
plant construction and mine development, aimed
to produce saleable sulphide gold concentrates.
Historical open pit gold mine with 260 thousand
tonnes per annum gold processing plant (on care
and maintenance), with full mining camp and
infrastructure. Exploring to increase the Mineral
Resources and Mineral Reserves to establish as
a cornerstone gold project.
Location
160km North of Kuala Lumpur
Land Area
150.3km2
Location
765km Northeast of Perth
Land Area
230.2km2
332,600OZ.
$466.6M
Total Gold
Produced
to Date
Total
Revenue
to Date
$564
Total Cash
Costs Per Oz
to Date
9.37M TONNES
Ore
Processed
to Date
04
Message from
the Chairman
Monument Mining, with the
restructured gold focused
portfolio, has had an exciting
year concentrating on flotation
plant construction at the
Selinsing Gold Mine, and
the drilling programs at the
Murchison Gold Project
exploring for new gold.
The corporate development
is focused on identification
of gold acquisition targets.
The new life of mine production will
commence upon completion of the
flotation plant to produce marketable
sulphide gold concentrates. The
Murchison Gold Project exploration
success this year led to the discovery
of the high-grade near surface
“Junction Target” and confirmed
extensions to known mineralization
of the existing resources at Burnakura
with the high potential to enhance
its production scale and economics.
How have we achieved this success
during such a volatile year? Our
success comes from four strengths:
our team, our objective and strategies,
our execution and our performance.
Our Team
Monument has a team of proven
mining builders with a management
and director group with decades of
experience and together a vast skill
set in mineral exploration, project
development, mine construction and
gold production at various Company’s
in jurisdictions around the world.
Together our leadership team uses
their knowledge to build up the
Company’s assets for shareholder
value, while managing the numerous
risk associated with managing and
development mineral assets and as
well other business, geo-political
and country risks that have come
to be expected in our global modern
world. We are proud of our team
and understand that people are an
important asset to our success as
a Company.
Our Objective and Strategies
The objective is to find quality gold
assets which are near production
and have potential for future resource
growth, which is supported by our
strategies through acquiring the
project, developing it, and turning it
into a producing asset. Our Selinsing
Gold Mine success is a testament
to this, as is our development
of the Murchison Gold Project to
potentially turn it into a cornerstone
asset through exploration.
Our Execution
The Fiscal 2022 year results show
the continuation of the Company’s
execution with the progress on the
construction of the flotation plant
at Selinsing for the next stage of
development with sulphide ore gold
concentrate production and the
development and results of the
drilling programs at the Murchison
Gold Project.
Our Performance
The Company remains focused
on performance and growth; the
management team’s execution on
the corporate strategies has enabled
this. Monument since inception has
produced 332,600 ounces of gold
at Selinsing for gross revenues of
$466.6 million at an average cash
cost of $564. Monument has built
up assets to $134 million in the past
15 year, all while keeping a healthy
balance sheet. With the upcoming
completion of the flotation plant we
are heading towards the next chapter
of gold production and revenue at
the Selinsing Gold Mine.
On behalf of the board, I want to
thank our management team for their
perseverance and strength over the
past year to overcome obstacles and
thrive under pressure. Also, thanks
to our employees who have been
steadfast in their commitment to
achieve the Company’s objectives.
Sincerely,
Graham Dickson
Chairman
05
Selinsing
Gold Mine
Open Pit
06
07
Message from our
President & CEO
Fiscal 2022 was a challenging
but rewarding year for Monument.
We focused on the flotation plant
construction and marketing of
gold concentrates products at
Selinsing, and the exploration
programs at the Murchison Gold
Project to fast track our plan to
build incremental gold resources
and reserves through exploration
and production expansion to
transform the Company’s upside
potential for all stakeholders.
As well, we put a big effort into
corporate development aiming to
enhance overall corporate value
through acquisition or looking for
other opportunities.
The past year has seen the easing
of COVID restrictions around the
world, although restarting the
world economies has led to logistic
challenges and supply chain
disruptions. We also saw the Russian
invasion of Ukraine on February
24th, 2022, which is still ongoing.
Through all this turmoil, Monument
has been focused on its value creation
strategy, which includes placing the
Selinsing Sulphide Gold Flotation
Plant into production and establishing
the Murchison Gold Project as a
cornerstone development project.
The Selinsing Gold Mine development
work concentrated on completion of
the Sulphide Project development that
includes flotation plant construction
and mine development to produce
saleable sulphide gold concentrates.
The flotation plant construction
includes project management, project
validation, flotation design and
engineering, procurement, construction
and commissioning. Mine development
includes upgrading of tailing storage
facilities, pit push backs, river
diversion, and pre-stripping.
and the Phase 2 drilling confirmation
of gold mineralization extensions at
depth at the NOA group of deposits,
highlighting the opportunity to grow
the Murchison Project organically.
At year end, 69% of the overall
project had been completed with
commissioning expected to start
in November 2022. Construction
included civil foundation work at
the flotation area, reagent area and
concentrate thickener area. Structure
steel work has been initiated and
continues for the filter, water recovery
thickener, water services facilities,
screening and conditioning tower,
flocculants plant, and the concentrate
thickener areas are 75% completed.
60% of the piping work has been
completed and continues to progress.
Equipment installation work for
flotation cell is nearly completed,
while the reagent agitator and tank
installation has been completed. The
tailing storage facility (“TSF”) upgrade
continued with the current capacity
being adequate for production until
May 2023.
The Murchison Project work focused
on identifying and testing both regional
exploration targets away from known
mineralization and extensions to
existing resources, while continuing to
assess early production opportunities.
As part of our two-year exploration
program to test the potential for ad-
ditional gold discovery, the Company
completed Phase 1 and Phase 2
drilling programs. Greenfield targets
and extensions to known mineralized
structures were tested, and success-
fully achieved initial objectives with
the Phase 1 Junction target discovery
We are very happy with the results
from theses two programs that
could potentially lead to extend the
economic mineralization beyond
the existing Mineral Resource
and to new discoveries within the
Burnakura Project area.
We are moving forward in Fiscal
2023 with a clear, well executed
strategy to take the Selinsing Gold
Mine to the next stage of cash flow
from gold concentrate sales and
progress the Murchison Gold Project
through targeted exploration to
create a stronger Monument 2.0 for
our stakeholders. 2022 has shown
our team that even in these volatile
times with the correct strategy and
focus, we can continue to grow
our business.
I would like to thank our employees
and contractors for their commit-
ment, hard work and strength and
thank our communities and share-
holders for their trust and support,
and we look to the future with
optimism.
Sincerely
Cathy Zhai
President & CEO
Mining at
Selinsing
08
Market Review
Capital Structure As of June 30, 2022
Fiscal 2022 Stock Closing Price (CDN)
Closing Price TSX
Closing Price FSE
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Fiscal 2021
Fiscal 2022
Fiscal 2022 Trading Volumes
TSX Volume
FSE Volume
326,838,233
Shares Outstanding
13,656,796
RSUs
340,495,029
Fully Diluted
$0.10
Share Price
$0.16/$0.08
52 Week High/Low
$32.68m
Market Capitalization
In fiscal 2022 the gold price was quite volatility but
ended the year at $1,811.20 on July 1, 2022 up only
$42.92 from June 30, 2021 when it was $1768.28. The
gold price high during the year was $2,052.60 on March
8, 2022 after Russian invaded Ukraine in February 2022
and the lowest gold price during the year was $1,718.35
on August 8, 2022. In the first six months of calendar
year 2022 gold was able to retain its value supported by
its roles as a store of value and an inflation hedge, which
stood in contrasts to stocks prices which declined. Gold
remains a key safe-haven asset for long-term portfolio
diversification and we expect more short-term volatility
due to geopolitical uncertainties into 2023.
0.15
0.11
0.08
0.04
0.00
2.5m
2.0m
1.5m
1.0m
0.5m
0
2,000
1,750
1,500
z
O
/
$
S
U
1,250
1,000
09
Operating Review
Key Performance
Indicators
Fiscal 2021
Fiscal 2022
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Ore Mined (Tonnes)
81,576
112,073
161,805
72,074
74.972
85,209
103,380
91,958
Ore Processed (Tonnes)
166,432
152,836
165,361
94,940
156,611
129,000
138,984
119,409
Average Head Grade (G/T)
Processing Recovery Rate (%)
Gold Production (Ounces)
Gold Sold (Ounces)
Revenue (USD$ 000s)
Cash Cost Per Ounce (USD$/oz)
0.98
63.6%
3,504
3,100
5,919
922
0.89
58.4%
2,963
3,754
6,835
1,103
0.72
57.6%
1,977
2,523
4,397
1,315
0.72
64.3%
1,838
3,473
6,085
1,386
0.54
65.0%
1,043
1,423
2,383
1,430
0.56
63.2%
1,683
2,873
5,046
1,810
0.75
69.1%
2,423
3,270
6,160
1,835
0.95
54.7%
1,942
450
851
1,282
Cash Cost Per Ounce
Project-to-date: $564/oz
Cash costs per oz
Project-to-date avg cash costs per oz
Capital Expenditures
In US$ Million
Gold Portfolio
Selinsing Murchison
1,750
1,500
1,250
1,000
750
500
250
0
Acquisition in Cash
$17m
$15m
Previous
Fiscal
Years
Buildings, Plant
and Equipment
Mine Development
Exploration
Total
Fiscal
2022
Buildings, Plant
and Equipment
Mine Development
Exploration
Total
$37m
$2m
$22m
$32m
$2m
$16
$108m
$35m
$8m
$7m
- 0
$15m
- 0
- 0
$2m
$2m
Total
Acquisition in Cash
$17m
$15m
Buildings, Plant
and Equipment
Mine Development
Exploration
Total
$45m
$2m
$29m
$32m
$2m
$18m
$123m
$37m
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2013
2014 2015 2016 2017 2018 2019 2020 2021 2022
Fiscal 2021
Fiscal 2022
Fiscal Years
Quarterly Average Gold Price
London Fix PM
Monument Realised
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Accumulative Gold Production
Project-to-date: 332.6koz
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
2013
2014 2015 2016 2017 2018 2019 2020 2021 2022
Fiscal 2021
Fiscal 2022
Fiscal Years
10
Financial Review
Monument continued the Selinsing flotation
plant construction work progressing toward
the transition from oxide ore production to
sulphide ore gold concentrate production.
Gold sales generated $14.44 million for fiscal 2022 comprised of
8,016oz of gold sold at an average realized gold price of $1,870 per
ounce. Total production costs were $13.81 million during the year.
Gold production generated a mining operating profit of $0.63 million
before non-cash amortization and accretion and operation expenses,
and corporate expenses were $1.63million. Net loss for the year was
($6.5) million, or $0.02 per share (basic).
The Company’s cash and cash equivalents, including the restricted cash
balance, as at June 30, 2022 was $21.04 million down from $38.62 million
held on June 30, 2021. During the year, total cash spent on project
development was $12.99 million, compared to $4.95 million in fiscal 2021.
Working capital was $30.33 million at June 30, 2022, a decrease of $18.21
million compared to the prior year, mainly due to the capital expenditures
spent on flotation construction project and Murchison drilling programs.
$14.44m
Gold Sales
$0.63m
Operating Profit
$30.33m
Working Capital
Revenue
In Millions
Production Costs
In Millions
Gross Margin
In Millions
Working Capital
In Millions
17
15
14
12
30
30
20
21
23
14
10
0
15
10
5
0
9
1
0
2
0
2
0
2
1
2
0
2
2
2
0
2
9
1
0
2
0
2
0
2
1
2
0
2
2
2
0
2
15
10
5
0
13
9
8
9
1
0
2
0
2
0
2
1
2
0
2
1
2
2
0
2
50k
40k
30k
20k
10k
0
9
3
5
,
8
4
1
3
3
,
0
3
9
1
5
,
4
2
6
8
7
,
8
1
11
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, 2022
June 30, 2021
June 30, 2020
June 30, 2019
June 30, 2018
$
35,603
98,422
134,025
5,272
8,317
120,436
134,025
30,331
$
54,522
87,254
141,776
5,983
8,915
126,878
141,776
48,539
$
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
Income Statement
(in thousands of USD)
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2020
Year Ended
June 30, 2019
Year Ended
June 30, 2018
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)
$
14,440
(13,811)
629
(48)
(4,133)
(1,626)
(1,582)
263
(6,497)
$(0.02)
$(0.02)
$
23,236
(15,133)
8,103
(593)
(3,943)
(1,871)
(99,734)
(1,280)
(99,318)
$(0.31)
$(0.31)
$
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)
$(0.02)
Note: The weighted average gold price excluded
gold prepaid delivery during the period.
Fiscal 2021
Fiscal 2022
Net earnings (loss) before other items and tax (000’s)
1,943
1,159
(396)
(1,009)
Earnings (loss) per share before other items and tax:
Revenues (000’s)
Weighted average gold price:
London Fix PM (per ounce)
Monument realized (per ounce)
Basic
Diluted
Net earnings (loss) after other items and tax (000’s)
Earnings (loss) per share:
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
5,919
6,835
4,397
6,085
2383
5046
6160
850.5
1,907
1,909
1,890
1,889
1,837
1,830
1,811
1,807
1809
1809
(755)
0.00
0.00
1827.1
1910.6
1827.1
1910.7
(2124)
(1957)
1873
1890
(342)
0.00
0.00
(0.00)
(0.00)
(0.00)
(0.00)
0.01
0.01
138
0.00
0.00
0.00
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(649)
(96,104)
(2,702)
(1267)
(2502)
(2840)
112
(0.00)
(0.00)
(0.30)
(0.30)
(0.01)
(0.01)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
9
1
0
2
0
2
0
2
1
2
0
2
2
2
0
2
Basic
Diluted
12
Selinsing Gold Mine
The 100% owned Selinsing Gold
Mine in Pahang State, Malaysia
includes the 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. All properties are located within the
Central Gold Belt of Western Malaysia where several gold mines
have operated. The gold processing plant and infrastructure
buildings are located at the Selinsing site and accessible to
all of the Company’s nearby properties.
7,091oz.
2022 Gold Production
$1,723/oz.
Cash Cost
$1,870/oz.
Average Annual Gold
Price Realized
Gold Production
During fiscal 2022, the Selinsing
Gold Mine continued to mine oxide
and transition ore as flotation plant
construction work progressed for the
transition from oxide gold production
to sulphide gold production and to
convert the current plant to one with
a sulphide treatment circuit. Flotation
plant construction is the first phase
of sulphide gold production and will
produce marketable sulphide gold
concentrates. It is planned that a BIOX
plant will be added to the treatment
process to produce gold bullion if a
niche market can be established.
The Selinsing Gold Mine produced
7,091 ounces in fiscal 2022 compared
to 10,282 ounces in the previous year.
The cash cost was $1,723 per ounce
compared to $1,178 per ounce in the
previous year. The average head grade
was 0.69 g/t Au from 0.84 g/t Au in
the previous fiscal year, and the mill
feed was 544,003 tonnes down from
579,569 tonnes in the previous year
mainly from transitional leachable
sulphide ore from Selinsing pits blended
with Peranggih oxide material, and
old tailing materials. Ore mined was
355,519 tonnes compared to 427,528
tonnes for the previous fiscal year.
Process recovery rate was 63%
compared to 61% in the previous year.
13
4
2
0
0
0
0
4
2
2
0
0
0
4
2
4
0
0
0
4
2
6
0
0
0
8
Peranggih
Telom Mine
Buffalo Reef North
5
7
4
2
6
3
Rubber Hill Prospect
Block 1 Prospect
Buffalo Reef Central
Buffalo Reef South
North Medang Ridge
Selinsing Mine
480000
478000
476000
474000
472000
470000
0
0.5
1
2
Km
1
Ular - Seluar Prospect
Exploration
At the Selinsing Gold Mine, the
Peranggih prospect was the
exploration focus for identifying
additional mineable material to extend
production from the oxide plant.
During fiscal 2022 grade control drill-
ing continued at Peranggih, intended
to locate mineable material to provide
additional Selinsing mill feed. Drilling
at Peranggih included 1,200m over 25
holes to a maximum depth of 70m,
at 20m by 20m spacing, targeting a
steeply dipping high-grade mineral-
ized structure. Approximately 70% of
holes have hit gold mineralization
above an oxide cut-off (>0.35g/t Au)
at less than 50m below the surface,
defining a mineralized zone 830m
long and 60m wide. 66 channel sam-
ples and 131 grab/float samples were
compiled, which tested extensions to
known mineralization at Peranggih
and 76 grab/float samples at Selinsing.
At Selinsing, a total of 260m reverse
circulation drilling was proposed to
define an extension of the ore body at
the southern zone of Pit 4 and east-
ern zone of Pit 6 was approved and
started shortly after the fiscal year end.
14
Selinsing Gold Sulphide Flotation Plant
At Selinsing Monument is constructing
a new sulphide processing plant with
a designed capacity of 950,000tpa
that consists of rougher and cleaner
flotation, concentrate thickener, water
recovery thickener, reagents storage
and mixing and concentrate filtration.
The processing plant is expected to
be commissioned in November 2022
before ramping up to full production
capacity in January 2023. The detailed
engineering design was completed
by Mincore (Australia) Pte. Ltd and
“Selinsing flotation
plant construction is
rapidly moving towards
completion to deliver
gold concentrate
production.”
the main contractor for the project is
Seong Henng Engineering Works Sdn
Bhd, who played a major role in previous
construction phases at Selinsing.
The existing plant crushing circuit,
milling circuit, gravity separation
circuit and classification circuit will
remain from the previous CIL plant
operation. The conversion from current
CIL operation to sulphide flotation
will allow the Selinsing Gold Mine to
continue processing the refractory
sulphide gold ore and produce a
saleable gold concentrate product.
The sulphide flotation plant comprises
a trash screen, two conditioning tanks
and six rougher tank cells followed by
three stages of cleaner flotation. The
flotation cells were manufactured by
BGRIMM Machinery and Automation
Technology Co Ltd of China. Various
reagents will be added during the
flotation process: soda ash as pH
modifier, sodium sulphide as sulphid-
iser, copper sulphate as activator,
carboxymethyl cellulose (CMC) as
slimes depressant, potassium amyl
xanthate (PAX) as collector and methyl
isobutyl carbinol (MIBC) as frother.
Final flotation concentrate will
be transferred to a 9m diameter
concentrate thickener from which
thickened slurry will be pumped to
the concentrate filtration plant. Final
flotation tailings will be transferred
to a 14m diameter water recovery
thickener and thickened slurry will be
pumped to the tailings storage facility
(TSF) while the supernatant water will
overflow to the process water tank.
Both thickeners were manufactured
by Metso Outotec Australia Ltd.
The thickened slurry will be stored
in a concentrate storage tank prior
being pumped to the concentrate
filter press. The concentrate filter
will remove 85% to 90% of the water
from the thickened slurry to produce
gold concentrate cake that has
moisture content of 10% to 15%.
The filter press was manufactured
by McLanahan Corporation Pty Ltd.
The gold concentrate produced will
be transported by tipper truck, shipping
container or in bulk bags to the loading
port and subsequently shipped to the
destination port depending on the
concentrate buyer.
15
Key
Existing Circuit
New Flotation Circuit
Product
Transition and
Sulphide Ore
Crushing
Milling
Classification
Rougher Flotation
Gravity Concentration
Cleaner Flotation
Intensive Cyanidation
Thickening
Electrowinning & Smelting
Filtration
Bagging
Gold Bullion
Concentrate Sales
Tailings Storage Facility
16
17
Mineral Resources and Reserves
The Company’s Feasibility Study (FS) reported Mineral 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 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 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
Selinsing
Flotation Plant
Construction
18
19
Murchison Gold Project
Murchison comprises the 100% owned
Burnakura and Gabanintha projects, and
the Tuckanarra joint venture in which
Monument has a 20% free carry interest.
The property portfolio is 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 developed mine camp
site, and all infrastructure facilities.
The Murchison properties consists of multiple open pit and
underground opportunities with current and historical resources
that are prospective for resource extension and regional exploration
potential. The Company has been systematically working to convert the
historical resources into current resources under NI43-101 standards.
In addition, a 2-year exploration program is well underway to potentially
discover new resources on high quality structural gold targets.
381koz.
NI-43-101 Resources
260ktpa
CIL Gold Processing Plant
118
Person Mine Camp
Murchison Exploration Program
The Company completed the first two phases of a planned
2-year extensive exploration program at Murchison. The
objective of the overall program is to potentially increase
the existing 381koz NI 43-101 Compliant Measured, Indicated
and Inferred Resources on a combined quality and quantity
basis as feed to the already permitted plant and infrastructure
at Burnakura to improve the economics and mine life for
gold production.
“The success of the
Murchison Gold Project
Phase 1 and 2 drill programs
demonstrates the potential
of the project and supports
the strategy to expand the
existing Mineral Resources
to turn Murchison into a
cornerstone project.”
Phase 1 Drilling Program
The Phase 1 drilling program took place during July and
August 2021 and comprised 46 RC holes for 3,465m and
349 AC holes for 10,484m. The drilling focused on areas
outside of current resources to test new targets beneath
cover for potential mineralization, which may lead to the
discovery of shallow stand alone or satellite gold deposits.
These targets include Authaal East, Banderol South,
Junction and Munro Bore Extension.
The Phase 1 assay results were announced in January
2022, with key results including: a 160m strike extension
confirmed at the Munro Bore Extension, southwest of the
historical Munro Bore deposit (outside of Monument’s
tenements), and a new high-grade discovery at the
Junction target where AC drilling intersected gold under
transported cover in association with a significant shear
zone and no known historical drilling or surface sampling.
Also, the FLC2 Prospect located 400m to the south of the
Banderol pit appears to be associated with the southward
continuation of the same structural contact that hosts the
mineralization within the pit, based on the Phase 1 drill
program assay results and geological logging.
These highly encouraging drill results confirms the exploration
team’s target selection strategy to identify new zones of
mineralization at underexplored areas within the Burnakura
Gold Project. The Junction Target is particularly compelling
given it is in an area with no know prior exploration and
there is significant room to extend this mineralization with
further drill programs.
20
21
Phase 2 Drilling Program
The Phase 2 drilling program took place between November
2021 and April 2022 and drilled a combined 18 RC and
Diamond Drilling (DD) holes for a total of 5,595m. The
drilling focused down dip and down plunge of known high
grade deposits, some of which have been mined historically,
to test the potential expansion of the underground resource.
The phase 2 program targeted mineralization in economic
grades and thicknesses underneath NOA 1, NOA 2, NOA 4-6
and NOA 7/8.
The Phase 2 RC assay results were announced in May 2022,
with drilling having encountered multiple mineralization
horizons at depth, indicating gold mineralization down-dip
and the potential for additional underground economic
mineralization at the NOA 1 deposit. The Phase 2 DD assay
results were announced in September 2022, subsequent
to the fiscal year-end, and confirmed the extension of gold
mineralization for more than 150m vertical below the
current NOA areas, offering the potential for significant
future expansion of the Mineral Resource base.
The results from the Phase 1 and Phase 2 drilling program
highlight the opportunity to grow the Murchison Project
organically. There is near mine extensions potential at the
NOA areas and across the entire Burnakura and Gabanintha l
and package. Follow up work will continue to endure future
exploration efforts continue to deliver the Company’s
long-term strategy of turning the Murchison Project into
a cornerstone project.
“The Monument
team continues to
explore using systematic
exploration techniques on
the Murchison portfolio
land package.”
Drill Program
at Murchison
Mineral Resources and Reserves
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 2018)
Deposit
NOA1-6
ANA
Authaal
Federal City
Total*
NOA7-8**
Grand
Total
Category
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Lower Cut-Off (Au g/t)
Tonnes (Kt)
AU (g/t)
Gold (Koz)
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
68
44
107
4
-
25
4
11
179
84
114
4
293
88
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.
N
10km
7
0
2
0
0
0
0
m
E
Meekatharra 40km
Gabanintha Project
Under
Application
Burnakura Project
Plant Site
Tuckanarra Project
Under
Application
Cue
30km
640000mE
Murchison Project
Tenement Status -
September 2022
Mining Lease
Exploration Licence
Prospecting Licence
Miscellaneous Licence
Under Application
22
23
Social Responsibility
The Selinsing Gold Mine has been a leader in
the gold industry in Malaysia, a good corporate
citizen in Pahang State, and has been a strong
contributor to Pahang’s economy.
The Company contributes directly to support learning at the primary
and secondary schools in the surrounding communities, focusing on
extracurricular activities, sports, and cultural programs. The Company’s
social and community activities have been well received by the
community and local authorities, allowing wealth creation from
the mine to continuously benefit all stakeholders involved.
Student Internship Visit
Over the years, the Selinsing Gold Mine
has been engaged by many of the higher
education institutes in Malaysia for their
students to undertake internship programs
and carry out fieldwork at the mine site,
especially for mining engineering, geology,
and mineral processing courses. With the
COVID-19 pandemic situation improving
due to the global vaccination programs,
the Company has restarted its student
internship programs. This year, 50 geology
students from the University of Malaya
were hosted for three days at the Selinsing
mine for a field trip with exposure to the
Selinsing and Buffalo reef gold mineralization
system. The field trip was guided by
Selinsing's geologists, who shared our
experience in gold exploration, sustainable
mining, and processing activities.
Royal Visit
This year we were honored to receive the
inaugural royal visit of the Crowned Prince
of Pahang, Tengku Hassanal Ibrahim Alam
Shah ibni Al-Sultan Abdullah Ri'ayatuddin
Al-Mustafa Billah Shah ("The Prince") to the
Selinsing Gold Mine in Pahang State, Malaysia.
The Prince is a member of Pahang Royal
Family and currently reigning as Regent and
4th Crown Prince of Pahang State, Malaysia.
The visit by the crowned Prince and other
dignitaries, including the chief minister,
fostered relationships and renewed support
by the state authorities for the Selinsing
gold mine operation, which has had
exemplary sustainability and community
support programs since it commenced
gold production in 2010. The Royal visit
showcased the Selinsing Mine operation,
with a welcome speech, tour of the mine
pit area, processing plant, mine display
showroom, and the observation of a gold pour.
24
Corporate Information
Officers and Management
Stock Listing
Auditors
Cathy Zhai
CPA-CGA, B.Sc. President & CEO
Interim CFO and Corporate Secretary
TSX Venture Exchange Symbol: MMY
Frankfurt Stock Exchange Symbol:
D7Q1
Zaidi Harun
B.Sc.Vice President, Business
Development
Registrar and Transfer Agent
Andrew Charles Northfield
B.Sc.(Hons), ACSM General Manager,
Selinsing Gold Mine
Computershare Trust
Company of Canada
Vancouver, British Columbia
Moses Kobena Bosompem
B.Sc. (Hons) (Mining Eng), MBA,
PgDip, MAusIMM CP, RPEQ
Barbara Au
CPA-CGA, BBA, Vice President,
Finance-Financial Reporting
Corporate Headquarters
Suite 1580, 1100 Melville St,
Vancouver, British Columbia
V6E 4A6 Canada
T 604.638.1661
F 604.638.1663
info@monumentmining.com
www.monumentmining.com
Directors
Graham Dickson
Victoria, British Columbia
Cathy Zhai
Vancouver, British Columbia
Zaidi Harun
Kuala Lipis, Malaysia
Michael John Kitney
Perth, Australia
Dato’ Sia Hok Kiang
Kuala Lumpur, Malaysia
Jean-Edgar Trentinian
Geneva, Switzerland
Grant Thornton LLP
Vancouver, British Columbia
Bankers
Bank of Montreal
Vancouver, British Columbia
Legal Counsel
DuMoulin Black LLP
Vancouver, British Columbia
Investor Relation Information
Richard Cushing
Investor Relations
Suite 1580,
1100 Melville St,
Vancouver,
British Columbia
V6E 4A6 Canada
T 604.638.1661
F 604.638.1663
info@monumentmining.com
www.monumentmining.com
Cautionary Statement Regarding
Forward Looking Statements
This annual report includes statements containing forward-looking state-
ments or forward-looking information under applicable Canadian securities
laws (hereinafter collectively referred to as “forward-looking statements”)
about Monument, its business and future plans. Forward-looking statements
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 mineral 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 statements
reflect the conclusion based on certain assumptions that the mineral deposit
can be economically exploited. Any statements that express or involve discus-
sions with respect to predictions, expectations, beliefs, plans, projections, ob-
jectives, assumptions or future events or performance (often, but not always,
using forward-looking terminology such as "plans", "expects" or "does not ex-
pect", "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") are not statements
of historical fact and may be forward-looking statements.
Forward-looking statements in this annual report include, without limitation,
statements related to: the Company’s expectations regarding future gold pro-
duction at the Selinsing Gold Mine; the ability of the Company to advance ex-
ploration and development properties into commercial production; the results
of testing gold and copper recovery technologies; completion of technical re-
ports 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 exploration on the Company's properties and the
timing and results thereof.
The forward-looking statements in this annual report are subject to vari-
ous risks, uncertainties and other factors that could cause actual results or
achievements to differ materially from those expressed or implied by the for-
ward-looking statements. These risks and certain other factors include, with-
out limitation: risks related to gold, base metal and other commodity price fluc-
tuations; 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; 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 and the possibility that future exploration, de-
velopment or mining results will not be consistent with the Company’s expec-
tations and/or the results of initial feasibility, prefeasibility and feasibility stud-
ies, including those related to the interpretation of drill results, and the geology,
grade and continuity of mineral deposits; foreign operations risks, including
risks related to changes in mining license rights, tax rates and government
royalty requirements; risks related to the ability to obtain financing required to
develop mining properties or to complete significant technical, environmen-
tal 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
referred to as “social license”); risks related to the outcome of legal actions, in-
cluding any ongoing legal litigation; other risks inherent in the mining industry,
including political and regulatory risks, and other risks and uncertainties relat-
ed to the Company’s prospects, properties and business strategy, including
those described in the management discussion 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 economic factors and other factors that
may be beyond the control of Monument will not change in a materially ad-
verse manner; the results of exploration on the Company’s projects 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 expec-
tations; 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; politi-
cal matters in Malaysia and other jurisdictions in which the Company does or
may carry on business in the future will be stable, and that mining rights, tax
rates, and government royalty regimes in those jurisdictions will not undergo
significant change; and all of the factors and assumptions described in the
management discussion and analysis of the Company and the technical re-
ports 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-look-
ing statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described 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 accordance with applicable
securities laws.
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 disclosure in the Annual Report as a Qualified Person
under NI43-101 standards.
Read in conjunction with Monument’s Fiscal 2022 Audited Financial Statements
and Management Discussion & Analysis, available at www.sedar.ca and www.
monumentmining.com. All dollar amounts in US$ except where noted.