• Q2-FY2026 Results (ended December 2025): MMY’s 100%-owned Selinsing gold mine in Malaysia saw production rise 19% YoY to 10 Koz, beating our estimate by 6%, thanks to higher throughput and recoveries. Driven by higher production and gold prices, revenue rose 149% YoY (vs. forecast +25%), while EPS surged 117% (vs. forecast +13%).
  • EPS Revision: We are raising our FY2026 EPS estimate from $0.18 to $0.20, reflecting higher gold prices, and stronger-than-expected Q2 production.
  • Exploration Update: MMY recently reported results from 15 additional drill holes, 13 of which showed significant gold grades, signaling potential resource growth and extended mine life. Key intercepts include 1.6 m @ 28 g/t, and multiple intervals of 1–9 g/t, well above the current average grade of 1.5–2.0 g/t, and the 0.3–1.5 g/t typical of comparable mines. To date, 40 holes have been completed, with nine results pending. Management plans to release an updated resource estimate by late 2026, which we believe, should demonstrate higher resources, and extended mine life.

Price and Volume (1-year)

  YTD 12M
MMY -14% 228%
TSXV 6% 75%
Gold 18% 78%
GDXJ 20% 165%

*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. 

Owns a producing gold mine in Malaysia, and exploration projects in Western Australia

Total independently verified (NI 43-101 compliant) resources of over 1.2 Moz Au

Portfolio Summary

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

MMY has been processing sulphide materials since December 2022, producing a total of 100 Koz by December 2025

Source: FRC / Company

 Q2 production rose 19% YoY, beating our estimate by 6%, driven by higher throughput and recoveries

Cash Costs Per Oz

Source: FRC / Company

Cash costs were up 40% YoY to $1,288/oz, vs our estimate of $920/oz, mainly due to higher gold-price-linked royalty payments

Gross profit was up 65% YoY to $2,909/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 gold prices, Q2 revenue rose 149% YoY, EBITDA +181%, and EPS +117%
Revenue topped our forecast by 25%, with EPS ahead by 13%

Margins improved across the board YoY, remaining well above sector averages

YTD free cash flows were up 8% YoY

Source: FRC / Company

As a result, the balance sheet strengthened, with $87M in working capital, and no debt 

FRC Projections and Valuation 

Source: FRC

With production exceeding our forecasts and gold prices trending higher, we are raising our estimates across the board

Source: FRC/S&P Capital IQ

MMY is trading at a 59% discount (previously 44%) to comparable junior gold miners

Applying sector multiples, we arrived at a fair value estimate of $2.06/share (previously C$1.99/share) on the Selinsing mine

Source: FRC

Using a sum-of-parts valuation, we arrived at a fair value estimate of C$2.10/share (previously C$1.92/share)

We are reiterating our BUY rating, and raising our fair value estimate from C$1.92 to C$2.10/share. MMY has delivered exceptional YoY performance, driven by strong gold prices, higher production, and promising exploration results, yet it remains significantly undervalued relative to peers at 1.67x forward EBITDA. With continued resource growth potential and a positive gold outlook amid geopolitical uncertainty, we believe MMY presents a compelling opportunity.

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

We are maintaining our risk rating of 3 (Average)

APPENDIX