Monument Mining Limited

Yellow rather than red, and deliberately so. There is no basis for red: no indication of a going-concern issue, equity is high and positive at $207.27 million, financial debt is effectively absent, and with $101.76 million in cash and term deposits plus $27.26 million of operating cash flow in the quarter to March 31, 2026 alone, the cash position is the opposite of a solvency risk. What is missing for green is the single most important answer a mining company owes: how much longer its only producing mine will deliver ore. The last reviewed reserve estimate carries an effective date of March 31, 2018, was calculated at $1,300 per ounce, and about 171,000 of the 223,000 ounces in the associated feasibility study have been mined per the company's own sales figures. Add to that a business whose entire revenue comes from a single country that raised its levy rate in September 2025, and a second project held since 2014 that still has no preliminary economic assessment. These are open operating questions, not solvency risks — hence yellow. That the stock looks strikingly cheap against trailing twelve-month earnings deliberately plays no part in this rating: price is not a quality attribute. The decision is yours.

Assessment: Opportunities & Risks

Monument Mining earned net income of $53.31 million in the nine months to March 31, 2026, holds $101.76 million in cash and term deposits, carries essentially no financial debt, and paid the first dividend in its history in January 2026. The jump in profit, however, is overwhelmingly price-driven, and the decisive question is unanswered: the last reviewed reserve estimate is dated March 31, 2018 and was calculated at a gold price of $1,300 per ounce, with about 171,000 of the 223,000 planned ounces already sold. The second leg, Murchison, has been idle since 2014. The next annual report is where a new reserve table could appear. Not investment advice.

Worth Noting

The trigger for this analysis was the U.S. symbol MMTMF, under which Monument Mining circulates in investor forums as a cheaply valued gold producer. There was no hit from our in-house stock scanner.

Monument Mining is not an SEC filer, and the evidence is twofold: the ticker registry of the U.S. securities regulator, the SEC, lists neither MMTMF nor MMY, and the single EDGAR registration under the name (central index key 0001406194) holds exactly one document — a paper filing dated July 9, 2007 with no ticker or exchange entry. All company figures therefore come from the Canadian mandatory filings on SEDAR+: the quarterly report to March 31, 2026 (May 25, 2026), the annual statements to June 30, 2025 (October 15, 2025) and the annual reports for 2019 through 2024.

All amounts are U.S. dollars because the company itself reports in U.S. dollars — despite being Canadian, producing in Malaysia and holding a project in Australia. The special dividend, by contrast, was declared in Canadian dollars (C$0.02 per share) and is marked as such in the text.

Risk of confusion: at the U.S. securities regulator, a name search for "Monument Mining" leads under central index key 0002100603 to Metaplanet Inc. (symbol MPJPY), a Japanese company with no connection whatsoever to Monument Mining. Fundamental data files also list the country of domicile as "USA", even though the corporate seat, the production and the listings sit in Canada, Malaysia and Australia.

The calculation "about 171,000 of 223,000 ounces mined" is an order of magnitude, not an accounting entry. It sums the sales volumes disclosed in the annual and quarterly reports for fiscal 2019 through fiscal 2026 (nine months); part of that gold came from stockpiles, from the old leach circuit and from extensions at Felda Block 7 that were not in the 2018 reserve table. The April-to-June 2018 quarter is not included in the total.