Monument Reports Fourth Quarter and Fiscal 2026 Results

Monument Mining Limited (MMY) released its audited annual results for the fiscal year ended June 30, 2026 (FY2026). The company reported full-year gross revenue of $165.72 million, up from $98.64 million in FY2025. Net earnings reached $68.80 million, or $0.20 per share, compared to $37.54 million, or $0.11 per share, in the prior year. Gross margin increased 69% to $109.76 million from $65.11 million. Cash flow from operations rose to $82.21 million from $48.65 million.

The company’s balance sheet strengthened, with cash and short-term investments totaling $109.56 million, comprising $37.10 million in cash and equivalents and $72.46 million in 90–270 day term deposits, compared to $45.94 million previously. Working capital stood at $122.86 million versus $58.54 million. Gold production reached 44,942 ounces against 38,530 ounces in FY2025, while gold sold totaled 45,010 ounces at a realized price of $4,280 per ounce, compared to 41,183 ounces at $2,947 per ounce.

Cost metrics rose significantly. Cash cost per ounce was $1,243 compared to $814 per ounce, and all-in sustaining cost (AISC) was $1,446 per ounce versus $1,093 per ounce. Operational volumes included 868,712 tonnes of ore mined and 7,841,692 tonnes of waste, resulting in a stripping ratio of 9.03 against 11.83. Ore processed totaled 941,525 tonnes at a grade of 1.66 grams per tonne with 89.49% recovery, compared to 786,241 tonnes at 1.79 grams per tonne and 85.32% recovery. A one-time special dividend of $5.04 million (CAD$6.91 million) was paid on January 19, 2026. No new dividend was declared in this release.

Fourth-quarter FY2026 (April–June 2026) results showed gold production of 9,902 ounces, down approximately 20% from 12,315 ounces a year earlier. Gold sold was 9,581 ounces, down approximately 34% from 14,527 ounces. Revenue was $37.05 million compared to $39.63 million, despite a higher realized price of $4,349 per ounce versus $3,368 per ounce. Cash cost per ounce rose to $1,433 from $701 per ounce, and AISC more than doubled to $1,898 per ounce from $853 per ounce.

Net income for the quarter was $15.49 million, or $0.04 per share, down approximately 26% year over year from $20.84 million, or $0.06 per share. Gross margin was $23.31 million compared to $29.45 million. The Q4 mill feed grade was 1.48 grams per tonne, the lowest of the year, with a recovery rate of 88.77%. The realized price of $4,349 per ounce was approximately $157 per ounce below the London PM average of $4,506 per ounce, a gap typical of concentrate sales and quotation-period timing.

Management attributed the cost escalation to deeper mining, a higher royalty rate effective September 2025, higher royalty costs per ounce linked to the higher gold price, Malaysia's Sales and Service Tax (SST) on mining services, an ore mix containing more transition ore, annual bonuses, and RM/USD movement. The release noted that full-year production was reduced by a 2,536 ounce negative adjustment and Q4 by 603 ounces.

At the Selinsing operation, activities included cutbacks, pre-stripping, and drilling. The tailings storage facility (TSF) interim raise reached 543 mRL, providing approximately 1.5 million tonnes or 20 months of capacity. The concentrate warehouse was expanded to 7,000 wet metric tonnes from 4,000 wet metric tonnes, and a Computerized Maintenance Management System was implemented.

In Malaysia, exploration in Q4 involved drilling 43 holes totaling 5,868.60 meters. Under the total resource expansion program, 18,913.10 meters were drilled and 15,158 samples were dispatched. No new mineral resource estimate was published in this release. At the Murchison project in Western Australia, technical and development studies continued, including Process Design Criteria, plant options, and a Statement of Work for future processing. No field exploration occurred in Q4, with confirmation drilling planned for when regulatory compliance is met.

Capital expenditure totaled $85.93 million, of which $72.46 million was allocated to term deposits, $11.61 million to Selinsing, and $1.86 million to Murchison.

Monument Mining Limited (MMY) reported full-year net income of $68.80 million for FY2026, a figure that serves as the arithmetic sum of its quarterly results. The company had previously disclosed net income of $10.5 million for Q1, $20.16 million for Q2, and $22.65 million for Q3. The newly released Q4 result was $15.49 million, marking a notable decline from the prior quarters.

Earnings growth for the year was driven primarily by price appreciation rather than operational volume. The realized gold price rose approximately 45%, increasing from $2,947 to $4,280. Sales volume grew only ~9%, rising from 41,183 to 45,010 ounces. Meanwhile, unit economics deteriorated significantly, with cash costs rising 53% and All-In Sustaining Costs (AISC) increasing 32%. Internal cost tables indicate that royalties alone jumped from $192 per ounce to $500 per ounce, while mining costs rose from $239 per ounce to $343 per ounce.

The release highlights record net earnings, earnings per share, gross margin, cash, and working capital. However, it also notes that AISC more than doubled in Q4 to $1,898 from $853 in the prior year period, and Q4 net income fell 26% year-over-year. Quarterly revenue declined to $37.05 million from $39.63 million, a drop attributed to less gold concentrate sales that were not fully offset by the higher realized gold price. Additionally, the company disclosed that annual production figures were reduced by 2,536 ounces due to adjustments, with Q4 production cut by 603 ounces. Ore grade has compressed throughout the year, moving from 1.94 g/t in Q1 to 1.54 g/t in Q2, 1.67 g/t in Q3, and 1.48 g/t in Q4, indicating a maturing and deepening pit.

Regarding exploration, a December 3, 2025 release had set a US$2.5 million budget with drilling planned for completion by March 2026, final assays by June 2026, and a resource update targeted for October 2026. Drilling is effectively complete at 18,913 meters against a planned 17,477 meters, meeting the program's scope. However, no resource update, reserve conversion, or mine-life extension has been delivered. At the Murchison site, no field work occurred in Q4, and drilling remains delayed due to regulatory compliance requirements.

The company’s balance sheet is now net-cash-heavy, and the annual numbers are strong in absolute terms. However, the market was already aware of the first three quarters' performance. The incremental news consists of a weaker Q4 and continued cost inflation. There was no mention of mergers and acquisitions, new financing, dividend announcements, resource upgrades, or strategic shareholder events in this release.

Monument Mining Limited (TSX-V: MMY; FSE: D7Q1) is a Canadian-listed gold producer and developer that employs roughly 295 people. The company 100% owns and operates the Selinsing Gold Mine in Peninsular Malaysia, located approximately 150 km² and 158 km north of Kuala Lumpur. In production since September 2010, Selinsing serves as the company’s flagship and sole cash-generating asset. Monument also 100% owns the Murchison Gold Project in Western Australia and holds a 20% free-carried interest in the Tuckanarra Gold Project, which is joint-ventured with Odyssey Gold Ltd.

Selinsing operates a 950 ktpa sulphide flotation plant, which is convertible to oxide processing, and produces marketable gold concentrate. Commercial sulphide production at the site began in September 2023. The company cites NI 43-101 resources of 880 koz of gold and a sulphide mine life of about five years, with potential for extension. Cumulative production to March 31, 2026, stands at 448,487 oz, generating US$757.7M in revenue and historic cash costs of US$673/oz.

The Murchison portfolio, described by management as a potential second source of cash flow, is currently a development and exploration asset rather than a producer. It consists of the Burnakura project, which covers 123 km², holds 381 koz in NI 43-101 resources, and features a 260 ktpa CIL plant on care and maintenance. The portfolio also includes the Gabanintha project, covering 43 km² with 153 koz in historic JORC resources, and the Tuckanarra joint venture, which contains 407 koz.