Monument Mining Ltd. (MMTMF)

[NYBob]

President and CEO Cathy Zhai commented, “During commissioning we have identified some
bottlenecks and are working with Mincore to fix them.
Up to date the flotation plant has delivered saleable concentrate of approximately
1,707 dry tonnes at 35.12 g/t Au with gold content of 1,928 troy ounces. smile)

Figure 2. Plant Inspection


https://www.globenewswire.com/news-release/2023/02/27/2616400/0/en/Monument-Progresses-Flotation-Commissioning-at-Selinsing.html


As of February 22nd, 2023, a total of 1,707 dry metric tonnes of gold concentrate have been
produced with an average gold grade of 35.12 g/t Au (1,928 troy ounces).

A fast Production Gold Au Estimate DD by a Monument Mining Investor: -
Ex.gracia -

Scoping of concentrate Production…52,000 ounces

We have some very interesting tidbit provided in todays NR which can be combined with
FS information to scope out annual concentrate production

...950,000 tons of mill feed per year ( about 3000 tpd )

....Mass pull of 5% ( ie 100 tons of ore is concentrated by a factor of 20 to 5 tons of
concentrate )

..head .grade of 1.95 gms per ton ( oxides removed )

....recovery of 85%

So , we have 1.95 gms/ ton. X 20 X 85 % = 35 gms per ton which is spot on the
performance reported today.

950,000 tons of head feed is concentrated by a factor of 20 ( ie Mass pull of 5% ) to 47000
tons of concentrate containing 1.1 ounces of gold per ton .

This computes to about 52,000 ounces of gold per year contained within 47000 tons of gold
concentrate

The Feasability Study included Biox and also oxides .

It quoted 60.000 ounces per year in the initial years of production .

So, removing the oxides from the mill feed and 53,000 ounces of sulphide gold produced
per year seems quite good and meets breast plate production rates.

Reducing production by about 10 % for smelting and transportation costs and our net gold
sales will be about 48,000 ounces per year which at current POG of $2259 CAD per ounce
will result in about $105 million CAD in annual revenues.


The FSR analyst report calculated a 30% cash flow margin which is just over $30 million
CAD per year.

As we have nearly $45 million US in forward non capital tax loss pools to offset income
taxes, that amount ($30 m CAD ) is essentially free cash flows.

There will be need for sustaining capital , so remove $5 million for that and we have about
$25 million or about $0.08 per share in free cash flows or equivalently in the absence of
taxes, net earnings

This gets us to about book value of $0.48 per share at a very modest 6 times annual
earnings

So todays NR provided an excellent insight into our FP production outlook .
As importantly , it confirms and conforms quite well with the 2019 Feasability Study which is
quite reassuring.

Considering that we have over $75 million in asset value in our Murchison
Project, Monument is now a screaming buy.


" As of February 22, 2023, a total of 1,707 tonnes of flotation concentrate have been
produced at an average grade of 35.12 g/t Au...1928 ounces of gold"


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(All time best to make your own DD)