Monument Mining Limited
Production and Earnings Exceed Expectations
Published: 6/4/2025
Author: FRC Analysts
Sector: Basic Materials | Industry: Gold
Ticker Symbols:MMY.V - NEO 🔹MMTMF - NASDAQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.48 |
| Fair Value | CAD $0.84 |
| Risk | 4 |
| 52 Week Range | CAD $0.13-0.51 |
| Shares O/S (M) | 328 |
| Market Cap. (M) | CAD $158 |
| Current Yield (%) | N/A |
| P/E (forward) | 4.2 |
| P/B | 0.87 |
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Report Highlights
- MMY is up 50% since our previous report in March 2025, and 246% YoY, significantly outperforming gold (up 47%), and the VanEck Junior Gold Miners ETF (up 54%). However, it remains deeply undervalued at 1.6x forward EBITDA, versus the sector average of 5.8x, a 73% discount.
- In Q3-FY2025 (ended March), MMY produced 9.5 Koz from its 100% owned Selinsing gold mine in Malaysia, up 74% YoY, and 11% QoQ, beating our estimate by 6%. This marks the second-highest quarterly production since sulphide production began in late 2022, trailing only Q4-FY2024.
- Driven by higher production, cash costs declined 5% QoQ to $876/oz, closely matching our estimate of $880/oz. Gross profit increased 18% QoQ to $2,071/oz. EBITDA and EPS beat our estimates by 7% and 5%, respectively.
- As of March 2025, MMY had $39M in working capital (up 22% QoQ), with no debt.
- The company is planning a resource upgrade drill program this year aimed at potentially converting infer
