Monument Mining: $53 Million of Profit in Nine Months — and a Reserve Book From 2018

Picture yourself at the edge of a running track. A runner comes past and the stopwatch shows his fastest lap of the evening, by some margin. Your head immediately does the math: that pace, extrapolated across the whole race, makes for a superb result. What your head does not ask in that moment is how many laps the race still has. Call this investor weakness the lap-time trap. We see the speed, we see it very precisely — and we miss the distance.

At Monument Mining Limited, both numbers sit in the same document, twenty pages apart. Page 1 of the quarterly report to March 31, 2026 carries the lap time: net income of $22.65 million in three months, $53.31 million in nine, $101.76 million in the bank. Page 7 carries the distance: the last independently reviewed reserve estimate carries an effective date of March 31, 2018, was calculated at a gold price of $1,300 per ounce, and the feasibility study built on it set out a life of mine of about six years. Those six years are gone. So let us make a deal: we read the quarterly report, the annual statements and seven years of production figures together — and put lap time and remaining distance side by side. What you do with that is your call.

What Monument Mining actually does — one mine, a concentrate and a promise

Monument Mining is a Canadian corporation headquartered in Vancouver that operates exactly one mine. It sits in Pahang State in the central gold belt of western Malaysia and is called Selinsing. The adjacent deposits Buffalo Reef, Felda Block 7, Peranggih and Famehub belong to it, all clustered around a processing plant with a capacity of one million tonnes per year. The company holds 100 percent of everything.

What happens there is open-pit mining in its classic form. In the quarter to March 31, 2026 the operation moved 2,379,309 tonnes of material, of which 224,398 tonnes were ore and 2,154,912 tonnes were waste. A stripping ratio of 9.60 to 1 means that almost ten tonnes of barren rock have to be cleared for every tonne of ore. From the ore — 243,367 tonnes processed, grading 1.67 grams of gold per tonne — came 11,700 ounces of gold at a recovery rate of 89.75 percent.

One detail sets Monument apart from many other gold producers: the company does not sell gold, it sells concentrate. Since the transition in the third quarter of fiscal 2023 the ore at Selinsing has been predominantly sulphide, meaning the gold is locked into sulphur compounds and can no longer simply be leached out. Instead it is upgraded into a concentrate by flotation, and that concentrate is sold to a smelter. The old carbon-in-leach circuit has been on care and maintenance ever since. For you as a reader that means one thing: between the gold price on the screen and the money in the bank sits someone else who takes a cut. We will get to that.

The second leg is called Murchison and lies in Western Australia, 765 kilometers northeast of Perth. It consists of the Burnakura and Gabanintha projects plus a 20 percent free carried interest in the Tuckanarra joint venture. The company describes itself as an established Canadian gold producer and mining asset developer, and the goal stated on its own home page is to become a mid-tier gold producer with multiple mines. How far Murchison is from that, we will see shortly.

Why there is no SEC filing here — and where the numbers come from instead

Anyone searching for an annual report (10-K) or a quarterly report (10-Q) for Monument Mining at the U.S. securities regulator, the SEC, will find nothing. That is not an omission but a consequence of structure: Monument is a Canadian corporation listed on the TSX Venture Exchange in Toronto under the symbol MMY and in Frankfurt under D7Q1. The symbol MMTMF, under which many U.S. investors find the stock, is merely the secondary quotation on the OTC Pink market — an over-the-counter venue that carries no reporting obligations of its own.

The only SEC registration under the name carries the central index key 0001406194 and contains exactly one document: a paper filing dated July 9, 2007. The ticker and exchange fields of that registration are empty. That is all of it.

The mandatory reports live on SEDAR+, the Canadian counterpart to the SEC archive, and are mirrored on the company website. There are two kinds: audited annual financial statements to June 30, and three sets of unaudited interim statements with the accompanying management's discussion and analysis, or MD&A. Accounting follows IFRS, and — this is the second quirk — the reporting currency is the U.S. dollar, even though the company is Canadian and produces in Malaysia. All amounts in this analysis are therefore U.S. dollars unless expressly stated otherwise.

The fiscal year ends June 30. When fiscal 2026 is mentioned below, it means the period from July 1, 2025 to June 30, 2026. The latest available report covers nine months of it, to March 31, 2026. It is dated May 25, 2026 and was released on June 1, 2026. The annual statements for the now-completed fiscal 2026 had not been filed as of August 19, 2026; last year they appeared on October 15.

How this stock landed on our desk

Not through our in-house stock scanner. The trigger was the U.S. symbol MMTMF, which circulates in investor forums as a gold producer trading on a single-digit price-to-earnings ratio — and that description happens to be accurate. Over the twelve months to March 31, 2026, Monument Mining reported net income of $74.14 million ($20.84 million in the quarter to June 30, 2025 plus $53.31 million in the nine months after). Against a market value of roughly $227 million on August 18, 2026, that works out to a price-to-earnings ratio of about 3.

This is exactly where the lap-time trap bites. A price-to-earnings ratio is a fraction: price on top, earnings underneath. When the earnings in the denominator are a record built on a record commodity price, the fraction says very little about what will hold three years from now. A ratio of 3 can mean the stock is too cheap. It can equally mean the market does not believe those earnings will repeat. Which reading is right is settled not by the ratio but by the filings. So let us read them.

For context: at Matsa Resources we recently took apart the very same distinction — there it was the gap between a headline resource and the far smaller proven reserve. And if you want to see what a mid-tier gold producer, the thing Monument says it wants to become, actually looks like, our analysis of Endeavour Mining covers it.

The numbers over the years — given their due

Let us start with what genuinely impresses, because there is a good deal of it here.

First, this company has a real turnaround behind it. In fiscal 2022 each ounce sold carried an all-in sustaining cost of $2,175 and generated $1,870 of revenue. That is not a rounding error; that is a business losing money on every ounce. The cause was a transition: the oxide ore that is easy to process was running out, and the new flotation plant for sulphide ore was only 69 percent complete because of a supply-chain disruption. Fiscal 2023 closed with a net loss of $6.27 million. Fiscal 2024 then showed $6.44 million of profit, fiscal 2025 $37.54 million, and the first nine months of fiscal 2026 already $53.31 million. The spread between revenue and all-in sustaining cost per ounce tells the same story in a single line: $1,824 against $1,722 in fiscal 2023, $2,116 against $1,173 in fiscal 2024, $2,947 against $1,093 in fiscal 2025 and $4,262 against $1,323 in the first nine months of fiscal 2026.

Second, the volume is back. From 7,060 ounces sold in fiscal 2023 the figure rose to 30,713 (2024) and 41,183 (2025). In the nine months to March 31, 2026 it was 35,429 ounces, an annualized run rate of roughly 47,000. The report credits a new filter press that removed a processing bottleneck, along with a recovery rate improved to 89.75 percent from 88.20 percent.

Third, the balance sheet is unusually clean. At March 31, 2026 the company held $101.76 million in cash and term deposits, working capital of $108.85 million and equity of $207.27 million. On the other side: total liabilities of $36.36 million, comprising $12.32 million of income tax payable, $10.86 million of trade payables and $8.49 million of asset retirement obligations. Interest-bearing financial debt is effectively absent — lease liabilities total $84,000. For a small gold producer that is anything but standard.

"As at March 31, 2026, the Company’s cash reserves totaled $101.76 million, comprising $11.16 million in cash on hand and $90.60 million in short-term investments - term deposits, compared to cash and cash equivalents of $45.94 million as at June 30, 2025, when no short-term investments - term deposits were held."

— Monument Mining Limited, MD&A for the quarter ended March 31, 2026, section 4 "Liquidity and Financial Condition", filed on SEDAR+ May 25, 2026

Fourth, money is flowing back to shareholders for the first time. On December 11, 2025 the board declared a special dividend of 2 Canadian cents per share, paid on January 19, 2026. In total that was $5.04 million, or 6.91 million Canadian dollars — the first distribution in company history. In February 2026 the TSX Venture Exchange named the company to its list of the fifty best-performing issuers of the prior year.

That is an honestly good picture. Now let us turn the page over.

What the filings say — the uncomfortable truths

Uncomfortable truth No. 1: the reserve book is from 2018 — and is nearly empty on paper

Section 2.1.1 of the same quarterly report that carries the record profit describes the ore base. And that section has not changed in years. Its basis is a report by the independent consultant Snowden dated January 31, 2019, whose reserves carry an effective date of March 31, 2018. They were estimated using a gold price of $1,300 per ounce. Disclosed were 5.738 million tonnes of ore at 1.45 grams of gold per tonne, or 267,000 contained ounces.

A quick definition, because in mining this is the distinction that matters. A resource is gold that geological work suggests is in the ground. A reserve is the portion of it for which a study has shown it can actually be extracted at a profit under assumed costs and prices. Only the reserve is a defensible statement about how much longer a mine will run. And the feasibility study built on this reserve is unambiguous:

"Based on these Reserves, the 2019 Feasibility Study has demonstrated an approximately six-year life of mine (LOM) with a net present value (NPV) of $27.56 million based on reported oxide and sulphide ore Reserves as of March 2018."

— Monument Mining Limited, MD&A for the quarter ended March 31, 2026, section 2.1.1, filed on SEDAR+ May 25, 2026

Over those six years, 5.7 million tonnes of ore were to be treated for 223,000 ounces of recovered gold at a cost of $863.67 per ounce. Now the counter-calculation. Add up what the company has itself disclosed as sold since the effective date — 16,505 ounces in fiscal 2019, 19,401 (2020), 12,850 (2021), 8,016 (2022), 7,060 (2023), 30,713 (2024), 41,183 (2025) and 35,429 in the first nine months of fiscal 2026 — and you arrive at 171,157 ounces. The April-to-June 2018 quarter is not even in that total, because fiscal 2018 falls outside the series.

So roughly 77 percent of the planned volume has been mined, and more than eight years have passed rather than six. This calculation is an order of magnitude, not an accounting entry: part of the gold sold came from stockpiles, from the old leach circuit, and from extensions at Felda Block 7 that were not in the 2018 reserve table. But the direction is unambiguous, and it is not disputed either. The company itself writes repeatedly of "mine life extension opportunities" and "resource growth potential". Nobody extends what is plentiful.

What is actually under way is a drill program. It began in the fourth quarter of fiscal 2025; in the quarter to March 31, 2026, 58 holes for 8,666 meters were drilled at Buffalo Reef, bringing the expansion program to 13,045 meters in total, with 9,078 samples dispatched to an independent laboratory. On May 29, 2026 the company reported assays from 23 further holes and declared phases I and II complete, with more results pending. This may turn out well. But until a new, independently reviewed reserve table is published, nobody outside the company knows how many laps this race still has.

Uncomfortable truth No. 2: the record $5,166 price does not reach the bank account

The headline of the quarter was a record realized gold price of $5,166 per ounce. That is what the report says, and it is true. Except: 10,478 ounces sold at $5,166 would be $54.13 million. Booked revenue was $47.04 million. The $7.09 million difference — or $677 per ounce, a good 13 percent — is explained in the report in four words: "net of smelter costs". Anyone selling concentrate rather than bullion shares the price with the smelter. What actually arrived was $4,489 per ounce.

This is not an accusation but the economics of the process, and it is disclosed. It matters nonetheless, because the same gap shows up every year: $552 per ounce in fiscal 2025, $442 in fiscal 2024. Anyone extrapolating profitability should use $4,489, not $5,166.

The second figure in this chapter sits right beside it and points the other way. Cash cost per ounce sold rose from $874 to $1,390 in a single year — up 59 percent. The company explains it plainly:

"Cash cost of $1,390 per ounce sold (Q3 FY 2025: $874/oz), reflecting higher royalty expenses and other government fees associated with the record-high average realised gold price achieved during the quarter;"

— Monument Mining Limited, MD&A for the quarter ended March 31, 2026, section 1.1, filed on SEDAR+ May 25, 2026

Note 20 of the interim statements carries the underlying figure: $6.797 million of royalties plus $0.465 million of rehabilitation fund levy for the quarter, together $7.262 million on revenue of $47.04 million. That is 15.4 percent. A year earlier it was 11.9 percent. Malaysia raised the royalty rate in September 2025 and additionally introduced a tax on mining-related services. Since the segment note shows that all revenue is generated in Malaysia, there is no second country across which this can be spread. At a very high gold price it is bearable; at a normal gold price it eats a noticeable share of the margin.

Uncomfortable truth No. 3: the second leg has been standing still for twelve years

Murchison is the promise in every corporate presentation: the second source of cash flow, the path to mid-tier producer status. It was acquired in 2014. What has happened since is described most soberly by the report itself:

"The Burnakura site also hosts a 250Ktpa gold processing facility, currently on care and maintenance, an accommodation camp, and supporting infrastructure, providing a solid foundation for future development."

— Monument Mining Limited, MD&A for the quarter ended March 31, 2026, section 2.2, filed on SEDAR+ May 25, 2026

"Currently on care and maintenance" means the plant is kept from decaying but produces nothing. The interim statements quantify both the cost and what sits on the balance sheet against it: in the quarter to March 31, 2026, $0.42 million flowed to Murchison, of which $0.25 million went to care and maintenance alone. The segment note shows $36.176 million of capitalized exploration and evaluation spending for Australia — 17.5 percent of total equity.

Capitalized exploration spending is an accounting treatment, not cash. It stays on the balance sheet for as long as the company judges eventual economic recovery to be probable. If that judgment changes, it must be written down, and the write-down hits equity rather than the bank account. Twelve years after acquisition, a preliminary economic assessment is in preparation, a fauna survey is complete, and a confirmation drill program at Gabanintha is planned once heritage processes and approvals are cleared. That is progress. After twelve years, it is very early progress.

Uncomfortable truth No. 4: nearly everything hangs on a number nobody in Vancouver controls

Let us decompose the move of the past year. In the quarter to March 31, 2026, 10,478 ounces were sold against 8,399 in the prior-year quarter — 25 percent more volume. Revenue over the same span rose from $19.85 million to $47.04 million, or 137 percent. Net income rose from $4.86 million to $22.65 million, a factor of 4.7. Volume explains a small part of that. The large part is explained by price, which nearly doubled from $2,945 to $5,166 per ounce.

For context, the London PM fix averaged $4,873 per ounce over the same quarter. Monument therefore did not sell better than the market; the market simply was that. That distinction matters because it tells you what you are actually betting on. A company with one mine, one product, one currency and one sales market is at heart a leveraged claim on the gold price — with the added risk that the mine eventually runs out, and the added benefit that costs grow only slowly alongside.

What happens when the price falls does not need to be simulated. It sits in the company's own numbers: in fiscal 2022 all-in sustaining cost was $2,175 against revenue of $1,870 per ounce. Operations were disrupted at the time, granted. Today the all-in sustaining cost runs at $1,323 to $1,583 per ounce, a level at which even a substantially lower gold price would still be workable. Just not with $53 million of profit in nine months.

Valuation: a $227 million market value, $102 million of it in cash

On August 18, 2026, MMTMF closed at $0.6551 on the U.S. secondary market. Against 346,218,368 shares outstanding — the figure comes from the quarterly report, stated as of May 25, 2026 — that gives a market value of roughly $227 million. The share count is pleasingly stable: all 15.97 million restricted share units were redeemed in July 2025, and the only remaining instruments are 1,716,661 options at 14.5 Canadian cents expiring January 18, 2029. Meaningful dilution — the effect of your slice of the pie shrinking because new slices are handed out — is not coming from there.

Deduct the $101.76 million of cash and term deposits (as of March 31, 2026; the market value is as of August 18, 2026, so the two dates sit a good four months apart) and roughly $125 million of enterprise value remains. Against that stand $74.14 million of net income over the last twelve reported months. That is a multiple of about 1.7 — an extraordinarily low figure for a producing, debt-free, dividend-paying mining company.

That valuation is not an anomaly; it is a statement. The market is paying roughly what the next two years might deliver, and no more. Translated: the majority of buyers and sellers do not expect earnings of this size to persist, whether because of the gold price or because of the remaining life of the mine. Whether they are right will be settled by exactly two documents: a new reserve estimate and the preliminary economic assessment for Murchison.

One point that honesty demands at this size: liquidity on the U.S. secondary market is thin. In the first half of August 2026, between 20,000 and 260,000 shares changed hands on a given day, most often around 100,000 — at a price near $0.65 that is roughly $65,000 of turnover per day. The home market in Toronto is deeper, but this is still not a position built or unwound in seconds. The trading range of the past twelve months ran from $0.32 to $1.15.

Upside and risks at a glance

What speaks for Monument Mining:

• The balance sheet is exceptionally clean: $101.76 million of cash and term deposits, working capital of $108.85 million, equity of $207.27 million and effectively no financial debt as of March 31, 2026. For a producer of this size that is rare.
• Operating cash flow is real and large: $27.26 million from operations in the quarter to March 31, 2026 alone, and $64.75 million before working-capital changes over nine months.
• The cost position has structurally improved: all-in sustaining cost fell from $2,175 per ounce in fiscal 2022 to $1,093 in fiscal 2025 and stood at $1,323 in the first nine months of fiscal 2026 — with room to fall further if the gold price and the price-linked levies come down.
• Volume is growing again: 41,183 ounces sold in fiscal 2025 against 7,060 in fiscal 2023, driven by a new filter press and a recovery rate of 89.75 percent in the quarter to March 31, 2026.
• Money is being returned for the first time: a $5.04 million special dividend paid January 19, 2026, and the cash position could comfortably support further distributions.
• There are two documented value levers not yet reflected in the numbers: the completed expansion drill program at Buffalo Reef and Felda (release of May 29, 2026) and Murchison with a resource estimate of 293,000 indicated plus 88,000 inferred ounces (SRK, July 2018).

What speaks against it:

• The last reviewed reserve estimate carries an effective date of March 31, 2018, was calculated at $1,300 per ounce, and is largely mined out measured against the roughly 171,000 of 223,000 planned ounces sold since. There is therefore no defensible public statement about the remaining life of the mine.
• The business rests on a single producing asset in a single country: per the segment note, all revenue is generated in Malaysia.
• The government take is rising: royalties and rehabilitation fund levy together accounted for 15.4 percent of revenue in the quarter to March 31, 2026, up from 11.9 percent a year earlier, following a rate increase effective September 2025 and a new tax on mining-related services.
• The headline realized price of $5,166 per ounce is not the revenue: after smelter costs, $4,489 per ounce arrived, roughly 13 percent less.
• Murchison has been idle since it was acquired in 2014, the processing plant is on care and maintenance, the resource estimate dates from July 2018, and a preliminary economic assessment was still only in preparation at March 31, 2026 — against $36.18 million of capitalized spending on the balance sheet.
• The profit jump is predominantly price-driven: on 25 percent more volume sold, revenue rose 137 percent, because the realized price nearly doubled from $2,945 to $5,166 per ounce.
• Tradability on the U.S. secondary market is limited: around 100,000 shares, or roughly $65,000, on a typical day in the first half of August 2026.

A human conclusion

Back to the running track. Monument Mining's lap time is real, verifiable and impressive: $53.31 million of profit in nine months, $101.76 million in the bank, no meaningful debt, and the first dividend in company history paid out. Anyone doubting those figures has not read the report. They are there, in the same set of books that everything else comes from.

The remaining distance is the open question — and it is open not because the company hides it, but because nobody has measured it again for eight years. The drill program is running, the samples are at the laboratory, and the last release on May 29, 2026 sounded confident. But a reserve table is a different thing from a press release about drill intercepts: it says how many ounces can be pulled out at what cost at a profit, and an independent qualified person signs for it. Until that table exists, what you are buying at Monument Mining is a very good lap time and an unknown number of laps.

So the honest question is not "is a price-to-earnings ratio of 3 cheap?" — for a commodity producer at the end of a price cycle, a low earnings multiple is as often a warning as an opportunity. The question is: are you willing to wait for the next annual report and decide then — knowing that this is precisely where the answer about the remaining distance could appear, and accepting the risk that it does not? What you do with that is your call. And that is exactly as it should be.

Sources

Every original document used in this analysis — read them yourself through Monument Mining's financial reporting archive, mirrored from SEDAR+:

• Monument Mining Limited — MD&A and unaudited condensed interim consolidated financial statements for the three and nine months ended March 31, 2026 (MD&A dated May 25, 2026, released June 1, 2026) — latest periodic report, fully evaluated
• Monument Mining Limited — MD&A and audited financial statements for the fiscal year ended June 30, 2025 (released October 15, 2025)
• Monument Mining Limited — MD&A for the fiscal year ended June 30, 2024 and the annual reports for the years ended June 30, 2022, 2021, 2020 and 2019 — the basis for the multi-year series of ounces sold
• Monument Mining Limited — news release "Monument Reports Third Quarter Fiscal 2026 Results" (June 1, 2026), including the remarks by President and CEO Cathy Zhai
• Monument Mining Limited — news release on the special dividend (December 11, 2025) and the releases of February 18, 2026 (TSX Venture 50) and May 29, 2026 (Buffalo Reef/Felda drill results)
• Monument Mining Limited — project and corporate overview (retrieved August 19, 2026)
• Fundamental data plus price and volume data for the U.S. secondary symbol MMTMF (retrieved August 18, 2026), reconciled against the 346,218,368 shares outstanding disclosed in the quarterly report to March 31, 2026.

Transparency & disclaimer: This analysis is journalistic commentary on publicly available information. It is not investment advice, not a regulated financial analysis, and not a solicitation to buy or sell securities. Equity investments carry substantial risk up to total loss; for small commodity producers with a single mine and limited tradability that risk is particularly pronounced. All amounts are in U.S. dollars unless otherwise stated, all figures without warranty; the effective date of each data point is noted in the text. The author holds no position in Monument Mining shares at the time of publication.