Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or
the “Company” today announced its third quarter of fiscal 2024
production and financial results for the three and nine months
ended March 31, 2024. 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, "Q3
FY2024 was a significant quarter at the Selinsing Gold Mine with
stabilization of production at the sulphide gold processing plant.
The Company focused on the improvement of flotation plant
performance at the Selinsing Gold Mine to increase cash flow
generation. The cash generation provides a foundation for future
exploration, development and corporate growth. In addition, an
assessment of a potential production restart at the Murchison Gold
Project continues to progress.”
Third Quarter Highlights:
- Positive cashflow from gold concentrate production of $6.20
million during Q3 2024, compared to $1.35 million in Q3 2023 when
gold bullion transitioned to gold concentrate production.
- Gold concentrate production stabilized in Q3 FY 2024 with a
total of 5,448 ounces of gold produced, bringing the year to date
gold production to 19,539 ounces at cash cost of $878 per ounce and
AISC at $1,168 per ounce (YTD FY 2023: a total 6,003 ounces of gold
produced, comprised of 2,440 ounce from gold concentrate production
and 3,563 ounces from gold bullion production at a cash cost of
$1,536 per ounce and AISC at $1,779 per ounce).
- Ongoing upgrades of the filter press through FY 2024 expected
to further increase production capacity.
- 5,488 ounces of gold produced (Q3 2023: 2,412 ounces);
- 8,727 ounces of gold sold at a record average realized price of
$2,097 per ounce with revenue from concentrate sales of $14.91
million (Q3 2023: 1,400 ounces sold at average realized price of
$1,878 per ounce and revenue of $2.63 million from gold bullion
sales) (refer to section 14 “Non-IFRS Performance Measures” for
further details on the calculation of the average realized gold
price in the Q3 FY 2024 Management’s Discussion and Analysis
(“MD&A”));
- Cash cost per ounce sold of $882 per ounce (Q3 2023: $1,580 per
ounce);
- Gross margin of $7.21 million (Q3 2023: $0.42 million);
- All-in sustaining cost (“AISC”) per ounce sold of $1,273 per
ounce (Q3 2023: $1,940 per ounce) (refer to section 14 “Non-IFRS
Performance Measures” in the Q3 FY 2024 MD&A).
Third Quarter and YTD Production and Financial
Highlights
|
Three months ended March 31, |
|
Nine months ended March 31, |
|
|
2024 |
2023 |
|
2024 |
2023 |
|
Production |
|
|
|
|
Ore mined (tonnes) |
200,676 |
82,100 |
|
790,264 |
298,351 |
|
Waste removed (tonnes) |
2,777,069 |
2,235,216 |
|
7,565,320 |
5,943,868 |
|
Gold Concentrate
Production |
|
|
|
|
Ore processed (tonnes) |
166,478 |
89,151 |
|
536,189 |
98,725 |
|
Average mill feed grade (g/t) |
1.49 |
1.99 |
|
1.62 |
1.98 |
|
Processing recovery rate (%) |
68.50 |
41.75 |
|
69.82 |
40.86 |
|
Gold produced (oz) |
5,488 |
2,412 |
|
19,539 |
2,440 |
|
Gold sold (oz) |
8,727 |
- |
|
20,301 |
- |
|
Gold Bullion
Production |
|
|
|
|
Ore processed (tonnes) |
- |
- |
|
- |
195,264 |
|
Average mill feed grade (g/t) |
- |
- |
|
- |
1.03 |
|
Processing recovery rate (%) |
- |
- |
|
- |
44.90 |
|
Gold produced (1) (oz) |
- |
- |
|
- |
3,563 |
|
Gold sold (oz) |
- |
1,400 |
|
- |
5,150 |
|
|
|
|
|
|
Financial
(expressed in thousands of US$) |
$ |
$ |
|
$ |
$ |
|
Revenue |
14,911 |
2,629 |
|
32,819 |
9,209 |
|
Gross margin from mining
operations |
7,213 |
417 |
|
14,991 |
1,300 |
|
Income (loss) before other
items |
2,715 |
(894 |
) |
5,606 |
(3,057 |
) |
Net income (loss) |
884 |
(837 |
) |
204 |
(4,322 |
) |
Cash flows provided by
operations |
6,201 |
1,346 |
|
8,635 |
3,446 |
|
Working capital |
17,406 |
14,545 |
|
17,406 |
14,545 |
|
|
|
|
|
|
Earnings (loss) per share – basic (US$/share) |
0.00 |
(0.00 |
) |
0.00 |
(0.01 |
) |
|
|
|
|
|
Weighted average gold
price |
US$/oz |
US$/oz |
|
US$/oz |
US$/oz |
|
Realized price - gold bullion
production (2) |
- |
1,878 |
|
- |
1,788 |
|
Realized price - gold
concentrate production (2) |
2,097 |
- |
|
1,917 |
- |
|
|
|
|
|
|
Cash cost per ounce
sold |
|
|
|
|
Mining |
323 |
567 |
|
301 |
557 |
|
Processing |
349 |
816 |
|
347 |
792 |
|
Royalties |
149 |
181 |
|
162 |
178 |
|
Operations, net of silver
recovery |
61 |
16 |
|
68 |
9 |
|
Total cash cost per
ounce sold (3) |
882 |
1580 |
|
878 |
1536 |
|
By-product silver recovery |
- |
1 |
|
- |
1 |
|
Operation expenses |
4 |
- |
|
5 |
- |
|
Corporate expenses |
8 |
48 |
|
7 |
19 |
|
Accretion of asset retirement obligation |
6 |
40 |
|
8 |
29 |
|
Exploration and evaluation expenditures |
- |
114 |
|
2 |
99 |
|
Sustaining capital expenditures |
373 |
157 |
|
268 |
95 |
|
Total all-in sustaining costs per ounce sold
(4) |
1,273 |
1,940 |
|
1,168 |
1,779 |
|
(1) |
|
Defined as good delivery gold oxide production according to London
Bullion Market Association (“LBMA”), net of gold dore 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
Third quarter gold production
-
A total of 2,977,745 tonnes of material were mined during Q3
FY2024, a 28% increase from 2,317,316 tonnes during Q3 FY2023. This
included 200,676 tonnes of ore mined, up by 144% from 82,100 ore
tonnes mined during Q3 FY2023, and 2,777,069 tonnes of waste mined,
up by 24% from 2,235,216 during Q3 FY2023. The stripping ratio
improved to 13.84 compared to 27.23 during Q3 FY2023.
-
The gold concentrate production in Q3 FY2024 yielded 5,488 ounces
of gold. The mill processed 166,478 tonnes of sulphide ore,
achieving a head grade of 1.49g/t and a recovery rate of 68.50%.
This performance marks a notable improvement from Q3 FY2023, where
2,412 tonnes of sulphide ore at a head grade of 1.99g/t and a
recovery rate of 41.75% 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. Mill availability of the flotation plant was at 84.90%
during Q3 2024 which is lower than planned and was primarily due to
the tie-in of the new rougher tailings hopper and associated
pipework, a TSF powerline failure and high levels of concentrate in
the surge tank at the filter press. To address this, pH adjustment
is now carried out at the filter press surge tank to improve filter
cake quality and easier removal from the filter cloth. Further
upgrades to the filter press have been planned, and are expected to
be completed in October of 2024, with a budget of roughly $1
million.
YTD 2024 gold production
-
Mine production included total material mined of 8,355,584 tonnes
(nine months ended March 31, 2023: 6,242,220 tonnes), comprising
790,264 tonnes of ore (nine months ended March 31, 2023: 298,351
tonnes) and 7,565,320 tonnes of waste (nine months ended March 31,
2023: 5,943,868 tonnes). The stripping ratio improved to 9.57
compared to 19.92 during YTD FY2023.
-
The mill processed 536,189 tonnes of sulphide ore during the nine
months ended March 31, 2024, averaging a head grade of 1.62 g/t and
a recovery of 69.82%. This compares with 98,725 tonnes of sulphide
ore at a head grade of 1.98g/t and a recovery rate of 40.86%
processed during the nine months ended March 31, 2023.
FINANCIAL RESULTS
Third quarter financial results
-
Revenue of $14.91 million from the sale of 6,004 dry metric tonnes
(“DMT”) of gold concentrates, containing 8,727 oz of gold sold at
the average realized gold price of $2,097/oz (Q3 FY2023: revenue of
$2.63 million for 1,400 oz of gold bullion sold at the average
realized price at $1,878 per ounce).
- Total mining cost of
$2.82 million compared to $0.79 million during Q3 FY2023.
-
For the three months ended March 31, 2024, total processing costs
related to the gold concentrate operations were $3.05 million
compared to $1.14 million related to the gold bullion operations
during the three months ended March 31, 2023.
-
Mining operations before non-cash amortization and depreciation
generated a gross margin of $7.21 million, an increase of $6.79
million from $0.42 million in Q3 FY2023.
-
The cash cost from the gold concentrate production was $882/oz (Q3
FY2023: $1,580/oz for the gold bullion operations).
YTD 2024 financial results
-
Revenue of $32.82 million from the sale of 14,914 DMT of gold
concentrates, containing 20,301 oz of gold sold at the average
realized gold price of $1,917/oz (YTD FY2023: revenue of $9.21
million for 5,150 oz of gold bullion sold at the average realized
price at $1,788 per ounce).
-
Total mining cost of $6.12 million compared to $2.87 million during
the nine months ended March 31, 2024.
-
For the nine months ended March 31, 2024, total processing costs
related to the gold concentrate operations were $7.04 million
compared to $4.08 million related to the gold bullion operations
during the nine months ended March 31, 2023.
-
Mining operations before non-cash amortization and depreciation
generated a gross margin of $14.99 million, an increase of $13.69
million from $1.30 million during YTD FY2023.
-
The cash cost from the gold concentrate production was $878/oz (YTD
FY2023: $1,536 for the gold bullion operations).
DEVELOPMENT
Selinsing Gold Mine
Plant Improvements
As part of the ongoing plant optimization, a new
rougher tailings hopper was installed, along with the rougher
tailings pumps upgraded with new motors and power supply. A bigger
rougher concentrate launder was also installed to replace the
original undersized unit and solve excessive spillage issues.
Further upgrades to the filter press have been planned and are
expected to be completed in October of 2024.
Tailing Storage Facility (TSF) Upgrade
Expansion of the Tailings Storage Facilities
(“TSF”) was initiated in 2021 in order to raise the TSF’s level to
540m RL at the main embankment. This was to accommodate an
additional three-year TSF capacity in relation to the sulphide
concentrate production. The final stage of the 0.75m RL TSF
expansion was achieved in Q2 2024. A new spillway at the saddle dam
at 539.2m RL was also completed by the end of Q3 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 Q3 2024, the
total progress of the fill work stands at 100%.
Murchison Gold Project
During Q3 2024, the Company continued working on
a review of the Murchison Gold Project, including reassessment of
the economics of potential cash flow generation. The Company also
continued to review all historical and recent drill hole data for
the Gabanintha tenement holdings, in order to plan infill drilling
programs for completion in subsequent quarters with a view to
updating the SRK NI 43-101 Report “Mineral Resource estimation at
Burnakura” dated July 2018.
Construction of a new core shed was completed in
March 2024, including new core yard racking and trays. Drill cores
samples have been reorganized to be ready for geological
inspection. A heritage specialist was engaged after Q3 2024 to
research and update the regulatory changes in this regard and other
regulatory compliance was also under review. Processing plant,
accommodation, catering facilities, offices, and associated
infrastructure were maintained to a high standard ensuring
operational readiness for commissioning in the event that
production restarts.
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
later in FY2024.
Western Australia
Burnakura
During Q3 2024, the Company continued to review
and update internal studies for production opportunities at
Burnakura, following the completion of the Selinsing Sulfide Gold
Project during fiscal 2023. During the quarter, construction was
completed on a new drill core storage yard located at Burnakura
with optimized racking, cutting, and core logging facilities. Cores
have been reorganized ready for geological inspection. A heritage
specialist was engaged after Q3 2024 to research and update the
regulatory changes in this regard and other regulatory compliance
was also under review.
Gabanintha
A review of the historic resources at Gabanintha
continued during the quarter, including reviews of historical data
received from regulators in Q2 2024, with conformation and infill
drilling programs for the historical main pits to follow.
Tuckanarra
On August 3, 2023, the Company was notified by
Odyssey Gold Ltd. that a major milestone of resources had been
achieved at the Tuckanarra Joint Venture Project. This triggered an
AUD$1.00 million Performance Payment; the payment plus interest was
received by Monument 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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