GlobeNewswire by notified

Monument Reports Second Quarter Fiscal 2023 (“Q2 FY2023”) Results Gross Revenue of US$5.87 Million and Cash Cost of US$1,507/Oz


VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its production and financial results for the second quarter of fiscal 2023 and the six months ended December 31, 2022. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to for full financial results).

President and CEO Cathy Zhai commented, “I am pleased to report during the second quarter our Selinsing Gold Mine has filtered first gold concentrates with completion of dry/wet flotation plant commissioning. The ramp up period commenced subsequent to the second quarter yet to bring the project to commercial production.”

Second Quarter Highlights:

  • First gold filtered concentrate produced on December 27, 2022; total production was 126 dry tonnes with gold content of 177 oz;
  • Dry and wet commissioning completed, and ore commissioning continued into the next quarter;
  • Selinsing gold bullion production ceased in mid of November 2022 with gold in circuit yet to be cleaned up;
    • 1,498 ounces (“oz”) of gold bullion produced (Q2 FY2022: 1,683oz);
    • 3,350 ounces (“oz”) of gold bullion sold for $5.87 million (Q2 FY2022: 2,873oz for $5.05 million);
    • Average quarterly gold price realized at $1,753/oz (Q2 FY2022: $1,828/oz);
    • Cash cost per ounce sold was $1,507/oz (Q2 FY2022: $1,810/oz);
    • Gross margin increased to $0.82 million (Q2 FY2022: negative $0.15 million);
    • All-in sustaining cost (“AISC”) decreased to $1,627/oz (Q2 FY2022: $2,146/oz) (section 15 “Non-IFRS Performance Measures”).

Second Quarter and Six Months Production and Financial Highlights

Three months ended December31,Six months ended
December 31,
Ore mined (t) 108,860 85,209 216,251 160,181
Waste removed (tonnes) 2,108,615 1,770,975 3,708,652 3,713,309
Ore processed (tonnes) 72,391 129,000 204,838 285,611
Average mill feed grade (g/t) 1.14 0.56 1.07 0.55
Processing recovery rate (%)40%63%44%64%
Gold bullion production (1) (oz) 1,498 1,683 3,563 2,726
Gold bullion sold (oz) 3,350 2,873 3,750 4,296
Gold concentrate production (tonnes)126-126-
Gold concentrate grade (g/t)43.81-43.81-

Three months ended
December 31,
Six months ended
December 31,
Financial (expressed in thousands of US$)$$$$
Revenue 5,872 5,047 6,580 7,430
Gross margin from mining operations 823 (152) 883 196
Loss before other items (1,460)(2,124) (2,163)(2,879)
Net loss (3,196)(2,502) (3,485)(3,769)
Cash flows (used in) provided by operations 2,754 (4,023) 2,100 (4,000)
Working capital 18,894 38,605 18,894 38,605
Loss per share – basic and diluted (US$/share) (0.01)(0.01) (0.01)(0.01)
Average realized gold price per ounce sold (2)1,7531,8281,7551,823
Cash cost per ounce sold:
Operations, net of silver recovery422720
Total cash cost per ounce sold(3)1,5071,8101,5191,683
By-product silver recovery1011
Operation expenses - 0011
Corporate expenses 2 997
Accretion of asset retirement obligation14132516
Exploration and evaluation expenditures52474735
Sustaining capital expenditures5126745361
Total all-in sustaining costs per ounce sold(4) 1,627 2,146 1,646 2,114

(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 realized US$1,753/oz for the three months ended December 31, 2022.
(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 Q2 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 Q2 MD&A.

Q2 FY2023 Production Analysis

Gold Bullion Production

  • Q2 FY2023 gold bullion production was 1,498oz, a 11% decrease as compared to 1,683oz for Q2 FY2022. The decrease mainly resulted from lower gold recovery.
  • Q2 FY2023 ore processed decreased to 62,817t from 129,000t for Q2 FY2022. The decreased mill feed was mainly due to a significant reduction of crushed ore and mechanical and electrical problems and the transition from carbon-in-leach plant to new sulphide flotation plant tie-in.
  • Q2 FY2023 cash cost per ounce decreased by 17% to $1,507/oz from $1,810/oz for Q2 FY2022. This decrease was primarily due to a significant increase in the mill feed grade from 0.56g/t Au to 1.14g/t Au and increase in gold bullion sale, less mining costs and a slight lower processing costs.

Gold Concentrate Production

  • In December, commissioning of sulphide flotation plant commenced, and 9,574 t of flotation feed was milled, 126 dry metric tonnes of gold concentrate was produced with 177 oz gold recovered. There was no sale of gold concentrate during Q2 FY2023.

Overall, Q2 FY2023 average mill feed grade was 1.14g/t Au as compared to 0.56g/t Au of Q2 FY2022 due to higher grade ore from Selinsing and Buffalo Reef than Peranggih oxide mineralized materials. Q2 FY2023 processing recovery rate decreased to 39.9% from 63.2% for Q2 FY2022. The decrease in processing recovery rate was mainly due to the transition from carbon-in-leach (CIL) plant to the new sulphide flotation plant tie-in.

Q2 FY2023 Financial Analysis

  • Q2 FY2023 gold bullion sales generated revenue was $5.87 million as compared to $5.05 million from Q2 FY2022. Gold sales revenue was derived from the sale of 3,350oz (Q2 FY2022: 2,150oz) of gold at an average realized gold price of $1,753 per ounce (Q2 FY2022: $1,828 per ounce) and the delivery of nil oz (Q2 FY2022: 723 oz at $1,545 per ounce gold equivalent) in fulfilling gold prepaid sale obligations.
  • Q2 FY2023 total production costs decreased by 3% to $5.05 million as compared to $5.20 million from Q2 FY2022. Cash cost per ounce decreased by 17% to $1,507/oz as compared to $1,810/oz of the same period last year. The decrease was attributable to an increase in the mill feed grade from 0.56g/t to 1.14g/t, increase in gold bullion sale, less mining costs and a slight lower processing costs, offset by a decrease in recovery to 39.9% (Q2 FY2022: 63.2%).
  • Gross margin for Q2 FY2023 was $0.82 million before operation expenses and non-cash amortization and accretion as compared to negative $0.15 million from Q2 FY2022. The increase in gross margin was attributable to significant higher grade ore feed, more gold sold, and decreased cash costs.
  • Net loss for Q2 FY2023 was $3.20 million, or ($0.01) per share as compared to net loss of $2.50 million or ($0.01) per share from Q2 FY2022.
  • Cash and cash equivalents balance as at December 31, 2022 was $12.81 million, a decrease of $8.23 million from the balance at June 30, 2022 of $21.04 million due to $10.31 million development cost in Selinsing including $9.32 million spent in sulphide project development, and $0.62 million spent in Murchison exploration and maintenance activities, and $0.02 million spent in long-term lease obligations, offset by $2.10 million generated in operation activities. As at December 31, 2022, the Company had positive working capital of $18.89 million as compared to that at June 30, 2022 of $30.33 million.


Selinsing Gold Mine

The Selinsing sulphide project development to produce saleable sulphide gold concentrate continued in the quarter. As of December 31, 2022, 91% of the overall project has been completed with cost incurred of $15.61 million. During the second quarter of FY2023, flotation plant construction and most ancillary equipment were substantially complete and installed except for the cabling work. Plant commissioning began in November 2022. Dry and wet commissioning completed on flotation cells, concentrate and water recovery thickeners, reagents mixing and storage, blowers, compressor, and filter press plant. Ore commissioning started on December 15, 2022, ongoing improvements to flotation circuit, correcting shortfalls continued. The ramp up to full production commenced after the end of the second quarter, in January 2023.

Pre-stripping continued in the second quarter for the flotation plant. Mining of transitional and sulphide ore continued during the quarter to stockpile ore for future production.

During the second quarter of FY2023, metallurgical drilling at Buffalo Reef had commenced and completed with 508m over 12 holes. The drilling targeted representative transition and fresh sulphide samples from each of the BRC2, BRC 3, BRC 4, and BRN pits. Assay results for all 586 samples were received.  The samples with a grade above 0.35g/t were composited based on oxidation category (transition and fresh) and submitted to the metallurgical laboratory at Selinsing for a series of locked cycle tests to obtain recovery and grade data for the life of mine optimisation. The overall strategy of the mine plan is to achieve maximum gold recovery and minimise arsenic and stibnite grade in concentrate.

Murchison Gold Project

No drilling was carried out during the second quarter of fiscal year 2023. The Company focused on updating and further reviewing of Gabanintha drill targets and slowed down drilling to preserve cash in supporting Selinsing development, while the costs of drilling in Western Australia are up over 30% and there are shortages in labour and drill rigs. The Company continued 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.

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 CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6

FOR FURTHER INFORMATION visit the company web site at or contact:

Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102

"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."

Forward-Looking Statement

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 and the timing and results of 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; 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 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; the expected timing and results of development and exploration activities; 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 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.

To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Junshi Biosciences Announces Establishment of Joint Venture with Rxilient Biotech to Jointly Develop and Commercialize Toripalimab in Southeast Asia29.3.2023 05:39:38 CEST | Press release

-- The two parties will collaborate to develop and commercialize toripalimab in 9 Southeast Asian countries through a joint venture company, Excellmab -- Excellmab will be responsible for the development, medical affairs, production of finished products, and commercialization of toripalimab within the cooperation territory. The profits available for distribution by Excellmab will be distributed in proportion to the respective shareholdings of the parties -- Using the Excellmab platform, the two parties also plan to collaborate extensively to introduce more high-quality innovative drugs into Southeast Asian markets to achieve joint and long-term development -- According to the progress of toripalimab’s R&D and other projects, Junshi Biosciences may receive a milestone payment of up to approximately US$4.52 million, plus a certain percentage of royalties on net sales SHANGHAI, China and SINGAPORE, March 28, 2023 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd (“Junshi Bioscience

Aduro Clean Technologies Increases Size of Private Placement to $4 Million29.3.2023 02:12:40 CEST | Press release

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES SARNIA, Ontario, March 28, 2023 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into feedstocks and higher-value fuels, is pleased to announce that, further to its news release dated March 8, 2023, it has increased the size of its non-brokered private placement of units (the “Units”) at $0.93 per Unit for gross proceeds of a minimum of $1,999,965 and up to a maximum of $4,000,000 (the “LIFE Offering”). Each Unit will consist of one (1) common share in the capital of the Company (each, a “Common Share”) and one-half (1/2) of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable into one (1) Common Share (each, a “Warrant Share”) at a price o

ClearPoint Neuro Announces Exclusive Multi-Year Licensing Agreement with UCSF for Innovative Intra-Cerebral Cellular Delivery Platform28.3.2023 22:05:00 CEST | Press release

SOLANA BEACH, Calif., March 28, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (NASDAQ: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced an exclusive multi-year licensing agreement of intellectual property from UC San Francisco (UCSF) through its Innovation Ventures group to develop and commercialize a radially branching cellular delivery device for use both in the Operating Room under fluoroscopy/CT guidance and under MRI guidance. “This invention will help clinicians guide the delivery of biologic therapies — from stem cell transplants to gene therapy vectors — to specific locations in the human brain with real-time image guidance,” said Dr. Daniel Lim, MD, PhD, Professor of Neurological Surgery at UCSF. “By helping surgeons tailor biologic delivery to individual patient anatomy and specific diseases, I hope that this invention can contribute importantly to the successful treatment of neurological disor

Development of the Annual General Meeting of the BANK of Greenland28.3.2023 22:03:19 CEST | Press release

Minutes of General Meeting To Nasdaq OMX Copenhagen 28 March 2022 Company announcement no. 05/2023 Development of the Annual General Meeting of the BANK of Greenland Today, the BANK of Greenland held its Annual General Meeting in accordance with the Articles of Association and the previously published notice convening the meeting. The Annual General Meeting was attended by shareholders representing 1,049,468 votes, of which 612,498 votes were given by proxy to the Board of Directors, 62,821 votes were covered by instructions to holders of power of attorney and 115,455 votes of correspondance. The Board of Directors' Report on the Bank's activities during the past year The Chairman of the Board of Directors Gunnar í Liða presented the Board of Directors' report on the Bank's activities during the past year. The report of the Board of Directors was noted. The Chairman's report can be viewed on the Bank's website at The minutes of the Annual General Meeting will also be pub

Forløb af ordinær generalforsamling i GrønlandsBANKEN28.3.2023 22:03:19 CEST | pressemeddelelse

Referat af Generalforsamling Til Nasdaq OMX Copenhagen 28. marts 2023 Selskabsmeddelelse nr. 05/2023 Forløb af ordinær generalforsamling i GrønlandsBANKEN GrønlandsBANKEN har i dag afholdt ordinær generalforsamling i henhold til vedtægterne og tidligere offentliggjort indkaldelse. Generalforsamlingen var repræsenteret med 1.049.468 stemmer, heraf var 612.498 stemmer givet som fuldmagt til bestyrelsen, 62.821 stemmer var givet som instruktionsfuldmagt, mens 115.455 var afgivet som brevstemme. Bestyrelsens beretning om bankens virksomhed i det forløbne år Bestyrelsesformand Gunnar í Liða aflagde bestyrelsens beretning om bankens virksomhed i det forløbne år. Bestyrelsens beretning blev taget til efterretning. Formandens beretning kan ses på bankens hjemmeside Generalforsamlingens protokollat vil senest 14 dage efter generalforsamlingens afholdelse ligeledes blive lagt på bankens hjemmeside. Godkendelse af årsrapporten for 2022, meddelelse om decharge for bestyrelse og direk