Share Rally Continues on Special Dividend, Production Growth, and Record Gold Prices

• MMY has declared a special cash dividend of $0.02/share (1.63% yield), supported by strong production and EPS growth over the past 12 months. For context, yields of major producers typically range between 1–2%. With $70M in working capital (C$0.28/share), and zero debt, as of September 2025, MMY can easily fund this dividend.
• MMY is up 251% YoY, outperforming gold (+69%) and the VanEck Junior Gold Miners ETF (+169%). Despite this strong performance, MMY remains undervalued at 2.60x forward EBITDA vs a sector average of 5.16x, a 50% discount.
• Gold is trading near record highs of $4,509/oz, pushing sector multiples up 17% since our November 2025 report. We expect increased M&A activity over the next 12 months. Our outlook on gold remains positive, driven by continued US$ weakness, and robust demand for safe-haven assets amid economic and geopolitical uncertainties.

• Q1-FY2026 (ended September 2025) results exceeded expectations. Production at MMY’s 100%-owned Selinsing gold mine in Malaysia rose 62% YoY to 13 Koz, beating our estimate by 12%, due to higher throughput and recoveries. Revenue increased 67% YoY (vs. forecast +10%), and EPS surged 235% (vs. forecast +5%).
• MMY reported encouraging results from the first 16 drill holes of its resource expansion and upgrade program; a total of 27 holes have been completed to date, totaling 2,952 m. Grades ranged from ~1–5 g/t Au, including several higher-grade intersections above 4 g/t Au, well above the current average grade of 1.5–2.0 g/t Au,  and the ~0.3–1.5 g/t range of comparable gold mines.  Importantly, these holes were drilled outside the current resource estimate, indicating resource expansion potential. We believe these results support potential mine life extension, and lower cash costs. Management intends to complete an updated resource estimate by late 2026.
• We are raising our FY2026 EPS estimate from $0.17 to $0.18, reflecting higher gold prices, and stronger-than-expected Q1 production.

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

Production (Year-End: June 30th) - Oz

Source: FRC / Company

Cash Costs Per Oz

Source: FRC / Company

Reserves and Resources (Snowden NI 43-101 Technical Report: 2019)

*Qualified Person - Frank Blanchfield, an employee of Snowden 

Source: Company

Financials (Year-End: June 30th) 

Source: FRC / Company

FRC Projections and Valuation 

Source: FRC

Source: FRC/S&P Capital IQ

Source: FRC

We are reiterating our BUY rating, and raising our fair value estimate from C$1.50 to C$1.92/share. MMY’s strong operational performance, robust balance sheet, and special dividend reflect its financial strength. The company remains undervalued relative to peers despite a 251% YoY share price surge, and promising drill results suggest potential mine life extension, and lower cash costs.

Risks

We believe the company is exposed to the following key risks:

• The value of the company is dependent on gold prices 
• FOREX
• Operational 
• Exploration and development 

APPENDIX