Monument Mining Limited
Robust Q2: MMY Outshines Gold and Junior Miners
Published: 3/12/2025
Author: FRC Analysts
Sector: Basic Materials | Industry: Gold
Ticker Symbols:MMY.V - NEO 🔹MMTMF - NASDAQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.32 |
| Fair Value | CAD $0.68 |
| Risk | 4 |
| 52 Week Range | CAD $0.13-0.40 |
| Shares O/S (M) | 328 |
| Market Cap. (M) | CAD $105 |
| Current Yield (%) | N/A |
| P/E (forward) | 3.0 |
| P/B | 0.6 |
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Report Highlights
- MMY is up 103% YoY, significantly outperforming gold (up 35%), and the VanEck Junior Gold Miners ETF (up 42%), yet remains deeply undervalued at 1.0x forward EBITDA, compared to the sector average of 5.4x, an 83% discount.
- In Q2-FY2025 (ended December 2024), MMY produced 8.6 Koz from its 100% owned Selinsing gold mine in Malaysia, up 26% YoY, beating our estimate by 4%. Production growth came from higher grades and recoveries. While grade volatility is normal for miners, recoveries improved due to plant enhancements and optimization. As a result, we believe recoveries will likely exceed those of previous quarters going forward.
- Gross profit was up 67% YoY, and 4% QoQ, to $1,760/oz. Revenue was up 2% QoQ, and 80% YoY, beating our estimate by 13%, driven by higher production and gold prices. Although EBITDA was relatively flat QoQ, EPS improved due to FOREX gains from a stronger US$, exceeding our forecast by 42%.
- As of December 2024, MMY had $32M in working capital, with no debt.
- The company is planning a resource upgrade drill program this year aimed at potentially converting inferred to M&a
