Monument Mining Limited (TSX-V: MMY) (FSE: D7Q1) today announced its financial results for the three months and six months ended December 31, 2024. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).

President and CEO Cathy Zhai commented, “Q2 FY 2025 focused on sustaining stable gold production at the Selinsing Gold Mine, delivering healthy cash flow and building a solid cash balance to fund business development. During the quarter cash reserves increased by $5.2 million to $23.08 million and working capital increased by $7.2 million to $31.92 million. The Murchison Project review continued including economic assessment of a potential production restart for a second source of cash flow as gold price approaching $3,000 per ounce.”

Second Quarter Highlights:

• $23.08 million cash on hand, $5.20 million increase from $17.88 million during Q2 FY 2025, compared to $4.84 million cash on hand, $0.30 million decrease during Q2 FY 2024;
• $31.92 working capital, $11.37 million or 55% increase from $20.55 million at the end of June 30, 2024;
• Net profit of $8.84 million, or $0.03 per share for Q2 FY 2025, compared to net loss of ($0.60 million), or ($0.00)/share for Q2 FY 2024;
• Gross margin of 11.54 million for Q2 FY 2025, 1.4 times more than $4.77 million in Q2 FY 2024;
• Production performance:
• 8,613 ounces of gold produced (Q2 FY 2024: 6,809 ounces);
• 8,987 ounces of gold sold at a record average realized price of $2,678/oz for gross revenue of $19.80 million (Q2 FY 2024: 6,967 ounces sold at an average realized price of $1,946/oz for gross revenue of $11 million);
• Cash cost of $918 per ounce sold (Q2 FY 2024: $894/oz);
• All in sustaining cost of $1,201 per ounce sold for Q2 FY 2025, 2% increase compared to $1,175/oz in Q2 FY 2024;
• Planning of mineral resource in-fill and step-out drilling programs to increase the Selinsing mine life underway and expected to commence in Q3 FY 2025.

Second Quarter and YTD Fiscal Year 2025 Production and Financial Highlights

^{(1) Out of total 8,613 ounces of gold production reported in Q2 FY 2025, of which 660 ounces were production adjustments
(2) Total cash cost for sulphide plant production includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties, and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, capital costs, exploration costs and corporate administration costs.
(3) All-in sustaining cost per ounce includes total cash costs, operation expenses, and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included.}

GOLD PRODUCTION RESULTS

Second quarter gold production 

• The sulphide flotation plant produced 8,613 ounces of gold, including 660 ounces adjustments. The mill processed 169,636 tonnes of sulphide ore at an improved average recovery of 86.09% because of plant improvements and optimization, the use of new reagents including ethylene glycol frother, and the treatment of higher-grade transition and fresh sulphide ore. Further, higher grade transition and fresh sulphide ore at 1.83 g/t were treated compared to Q2 FY 2024.
• During Q2 FY 2025, mining activities continued to focus on Buffalo Reef and Felda Block 7. Ore mined in the quarter was 47% lower than in Q2 FY 2024, primarily due to avoidance of excessive ore stockpiles and a reduction of stockpile turnover caused by processing plant downtime resulting from a power supply failure and primary ball mill CPU fault and motor replacement. The heavy rainfall also disrupted blasting in certain areas and caused blockages in the crusher.
• The ore processed during the quarter was 12% less than in Q2 FY 2024 due to the primary ball mill CPU failure and motor replacement, and a bottleneck at the filter press.

YTD FY 2025 gold production 

• Mine production included total material mined of 4,689,798 tonnes (six months ended December 31, 2023: 5,377,839 tonnes), comprising to 315,228 tonnes of ore (YTD FY 2024: 589,588 tonnes) and 4,374,570 tonnes of waste (YTD FY 2024: 4,788,251 tonnes). The stripping ratio increased to 13.88 compared to 8.12 during YTD FY 2024.
• The mill processed 359,312 tonnes of sulphide ore during YTD FY 2025, averaging a head grade of 1.78 g/t and a recovery of 81.01%. This compares with 369,711 tonnes of sulphide ore at a head grade of 1.68 g/t and a recovery rate of 70.34% processed during YTD FY 2024.

FINANCIAL RESULTS

Second Quarter financial results

• Q2 FY 2025 gold sales generated revenue of $19.80 million from 8,987 oz gold sold at a record average realized price of $2,678 per ounce (Q2 FY 2024: 6,967 oz at $1,946 per ounce for gross revenue of $11.00 million) from the sulphide flotation plant.
• Mining operations before non-cash amortization and depreciation generated a gross margin of $11.54 million, 1.4 times more than $4.77 million in Q2 FY 2024.
• The cash cost from the sulphide gold production is controlled to $918/oz compared to $894/oz in the Q2 FY 2024.
• Net cash generated from operating activities of $8.72 million in the quarter, an increase of $6.31 million compared to $2.41 million of net cash generation during Q2 FY 2024, which was mainly led by higher gross margin from more gold concentrate sales at higher realized gold prices.
• The Company’s cash and cash equivalents as at December 31, 2024 were $23.08 million, an increase of $12.22 million from $10.86 million as at June 30, 2024. And current assets exceeded current liabilities by $31.92 million (June 30, 2024: $20.55 million) demonstrating a strong net working capital position.

YTD FY 2025 financial results 

• Revenue of $39.17 million from the sale of gold concentrates, containing 18,257 oz of gold sold at the average realized gold price of $2,613/oz (YTD FY 2024: revenue of $17.91 million for 11,574 oz of gold sold at the average realized price at $1,940 per ounce).
• Total mining cost of $4.43 million compared to $3.30 million during YTD FY 2024.
• Total processing costs related to the sulphide operations were $5.46 million compared to $3.99 million during YTD FY 2024.
• Mining operations before non-cash amortization and depreciation generated a gross margin of $23.15 million, an increase of $15.37 million from $7.78 million during YTD FY 2024.
• The cash cost from the sulphide flotation gold production was $877/oz (YTD FY2024: $875/oz for the gold concentrate).

MINE DEVELOPMENT AND EXPLORATION

Selinsing Gold Mine

Pre-stripping and cut-back, and mining methods

Mining at Buffalo Reef and Felda Block 7 continued and reached the high-grade portion of the orebody. The stripping ratio is expected to decline during the remainder of fiscal 2025 after the cutback activities are conducted as per the mining schedule.

Tailing Storage Facility Upgrade

Raising the TSF main embankment to 540m RL was completed to accommodate an additional three-year’s of TSF capacity in relation to the sulphide concentrate production and a spillway was constructed to 539.2m RL in the saddle dam. A buttress along the toe of the main embankment was completed using waste material from the Buffalo Reef pits to raise the factor of safety ahead of the next construction raise planned for 2025. TSF stage 6 seepage and drainage work were completed in September 2024 and stage 7 has been planned to commence after Q2 FY 2025.

Flotation Plant and Related Facilities

During Q2 FY 2025, plant optimization improvements included: a new primary mill drive motor and CPU parts, crushing and flotation plant modifications including installation of new jaw crusher liner plates, cone crusher concave and mantle liners, certain conveyor belts and gearbox, cyclone feed pump repair, secondary ball mill discharge pump repair, Knelson tail launder, filter feed tank agitator blades, water recovery thickener underflow pump repair, rougher tailings sump pump, and other pumps and pipelines. The 1,600 kW primary mill motor was replaced with the spare unit and a new 75 kW motor was installed for the TSF booster pump. Further upgrades to the filter press operation including a new filter press, new compressor and new concentrate surge tank have been planned and are expected to be completed and commissioned in the third quarter of fiscal 2025 after further optimization design and electrical control centralization.

Exploration

During the second quarter the Company continued a review process for the potential expansion of mineral resources at Selinsing, and a proposal of drill holes for Buffalo Reef resource conversion drilling has been reviewed. An exploration team has been recruited for exploration programs and a core logging, cutting and sampling facility has been established. A new drilling program is expected to commence in the third quarter, which will aim to identify additional oxide and sulphide mineralisation, upgrade the resources outside of the current pit-shell and potentially increase the life of mine.

Murchison Gold Project

At the Murchison Gold Project the Company has continued a review of the historic resources at Gabanintha and resources at Burnakura during the quarter, including analysis of historical data received from regulators in Q2 FY 2024; completed the initial planning work to identify the step out drilling targets at both Burnakura and Gabanintha as opportunity for extension of the mineralization.

About Monument 

Monument Mining Limited (TSX-V: MMY) (FSE:D7Q1) is an established Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project jointly owned with Odyssey Gold Ltd in the same region. The Company employs approximately 250 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.