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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Monument Mining Limited | TSXV:MMY | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -3.23% | 0.15 | 0.15 | 0.155 | 0.15 | 0.15 | 0.15 | 215,200 | 20:53:00 |
Cathy Zhai, the President and CEO commented, “Fiscal 2023 was a milestone year for the Company with the gold sulphide project completed, and the flotation plant was put into production at the Selinsing Gold Mine in Malaysia. The commercial production has also been reached in August 2023 subsequent to the year end. It again demonstrates Monument has been able to deliver what’s been promised and now we are ready for the next corporate move.”
Fiscal Year 2023 Highlights:
Fourth Quarter Production Highlights:
Fourth Quarter and Fiscal Year 2023 Production and Financial Highlights
Three months ended June 30, | Year ended June 30, | |||||
2023 | 2022 | 2023 | 2022 | |||
Production | ||||||
Ore mined (t) | 144,148 | 91,958 | 439,022 | 355,519 | ||
Waste removed (tonnes) | 2,104,082 | 686,423 | 8,051,617 | 5,593,875 | ||
Gold Oxide Production | ||||||
Ore processed (tonnes) | - | 119,409 | 195,264 | 544,003 | ||
Average mill feed grade (g/t) | - | 0.95 | 1.03 | 0.69 | ||
Processing recovery rate (%) | - | 54.72 | 44.87 | 62.66 | ||
Gold produced (1) (oz) | 362 | 1,942 | 3,926 | 7,091 | ||
Gold sold (oz) | 762 | 450 | 5,912 | 8,016 | ||
Gold Sulphide Production | ||||||
Ore processed (tonnes) | 124,768 | – | 223,493 | – | ||
Average mill feed grade (g/t) | 1.66 | – | 1.80 | – | ||
Processing recovery rate (%) | 66.47 | – | 54.06 | – | ||
Gold produced (oz) | 4,409 | – | 6,849 | – | ||
Gold sold (oz) | 1,148 | – | 1,148 | – | ||
Financial(expressed in thousands of US$) | $ | $ | $ | $ | ||
Revenue | 3,177 | 851 | 12,386 | 14,440 | ||
Gross margin from mining operations | 450 | 274 | 1,749 | 629 | ||
Loss before other items | (891) | (342) | (3,948) | (5,178) | ||
Net income (loss) | (1,951) | 112 | (6,273) | (6,497) | ||
Cash flows provided by (used in) operations | (3,327) | (2,722) | 118 | (4,552) | ||
Working capital | 9,822 | 30,331 | 9,822 | 30,331 | ||
Earnings (Loss) per share – basic and diluted (US$/share) | (0.01) | 0.00 | (0.02) | (0.02) | ||
Weighted average gold price | US$/oz | US$/oz | US$/oz | US$/oz | ||
Realized price – oxide production (2) | 1,883 | 1,890 | 1,800 | 1,870 | ||
Realized price – sulphide production (2) | 1,949 | – | 1,949 | – | ||
Cash cost per ounce sold | ||||||
Mining | 392 | 397 | 513 | 687 | ||
Processing | 810 | 623 | 797 | 851 | ||
Royalties | 179 | 170 | 178 | 166 | ||
Operations, net of silver recovery | 47 | 92 | 19 | 20 | ||
Total cash cost per ounce sold (3) | 1428 | 1282 | 1507 | 1723 | ||
By-product silver recovery | 0 | 7 | 1 | 1 | ||
Operation expenses | 84 | 0 | 23 | 6 | ||
Corporate expenses | 5 | 20 | 15 | 8 | ||
Accretion of asset retirement obligation | 27 | 93 | 28 | 19 | ||
Exploration and evaluation expenditures | -22 | 256 | 66 | 48 | ||
Sustaining capital expenditures | 44 | 563 | 82 | 371 | ||
Total all-in sustaining costs per ounce sold (4) | 1,567 | 2,221 | 1,722 | 2,175 | ||
(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
Annual gold production
Fourth quarter gold production
FINANCIAL RESULTS
Fiscal 2023 financial results
Quarter four financial results
MINE DEVELOPMENT
Selinsing Gold Mine
At Selinsing, development work focused on completion of the construction and commissioning of the flotation plant at the Selinsing Gold Mine in Malaysia. The construction of the plant was completed for a total cost of $18.2 million in line with the budget.
Strategically planned construction and commissioning activities marked the progression of the project, with plant commissioning initiating a series of activities. As a result, the plant has been operating efficiently, achieving 90% of its design capacity by February 2023.
Subsequent to the year-end on September 22, 2023, the Company achieved commercial production, operating at 90% of its designed production capacity for 30 consecutive days in August 2023. During this period, the mill's availability was 94%.
Strategic pauses and resumptions in construction of the TSF and pre-stripping initiatives at Buffalo Reef were aligned with the overall project timeline.
To support continuous operations, several post-year end efforts were initiated, such as the delivery of a new drill rig and establishment of an explosive depot. In addition, enhancements to existing infrastructures, like the expansion of sample preparation facilities, were undertaken, setting the stage for future project milestones and streamlined production processes.
Murchison Gold Project
No drilling was carried out during the fourth quarter of fiscal year 2023. The Company focused on updating and reviewing drill targets at Gabanintha and has reduced exploration activities to preserve cash during the finalisation of the Selinsing sulphide plant development, noting that the costs of drilling in Western Australia have increased over 30%, due to a shortage of labour and drill rigs. The Company continues to maintain the plant and other facilities to the extent they are operationally ready for efficient commissioning when production is restarted. Site accommodation and catering facilities are fully functional to host administrative, exploration and mining activities.
Exploration
Malaysia
There was no exploration drilling undertaken at Selinsing during Q2, Q3, or Q4 of FY2023 in order to preserve cash during the final stages of the sulphide plant construction, commissioning and ramp up. Exploration activities to identify additional oxide and sulphide mineralization are expected to resume during FY2024.
Western Australia
Exploration activities were similarly reduced at the Murchison project during FY2023 in order to preserve cash during the final stages of the sulphide plant development at Selinsing and were largely limited to an ongoing review of historical maps and reports for the Gabanintha project.
Phase 2 drilling, a part of a two-year exploration plan, targeted deeper extensions in the Burnakura tenements for extended production, delivered the results confirmed gold mineralization extensions with high grades up to 17.8g/t gold, over 150m vertically below the current NOA Mineral Resource. This suggests a notable potential for Mineral Resource expansion. The findings revealed increased width, grade, and alteration at depth, indicating the NOA deposits' potential can be further tapped with focused exploration. There's emphasized potential for deeper mining in historic pits and transitioning to underground mining, with prospects extending beyond the current 1.6km limit. Key intercepts include 4m at 12.0g/t gold at NOA 7/8 and 2m at 17.8g/t gold at NOA 4-6.
Qualified Person’s Statement
The technical and scientific information in this press release has been reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.
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 220 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 VancouverT: +1-604-638-1661 x102rcushing@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.
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