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.
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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)
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