Monument Mining Limited — Interim / Quarterly Report 2023

Nov 29, 2022

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF

MONUMENT MINING LIMITED

(Expressed in thousands of United States dollars)

For the three months ended September 30, 2022 and 2021

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the condensed interim consolidated financial statements for the three months ended September 30, 2022.

TABLE OF CONTENTS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ................................................................................ 1 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS ............................................................ 2 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ................................................................................. 3 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS ............................................................................................. 4 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ......................................................................... 5-19

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

	Notes	September 30, 2022	June 30, 2022
		$	$
ASSETS
Current assets
Cash and cash equivalents	4	16,146	21,039
Trade and other receivables	5	602	610
Income tax receivable	15	510	475
Prepaid expenses and deposits		826	736
Inventories	6	14,941	12,743
Total current assets		33,025	35,603
Non-current assets
Property, plant and equipment	7	37,006	35,206
Exploration and evaluation	8	65,423	63,216
Total non-current assets		102,429	98,422
Total assets		135,454	134,025
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	11	7,276	5,226
Lease liabilities	12	44	46
Total current liabilities		7,320	5,272
Non-current liabilities
Lease liabilities	12	186	206
Borrowings	13	44	47
Asset retirement obligations	14	5,451	5,760
Deferred tax liabilities	15	2,298	2,304
Total non-current liabilities		7,979	8,317
Total liabilities		15,299	13,589
Equity
Share capital	16	117,231	117,231
Capital reserves – warrants	17	2,612	2,612
Capital reserves – options	17	10,303	10,303
Capital reserves – restricted share units	17	894	886
Deficit		(10,885)	(10,596)
Total equity		120,155	120,436
Total liabilities and equity		135,454	134,025

Commitments and contingencies (Note 24) Subsequent events (Note 27)

Approved on behalf of the Board:

“Cathy Zhai” “Graham Dickson” Cathy Zhai, CEO and Director Graham Dickson, Director, Chairman

The accompanying notes are an integral part of these condensed interim consolidated financial statements 1 | P a g e

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

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Three months ended For the year ended
Septem
September 30,
Notes ber 30, September 30, 2022 September 30, 2021
2022
2021
$ $ $ $
Mining operations
Revenue (6,721) 4,397 709 2,383
Production costs 18 (6,002) (3,318) (649) (2,035)
Gross margin from mining operations (12,723) 1,079 60 348
Operation expenses 19 - - - (48)
Accretion of asset retirement obligation 14 (40) (31) (46) (32)
Depreciation and amortization (1,659) (816) (259) (596)
Loss from mining operations (14,422) 232 (245) (328)
Corporate expenses 20 (416) (628) (458) (427)
Loss before other items (14,838) (396) (703) (755)
Other items
Interest income 40 17 67 11
Gross revenue royalty income 21 25 -
Interest expense 12 195 (244) (2) (131)
Foreign currency exchange gain (loss) 1,114 26 440 (170)
Income (loss) from other items 1,361 ###### 530 (290)
Loss before income taxes (13,477) ###### (173) (1,045)
Tax expenses 15 (18) 121 (116) (222)
Total loss and comprehensive loss (13,495) ###### (289) (1,267)
Loss per share
- Basic 22 $ (0.04) $(0.30) $ (0.00) $ (0.00)
- Diluted 22 $ (0.04) $(0.30) $ (0.00) $ (0.00)
Weighted average number of common shares
- Basic 22 326,650,824 ###### 326,838,233 325,971,563
- Diluted 22 326,650,824 ###### 326,838,233 325,971,563
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The accompanying notes are an integral part of these condensed interim consolidated financial statements 2 | P a g e

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

		Common	Capital	Capital	Capital	Deficit	Total equity
		shares	reserve -	reserve -	reserve -
			warrants	options	restricted
					share units
					("RSUs")
	Notes	$	$	$	$	$	$
Balances at June 30, 2021		117,129	2,612	10,303	933	**(4,099) **	126,878
Share-based compensation		-	-	-	17	-	17
Net loss for theperiod		-	-	-	-	(1,267)	(1,267)
Balances at September 30, 2021		117,129	2,612	10,303	950	**(5,366) **	125,628
Balances at June 30, 2022		117,231	2,612	10,303	886	**(10,596) **	120,436
Share-based compensation		-	-	-	8	-	8
Net loss for theperiod		-	-	-	-	(289)	(289)
Balances at September 30, 2022		117,231	2,612	10,303	894	**(10,885) **	120,155

The accompanying notes are an integral part of these condensed interim consolidated financial statements 3 | P a g e

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

		Three months ended	Three months ended		For the year ended
	Notes	September 30, 2022	Septem ber 30,	**September 30, 2022 **	September 30, 2021
			2021
		$	$	$	$
Operating activities
Loss for the period		(13,495)	#####	(289)	(1,267)
Adjustments to reconcile net loss to net cash provided from operating
activities:
Depreciation, depletion and amortization		1,676	827	272	607
Accretion expense on asset retirement obligations	14	40	31	46	32
Share-based compensation(reversal)		3	122	2	5
Changes of deferred revenue		2,038	(860)	-	(987)
Unrealized foreign currency exchange loss (gain)		(765)	37	(357)	94
Deferred income tax expense (recovery)		771	(149)	79	(186)
Cash provided from (used in) operating activities		(9,744)	(468)	(247)	(1,702)
before change in working capital items
Change in non-cash working capital items:
Trade and other receivables		921	(438)	6	(272)
Prepaid expenses and deposits		(216)	(217)	(90)	(26)
Inventories		(2,422)	(1,195)	(1,828)	(1,169)
Accountspayable and accrued liabilities		1,518	221	1,505	3,192
Cashprovided from(used in) operating activities		(9,943)	#####	(654)	23
Financing activities
Payment of lease liabilities	12	9	(11)	(10)	(8)
Cashprovided from(used in) financing activities		9	(11)	(10)	(8)
Investing activities
Expenditures on exploration and evaluation, net of recoveries		1,210	(268)	(2,196)	(497)
Expenditures onproperty, plant and equipment		1,368	(457)	(2,033)	(2,572)
Cashprovided from(used in) investing activities		2,578	(725)	(4,229)	(3,069)
Decrease in cash and cash equivalents		(7,356)	(2,833)	(4,893)	(3,054)
Cash and cash equivalents at the beginningof theperiod		27,797	#####	21,039	38,623
Cash and cash equivalents at the end of theperiod	4	20,441	7,984	16,146	35,569
Cash and cash equivalents consist of:
Cash on handand held from sale of assets		15,860	#####	15,860	35,260
Restricted cash		286	309	286	309
		16,146	#####	16,146	35,569

Supplemental Cash Flow Information (Note 25)

The accompanying notes are an integral part of these condensed interim consolidated financial statements 4 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

1. Corporate Information and Nature of Operations

Monument Mining Limited (“Monument” or “the Company”) is a Vancouver based gold producer, engaged in the operation of gold mines, acquisition, exploration and development of precious metals with a focus on gold. The Company is incorporated and domiciled under the Canada Business Corporations Act and listed on the Toronto Stock Venture Exchange (“TSX-V: MMY”) and Frankfurt Stock Exchange (“FSE: D7Q1”) with the head office located at 1100 Melville Street, Suite 1580, Vancouver, British Columbia, Canada V6E 4A6.

The Company’s 100% owned Selinsing Gold Mine is located in Pahang State, Malaysia, and has been in commercial production since September 2010. The Company’s exploration and development mineral assets are 100% owned through its subsidiaries, including the Selinsing gold portfolio in Pahang State, Malaysia comprised of the Selinsing, Buffalo Reef, Felda Land and Famehub projects (together “Selinsing”), and Murchison gold portfolio in Western Australia, Australia (“WA”) comprised of the Burnakura, Gabanintha and 20% interests in Tuckanarra project.

The unaudited condensed interim consolidated financial statements of the Company for the quarter ended September 30, 2022, comprising the Company and its subsidiaries, were authorized for issue in accordance with a resolution of the directors on November 29, 2022. These unaudited condensed interim consolidated financial statements are presented in thousands of United States (US) dollars and all values are rounded to the nearest thousand dollars except per share amounts or where otherwise indicated.

2. Basis of Preparation

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies applied in these condensed interim consolidated financial statements are consistent with those used in the annual consolidated financial statements for the year ended June 30, 2022. These unaudited condensed interim consolidated financial statements do not include all disclosures required by International Financial Reporting Standards (“IFRS”) for annual consolidated financial statements and accordingly, should be read in conjunction with the Company’s annual audited consolidated financial statements for the year ended June 30, 2022, as some disclosures from the annual consolidated financial statements have been condensed or omitted. These unaudited condensed interim consolidated financial statements were prepared on a going concern basis under the historical cost method except for certain derivatives, which are measured at fair value and were prepared using accounting policies consistent with those in the annual audited consolidated financial statements as at and for the year ended June 30, 2022.

3. Significant Accounting Policies

The unaudited condensed interim consolidated financial statements have been prepared in accordance with the accounting policies adopted in the Company’s most recent annual consolidated financial statements for the year ended June 30, 2022.

a) Critical accounting estimates and judgments

The preparation of these unaudited condensed interim financial statements in conformity with IFRS as issued by the International Accounting Standards Board (“IASB”) requires management to make estimates and judgments that affect the amounts reported in the financial statements. Estimates and judgments are continually evaluated and are based on historical experience and knowledge of relevant factors such as expectations of future events that are believed to be reasonable under the circumstances, and subject to measurement uncertainty. Actual financial results may not equal the estimated results due to differences between estimated or anticipated events and actual events. The judgments, estimates and assumptions made in the preparation of these condensed interim consolidated financial statements were similar to those made in the preparation of the Company's annual consolidated financial statements for the year ended June 30, 2022.

4. Cash and Cash Equivalents

4. Cash and Cash Equivalents
	September 30, 2022	June 30, 2022
	$	$
Cash and cash equivalents	15,860	20,737
Restricted cash	286	302
	16,146	21,039

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

As of September 30, 2022, cash and cash equivalents of $16.15 million (June 30, 2022: $21.04 million) included restricted cash of $0.29 million (June 30, 2022: $0.30 million).

5. Trade and Other Receivables

5. Trade and Other Receivables
	September 30, 2022	June 30, 2022
	$	$
Interest receivable	23	13
Goods and services tax receivable	- 12	27
Other receivables	591	570
	602	610

Other receivables are non-interest bearing except $0.37 million (AUD$0.51 million) overdue final payment owed by Odyssey Gold Ply Ltd, the Purchaser who acquired the 80% interests in Tuckanarra project (Note 8 (b)), comprised of $0.36 million (AUD$0.50 million) for second deferred consideration and $0.01 million (AUD$0.01million) for interest incurred from March 15, 2022 at a rate of the LIBOR plus 2% compounded on monthly basis. On October 17, 2022, after the first quarter, the total $0.37 million were paid in full to the Company.

6. Inventories

6. Inventories
	September 30, 2022	June 30, 2022
	$	$
Mine operating supplies	1,115	1,434
Stockpiled ore	1,319	1,717
Work in progress	2,782	4,581
Finishedgoods(a)	9,725	5,011
	14,941	12,743

Inventory includes supplies to production, stockpiled ore at ROM pad, work in progress such as gold in circuit and gold dore, and finished goods representing unsold gold bullion on hand. Ore inventories that are not expected to be processed in the next 12 months are classified as non-current assets which are nil as of September 30, 2022 (June 30, 2022: nil).

(a) Finished goods include 3,652 ounces of gold bullion held in the metal accounts (June 30, 2022: 1,986 ounces).

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

7. Property, Plant and Equipment

7. Property, Plant and Equipment
	Mineral	Buildings,	Construction	Total
	Properties (a)	plant and equipment (b)	in Progress (c)
	$	$	$	$
Cost
As at June 30, 2021	64,234	36,300	5,042	105,576
Addition	2,627	606	6,404	9,637
Change in ARO provision	(68)	(125)	-	(193)
Disposal	-	(80)	-	(80)
Reclassification(d)	(715)	-	-	(715)
As at June 30, 2022	66,078	36,701	11,446	114,225
Addition	289	13	2,260	2,562
Change in ARO provision	(11)	(23)	-	(34)
Reclassification(d)	-	(123)	123	-
As at September 30, 2022	66,356	36,568	13,829	116,753
Accumulated depreciation and amortization
As at June 30, 2021	(49,588)	(25,682)	-	(75,270)
Charge for the year	(2,574)	(1,205)	-	(3,779)
Disposal	-	30	-	30
As at June 30, 2022	(52,162)	(26,857)	-	(79,019)
Charge for theperiod	(611)	(117)	-	(728)
As at September 30, 2022	(52,773)	(26,974)	-	(79,747)
Net book value
As at June 30, 2021	14,646	10,618	5,042	30,306
As at June 30, 2022	13,916	9,844	11,446	35,206
As at September 30,2022	13,583	9,594	13,829	37,006

• a) Included under mineral properties placed into production at the Selinsing Gold Mine in Pahang State, Malaysia, which is subject to depletion on a unit of production basis.

• b) Included under buildings, plant and equipment are camps and gold processing plants in Malaysia for net book value of $5.34 million and in Western Australia for $4.03 million.

• c) As of September 30, 2022, construction expenditures totaled $13.83 million (June 30, 2022: $11.45 million) comprised $3.11 million (June 30, 2022: $3.11 million) for the sulphide ore treatment process study and $9.19 million for flotation plant construction (June 30, 2022: $6.81 million) at Selinsing, of which a total $2.38 million were incurred during the quarter ended September 30, 2022; and $1.53 million (June 30, 2022: $1.53 million) for the Burnakura crushing plant refurbishment at Murchison. Construction expenditures are not subject to depreciation until they are available for use.

• d) These were Exploration and Evaluation costs incurred at Selinsing Gold Mine during fiscal year 2021: $(0.77) million of sulphide project development expenditure on tailing storage facilities (“TSF”) and river diversion, offset by $0.05 million reclassified from Exploration and Evaluation which spent on building temporary access road to Peranggih pits to accommodate mining production (Note 8(a)). There was an equipment of $0.12 million initially purchased for use in oxide processing plant during fiscal year 2022 and was kept for use in flotation processing plant during the quarter.

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

8. Exploration and Evaluation

8. Exploration and Evaluation
	Selinsing Gold	Murchison	Total
	Portfolio	Gold Portfolio
	$	$	$
	(a)	(b)
Balance, June 30, 2021	27,009	29,939	56,948
Assay and analysis	16	144	160
Drilling	46	971	1,017
Geological	50	392	442
Plant maintenance(Note 8(d))	-	104	104
Site activities	153	461	614
Asset retirement obligations	-	(20)	(20)
Property fees	132	216	348
Mine development	2,888	-	2,888
Reclass from mineralproperties(Note 7(d))	715	-	715
Changes for the year	4,000	2,268	6,268
Balance, June 30, 2022	31,009	32,207	63,216
Assay and analysis	3	-	3
Drilling	20	-	20
Geological	8	81	89
Plant maintenance(Note 8(d))	-	20	20
Site activities	126	118	244
Asset retirement obligations	-	(16)	(16)
Property fees	27	133	160
Mine development	1,687	-	1,687
Changes for the period	1,871	336	2,207
Balance, September 30, 2022	32,880	32,543	65,423

i) Mine development include costs of tailing storage facility expansion, waste damp and access road development, the river division and waste removal for the sulphide projects.

a) Selinsing Gold Portfolio

Exploration and evaluation expenditure covers the Company’s 100% interest in the Selinsing Gold Mine Portfolio including Selinsing Deep, a part of Buffalo Reef, Felda Land and Famehub, which lie continuously and contiguously along the gold trend upon which the Selinsing Gold Mine is located. As of September 30, 2022, the total balance of $32.88 million included $5.34 million for Selinsing Flotation project development ($2.87 million for tailing storage facility (“TSF”) and $0.09 million at Selinsing, $1.13 million for cutback and $0.54 million for river diversion at Buffalo Reef and $0.71 million for cutback at Felda Block 7) and $27.54 million for acquisition and exploration, of which $2.52 million for Selinsing Deep, $16.67 million for Buffalo Reef, $0.13 million for Felda Land, $5.05 million for Famehub and $3.17 million for Peranggih.

During the quarter ended September 30, 2022, a total $1.87 million expenditure was occurred including $1.69 million for mine development comprised of $0.91 million for cutback and $0.30 million for river diversion at Buffalo Reef and $0.48 million at Felda Block 7, and $0.18 million on exploration included $0.08 million for Buffalo Reef, and $0.10 million for Selinsing Deep.

Selinsing Deep

The Company acquired a 100% interest in the Selinsing Gold Project in 2007 through its 100% owned subsidiary Able Return Sdn. Bhd. Acquisition costs and continuous exploration and development expenditure were recoded against exploration and evaluation. As of September 30, 2022 oxide ore and partial of leachable sulphide ore in Selinsing Deep have been placed into a production and have been classified to property, plant and equipment (Note 7(a)). As of September 30, 2022, the balance of $5.48 million included $2.96 million for Selinsing Flotation project development ($2.87 million for TSF and $0.09 million for river diversion) and $2.52 million (June 30, 2022: $2.42 million) for acquisition and exploration. During the quarter ended September 30, 2022, $0.10 million of exploration was incurred. during the quarter ended September 30, 2022.

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

Buffalo Reef

On June 25, 2007, the Company acquired 100% of the common shares of Damar Consolidated Exploration Sdn. Bhd., a company incorporated under the laws of Malaysia, thereby effectively acquiring 100% of the Buffalo Reef tenement property interests. The oxide ore at Buffalo Reef have been placed into production and reclassified against property, plant and equipment (Note 7(a)). As of September 30, 2022, the balance of $18.34million comprised of $1.67 million for flotation project development ($1.13 million for cutback and $0.54 million for river diversion) and $16.67 million for acquisition and exploration (June 30, 2022: $16.59 million). During the quarter ended September 30, 2022, $0.08 million was incurred for exploration costs, and $0.91 million was incurred for cutback and $0.3 million was incurred for river diversion.

Felda Land

The Company acquired exclusive irrevocable exploration licenses over Felda Land through a subsidiary Able Return Sdn Bhd from settlers – individual owners of blocks on the Felda Land, with consent from Federal Land Development Authority (“FELDA”).

The Felda Land is located east and south adjacent to Selinsing and Buffalo Reef.

Included in Felda land, Block 7 (“Felda Block 7”) was converted to proprietary mining leases in October 2017. It is adjacent east of Buffalo Reef as the extension of the BRC oxide ore body, and nearby existing gold process plant. As of September 30, 2022, $0.84 million comprised of the remaining balance of $0.13 million (June 30, 2022: $0.13 million) acquisition cost for Felda Land and $0.71 million for cutback. During the quarter ended September 30, 2022, $0.48 million was incurred for cutback and no exploration and evaluation expenditure was incurred.

Peranggih

The Peranggih area is located north of the Selinsing Gold Mine and is in the same regional shearing structure as the Selinsing and Buffalo Reef gold deposits. As of September 30, 2022, the balance was $3.17 million (June 30, 2022: $3.17 million) with no exploration and evaluation expenditures incurred in the quarter ended September 30, 2022.

Famehub

On August 13, 2010, the Company acquired a 100% interest in Famehub Venture Sdn. Bhd. (“Famehub”), a company incorporated in Malaysia to purchase a land package of prospective exploration land as well as the associated data base. This land is located to the east of the Selinsing Gold project and the Buffalo Reef prospect. The balance as of September 30, 2022 was $5.05 million (June 30, 2022: $5.05 million) with no exploration and evaluation expenditures incurred in the quarter ended September 30, 2022.

b) Murchison Gold Portfolio

The Company has a 100% interest in the Murchison Gold Portfolio which consists of the Burnakura, Gabanintha, and 20% interest in Tuckanarra gold properties, located in the Murchison Mineral Field. Burnakura and Gabanintha are located southeast of Meekatharra, WA and northeast of Perth, WA. Tuckanarra is located approximately southwest of Burnakura.

As of September 30, 2022, the Murchison Gold Portfolio exploration and evaluation expenditures totalled $32.54 million, of which $28.55 million (June 30, 2022: $28.25 million) was spent for Burnakura, $3.49 million (June 30, 2022: $3.46 million) for Gabanintha and $0.50 million (June 30, 2022: $0.50 million) for Tuckanarra, representing 20% JV interest.

A total of $0.33 million was incurred during the quarter ended September 30, 2022, $0.30 million spent for Burnakura Project and $0.03 million spent for Gabanintha Gold Project.

Burnakura

In February 2014, Monument acquired the Burnakura Gold Project and Gabanintha Gold Project that includes a number of mining and exploration tenements, lease applications, a fully operational gold processing plant, a developed camp site and all necessary infrastructure.

As of September 30, 2022, the balance of exploration and evaluation expenditures was $28.55 million (June 30, 2022: $28.25 million), of which $8.42 million (AUD$9.35 million) were acquisition costs, $10.17 million (AUD$13.14 million) were exploration, and $9.96 million (AUD$12.94 million) were site care and maintenance which include $1.67 million for property fees and $1.34 million for plant maintenance. During the quarter ended September 30, 2022, $0.06 million exploration costs and $0.24 million of site maintenance costs were incurred for Burnakura.

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

Gabanintha

Gabanintha Gold Project was acquired in conjunction with Burnakura, containing a number of prospective tenements located to the east of Burnakura.

As of September 30, 2022, total exploration and evaluation expenditures were $3.49 million (June 30, 2022: $3.46 million) including acquisition costs of $2.88 million (AUD$3.19 million), exploration costs of $0.61 million (AUD$0.86 million). A total of $0.03 million was spent during the quarter ended September 30, 2022 for Gabanintha.

Tuckanarra

On December 24, 2020, the Company sold 80% controlling interest in Tuckanarra to Odyssey Gold Ltd (ASX: “ODY”, “Odyssey”, formerly Odyssey Energy Ltd) pursuant to a Joint Venture Arrangement (the “JV Arrangement”). Under the JV arrangement, Monument has 20% free carried interest until a decision to mine being made, provided preferentially ODY’s gold ore will be processed through Monument’s Burnakura gold plant subject to commercial terms. Monument also retains a 1% net smelter return royalty over ODY’s percentage share in Tuckanarra.

As of September 30, 2022, the Company has received AUD$3.50 million (or equivalent $2.66 million) in cash out of the total cash consideration of AUD$5.00 million (or equivalent $3.81 million) in fiscal 2021. Among remaining $1.50 million consideration, AUD$0.50 million (or equivalent $0.36 million) are recorded as a receivable upon the completion of transfer of the 80% legal and beneficial interest of the tenements to ODY; and AUD$1.00 million (or equivalent $0.76 million) contingency consideration may become receivable within 36 months of the completion of the Transaction subject to exploration success when additional 100,000 ounces of gold being discovered at a minimum resource grade of 1.55g/t in relation to Tuckanarra Gold Project.

The balance of $0.50 million as of September 30, 2022 (June 30, 2022: $0.50 million) represented the 20% interest in Tuckanarra Gold Project carried by the Company.

9. Capital Management

The Company manages its capital to ensure that it will be able to continue to meet its financial and operational strategies and obligations, while maximizing the return to shareholders through the optimization of equity financing. Management continuously monitors its capital position and periodically reports to the Board of Directors.

The Company is sensitive to changes in commodity prices and foreign exchange. The Company’s policy is to not hedge gold sales. The Company’s capital management policy has not changed in the quarter ended September 30, 2022.

The Company’s objectives when managing capital are to:

• Ensure the Company has sufficient cash available to support the mining, exploration, and other areas of the business in any gold price environment;

• Ensure the Company has the capital and capacity to support a long-term growth strategy; and

• Minimize counterparty credit risk.

Other than restricted cash and cash held from sale of assets (Note 4) the Company is not subject to any externally imposed capital restrictions. Monument has the ability to adjust its capital structure by issuing new equity, issuing new debt, and by selling or acquiring assets. The Company can also control how much capital is returned to shareholders through dividends and share buybacks.

The capital of the Company consists of items included in equity and debt, net of cash and cash equivalents.

The capital of the Company consists of items included in equity	and debt, net of cash and cash equivalents.
	September 30, 2022	June 30, 2022
	$	$
Total equity attributable to shareholders	120,155	120,436
Less: cash and cash equivalents	(16,146)	(21,039)
Total capital	104,009	99,397

10 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

10. Financial Instruments and Financial Risk

The Company’s financial instruments are classified and measured at amortized cost (cash and cash equivalents, restricted cash, trade and other receivables, accounts payable and accrued liabilities).

a) Fair value measurement

The carrying amounts of cash and cash equivalents, restricted cash, trade and other receivables, accounts payable and accrued liabilities are considered reasonable approximations of their fair values due to the short-term nature of these instruments.

The Company does not have any financial assets or financial liabilities measured at fair value subsequent to initial recognition.

b) Risk exposures and responses

The Company’s financial instruments are exposed to market risk, credit risk, and liquidity risk.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is comprised of three types of risk: foreign currency risk, price risk and interest rate risk.

Foreign currency risk

The Company is exposed to foreign currency risk to the extent financial instruments held by the Company are not denominated in US dollars.

At the reporting date, the Company is exposed to foreign currency risk through the following assets and liabilities denominated in Malaysian ringgit (RM), Australian dollar (AUD) and Canadian dollar (CAD):

	September	30, 2022			June 30, 2022
	$	$	$	$	$	$
(in 000’s,US dollar equivalent)	AUD	RM	CAD	AUD	RM	CAD
Financial instrument – assets
Cash and cash equivalents	59	52	40	177	192	168
Restricted cash	-	286	-	-	302	-
Trade and other receivable	367	209	37	356	218	7
Financial instruments – liabilities
Accounts payable and accrued liabilities	122	6,918	236	92	4,924	210
Lease liabilities	-	-	230	-	-	252
Borrowings	-	-	44	-	-	47

The Company has not hedged any of its foreign currency risks.

Based on the above net exposures as at September 30, 2022 and assuming that all other variables remain constant, a 5% depreciation or appreciation of the RM against the US dollar would result in an increase/decrease of approximately $0.32 million (September 30, 2021: $0.28 million) in the Company’s net income, a 5% depreciation or appreciation of the CAD against US dollar would result in an increase/decrease of approximately $0.02 million (September 30, 2021: increase/decrease $0.01 million) in net income and a 5% depreciation or appreciation of the AUD against the US dollar would result in a decrease/increase of approximately $0.02 million (September 30, 2021: decrease/increase $0.06 million) in net income.

Price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices other than those arising from interest rate risk or foreign currency risk. The Company has not hedged any of its commodity price risks.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Generally, the Company’s interest income will be reduced during sustained periods of lower interest rates as higher yielding cash equivalents and short-term investments mature and the proceeds are reinvested at lower interest rates. The converse situation will have a positive impact on interest income.

11 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

To limit interest rate risk, the Company uses a restrictive investment policy. The fair value of the investments of financial instruments included in cash and cash equivalents is relatively unaffected by changes in short-term interest rates. The investments are generally held to maturity and changes in short-term interest rates do not have a material effect on the Company’s operations.

Credit risk

The Company’s credit risk on trade receivables is negligible.

The Company is exposed to concentration of credit risk with respect to cash and cash equivalents (Note 4). The maximum exposure to credit risk is the carrying amounts at September 30, 2022. The amount of $0.44 million (June 30, 2022: $0.60 million) is held with a Malaysian financial institution, $0.06 million with an Australian financial institution (June 30, 2022: $0.18 million) and $15.65 million (June 30, 2022: $20.26 million) is held with Canadian financial institutions.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through budgeting and forecasting cash flows to ensure it has sufficient cash to meet its short-term requirements for operations, business development and other contractual obligations. The Company’s cash and cash equivalents are highly liquid and immediately available on demand for the Company’s use. The table below summarizes the maturity profile of the Company’s non-derivative financial liabilities as of September 30, 2022 and September 30, 2021.

	September 30, 2022	September 30, 2022		June 30, 2022
	$	$	$	$
	Current	Non-Current	Current	Non-Current
	<1 year	1-3 years	<1 year	1-3 years
Non derivative liabilities
Accounts payable and accrued liabilities	7,276	-	5,226	-
Lease liabilities	44	186	46	206
Borrowings	-	44	-	47
	7,320	230	5,272	253

11. Accounts Payable and Accrued Liabilities

	September 30, 2022	June 30, 2022
	$	$
Trade payables	4,807	2,869
Construction payables	2,236	2,185
Employmentpayables and accruals	233	172
	7,276	5,226

Trade payables are non-interest-bearing and are normally settled on 30-day terms. Construction payables, include hold back of 5%, which will be settled 12 months after construction is completed when certain conditions are made.

Employment payables and accruals include vacation, employment benefits and related withholding taxes.

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

12. Lease Liabilities

12. Lease Liabilities
	September 30, 2022	June 30, 2022
	$	$
Opening balance	252	43
Recognized upon office lease renewal	-	239
Interest expenses	2	6
Lease payments	(10)	(43)
Foreign currencyexchange loss (gain)	(14)	7
Changes for the period	(22)	209
Closing balance	230	252
Current portion	44	46
Non-currentportion	186	206
Closingbalance	230	252

Upon the adoption of IFRS 16 on July 1, 2019, the Company has recognized a right-of-use asset and lease liability of $0.11 million on a long-term office lease. During the last quarter ended June 30, 2022, the office lease was extended to expire on July 31, 2027, the Company remeasured the lease liability to reflect the modification.

	September 30, 2022	June 30, 2022
	$	$
Undiscounted lease payment obligations:
Less than one year	51	54
One to fiveyears	198	221
Total undiscounted lease liabilities	249	275
13. Borrowings
	September 30, 2022	June 30, 2022
	$	$
Opening balance	47	47
Foreign currencyexchangegain	(3)	-
Closingbalance	44	47

Included in Borrowings of $0.04 million (CAD$0.06 million) as of September 30, 2022 is a 32-month term loan granted under the Government of Canada’s Emergency Business Account (the “CEBA Loan”) on April 30 and December 15, 2020. The CEBA Loan is available to qualified businesses to fund their operations due to COVID-19 pandemics and is non-interest bearing until December 31, 2023, postponed from December 31, 2022 (the “Due Date”). One third of the outstanding loan shall be forgiven should the Company repay the two thirds of the loan by the Due Date. The Company may choose not to make minimum payment by Due Date, in such case the remaining balance on the Due Date shall be converted into a 2-year term loan bearing interest rate of 5%.

14. Asset Retirement Obligations

The Company’s ARO as of September 30, 2022 consists of reclamation and closure costs for mine development and exploration activities. The total cash flows required to settle the Company’s obligations before discounting is estimated to be $6.39 million (June 30, 2022: $6.73 million), comprised of $5.38 million (June 30, 2022: $5.65 million) for Malaysian projects and $1.01 million (June 30, 2022: $1.08 million) for the Western Australia Projects.

As at September 30, 2022, the present value of the Company’s ARO was $5.45 million (June 30, 2022: $5.76 million), comprised of $4.52 million (June 30, 2022: $4.73 million) for Selinsing gold portfolio using a pre-tax risk-free rate of 4.04% (June 30, 2022: 3.96%) and an inflation rate of 4.50% (June 30, 2022: 3.40%); $0.93 million (June 30, 2022: $1.03 million) for the Murchison gold portfolio using a pre-tax risk-free rate of 2.60% (June 30, 2022: 1.35%) and an inflation rate of 6.10% (June 30, 2022: 5.10%);

Significant reclamation and closure activities include land rehabilitation, slope stabilization, decommissioning of tailing storage facilities, mined waste dump, road bridges, buildings and mine facilities.

13 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

The following is an analysis of the asset retirement obligations:

	September 30, 2022	June 30, 2022
	$	$
Opening balance	5,760	6,206
Accretion expense	49	152
Reclamation performed	(4)	-
Reassessment of liabilities	(52)	(215)
Foreign currencyexchangegain	(302)	(383)
Changes for the period	(309)	(446)
Closingbalance	5,451	5,760

15. Income Tax

15. Income Tax
	September 30, 2022	June 30, 2022
	$	$
Opening balance - Income tax payable (receivable)	(475)	431
Income tax expense (recovery)	2	(48)
Tax installments paid	(61)	(870)
Foreign currencyexchange loss (gain)	24	12
Changes for the period	(35)	(906)
Closingbalance - income taxpayable(receivable)	(510)	(475)

As of September 30, 2022, the income tax receivable balance of $0.51 million (June 30, 2022: $0.48 million) resulted from overpayment of tax installments after offsetting income tax expense. Deferred tax liabilities were $2.30 million (June 30, 2022, $2.30 million).

$2.30 million).
	September 30, 2022	June 30, 2022
	$	$
Opening balance	2,304	2,662
Deferred income tax expense (recovery)	114	(215)
Foreign currencyexchangegain	(120)	(143)
Changes for the period	(6)	(358)
Closingbalance	2,298	2,304

16. Share Capital

a) Authorized

Unlimited common shares without par value.

b) Common shares

Issued and outstanding:

Issued and outstanding:
	Number of shares	Value assigned
		$
Balance, June 30, 2020	328,071,563	117,444
RSUs redeemed (Note 17(b))	4,900,000	244
Shares cancelled(i)	(7,000,000)	(559)
Balance, June 30, 2021	325,971,563	117,129
RSUs redeemed(Note 17(b))	866,670	102
Balance, June 30, 2022 and September 30, 2022	326,838,233	117,231

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MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

(i) 7 million common shares were held in escrow since February 2015 according to the Head Agreement entered between Monument Mining Ltd and Intec International Pty Ltd. (“Intec”), that gave Intec an interim license for Monument to carry out sulphide test work at Mengapur site. The Head Agreement has come to termination on March 18, 2021 based on the ore body test results at the Mengapur site, and the 7 million shares in escrow have been canceled and returned to treasury.

17. Capital Reserves

17. Capital Reserves
	September 30, 2022	June 30, 2022
	$	$
Warrants	2,612	2,612
Options (a)	10,303	10,303
Restricted share units(b)	894	886
	13,809	13,801

a) Stock options

At the Annual General Meeting of Shareholders (“AGM”) held on December 15, 2016, the Company’s shareholders approved a 5% Fixed Stock Option Plan (the “2016 Stock Option Plan”). The total number of shares reserved for issuance under the 2016 Stock Option Plan is 16,210,905. The general terms of stock options granted under the 2016 Stock Option Plan include a life of stock options up to ten years and a vesting period up to two years.

As of September 30, 2022, no stock options were outstanding and a total of 12,140,406 common shares were available for future grant under the 2016 Stock Option Plan, comprised of an initial 16,210,905 reserved for issuance, of which 4,070,499 stock options were exercised. There were no new stock options granted during the quarter ended September 30, 2022.

b) Restricted share units

At the AGM held on December 15, 2016, the Company’s shareholders approved a fixed 10% restricted Share unit plan (the “RSU Plan”). Under the RSU Plan, the total number of shares reserved for grant is 32,421,800, of which 24,943,666 have been granted to date, 11,120,203 have been redeemed, 166,667 are forfeited, 13,656,796 are outstanding and 7,644,801 remain available for future grant at September 30, 2022.

Restricted share units outstanding	Number of common shares
Balance, June 30, 2020	15,523,466
Granted	3,900,000
Redeemed	(4,900,000)
Balance, June 30, 2021	14,523,466
Redeemed	(866,670)
Balance, June 30, 2022 and September 30, 2022	13,656,796

Of the 13,656,796 RSUs granted under the RSU Plan and outstanding, 11,423,466 units for $0.69 million were vested, redeemable until February 10, 2024; 1,500,000 units for $0.17 million were vested, redeemable until April 8, 2024; the remaining 733,330 units for $0.07 million shall be vested equally over a two-year period from February 10, 2022. The underlying fair value of granted RSUs is amortized over the corresponding vesting periods as compensation expenses against capital reserves. Once vested and units are redeemed, the cost of issuance of shares is credited to share capital against capital reserves.

For the quarter ended September 30, 2022, $nil has been credited to expense for forfeitures (September 30, 2021 $nil), and $0.01 million (September 30, 2021 $0.02 million) has been expensed and allocated to production expense and exploration expenditure against capital reserves for RSUs vested, and $nil million (September 30, 2021: $nil million) was credited to share capital for nil RSUs (September 30, 2021: nil RSUs) redeemed.

15 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

18. Production Costs

			Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Mining	2,493	1,156	253	743
Processing	2,943	1,697	308	1,024
Royalties	544	438	73	239
Operations,net of silver recovery	22	27	15	29
	6,002	3,318	649	2,035
19. Operation Expenses
		0	Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Expenses from operation suspension	-	-	-	48

During the COVID-19 pandemic period Selinsing gold production was suspended from May 18 to June 28, 2021 and from March 18 to May 12 in 2020 in compliance with the Movement Control Order (“MCO”) issued by Malaysia authorities, except certain initial services. As a result, the costs of the idle capacity during the suspension and recovery periods were recorded against operation expenses: $nil million for the quarter ended September 30, 2022, compared to $0.05 million for the quarter ended September 30, 2021.

20. Corporate Expenses

20. Corporate Expenses
		0	Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Office and general expenses	36	33	32	26
Rent and utilities (a)	11	6	9	1
Salaries and wages	204	201	252	232
Share-based compensation	3	122	2	5
Legal, accounting and audit	52	86	65	57
Consulting Fees	48	135	18	31
Shareholders communication	36	23	17	29
Travel	-	-	45	-
Regulatory compliance and filing	9	11	5	35
Amortization	17	11	13	11
	416	628	458	427

• a) During the quarter ended September 30, 2022, the Company received an office rental subsidy of $nil million (September 30, 2021: $0.01 million) from Canada Emergency Commercial Rent Assistance program offered by Canadian Government during COVID-19 pandemic, which was recorded against rental expenses.

21. Gross revenue royalty income

On April 8, 2021, the Company sold 100% equity interest in Mengapur Project to Fortress Minerals Limited (“Fortress”, or “Purchaser”) for consideration of $30.00 million in cash and a gross revenue royalty (“GRR”) of 1.25% for all products that may be produced at the Mengapur Project. During the quarter ended September 30, 2022, $0.03 million provisional GRR was accrued by the Company subject to data provided by Fortress. After the quarter end, the amount was received in October 2022.

		0	Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Gross revenue royaltyincome	-	3,000	25	-

16 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

22. Loss Per Share

The calculation of basic and diluted loss per share for the relevant periods is based on the following:

		0	Three months ended September 30,
	2022	2021	2022 2021
Loss for the period	$ (13,495) $	**(96,104) **	$ (289) $ (1,267)
Basic weighted average number of common shares outstandin326,650,824		321,971,563	326,838,233 325,971,563
Effect of dilutive securities:
Restricted share units	-	-	- -
Diluted weighted average number of common share outstandi326,650,824		321,971,563	326,838,233 325,971,563
Basic loss per share	$ (0.04) $	(0.30)	$ (0.00) $ (0.00)
Diluted lossper share	$(0.04) $	(0.30)	$(0.00) $(0.00)

All options are potentially dilutive but excluded from the calculation of diluted earnings per share are those for which the average market prices are below the exercise price. The restricted share units are anti-dilutive for a reduction in loss per share if restricted share units are redeemed. There were no options and restricted share units granted during the quarter ended September 30, 2022.

23. Related Party Transactions

Key management personnel

The Company’s related parties include key management, who have authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly: five directors (executive and non-executive), the Chief Executive Officer (“CEO”), the Chief Financial Officer and the Vice President of Business Development who directly reports to the CEO.

The remuneration of the key management of the Company as defined above including salaries and director fees is as follows:

		0	Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Salaries	145	153	139	174
Directors’ fees	32	31	31	33
	177	297	170	207

As at September 30, 2022, the net amount due to related parties are $0.03 million (June 30, 2022: $0.03 million) relating to director fees. Directors’ fees are paid on a quarterly basis. Unpaid amounts due to directors are recorded against accrued liabilities, are unsecured and bear no interest.

24. Commitments and Contingencies

	2023	2024	2025	2026	2027	Total
	$	$	$	$	$	$
Lease commitments	45	60	61	55	52	273
Mineral property obligations	299	567	615	631	567	2,679
Purchase and Contract commitments
Mine Operations	1,021	49	49	40	37	1,196
Flotation Construction	721	-	-	-	-	721
	2,086	676	725	726	656	4,869

The Company’s commitment includes leases, mineral property obligations and purchase commitment. Lease commitments represent contractually obligated payments associated with the long-term office lease. Mineral property obligations include exploration expenditures and levies mandated by government authorities to keep the tenements in good standing. Purchase

17 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

commitments include $0.72 million for flotation construction, $1.00 million for mine operations at Selinsing Gold Mine in Malaysia; and $1.08 million for exploration expenditure at Murchison Gold Project in Western Australia.

25. Supplemental Cash Flow Information

25. Supplemental Cash Flow Information
		0	Three months ended	September 30,
	2022	2021	2022	2021
	$	$	$	$
Interest received	15	60	55	9
Net income tax paid	(157)	-	(61)	(403)
Non-cash working capital, financing and investing activities:
Amortization charged to mineral properties	2	93	2	2
Amortization inherent in inventory	(1,355)	1,280	3,931	4,111
Expenditures on mineral properties in accounts payable	224	126	108	385
Plant and equipment costs included in accountspayable	(472)	299	3,125	563

26. Segment Disclosures

The Company operates primarily in the gold mining industry and its major product is gold. Its activities include gold production, acquisition, exploration and development of gold and other base metal properties. The Company’s mining operations are in Malaysia. Another reportable operating segment is the exploration and evaluation segment. The Company’s corporate head office is the last reportable operating segment.

The Company’s reportable operating segments reflect the Company’s individual mining interests and are reported in a manner consistent with the internal reporting used by the Company’s chief operating decision maker to assess the Company’s performance.

a) Operating segments

a) Operating segments
	Mine	Exploration aod	Corporate	Total
September 30, 2022	Operations	Evaluation
	(Gold)	(Gold)
	$	$	$	$
Balance sheet
Current assets	16,615	688	15,722	33,025
Property, plant and equipment	31,208	5,566	232	37,006
Exploration and evaluation	-	65,423	-	65,423
Total assets	47,823	71,677	15,954	135,454
Total liabilities	13,735	1,055	509	15,299
	Mine	Exploration aod	Corporate	Total
June 30, 2022	Operations	Evaluation
	(Gold)	(Gold)
	$	$	$	$
Balance sheet
Current assets	14,485	804	20,314	35,603
Property, plant and equipment	29,374	5,587	245	35,206
Exploration and evaluation	-	63,216	-	63,216
Total assets	43,859	69,607	20,559	134,025
Total liabilities	11,958	1,122	509	13,589

18 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

For the three months ended	Mine	Exploration aod	Corporate	Total
September 30, 2022	Operations (Gold)	Evaluation (Gold)
	$	$	$	$
Income statement
Revenue	709	-	-	709
Loss from mining operations	(245)	-	-	(245)
Corporate expenses	-	-	(458)	(458)
Other income, (expenses) and (loss)	682	220	(372)	530
Tax recovery	(116)	-	-	(116)
Net loss	321	220	(830)	(289)
For the three months ended	Mine	Exploration aod	Corporate	Total
September 30, 2021	Operations (Gold)	Evaluation (Gold)
	$	$	$	$
Income statement
Revenue	2,383	-	-	2,383
Income from mining operations	(328)	-	-	(328)
Corporate expenses	-	-	(427)	(427)
Other income, (expenses) and (loss)	(7)	(72)	(211)	(290)
Tax expense	(222)	-	-	(222)
Net income/(loss)	(557)	(72)	(638)	(1,267)

b) Geographical area information

The Company operates in three geographic areas – Australia, Malaysia and Canada. Revenues are generated 100% in Malaysia and sold to a single customer in the US.

September 30, 2022	Australia	Malaysia	Canada	Total
	$	$	$	$
Balance sheet
Current assets	479	16,823	15,723	33,025
Property, plant and equipment	5,566	31,209	231	37,006
Exploration and evaluation	32,543	32,880	-	65,423
Total assets	38,588	80,912	15,954	135,454
Total liabilities	1,055	13,735	509	15,299
June 30, 2022	Australia	Malaysia	Canada	Total
	$	$	$	$
Balance sheet
Current assets	584	14,704	20,315	35,603
Property, plant and equipment	5,587	29,375	244	35,206
Exploration and evaluation	32,207	31,009	-	63,216
Total assets	38,378	75,088	20,559	134,025
Total liabilities	1,122	11,958	509	13,589

19 | P a g e

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2022 and 2021

(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

For the three months ended	Australia	Malaysia	Canada	Total
September 30, 2022	$	$	$	$
Income statement
Revenue	-	709	-	709
Loss from mining operations	-	(245)	-	(245)
Corporate expenses	(3)	(26)	(429)	(458)
Other income, (expenses) and (loss)	220	682	(372)	530
Tax recovery	-	(116)	-	(116)
Net loss	217	295	(801)	(289)
For the three months ended	Australia	Malaysia	Canada	Total
September 30, 2021	$	$	$	$
Income statement
Revenue	-	2,383	-	2,383
Income from mining operations	-	(328)	-	(328)
Corporate expenses	4	(5)	(426)	(427)
Other income, (expenses) and (loss)	(72)	(8)	(210)	(290)
Tax expense	-	(222)	-	(222)
Net income/(loss)	(68)	(563)	(636)	(1,267)

27. Subsequent Events

None

20 | P a g e