Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or
the “Company” today announced its second quarter of fiscal 2024
production and financial results for the three and six months ended
December 31, 2023. 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, “Q2
FY2024 was a strong quarter at the Selinsing Gold Mine with
sulphide gold processing plant performance optimization and
improvements resulting in greater feed rates and a more streamlined
sales process. We are working hard on corporate development and
development of the Murchison Gold Project and be prepared for the
move.”
Second Quarter Highlights:
- Overall Q2 2024 and YTD 2024 gold
production exceeded production in the same quarter and the year to
date in FY 2023. Significant increase in mining rate resulting in a
sustained ore delivery on the stockpile target ahead of the rainy
season.
- Continued improvement of the gold
flotation plant with greater feed rates and lower downtime.
- Positive cash flow from stabilized
sulphide gold production of $2.41 million during Q2 2024 compared
to $2.75 million in Q2 2023 when the oxide production was in
transition to the sulphide production:
- Main quarterly operating
metrics:
- 6,809 ounces (“oz”) of gold
produced (Q2 FY2023: 1,526 oz);
- 6,967 oz gold sold at average
realized price of $1,946/oz and revenue from concentrate sales of
$11.00 million (Q2 FY2023: 3,350 oz sold at average realized price
of $1,753/oz and revenue of $5.87 million) (refer to section 15
“Non-IFRS Performance Measures” of the MD&A for more details on
the calculation of the average realized gold price);
- Cash cost per ounce for gold sold
at $894/oz (Q2 FY2023: $1,507/oz);
- Gross margin of $4.77 million (Q2
FY2023: $0.82 million);
- All-in sustaining cost (“AISC”) per
ounce sold decreased to $1,175/oz (Q2 FY2023: $1,627/oz) (refer to
section 15 “Non-IFRS Performance Measures” of the MD&A).
Second Quarter and YTD Production and Financial
Highlights
|
Three months ended December 31, |
Six months ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Production |
|
|
|
|
Ore mined (tonnes) |
332,684 |
|
108,860 |
|
589,588 |
|
216,251 |
|
Waste removed (tonnes) |
2,673,041 |
|
2,108,615 |
|
4,788,251 |
|
3,708,652 |
|
Gold Sulphide Production |
|
|
|
|
Ore processed (tonnes) |
192,217 |
|
9,574 |
|
369,711 |
|
9,574 |
|
Average mill feed grade (g/t) |
1.55 |
|
1.81 |
|
1.68 |
|
1.81 |
|
Processing recovery rate (%) |
71.10 |
|
31.70 |
|
70.34 |
|
31.70 |
|
Gold produced (oz) |
6,809 |
|
28 |
|
14,052 |
|
28 |
|
Gold sold (oz) |
6,967 |
|
- |
|
11,574 |
|
- |
|
Gold Oxide Production |
|
|
|
|
Ore processed (tonnes) |
- |
|
62,817 |
|
- |
|
195,264 |
|
Average mill feed grade (g/t) |
- |
|
1.03 |
|
- |
|
1.03 |
|
Processing recovery rate (%) |
- |
|
42.10 |
|
- |
|
44.90 |
|
Gold produced (1) (oz) |
- |
|
1,498 |
|
- |
|
3,563 |
|
Gold sold (oz) |
- |
|
3,350 |
|
- |
|
3,750 |
|
|
|
|
|
|
Financial (expressed in thousands of US$) |
$ |
|
$ |
|
$ |
|
$ |
|
Revenue |
10,997 |
|
5,871 |
|
17,908 |
|
6,580 |
|
Gross margin from mining operations |
4,769 |
|
823 |
|
7,778 |
|
883 |
|
Income (Loss) before other items |
1,818 |
|
(1,460 |
) |
2,891 |
|
(2,163 |
) |
Net loss |
(595 |
) |
(3,196 |
) |
(680 |
) |
(3,485 |
) |
Cash flows provided by operations |
2,414 |
|
2,754 |
|
2,434 |
|
2,100 |
|
Working capital |
14,252 |
|
18,894 |
|
14,252 |
|
18,894 |
|
|
|
|
|
|
Loss per share – basic and diluted (US$/share) |
(0.00 |
) |
(0.01 |
) |
(0.00 |
) |
(0.01 |
) |
|
|
|
|
|
Weighted average gold price |
US$/oz |
|
US$/oz |
|
US$/oz |
|
US$/oz |
|
Realized price - oxide production (2) |
- |
|
1,753 |
|
- |
|
1,755 |
|
Realized price - sulphide production (2) |
1,946 |
|
- |
|
1,940 |
|
- |
|
|
|
|
|
|
Cash cost per ounce sold |
|
|
|
|
Mining |
298 |
|
545 |
|
285 |
|
554 |
|
Processing |
341 |
|
784 |
|
344 |
|
782 |
|
Royalties |
172 |
|
174 |
|
172 |
|
176 |
|
Operations, net of silver recovery |
83 |
|
4 |
|
74 |
|
7 |
|
Total cash cost per ounce sold (3) |
894 |
|
1,507 |
|
875 |
|
1,519 |
|
By-product silver recovery |
- |
|
1 |
|
- |
|
1 |
|
Operation expenses |
5 |
|
- |
|
6 |
|
- |
|
Corporate expenses |
8 |
|
2 |
|
6 |
|
9 |
|
Accretion of asset retirement obligation |
8 |
|
14 |
|
9 |
|
25 |
|
Exploration and evaluation expenditures |
2 |
|
52 |
|
2 |
|
47 |
|
Sustaining capital expenditures |
258 |
|
51 |
|
190 |
|
45 |
|
Total all-in sustaining costs per ounce sold
(4) |
1,175 |
|
1,627 |
|
1,088 |
|
1,646 |
|
|
(1) Defined as good delivery gold oxide production
according to London Bullion Market Association (“LBMA”), net of
gold doŕe in transit and refinery adjustment. |
(2) Exclude gold prepaid delivery for comparison
purposes. |
(3) Total cash cost for both oxide and 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. |
(4) 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
-
A total of 3,005,725 tonnes of material were mined during Q2
FY2024, a 36% increase from 2,217,475 tonnes during Q2 FY2023. This
included 332,684 tonnes of ore mined, up by 206% from 108,860 ore
tonnes mined during Q2 FY2023, and 2,673,041 tonnes of waste mined,
up by 27% from 2,108,615 during Q2 FY2023. The stripping ratio
improved to 8.03 compared to 19.37 during Q2 FY2023.
-
The sulphide flotation production in Q2 FY2024 yielded 6,809 ounces
of gold. The mill processed 192,217 tonnes of sulphide ore,
achieving a head grade of 1.55g/t and a recovery rate of 71.10%.
This performance marks a notable improvement from Q2 FY2023, where
9,574 tonnes of sulphide ore at a head grade of 1.81g/t and a
recovery rate of 31.70% were achieved. A key factor in this
enhanced recovery has been the shift from processing old stockpile
ore to feeding high-grade transition ore and fresh sulphide ore,
along with numerous improvements implemented at the processing
plant. Feed rates increased to 158 tonnes per hour (“tph”) from 101
tph respectively, in line with expectations. Availability of the
flotation plant also improved at 90% during Q2 2024 as a result of
ongoing optimization.
YTD 2024 gold production
-
Mine production included total material mined of 5,377,840 tonnes
(six months ended December 31, 2022: 3,924,904 tonnes), comprising
589,588 tonnes of ore (six months ended December 31, 2022: 216,251
tonnes) and 4,788,252 tonnes of waste (six months ended December
31, 2022: 3,708,652 tonnes). The stripping ratio improved to 8.12
compared to 17.15 during YTD FY2023.
-
The mill processed 369,711 tonnes of sulphide ore during the six
months ended December 31, 2023, averaging a head grade of 1.68 g/t
and a recovery of 70.34%. This compares with 9,574 tonnes of
sulphide ore at a head grade of 1.81g/t and a recovery rate of
31.70% processed during the six months ended December 31,
2022.
FINANCIAL RESULTS
Second quarter financial results
- Revenue of
$11.00 million from the sale of 5,191 dry metrics tonnes (“DMT”) of
gold concentrates, containing 6,967 oz of gold sold at the average
realized gold price of $1,946/oz (Q2 FY2023: revenue of $5.87
million for 3,350 oz of gold bullion sold at the average realized
price at $1,753 per ounce).
- Total mining cost of $2.08 million compared to $1.82 million
during Q2 FY2023.
-
For the three months ended December 31, 2023, total processing
costs related to the sulphide operations were $2.38 million
compared to $2.63 million related to the oxide operations during
the three months ended December 31, 2022.
- Mining
operations before non-cash amortization and depreciation generated
a gross margin of $4.77 million, an increase of $3.95 million from
$0.82 million in Q2 FY2023.
- The cash cost
from the sulphide flotation gold production was $894/oz (Q2 FY2023:
$1,507/oz for the oxide operations).
YTD 2024 financial results
-
Revenue of $17.91 million from the sale of 8,910 DMT of gold
concentrates, containing 11,574 oz of gold sold at the average
realized gold price of $1,940/oz (YTD FY2023: revenue of $6.58
million for 3,750 oz of gold bullion sold at the average realized
price at $1,755 per ounce).
-
Total mining cost of $3.30 million compared to $2.08 million during
the six months ended December 31, 2022.
-
For the six months ended December 31, 2023, total processing costs
related to the sulphide operations were $3.99 million compared to
$2.93 million related to the oxide operations during the six months
ended December 31, 2022.
-
Mining operations before non-cash amortization and depreciation
generated a gross margin of $7.78 million, an increase of $6.90
million from $0.88 million during YTD FY2023.
-
The cash cost from the sulphide flotation gold production was
$875/oz (YTD FY2023: $1,519 for the oxide operations).
DEVELOPMENT
Selinsing Gold Mine
Plant Improvements
Ongoing plant improvements included an upgrade
to the concentrate thickener underflow pipeline to the filter press
surge tank. One of the concentrate thickener overflow pumps was
replaced with a bigger pump along with a new pipeline; a standby
pump will be installed once refurbishment work is completed.
Modifications to the cleaner flotation circuit were initiated to
allow cleaning of the first rougher concentrate to produce a
cleaner final concentrate during processing of transition ore
types.
The optimization of the flotation reagent suite
has been ongoing, with a focused approach towards refining the use
of key components. Additionally, issues previously encountered with
the flotation air blowers have been successfully resolved,
following comprehensive troubleshooting conducted by Atlas Copco
technicians. As results, the reconciled recovery of 71.10% was
reported for December 2023. Some daily recoveries were over 80% and
sometimes 90% were recorded.
Construction of the concentrate shed has been
completed and the lighting power supply connected. Roofing was
installed over the rougher and cleaner flotation cells. The one
tonne bulk bagging system was delivered to Port Klang and
transported to the Selinsing site pending finalization. The
contract for the new flotation tailings hopper was awarded and
fabrication initiated; civil works commenced in mid-December 2023
and installation of the tailings hopper and associated pipework is
scheduled in the 1st week of February 2024.
The procurement plan and strategies have been
tabled for review focusing on critical spare parts for the sulphide
flotation plant and by allocating resources to enhance this
improvement with the aim to avoid any unforeseen stoppage of plant
operations.
Tailing Storage Facility (TSF) Upgrade
The expansion of the TSF, which was initiated in
February 2021, aimed to raise the TSF’s level to 540m RL, which
will allow an additional three-year capacity for the sulphide
concentrate production. As of the end of FY 2022, the TSF upgrade
project had reached a commendable completion rate of 92.30%, with
the main embankment level at 537.00m RL. An additional phase of
construction resumed in the first quarter of FY2024 and achieved
levels of 539.25m RL. The additional 0.75m RL required to reach the
required level of 540m RL was achieved in Q2 2024.
A monitoring system, which comprises 11 prisms
installed at the TSF main embankment, has been instrumental in
ensuring structural integrity. Bi-weekly readings indicated a total
vertical movement of only 6.30mm for the quarter, with no
significant deviations observed. As of the end of Q2 FY2024, the
total progress of the fill work stands at 100%.
Murchison Gold Project
During Q2 2024, the Company continued working on
the review of the Murchison Gold Project, including reassessment of
the economics of potential cash flow generation. Also, the Company
performed a review of all historical and recent drillhole data for
the Gabanintha tenement holdings, in order to plan infill drilling
programs for completion in subsequent quarters with a view to
potentially report NI-43 101 compliant resources in the area.
Processing plant, accommodation, catering
facilities, offices, and associated infrastructure were maintained
to a high standard ensuring operational readiness for commissioning
in the eventuality that production restarts. Accommodation and
catering facilities were fully operational during the quarter and
equipped to support administrative, exploration, and mining
activities.
Exploration
Malaysia
There was no exploration drilling undertaken at
Selinsing during the quarter. Exploration activities to identify
additional oxide and sulphide mineralization are expected to resume
during later stages of FY2024.
Western Australia
Burnakura: During Q2 FY2024, the Company
continued to review and update internal studies for production
opportunities at Burnakura, following the completion of the
Selinsing Sulphide Gold Project during fiscal 2023. During the
quarter, construction of a new drill core storage yard located at
Burnakura continued with optimized racking, cutting, and core
logging facilities which will be completed during Q3 2024.
Gabanintha: Review of Gabanintha Gold Project
historical resources continued as part of updating internal
studies. Historical data received from regulators in Q2 FY2024 was
reviewed in the quarter. Estimation of infill drilling requirements
for the existing main pits was completed for corporate review.
Tuckanarra: In August 2023, the Company received
notification from Odyssey Gold Ltd (“Odyssey”) that a major
milestone of resources was achieved at the Tuckanarra Joint Venture
project, which triggered a due Performance Payment of AUD$1.00
million. Both Monument and Odyssey agreed to defer the payment by
six months after the date of satisfaction of the milestone,
specifically by February 2, 2024. Subsequent to December 31, 2023,
Monument and Odyssey agreed upon an additional two-week extension.
The payment of AUD$1.00 million plus interest has been received on
February 23, 2024.
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.
Cathy Zhai, President and CEOMonument Mining
LimitedSuite 1580 -1100 Melville StreetVancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web
site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver
T: +1-604-638-1661
x102
rcushing@monumentmining.com
"Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Disclaimer Regarding Forward-Looking
Statements
This news release includes statements containing
forward-looking information about Monument, its business and future
plans ("forward-looking statements"). Forward-looking statements
are statements that involve expectations, plans, objectives or
future events that are not historical facts and include the
Company's plans with respect to its mineral projects, expectations
regarding the completion of the ramp-up period to target production
level at Selinsing and the timing thereof, expectations regarding
the Company’s continuing ability to source explosives from
suppliers, expectations regarding completion of the proposed
storage shed and ammonium nitrate depot and the timing thereof, and
the timing and results of the other proposed programs and events
referred to in this news release. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "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". The forward-looking
statements in this news release are subject to various risks,
uncertainties and other factors that could cause actual results or
achievements to differ materially from those expressed or implied
by the forward-looking statements. These risks and certain other
factors include, without limitation: risks related to general
business, economic, competitive, geopolitical and social
uncertainties; uncertainties regarding the results of current
exploration activities; uncertainties in the progress and timing of
development activities, including those related to the ramp-up
process at Selinsing and the completion of the proposed storage
shed and ammonium nitrate depot; uncertainties and risks related to
the Company’s ability to source explosives from suppliers; foreign
operations risks; other risks inherent in the mining industry and
other risks described in the management discussion and analysis of
the Company and the technical reports on the Company's projects,
all of 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 news release include:
expectations regarding the estimated cash cost per ounce of gold
production and the estimated cash flows which may be generated from
the operations, general economic factors and other factors that may
be beyond the control of Monument; assumptions and expectations
regarding the results of exploration on the Company's projects;
assumptions regarding the future price of gold of other minerals;
the timing and amount of estimated future production; assumptions
regarding the timing and results of development activities,
including the ramp-up process at Selinsing and the completion of
the proposed storage shed and ammonium nitrate depot; expectations
that the Company will continue to be able to source explosives from
suppliers in a timely manner; costs of future activities; capital
and operating expenditures; success of exploration activities;
mining or processing issues; exchange rates; and all of the factors
and assumptions described in the management discussion and analysis
of the Company and the technical reports 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-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. 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.
Monument Mining (TSXV:MMY)
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