Monument Mining Ltd (MMY)

[NYBob]

Monument Reports First Quarter Fiscal 2022 (“Q1 FY2022”) Results
Gross Revenue of $2.38 Million and Cash Cost of US$1,430/Oz
November 29, 2021


Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the
“Company” today announced its first quarter of fiscal 2022 production
and financial results for the three months ended September 30, 2021.

All amounts are expressed in United States dollars (“US$”) unless
otherwise indicated (refer to www.sedar.com for full financial
results).

President and CEO Cathy Zhai commented, “2022 fiscal year is full of
challenge and would be rewarding for Monument when the Company stays
focused on execution of the corporate strategies.
During the quarter, the Selinsing flotation plant construction was
kicked off with engineering design near completion, long lead items
procured, and the earthworks at site reached 90% completion.

The Phase 1 drilling at Murchison was completed by overcoming the
shortage of drill rigs.

Peranggih continued to provide additional mill feed that helped to
sustain the cash flow.
The Delays in gold production is anticipated to be caught up after the
monsoon season in the third quarter.”

First Quarter Highlights:

Phase one drilling program completed in Q1 at Murchison Project with 91%
assay results received to date;
Phase 1&2 RC drilling program completed at Peranggih Gold Prospect in
Q1 with positive intercept results;

Selinsing Flotation Plant Project progressing on time in Q1 with 31%
completion to date;
Long lead item contracts awarded to reputable suppliers for Selinsing
Flotation Plant Project;

Selinsing Gold Mine production recovered gradually after the mining ban
lifted due to Covid 19 Pandemic;

1,423 ounces (“oz”) of gold sold for $2.38 million (Q1, FY 2021:
3,100oz for $5.92 million);

Average quarterly gold price realized at $1,829/oz (Q1, FY2021:
$1,909/oz);

Cash cost per ounce sold was $1,430/oz (Q1, FY2021: $923/oz);
Gross margin decreased by 88% to $0.35 million (Q1, FY2021:
$3.06 million);

1,043oz of gold produced (Q1, FY2021: 3,504oz);
All-in sustaining cost (“AISC”) increased to $2,052/oz (Q1, FY2021:
$1,055/oz).

First Quarter Production and Financial Highlights

https://www.monumentmining.com/news-media/news/2021/monument-reports-first-quarter-fiscal-2022-q1-fy2022-results/


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