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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 |
President and CEO Cathy Zhai commented, “I am pleased to report that during the third quarter our Selinsing Gold Mine in Malaysia commenced sulphide production. With off-take agreements now secured, and the first batch of gold concentrate ready for sale after the end of the quarter, cashflows are expected to be higher in future quarters, underpinned by ongoing improvements in sulphide plant performance towards full production. The Company will use the cash generated from the sulphide concentrate sales for the development of the Murchison Gold Project in Western Australia and other corporate development initiatives.”
Third Quarter Highlights:
Third Quarter and Nine Months Production and Financial Highlights
Three months endedMarch 31, | Nine months ended March 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Production | ||||||||
Ore mined (t) | 82,100 | 103,380 | 298,351 | 263,561 | ||||
Waste removed (tonnes) | 2,235,216 | 1,194,143 | 5,943,868 | 4,907,452 | ||||
Gold Bullion Production (carbon-in-leach (CIL)) | ||||||||
Ore processed (tonnes) | - | 138,984 | 195,264 | 424,595 | ||||
Average mill feed grade (g/t) | - | 0.75 | 1.03 | 0.62 | ||||
Processing recovery rate (%) | - | 69 | % | 45 | % | 66 | % | |
Gold bullion production(1) (oz) | - | 2,423 | 3,563 | 5,149 | ||||
Gold sold (oz) | 1,400 | 3,270 | 5,150 | 7,566 | ||||
Three months endedMarch 31, | Nine months ended March 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Gold Concentrate Production (Flotation) | ||||||||
Ore processed (tonnes) | 89,151 | - | 98,725 | - | ||||
Average mill feed grade (g/t) | 1.99 | - | 1.98 | - | ||||
Mass Pull (%) | 2.35 | % | 2.25 | % | ||||
Processing recovery rate (%) | 42 | % | - | 41 | % | - | ||
Gold concentrate production (t) | 2,107 | - | 2,137 | - | ||||
Gold concentrate production (oz) | 2,412 | - | 2,440 | - | ||||
Gold sold (oz) | - | - | - | - | ||||
Three months endedMarch 31, | Nine months ended March 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Financial (expressed in thousands of US$) | $ | $ | $ | $ | ||||
Revenue | 2,629 | 6,160 | 9,209 | 13,589 | ||||
Gross margin from mining operations | 417 | 158 | 1,300 | 353 | ||||
Loss before other items | (894 | ) | (1,957 | ) | (3,057 | ) | (4,836 | ) |
Net loss | (837 | ) | (2,840 | ) | (4,322 | ) | (6,609 | ) |
Cash flows provided by (used in) operations | 1,346 | 2,170 | 3,446 | (1,830 | ) | |||
Working capital | 14,545 | 32,617 | 14,545 | 32,617 | ||||
Loss per share – basic and diluted (US$/share) | (0.00 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) |
Other | US$/oz | US$/oz | US$/oz | US$/oz | ||||
Average realized gold price per ounce sold (2) | 1,878 | 1,911 | 1,788 | 1,868 | ||||
Cash cost per ounce sold: | ||||||||
Mining | 567 | 762 | 557 | 704 | ||||
Processing | 817 | 900 | 792 | 865 | ||||
Royalties | 180 | 166 | 178 | 166 | ||||
Operations, net of silver recovery | 16 | 7 | 9 | 15 | ||||
Total cash cost per ounce sold(3) | 1,580 | 1,835 | 1,536 | 1,750 | ||||
By-product silver recovery | 1 | 0 | 1 | 1 | ||||
Operation expenses | - | 0 | 0 | 6 | ||||
Corporate expenses | 48 | 8 | 19 | 7 | ||||
Accretion of asset retirement obligation | 40 | 12 | 29 | 14 | ||||
Exploration and evaluation expenditures | 113 | 37 | 99 | 36 | ||||
Sustaining capital expenditures | 158 | 356 | 95 | 359 | ||||
Total all-in sustaining costs per ounce sold(4) | 1,940 | 2,248 | 1,779 | 2,173 |
(1) Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment.(2) Monument average realized gold price is US$1,878/oz for the three months ended March 31, 2023.(3) Total cash cost per ounce 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, idle production costs, capital costs, exploration costs and corporate administration costs. Readers should refer to section 15 “Non-GAAP Performance Measures” of Q3 MD&A. (4) All-in sustaining cost per ounce includes total cash costs 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. Readers should refer to section 15 “Non-GAAP Performance Measures” of Q3 MD&A.
Q3 FY2023 Production Analysis
Gold Bullion Production
Gold Concentrate Production
Q3 FY2023 Financial Analysis
Development
Selinsing Gold Mine
The sulphide project development at the Selinsing Gold Mine in Malaysia has been the recent focus of the Company. As of March 31, 2023, the Project has been completed with total costs of $18 million which includes $11 million for the flotation plant construction and $7 million for mine development, comprising mainly waste removal, river division and improvement of the tailing storage facilities.
During Q3 FY2023 the flotation plant construction was completed, and most ancillary equipment installed, except for the bagging system and permanent concentrate warehouse, which are due to be completed in Q4 FY2023. The ramp up to full production commenced in January 2023, and is expected to be completed in June 2023.
Murchison Gold Project
At Murchison the Company continued to review historical data at the Gabanintha project, and drilling was deferred to preserve cash during completion of the Selinsing sulphide project development.
The Company continued to ensure that the Burnakura plant and other facilities are operationally ready through its care and maintenance program to ensure efficient commissioning in the future. Site accommodation and catering are fully functional in readiness for the Company’s personnel and mining contractors when a restart is approved.
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 200 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.
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