Ms. Cathy Zhai reports

MONUMENT REPORTS THIRD QUARTER FISCAL 2023 ("Q3 FY2023") RESULTS

Monument Mining Ltd. has released its production and financial results for the third quarter of fiscal 2023 and the nine months ended March 31, 2023. All amounts are expressed in U.S. dollars unless otherwise indicated (refer to SEDAR for full financial results).

President and chief executive officer Cathy Zhai commented: "I am pleased to report that, during the third quarter, our Selinsing gold mine in Malaysia commenced sulphide production. With offtake agreements now secured and the first batch of gold concentrate ready for sale after the end of the quarter, cash flows are expected to be higher in future quarters, underpinned by ongoing improvements in sulphide plant performance towards full production. The company will use the cash generated from the sulphide concentrate sales for the development of the Murchison gold project in Western Australia and other corporate development initiatives."

Third quarter highlights:

• Selinsing sulphide flotation plant has begun its ramp-up production phase, during which deficiencies were identified and addressed through an action plan.
• A new mining fleet has arrived to enhance mining rates.
• Offtake agreements were secured with competitive commercial terms.
• Export permits were granted to multiple buyers late in May after the quarter-end. The first batch of gold concentrate production of 2,000 dry metric tonnes (DMT) is in progress for sale.
• Gold bullion production:
  • One hundred four ounces of gold were cleaned up and poured from the gold in circuit.
  • One thousand four hundred ounces of gold bullion were sold for $2.63-million (third quarter fiscal 2022: 3,270 ounces for $6.16-million).
  • Average realized quarterly gold price was $1,878 per oz (Q3 FY 2022: $1,911 per oz excluding gold prepaid delivery).
  • Cash cost per ounce gold bullion sold was $1,580 per oz (Q3 FY 2022: $1,835 per oz).
  • Gross margin increased to $420,000 (Q3 FY 2022: $160,000).
  • All-in sustaining cost (AISC) decreased to $1,940 per oz (Q3 FY 2022: $2,248 per oz) (Section 15, "Non-IFRS performance measures").
• Gold concentrate production:
  • Two thousand one hundred seven DMT of gold concentrate were produced containing 2,412 ounces of gold.

Q3 FY 2023 production analysis

Gold bullion production

• One hundred four ounces of gold were recovered from a cleanup of the carbon-in-leach (CIL) circuit, which is now on care and maintenance, which can be converted back to treat oxide ore in the future.

Gold concentrate production:

• Following the commissioning of the sulphide flotation plant in December, 2022, Q3 FY 2023 gold concentrate production was 2,107 dry metric tonnes containing 2,412 ounces of gold, from the processing of 89,151 tonnes of sulphide ore (Q3 FY 2022: nil).
• A total of 98,725 tonnes of sulphide ore were processed in the nine months ended March 31, 2023, producing 2,137 tonnes of concentrate containing 2,440 ounces of gold.
• Total ore mined during the quarter was 82,100 tonnes compared with 103,380 tonnes in Q3 FY 2022, with the decrease due to unexpected heavy rain in February and a shortage of explosives. Total waste removal increased to 2,235,216 tonnes (Q3 FY 2022: 1,194,143 tonnes) due to increased waste removal in the free digging areas at the BRC2 and BRC3 pits during the quarter when explosives were not available.
• Mill feed of 89,151 tonnes was fully for flotation production at a feed grade of 1.99 grams per tonne with recovery of 42 per cent and a mass pull of 2.35 per cent. The low gold recovery was caused by the processing of highly oxidized first fill materials during the ore commissioning period in second quarter FY 2023, with the high-grade tailings discharged to a dedicated tailing pond for future retreatment.
• Ore processed during the quarter was lower than planned due to the loss of production from a gearbox failure in March, which has since been fixed.
• Furthermore, production is expected to improve into fourth quarter FY 2023, following the mining of higher-grade gold zones at the end of the current quarter.

About Monument Mining Ltd.

Monument (TSX Venture Exchange: MMY and Frankfurt Stock Exchange: D7Q1) is an established Canadian gold producer that 100 per cent owns and operates the Selinsing gold mine in Malaysia and the Murchison gold project in the Murchison area of Western Australia. It has a 20-per-cent interest in the Tuckanarra gold project jointly owned with Odyssey Gold Ltd. in the same region. The company employs approximately 200 people in both regions, and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities.

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