We Are
Commited
2024 Annual Report
12
Selinsing Gold Mine
17
Murchison Gold Project
22
Community & Employee Wellbeing
25
Corporate Information
02 2024 Highlights
03 Chairman’s Message
04 President & CEO’s Message
05 Market Performance
06 Our Company
08 Operating Review
09 Financial Review
11
Our Operations
All figures are in USD unless otherwise noted.
ANNUAL
REPORT
2024
Table of
Contents
01
Stabilization
of Production
Since the flotation plant reached
its design capacity, focused efforts
have been dedicated to further
improving and optimizing its
performance through modifications
and the replacement of critical parts.
Continuous evaluation of mining and
processing processes is underway
to enhance efficiency. Additional
production growth can be achieved
by addressing identified bottlenecks
and providing ongoing training
to management and operators to
tackle future challenges.
Commenced Commercial
Production at Selinsing
Gold Mine
At Selinsing Gold Mine has achieved
commercial production with the
sulphide gold treatment plant in
September 2023. Following 12 years
of profitable gold bullion production
from oxide resources, the Gold
Sulphide Project is set to continue
this legacy. The first shipments and
sales of gold concentrate have
initiated a new revenue stream,
restoring operating cash flow. This
landmark achievement is a testament
to the hard work and dedication of
the entire Monument Mining team
and our contractor partners.
Murchison Gold Project
Development
During fiscal 2024, the Company
advanced its review of the
Murchison Gold Project, reassessing
the economics of potential cash
flow generation. Additionally, a
comprehensive review of all historical
and recent drill hole data for the
Gabanintha tenement holdings was
conducted to plan future infill drilling
programs. The construction of a new
core shed was also completed, and
drill core samples were reorganized
for geological inspection.
02
ANNUAL
REPORT
2024
Financial
Performance
2024
Highlights
$6.44m
Net Earnings
$866/oz
Cash Cost
31,542oz
Gold Production
$14m
Cash Flow
$51.42m
Gross Revenues
This year stands as a pivotal milestone for Monument,
heralding the transition to commercial production
of and ongoing enhancement at the sulphide gold
flotation plant at the Selinsing gold mine in Malaysia
to—an essential pillar of Monument’s strategic vision.
The health cash flow and stable gold production have
turned around the Company to a much stronger
financial position. The Murchison Gold Project is also
being assessed for potential production restart while
gold prices are climbing steadily.
I extend my deepest gratitude to the dedicated employees
and contractors whose unwavering commitment and diligence
have been instrumental in realizing this significant achievement.
The creation of a mine is not merely a venture; it embodies
the strength and unity of a team working together towards
a common goal.
Community and Employee Wellbeing
Respecting our local communities is at the core of our values as
a company, and we work closely with local stakeholders to build
positive, long-term relationships and to support the development
of sustainable local economies.
Our community initiatives are designed to empower local
community members through education support, employment,
and local development. We support local school training
programs that equip community members with the skills needed
to participate in the mining industry and beyond. Furthermore, we
support local businesses by prioritizing them in our supply chain,
thereby stimulating economic growth. Development projects and
donations are undertaken with the aim of improving the quality
of life for residents. Through these efforts, we strive to leave a
positive legacy that endures long after mining operations have
ceased, ensuring that the benefits of our presence are felt for
generations to come.
As Malaysia’s premier gold producer, we understand the
profound impact our operations have on the communities we
serve. Our commitment transcends economic contributions;
it is about nurturing enduring relationships founded on mutual
respect and collaboration. By actively engaging with local
stakeholders, we ensure our activities resonate with their needs
and aspirations, forging a shared vision for the future. This
approach not only strengthens our social license to operate
but also fuels innovation and resilience within our operations.
The health and safety of our people is the highest priority.
This year we carried on the practice of safety measures and
policies and incorporated “Safety First” concepts within our
operations. We train our new and existing staff to develop both
their technical and leadership skills. While we are heartened by
our achievements, we recognize that safety requires a constant
focus, and we are committed to maintaining our efforts to
continuously improve.
Our Future
I am thrilled about the future of Monument Mining. With a
fortified balance sheet and a dynamic portfolio of property
assets, we are primed to seize opportunities and overcome
any challenges that come our way. Under the visionary leadership
of Cathy Zhai, our extraordinary team has navigated a demanding
year and triumphed over every obstacle. On behalf of the board,
I extend my deepest gratitude to all our employees and contractors
for their unwavering efforts and dedication, and to our communities,
suppliers, and shareholders for their steadfast support.
Sincerely,
Graham Dickson
Chairman
ANNUAL
REPORT
2024
03
Message From Our
Chairman
Fiscal year 2024 was a remarkable year for the Company.
We are fortunate to launch the gold concentrates
production at Selinsing just as gold prices have reached
all-time highs in fiscal 2024, and up to over $2,600 USD
per ounce as we speak, it has significantly strengthened
the balance sheets of gold producers and turned gold
concentrates trading to sellers’ market.
The gold production generated $51.42 million gross revenue
with net earnings of $6.44 million, or $0.02 per share contrary
to net loss of ($6.27) million, or ($0.2) per share last year.
$14 million cash flow with $10.86 million on hand and a healthy
working capital of $20.55 million has turned around the
Company to a much stronger financial position. The operation
is sustainable, and we are ready to move forward with further
corporate development.
Gold Production
The gold production generated $51.42 million gross revenue
with net earnings of $6.44 million, or $0.02 per share contrary
to net loss of ($6.27) million, or ($0.2) per share last year.
$14 million cash flow with $10.86 million on hand and a healthy
working capital of $20.55 million has turned around the
Company to a much stronger financial position. A total of
977,987 tonnes of material was mined during the fiscal year.
Gold concentrate production in fiscal 2024 yielded 31,542
ounces of gold at an all-in sustaining cost per ounce sold of
$1,173. The mill processed 715,553 tonnes of sulphide ore,
achieving a head grade of 1.84g/t and recovery rate of 74.20%. Mill
availability of the flotation plant was at 87% and can be
improved in fiscal 2025.
Plant Improvements & Development
Ongoing plant optimization work this year has included: installing
a new rougher tailings hopper along with rougher tailings pumps
upgraded with new motors and power supply. A bigger rougher
concentrate launder was also installed and further upgrades
to the filter press have been planned. Mine development for
gold concentrate production continued with open pit push
backs, while site infrastructure development included finishing
construction of the tailings storage facility
Murchison Project
At the Murchison Gold Project the Company is assessing the
potential production restart while gold prices are at record high.
Additionally, the Company has been analyzing all historical and
recent drill hole data for the Gabanintha tenement holdings to
plan future infill drilling programs
During the fiscal year, we completed the construction of a new
core shed, equipped with new core racking and trays. Drill core
samples have been reorganized and are now ready for geological
inspection. Additionally, we engaged a heritage specialist to
research and update regulatory changes, while other regulatory
compliance measures were also under review.
Next Steps
Having stepped into fiscal 2025 our objectives remain steadfast:
we will keep optimizing the sulphide gold concentrate production
and further transforming Selinsing resources to reserves expanding
life of mine, as well, prepare conversion of Murchison to a
producing mine.
We aim to capitalize on our Selinsing success, including our
mining experience, technical strengths, workforce talent, and
our strong will of standing by our community’s wellbeing for
business expansion, market growth in both Malysia and
elsewhere and returns to our shareholders.
I would like to thank our employees, the board of directors,
contractors, business partners for their unwavering hard work,
discipline and commitment during these past months. We are
fortunate to be part of such excellent surrounding communities,
which we both enjoy and support. I extend my heartfelt thanks
to our shareholders, host countries, and communities for their
unwavering support.
Sincerely,
Cathy Zhai
President and CEO
ANNUAL
REPORT
2024
04
Message From Our
President and CEO
Starting the period at around $1,900
per ounce, the gold price saw a steady
increase. This surge was driven by
persistent inflationary pressures, a
weakening US dollar, and increased
demand for safe-haven assets amid
global economic uncertainties.
Additionally, the Federal Reserve’s
dovish stance, characterized by rate
cuts and a more accommodative
monetary policy, further bolstered
gold prices as investors sought
refuge from volatile equity markets.
Market analysis during this period
highlighted the interplay between
macroeconomic indicators and gold’s
performance. The labor market’s
slowdown in the US, coupled with
disappointing corporate earnings,
heightened fears of an economic
downturn. Additionally, geopolitical
tensions, particularly in the Middle East,
spurred demand for gold as a hedge
against potential crises. Overall, the
gold market remained highly sensitive
to global economic developments, with
investors closely monitoring central
bank actions and geopolitical events
to gauge future price movements.
Capital
Structure
As of June 30, 2024
328,421,563
Shares Outstanding
$0.145
Share Price
16,973,466
RSUs
3,800,000
Options
$0.195/$0.10
52 Week High/Low
349,195,029
Fully Diluted
$47.55m
Market Capitalization
ANNUAL
REPORT
2024
05
Market
Performance
During fiscal 2024, the gold price experienced
significant fluctuations, reflecting broader
economic and geopolitical trends.
Fiscal 2024
Fiscal 2023
Jul
Jan
Aug
Feb
Sep
Mar
Oct
Apr
Nov
May
Dec
Jun
0
6m
2m
8m
4m
TSX Volume
FSE Volume
Trading Volumes
US$/Oz
Fiscal 2023
Q1
Q4
Q1
Q2
Q2
Q3
Q3
Q4
1,750
1,250
2,000
2,250
1,500
Monument Realised
London Fix PM
Quarterly Average Gold Price
Fiscal 2024
Fiscal 2024
Fiscal 2023
Jul
Jan
Aug
Feb
Sep
Mar
Oct
Apr
Nov
May
Dec
Jun
0.00
0.16
0.12
0.08
0.04
Closing Price TSX
Closing Price FSE
Stock Closing Price (CDN)
ANNUAL
REPORT
2024
The Company owns a 100% interest
in the Selinsing Gold Mine in Malaysia.
The Selinsing Mine is comprised of
the Selinsing, Buffalo Reef, Felda Land
and Famehub properties in Pahang
State, within the Central Gold Belt
of Western Malaysia. Monument also
owns a 100% interest the Murchison
Gold Project comprising Burnakura,
Gabanintha, and a 20% interest
in the Tuckanarra Project Joint
Venture, all in the Murchison region
of Western Australia.
Monument’s primary business
activities include gold mining, project
development and exploration. The
company’s business strategies include
increasing the mineral resource
inventory to achieve long-term
sustainable production, maximizing
production performance and efficiency,
maintain efficient operations with
effective budgets and cost controls,
and provide a satisfactory return to
shareholders. Monument is committed
to the highest standards of
environmental management, social
responsibility, and health and safety
for its employees and communities.
06
17 Years
in Operation
38,050 Hectares
Mineral Property
Portfolio
$142m
in Total Assets
254 Person
Workforce
Our
Company
Monument Mining Limited is an established
Canadian gold producer and mining asset developer
with a track record of gold production since 2010.
This Years Numbers
07
ANNUAL
REPORT
2024
In Review
Market, Operating,
and Finanical
ANNUAL
REPORT
2024
08
Capital Expenditures
In US$ 000s
Gold Portfolio
Selinsing
Murchison
Fiscal 2024
Buildings, Plant and Equipment
632
85
Mine Development
8,356
-
Exploration
42
858
Total
9,030
943
Accumulative
to June 30, 2024
Acquisition in Cash
17,234
14,749
Buildings, Plant and Equipment
47,913
1,989
Mine Development
46,409
1,905
Exploration
32,943
19,600
Total
144,499
38,243
Key Performance
Indicators
Fiscal 2024
Fiscal 2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Ore Mined (Tonnes)
256,904
332,684
200,676
187,723
107,205
105,569
82,100
144,148
Gold Oxide Production
Ore Processed (Tonnes)
-
-
-
-
132,447
62,817
-
-
Average Head Grade (G/T)
-
-
-
-
1.03
10.3
-
-
Processing Recovery Rate (%)
-
-
-
-
46.2%
42.1%
-
-
Gold Production (Ounces)
-
-
-
-
2,066
1,498
-
362
Gold Sold (Ounces)
-
-
-
-
400
3,350
1,400
762
Revenue (USD$ 000s)
-
-
-
-
709
5,872
2,629
1,434
Cash Cost Per Ounce (USD$/oz)
-
-
-
-
1,623
1,507
1,580
2,200
Gold Sulphide Production
Ore Processed (Tonnes)
177,494
192,217
166,478
179,364
-
9,574
89,151
124,768
Average Head Grade (G/T)
1.81
1.55
1.49
2.52
-
1.81
1.99
1.66
Processing Recovery Rate (%)
69.6%
71.1%
68.5%
82.6%
-
31.7%
41.7%
66.5%
Gold Production (Ounces)
7,243
6,809
5,487
12,003
-
28
2,412
4,409
Gold Sold (Ounces)
4,607
6,967
8,726
10,413
-
-
-
1,147
Revenue (USD$ 000s)
6,911
10,997
14,911
18,602
-
-
-
1,743
Cash Cost Per Ounce (USD$/oz)
847
894
882
842
-
-
-
917
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fiscal Years
350k
300k
250k
200k
150k
100k
50k
0
Accumulative Gold Production
Project-to-date: 374,916oz
Total Production - Prior Period
Production
Total production
2014
2015
2016
2017
2018
2019
2020
2021
2022
2024
2023
Fiscal Years
0
1,750
250
500
750
1,000
1,250
1,500
Cash Costs per Ounce - gold oxide production
Cash Costs per Ounce - gold sulphide production
Project-to-date Average Cash Costs per Ounce
Cash Cost Per Ounce
Project-to-date: $607/oz
Operating
Review
Monument began commercial
production from the sulphide
gold treatment plant at the
Selinsing Gold Mine, completing
the transitioning from oxide ore
production to sulphide ore gold
concentrate production.
Gold sales generated $51.42 million for
fiscal 2024 comprised of 30,713 oz of
gold from the flotation plant sold at an
average realized gold price of $2,116 per
ounce. Total production costs were
$26.59 million during the year.
Gold production generated a mining gross
margin of $24.83 million before non-cash
amortization and accretion and operation
expenses, and corporate expenses were
$11.15 million. Net profit for the year was
$6.44 million, or $0.02 per share (basic).
The Company’s cash and cash equivalents,
including the restricted cash balance, as at
June 30, 2024 was $10.86 million up from
$5.96 million held on June 30, 2023. During
the year, total cash spent on project
development was $9.37 million, compared
to $15.12 million in fiscal 2023. Working
capital was $20.55 million at June 30, 2024,
an increase of $10.73 million compared
to the prior year, mainly due to higher
feed grade and recovery, higher gold
concentrate production and sales, and
higher average realized gold price.
2021
2022
2023
2024
Revenue
In Millions
23
14
12
51
2021
2022
2023
2024
Production Costs
In Millions
15
14
11
27
2021
2022
2023
2024
Gross Margin
In Millions
8
1
25
2021
2022
2023
2024
Working Capital
In Millions
Financial
Review
$51.42m
Gold Sales
$24.83m
Gross Margin
$20.55m
Working Capital
ANNUAL
REPORT
2024
09
2
21
10
30
49
Fiscal 2023
Q1
Q4
Q1
Q2
Q2
Q3
Q3
Q4
0.00
(2.00)
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
Aggregated Cash Flow
Production Cash Flow
Cash from Operating Activities, Net Cash Balance (millions)
Fiscal 2024
Balance Sheet
(in thousands of USD)
June 30
2024
June 30
2023
June 30
2022
June 30
2021
June 30
2020
$
$
$
$
$
Current assets
30,546
19,230
35,603
54,522
25,121
Non-current assets
111,469
113,892
98,422
87,254
222,458
Total assets
142,015
133,122
134,025
141,776
247,579
Current liabilities
9,994
9,408
5,272
5,983
6,335
Non-current liabilities
10,878
9,528
8,317
8,915
14,823
Equity attributable to shareholders
121,143
114, 186
120,436
126,878
226,421
Total liabilities and shareholders' equity
142,015
133,122
134,025
141,776
247,579
Working capital (including restricted cash)
20,552
9,822
30,331
48,539
18,786
Note: The weighted average gold price excluded
gold prepaid delivery during the period.
Fiscal 2023
Fiscal 2024
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
Q1 ($)
Q2 ($)
Q3 ($)
Q4 ($)
Revenues (000’s)
709
5,872
2,629
3,177
6,911
10,997
14,911
18,602
Weighted average gold price:
London Fix PM (per ounce)
1,767
1,749
1,881
1,950
1,928
1,971
2,070
2,338
Average realized - gold oxide production (per oz.)
1,772
1,753
1,878
1,883
0
0
0
0
Average realized - gold sulphide production (per ounce)
-
-
-
1,949
1,932
1,946
2,137
2,295
Net earnings (loss) before other items and tax (000’s)
(703)
(1,460)
(894)
(891)
1,073
1,818
2,715
8,072
Earnings (loss) per share before other items and tax:
Basic
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.01
0.01
0.02
Diluted
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.01
0.01
0.02
Net earnings (loss) after other items and tax (000’s)
(289)
(3,196)
(837)
(1,951)
(85)
(595)
884
6,239
Earnings (loss) per share:
Basic
(0.00)
(0.01)
(0.00)
(0.01)
(0.00)
(0.00)
0.00
0.02
Diluted
(0.00)
(0.01)
(0.00)
(0.01)
(0.00)
(0.00)
0.00
0.02
Annual Information
10
ANNUAL
REPORT
2024
Income Statement
(in thousands of USD)
Year Ended
June 30
2024
Year Ended
June 30
2023
Year Ended
June 30
2022
Year Ended
June 30
2021
Year Ended
June 30
2020
$
$
$
$
$
Revenue
51,421
12,386
14,440
23,236
29,971
Production costs
(26,594)
(10,637)
(13,811)
(15,133)
(17,027)
Gross margin from mining operations
24,827
1,749
629
8,103
12,944
Operation expenses
(155)
(160)
(48)
(593)
(770)
Accretion, depletion and amortization
(8,727)
(3,734)
(4,133)
(3,943)
(5,691)
Corporate expenses
(2,267)
(1,803)
(1,626)
(1,871)
(1,974)
Loss from other items
(2,000)
(1,455)
(1,582)
(99,734)
(1,955)
Income tax recovery/(expense)
(5,235)
870
263
(1,280)
(2,829)
Net income (loss)
6,443
(6,273)
(6,497)
(99,318)
(275)
Income (loss) per share
$0.02
$(0.02)
$(0.02)
$(0.31)
$(0.00)
Loss per share (diluted)
$0.02
$(0.02)
$(0.02)
$(0.31)
$(0.00)
ANNUAL
REPORT
2024
11
374,916oz.
Total Gold Produced
$530.36m
Total Revenue
$607
Cash Cost Per Oz
$322m
Net Cash from Production
10.5m Tonnes
Ore Processed
OPERATION 1
Selinsing Gold Mine
Open pit gold mine with a 950 thousand
tonnes per annum gold sulphide flotation
plant and mine site infrastructure. Began
gold concentrate shipments and sales from
newly constructed flotation plant to start
the gold concentrate revenue stream and
restore operating cash flow.
LOCATION
Pahang State, Malaysia
160km North of Kuala Lumpur
LAND AREA
150.3km2
OPERATION 2
Murchison Gold Portfolio
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, and
reassessment of the project economics for
potential cash flow generation and establish
as a potential cornerstone gold project.
LOCATION
Murchison Area, Western Australia
765km Northeast of Perth
LAND AREA
230.2km2
Our Operations
Selinsing Gold Mine
Operation One
Pahang State,
Malaysia
12
ANNUAL
REPORT
2024
0
125m
N
Selinsing
Plant
Buffalo Reef North
Buffalo Reef Central
Buffalo Reef South
Selinsing
ANNUAL
REPORT
2024
Buffalo Reef lies continuously and
contiguously among the gold trend upon
which the Selinsing Gold Property is
located. Both Felda and Famehub are
located east and north of the Selinsing and
Buffalo Reef properties. All properties are
located within the Central Gold Belt of
Western Malaysia. The gold processing
plant and infrastructure buildings are
located at the Selinsing site and accessible
to all the Company’s nearby properties.
The Company aims to extend the operational
lifespan of the Selinsing Gold Mine by
strategically consolidating the Selinsing,
Buffalo Reef, and Famehub properties into
a comprehensive long-term exploration
portfolio. This integration of adjacent
properties, all situated in close proximity
to the existing mine, creates a unified
exploration zone with potential for resource
expansion and development synergies.
13
The Selinsing Gold Portfolio is in Pahang
State, Malaysia. It includes the Selinsing
Gold property, Buffalo Reef property, Felda
Land, and Famehub properties.
ANNUAL
REPORT
2024
Sulphide Gold Flotation Plant
At Selinsing, the Company operates a
sulphide processing plant with a capacity
of 950,000 tpa. Construction of the plant
began in 2021, with a groundbreaking
ceremony held in March 2022. Plant
commissioning started in November
2022, and the ramp-up to full production
commenced in January 2023. Gold
concentrate shipments and sales began
in June 2023, initiating the revenue stream
and restoring operating cash flow.
Commercial production was officially
announced in September 2023.
The previous CIL plant crushing, milling and
classification circuit remains for the flotation
plant operation. The conversion from the
CIL operation to sulphide flotation allows
the Selinsing Gold Mine to process the
refractory sulphide gold ore and produce
a saleable gold concentrate product.
The plant consists of rougher and cleaner
flotation, concentrate thickener, water
recovery thickener, reagents storage and
mixing and concentrate filtration.
The sulphide flotation plant comprises
a trash screen, two conditioning tanks
and six rougher tank cells followed by
three stages of cleaner flotation. Various
reagents are added during the flotation
process: soda ash as pH modifier, sodium
sulphide as sulphidiser, 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 is transferred
to a 9m diameter concentrate thickener
from which thickened slurry is pumped
to the concentrate filtration plant. Final
flotation tailings are transferred to a 14m
diameter water recovery thickener and
thickened slurry is pumped to the tailings
storage facility (TSF) while the supernatant
water overflow to the process water tank.
The thickened slurry is stored in a
concentrate storage tank prior being
pumped to the concentrate filter
press. The concentrate filter removes
water from the thickened slurry to
produce gold concentrate cake that
has moisture content of 10% to 15%.
This gold concentrate is then stored
in the concentrate storage warehouse.
Gold concentrate shipment logistics
are established with the produced
concentrate weighed in trucks at the
mine site weigh station, then transported
from the Selinsing Mine gold concentrate
warehouse to the loading port at Johor
Port Free Trade Zone and subsequently
shipped to the destination port of the
concentrate buyers.
22
14
" Fiscal year 2024 was a remarkable
year for the Company, the gold
production generated $51.42
million gross revenue with net
earnings of $6.44 million."
Gold Production
The Selinsing Gold Mine produced 31,542
ounces of gold from the flotation plant in
fiscal 2024 compared to 6,849 ounces of
gold in the previous year and nil ounces of
gold from the CIL plant compared to 3,926
ounces of gold in the previous year. This is
due to the transition from a CIL plant to a
flotation plant to enable the processing
of sulphide ore. The cash cost for gold
produced from the flotation plant was $866
per ounce compared to $917 per ounce
in the previous year The average mill feed
grade for gold sulphide production was
1.84g/t compared to in 1.80g/t in the
previous fiscal year. The mill feed for gold
sulphide production was 715,553 in fiscal
2024 vs. 223,493 in the previous year. The
increase in the mill feed for gold sulphide
production is from the start-up of the
flotation plant and availability of stockpiled
sulphide ore. Ore mined was 977,987
tonnes compared to 439,022 tonnes for
the previous fiscal year. Process recovery
rate for gold sulphide production was
74.2% in fiscal 2024 compared to 54.1%
in the previous year.
ANNUAL
REPORT
2024
15
Table 1: 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 Resources, reported inclusive of Mineral Reserves (based on a potential US$2,400/oz gold price)
Proven*
1,265
0.47
19
-
-
-
45
1.53
2
1,310
0.51
21
Probable**
991
0.91
29
757
1.72
41.9
2,680
2.03
175.1
4,428
1.73
246
P+P
2,256
0.67
48
757
1.72
42
2,725
2.02
177
5,738
1.45
267
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
19
-
-
-
45
1.53
2
1,310
0.51
21
Indicated
1,533
0.85
42
1,086
1.49
52
8,052
1.60
415
10,671
1.48
509
M+I
2,798
0.68
61
1,086
1.49
52
8,097
1.60
417
11,981
1.38
530
In-ferred
349
1.05
11.8
485
1.22
19
5,563
1.79
319
6,397
1.70
350
*Proven Reserve is entirely stockpile material
**Probable Oxide Reserve is a combination of in situ oxide material occurring in Se-
linsing 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
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.
16
ANNUAL
REPORT
2024
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
Murchison Gold Portfolio
Operation Two
Western Australia
17
ANNUAL
REPORT
2024
381koz.
NI-43-101 Resources
260ktpa
CIL Gold Processing Plant
118
Person Mine Camp
18
Murchison Gold Portfolio was
acquired in 2014 and contains
the 100% owned Burnakura and
Gabanintha projects, as well as
the Tuckanarra gold property
in which Monument has a 20%
free carry interest.
All the properties are located within
the Murchison Mineral Field, a historical
gold province within the Murchison
District of Western Australia. Burnakura
and Gabanintha are located 40km
southeast of Meekatharra, and 765km
northeast of Perth. Tuckanarra is located
approximately 40km southwest of
Burnakura. The properties include several
mining and exploration tenements and
lease applications. At Burnakura there
is a fully operational gold processing
plant, a developed mine camp site, and
all infrastructure facilities.
The Murchison properties consist 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 working systematically to
convert the historical resources into current
resources under NI43-101 standards as well
as has undertaken exploration programs to
potentially discover new resources on high
quality structural gold targets.
ANNUAL
REPORT
2024
N
Tuckanarra
Gold Property
Burnakura
Project
Gabanintha
Project
Murchinson
Assets
Development
Development work at Murchison focuses
on identifying and testing regional
exploration targets beyond known
mineralization, as well as extensions to
existing resources. Concurrently, early
production opportunities are being
assessed. The Company has previously
conducted exploration programs to
discover potential new resources, aiming
to enhance the current resource base
and establish Murchison as a cornerstone
gold project.
During fiscal 2024, the Company continued
assessing the economics of potential
cash flow generation from bringing the
project into production. The Company
also reviewed all historical and recent drill
hole data for the Gabanintha tenement
holdings to plan infill drilling programs for
completion in subsequent quarters, with
the aim of updating the NI 43-101 Report
(July 17, 2018-Updated Mineral Resources,
Burnakura Gold Project, WA, Australia,
prepared by SRK Consulting).
At Burnakura, the construction of a new
core shed was completed during the year,
featuring new core yard racking and trays.
Drill core samples have been reorganized
in preparation for geological inspection.
Additionally, a heritage specialist was
engaged to research and update heritage
regulatory changes.
The Company continues to ensure that
the processing plant, mine camp and other
facilities are operationally ready through
its care and maintenance program to
ensure efficient commissioning in the
future. Site accommodation and catering
facilities are fully functional and ready
for personnel and mining contractors
when a restart is approved.
19
ANNUAL
REPORT
2024
Exploration
The Company’s wholly owned Burnakura
and Gabanintha projects together cover
approximately 160km2 of highly prospective
gold-bearing Archean Greenstone terrane,
and a significant standalone greenfield
discovery would materially change the
scope of the Murchison Gold Project.
Alternatively, several smaller, shallow,
satellite deposits within trucking distance
of the Burnakura plant could also provide
meaningful additions to the Company’s
existing Mineral Resource base.
A new exploration program is under review,
with plans to start with historical resource
confirmation drilling at Gabanintha as
part of a production restart. The overall
exploration program will be revisited and will
include regional geological interpretation
from the two phases of exploration
completed at Burnakura during FY 2022
and FY 2023.
Odyssey Gold Ltd. and Monument are
joint venture partners for the Tuckanarra
project, with Odyssey having control over
exploration with its 80% equity interest,
while Monument has a 20% free carried
interest and a 1% NSR royalty over Odyssey’s
80% shared interest.
At Tuckanarra, the Company was notified by
Odyssey that a major milestone of resources
had been achieved at the Tuckanarra Joint
Venture Project. This triggered an AUD$1.0
million performance payment; the payment
plus interest was received by the Company
during the fiscal year.
" During Fiscal 2024 the Company continued
working on a review of the Murchison Gold
Project including reassessment of the
economics of a production restart."
20
ANNUAL
REPORT
2024
ANNUAL
REPORT
2024
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 2018)
Deposit
Category
Lower Cut-Off (Au g/t)
Tonnes (Kt)
Au (g/t)
Gold (Koz)
NOA1-6
Indicated
0.5
1,030
2.1
68
Inferred
0.5
609
2.3
44
ANA
Indicated
0.5
2,141
1.6
107
Inferred
0.5
92
1.5
4
Authaal
Indicated
0.5
-
-
-
Inferred
0.5
556
1.4
25
Federal City
Indicated
0.5
96
1.3
4
Inferred
0.5
259
1.3
11
Total*
Indicated
0.5
3,267
1.7
179
Inferred
0.5
1,516
1.8
84
NOA7-8**
Indicated
3.0
776
4.6
114
Inferred
3.0
35
3.9
4
GRAND
TOTAL
Indicated
-
4,043
2.3
293
Inferred
-
1,551
1.8
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.
21
ANNUAL
REPORT
2024
Community &
Employee Wellbeing
Initiatives
Selinsing Gold Mine
During fiscal 2024, the Selinsing
management team renewed
its commitment to community
building by promoting extensive
cooperation with stakeholders
through a communication and
engagement program.
Jointly organizing Eid and Independence
Day celebrations with the community has
fostered strong bonds and engagement
in a harmonious atmosphere. These
events provide opportunities to exchange
ideas and receive feedback from the
community, enhancing value creation
for all stakeholders.
Supporting education in the mineral
industry benefits society by enhancing
the community’s employability and
competence through technical and
vocational training. Selinsing fully endorses
the state government’s initiative to
establish a mineral academy in the Kuala
Lipis district. The Selinsing team is actively
contributing to the design of training
and accreditation courses, working with
federal and state governments to drive
the comprehensive development of the
national mineral industry.
At the local community level, education
support was given to the primary and
secondary schools near Sungai Koyan
and Kuala Medang to aid in their learning
process by donating to the teachers and
parent associations for implementing
extracurricular activities. Engagement
with various institutes of higher education,
such as University Science Malaysia,
Universiti Kebangsaan Malaysia, Universiti
Malaysia Pahang, and University Malaya,
which are some of the best universities
in the country, provides an opportunity
for collaboration, internship, and research
initiatives in various related mineral
industry matters.
Maximizing local employment and content
is a strategic approach to fostering a
harmonious society and developing
deeper community connections. Employing
local workers boosts the community’s
purchasing power, ensuring that money
earned from the mine is reinvested into
the local economy.
ANNUAL
REPORT
2024
23
Improving employee health and well-being through regular
physical exercise and sports activities provides numerous benefits
addressing systemic health problems, significantly boosting
productivity in the workplace and lowering absenteeism.
The sports program was organized to promote healthy and
active living, foster team spirit, improve communication and
trust among employees, improve the bottom line, and is a win
for everyone. It benefits the employees by improving their health
and well-being and the organization by boosting productivity
and reducing costs. This year’s sports activity includes the fun
run, futsal competition, badminton, table tennis and Pétanque.
ANNUAL
REPORT
2024
24
ANNUAL
REPORT
2024
25
Our holistic approach to community building
emphasizes fostering close cooperation
among individuals within the impacted
area who share common interests. The
Selinsing gold project has undoubtedly
become a significant economic activity
in the district, characterized by high local
content. The project complies with laws
and regulations, supporting national
mineral policies and practicing responsible
and sustainable principles through
self-regulation.
By committing to mutual and harmonious
community development, we ensure
that society and individuals share in the
benefits of our progress. We have actively
promoted local economic growth, supported
education, and engaged in various public
welfare activities. Our efforts to build a
harmonious community have been fully
recognized by local governments at all
levels and the public, demonstrating the
project’s significant positive impact on
the socio-economic development of the
local community.
26
ANNUAL
REPORT
2024
Corporate
Information
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
Officers & Management
Cathy Zhai, CPA-CGA, B.Sc.
President & CEO, Interim CFO
and Corporate Secretary
Zaidi Harun, B.Sc.
Vice President,
Business Development
Andrew Charles Northfield,
B.Sc.(Hons), ACSM
General Manager,
Selinsing Gold Mine
Matthew Ridgway, BSc (Hons),
MSc, MBA, MAIG
Chief Managing Geologist (CMG)
and Qualified Person (QP)
Robert F. Baldock, CA(M), FCPA, FCMC
Founder, Principal Advisor to
Monument Mining Ltd.
Corporate Headquarters
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
Stock Listing
TSX Venture Exchange,
Symbol: MMY
Frankfurt Stock Exchange,
Symbol: D7Q1
Registrar and
Transfer Agent
Computershare Trust
Company of Canada
Vancouver, British Columbia
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
Cautionary Statement Regarding
Forward Looking Statements
This annual report includes statements containing for-
ward-looking statements or forward-looking information
under applicable Canadian securities laws (hereinafter
collectively referred to as “forward-looking statements”)
about Monument, its business and future plans. For-
ward-looking statements are statements regarding pos-
sible 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 in-
volve estimates of the mineralization that will be encoun-
tered if a property is developed, and in the case of miner-
al reserves, such statements reflect the conclusion based
on certain assumptions that the mineral deposit can be
economically exploited. Any statements that express or
involve discussions with respect to predictions, expec-
tations, beliefs, plans, projections, objectives, assump-
tions or future events or performance (often, but not al-
ways, using forward-looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “antici-
pates” 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 production at the Se-
linsing Gold Mine; the ability of the Company to advance
exploration and development properties into commercial
production; the results of testing gold and copper recov-
ery technologies; completion of technical 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 explo-
ration, development and environmental protection and
remediation activities; and all other plans for mining, de-
velopment and exploration 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 dif-
fer materially from those expressed or implied by the for-
ward-looking statements. These risks and certain other
factors include, without limitation: risks related to gold,
base metal and other commodity price fluctuations; risks
related to general business, economic, competitive, geo-
political 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 expectations and/or the results of initial
feasibility, prefeasibility and feasibility studies, including
those related to the interpretation of drill results, and the
geology, grade and continuity of mineral deposits; for-
eign operations risks, including risks related to changes
in mining license rights, tax rates and government royalty
requirements; risks related to the ability to obtain financ-
ing required to develop mining properties or to complete
significant technical, environmental or engineering stud-
ies; risks related to foreign exchange fluctuations; risks
related to environmental regulation and liability; risks
associated with failure to maintain community accept-
ance, agreements and permissions (generally referred 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 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 techni-
cal reports on the Company’s projects, which are availa-
ble under the profile of the Company on SEDAR at www.
sedar.com.
Material factors and assumptions used to develop for-
ward-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 ma-
terially adverse 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 ex-
ploration activities of the Company will not differ ma-
terial from management’s expectations; costs of future
activities will be as expected; capital and operating ex-
penditures will be as expected; exploration, mining and
processing activities will be viable operationally and eco-
nomically 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 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 Com-
pany and the technical reports on the Company’s pro-
jects, all of which are available under the profile of the
Company on SEDAR at www.sedar.com.
Although the Company has attempted to identify impor-
tant factors that could cause actual results to differ ma-
terially from those contained in forward-looking state-
ments, 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 for-
ward-looking statements. There can be no assurance
that such statements will prove to be accurate, as actu-
al results and future events could differ materially from
those anticipated in such statements. Accordingly, read-
ers 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.
27
ANNUAL
REPORT
2024
Matthew Ridgway, BSc (Hons), MSc, MBA,
MAIG, retained by Hydra Consulting Pty
Ltd., has reviewed, prepared, supervised
the preparation and approved the scientific
and technical disclosure in the Annual Re-
port as a Qualified Person under NI43-101
standards.
Read in conjunction with Monument’s Fis-
cal 2024 Audited Financial Statements and
Management Discussion & Analysis, avalia-
ble at www.sedar.ca and www.monument-
mining.com. All dollar amounts in US$ except
where noted.