Disclosure: Monument Mining Limited has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Subscribe for free to get exclusive insights and fair value data.
Price and Volume (1-year)
*Qualified Person (2019 Resource Estimate) - Frank Blanchfield, an employee of Snowden
* Monument Mining Limited has paid FRC a fee for research coverage and distribution of reports. All figures in US$ unless otherwise specified. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary
Owns a producing gold mine in Malaysia, and exploration projects in Western Australia
Total compliant resources of over 1.2 Moz Au
Production (Year-End: June 30th) - Oz
MMY has been processing sulphide materials since December 2022, producing a total of 77 Koz by June 2025
Source: FRC / Company
Q4 production was up 3% YoY, and 29% QoQ; FY2025 production was up 22% YoY to 39 Koz, beating our estimate by 5%, driven by higher throughput and recoveries
While grade volatility is normal for miners, recoveries improved due to plant enhancements, and optimization
Cash Costs Per Oz
Source: FRC / Company
Driven by higher production, FY2025 cash costs were down 6% YoY to $814/oz, vs our estimate of $881/oz
Gross profit was up 71% YoY to $2,133/oz
Reserves and Resources (Snowden NI 43-101 Technical Report: 2019)
*Qualified Person - Frank Blanchfield, an employee of Snowden
Source: Company
With 550-600 Koz of sulfide resources remaining, we believe the mine could produce for approximately 12 more years
Financials (Year-End: June 30th)
Driven by higher production and gold prices, FY2025 revenue rose 92% YoY, EBITDA 181%, and EPS 481%
Revenue topped our forecast by 17%, with EPS ahead by 38%
Margins improved across the board and remained well above sector averages
FCF surged 600% YoY
Source: FRC / Company
As a result, the balance sheet strengthened, with $59M in working capital and no debt
FRC Projections and Valuation
With production surpassing our forecasts and higher gold prices, we are raising our estimates across the board
Source: FRC/S&P Capital IQ
Sector multiples have risen 46% since our June 2025 report, reflecting a sharp increase in sector sentiment
MMY is trading at a 50% discount (previously 69%) to comparable junior gold miners
Applying sector multiples, we arrived at a fair value estimate of C $1.64/share (previously C$0.69/share) on the Selinsing mine
Our DCF valuation on Selinsing is C$0.80/share (previously C$0.56/share), driven by higher EBITDA forecasts
Source: FRC
Using a sum-of-parts valuation, we arrived at a fair value estimate of C$1.50/share (previously C$0.84/share)
We are reiterating our BUY rating, and raising our fair value estimate from C$0.84 to C$1.50/share. We believe MMY’s impressive FY2025 results , robust production growth, and healthy balance sheet set the stage for further upside potential. Despite a 2 17 % YTD gain, the stock remains deeply undervalued relative to peers. We maintain a positive outlook , and expect FY2026 to be another strong year.
Risks
We believe the company is exposed to the following key risks: The value of the company is dependent on gold prices FOREX
Given the company’s successful demonstration of its ability to ramp up production, we are lowering our risk rating from 4 to 3 (Average)
APPENDIX
