Monument Mining Limited — Interim / Quarterly Report 2025

Feb 28, 2025

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF

MONUMENT MINING LIMITED

(Expressed in thousands of United States dollars)

For the three and six months ended December 31, 2024 and 2023

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 and six months ended December 31, 2024.

---

TABLE OF CONTENTS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ... 1
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (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 ... 5-21

---

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(expressed in thousands of United States dollars)

	Notes	December 31, 2024	June 30, 2024
		$	$
ASSETS
Current assets
Cash and cash equivalents	4	23,082	10,859
Trade and other receivables	5	8,675	5,946
Prepaid expenses and deposits		1,231	984
Inventories	6	12,034	12,757
Total current assets		45,022	30,546
Non-current assets
Inventories	6	5,637	5,480
Property, plant and equipment	7	59,151	57,614
Exploration and evaluation	8	49,064	48,375
Total non-current assets		113,852	111,469
Total assets		158,874	142,015
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	11	9,968	7,878
Lease liabilities	12	54	63
Income tax payable	15	3,074	2,053
Total current liabilities		13,096	9,994
Non-current liabilities
Lease liabilities	12	76	105
Asset retirement obligations	14	7,157	6,836
Deferred tax liabilities	15	5,534	3,937
Total non-current liabilities		12,767	10,878
Total liabilities		25,863	20,872
Equity
Share capital	16	117,380	117,380
Capital reserves – warrants	17	2,612	2,612
Capital reserves – options	17	10,440	10,372
Capital reserves – restricted share units	17	1,169	1,205
Retained earnings (Deficit)		1,410	(10,426)
Total equity		133,011	121,143
Total liabilities and equity		158,874	142,015

Commitments (Note 25)

Subsequent event (Note 28)

Approved on behalf of the Board:

"Cathy Zhai"

Cathy Zhai, CEO and Director

"Graham Dickson"

Graham Dickson, Director, Chairman

The accompanying notes are an integral part of these condensed interim consolidated financial statements

---

MONUMENT MINING LIMITED

For the three and six months ended December 31, 2024 and 2023

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(expressed in thousands of United States dollars, except share and per share amounts or otherwise stated)

	Notes	Three months ended		Six months ended
		December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
		$	$	$	$
Mining operations
Revenue	18	19,796	10,997	39,167	17,908
Production costs	19	(8,255)	(6,228)	(16,015)	(10,130)
Gross margin from mining operations		11,541	4,769	23,152	7,778
Operation expenses	20	(34)	(35)	(92)	(72)
Accretion of asset retirement obligation	14	(56)	(53)	(113)	(106)
Depreciation and amortization		(2,542)	(2,371)	(4,951)	(3,776)
Income from mining operations		8,909	2,310	17,996	3,824
Corporate expenses	21	(485)	(492)	(971)	(933)
Income before other items		8,424	1,818	17,025	2,891
Other items
Interest income		171	75	273	132
Gross revenue royalty income	22	5	-	14	24
Interest expense	12	(1)	(2)	(3)	(4)
Gain on disposal of assets			179	-	179
Foreign currency exchange gain (loss)		2,806	(1,571)	238	(2,217)
Other income, net		-	20	-	20
Income (Loss) from other items		2,981	(1,299)	522	(1,866)
Income before income taxes		11,405	519	17,547	1,025
Tax expenses	15	(2,566)	(1,114)	(5,711)	(1,705)
Total income (loss) and comprehensive income (loss)		8,839	(595)	11,836	(680)
Earnings (Loss) per share
- Basic	23	$ 0.03	$ (0.00)	$ 0.04	$ (0.00)
- Diluted	23	$ 0.03	$ (0.00)	$ 0.03	$ (0.00)
Weighted average number of common shares
- Basic	23	328,421,563	327,204,903	328,421,563	327,204,903
- Diluted	23	347,443,092	327,204,903	347,308,262	327,204,903

The accompanying notes are an integral part of these condensed interim consolidated financial statements

---

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three and six months ended December 31, 2024 and 2023

(expressed in thousands of United States dollars)

	Common shares	Capital reserve - warrants	Capital reserve - options	Capital reserve - restricted share units ("RSUs")	Retained earnings (Deficit)	Total equity
		$	$	$	$	$	$
Balances at June 30, 2023		117,269	2,612	10,303	871	(16,869)	114,186
Share-based compensation	17 (a), (b)	-	-	-	6	-	6
Net loss for the period		-	-	-	-	(680)	(680)
Balances at December 31, 2023		117,269	2,612	10,303	877	(17,549)	113,512
Balances at June 30, 2024		117,380	2,612	10,372	1,205	(10,426)	121,143
Share-based compensation	17 (a), (b)	-	-	68	6	-	74
RSUs forfeited	17 (b)	-	-	-	(42)	-	(42)
Net income for the period		-	-	-	-	11,836	11,836
Balances at December 31, 2024		117,380	2,612	10,440	1,169	1,410	133,011

The accompanying notes are an integral part of these condensed interim consolidated financial statements

---

MONUMENT MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three and six months ended December 31, 2024 and 2023

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

	Notes	Three months ended		Six months ended
		December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Operating activities
Income (Loss) for the period		8,839	(595)	11,836	(680)
Adjustments to reconcile net income (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization		2,557	2,385	4,981	3,802
Accretion expense on asset retirement obligations	14	56	53	113	106
Share-based compensation		4	1	8	2
Unrealized foreign currency exchange loss (gain)		(837)	1,069	668	1,619
Gain from Tuckanarra project		-	(179)	-	(179)
Deferred income tax expense		1,361	1,146	2,514	1,763
Cash provided by operating activities		11,980	3,880	20,120	6,433
before change in working capital items:
Change in non-cash working capital items:
Trade and other receivables		(244)	763	(2,728)	180
Prepaid expenses and deposits		(351)	(154)	(248)	(265)
Inventories		32	(854)	513	(3,824)
Deferred costs		-	(41)	-	(41)
Accounts payable and accrued liabilities		(2,695)	(1,180)	741	(49)
Cash provided by operating activities		8,722	2,414	18,398	2,434
Financing activities
Payment of lease liabilities	12	(17)	(23)	(34)	(41)
Repayment of borrowings	13	-	(15)	-	(15)
Cash used in financing activities		(17)	(38)	(34)	(56)
Investing activities
Expenditures on exploration and evaluation		(548)	(232)	(748)	(479)
Expenditures on property, plant and equipment		(2,958)	(1,846)	(5,393)	(3,019)
Cash used in investing activities		(3,506)	(2,078)	(6,141)	(3,498)
Increase (decrease) in cash and cash equivalents		5,199	298	12,223	(1,120)
Cash and cash equivalents at the beginning of the period		17,883	4,543	10,859	5,961
Cash and cash equivalents at the end of the period	4	23,082	4,841	23,082	4,841
Cash and cash equivalents consist of:
Cash on hand		22,771	4,545	22,771	4,545
Restricted cash		311	296	311	296
		23,082	4,841	23,082	4,841

Supplemental Cash Flow Information (Note 26)

The accompanying notes are an integral part of these condensed interim consolidated financial statements

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

(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 production, 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% interest in Tuckanarra project.

Selinsing Gold Mine is the primary asset of the Company, located in Pahang State, Malaysia, and was in commercial gold dore production since September 2010 till November 2022. During fiscal 2025, the Company continued gold concentrate production after an additional flotation plant was added to the Selinsing gold processing plant and commissioning was completed in December 2022 in conversion of the Selinsing Gold Plant from an oxide process to a dual oxide and sulphide process plant. The Carbon in Leach (“CIL”) circuit therefore ceased operation and was held for care and maintenance which can be put back to the circuit for oxide ore treatment when needed. The initial ramp up production of sulphide gold concentrates were carried out from January to June 2023. The Selinsing Gold Mine in Malaysia achieved commercial production of sulphide gold concentrates, operating at 90% of its designed production capacity for 30 consecutive days in August 2023.

The unaudited condensed interim consolidated financial statements of the Company for the three and six months ended December 31, 2024, comprising the Company and its subsidiaries, were authorized for issue in accordance with a resolution of the directors on February 19, 2025. 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 IFRS Accounting Standards - 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, 2024. These unaudited condensed interim consolidated financial statements do not include all disclosures required by IFRS Accounting Standards 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, 2024, 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, 2024.

3. Material 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, 2024.

a) Critical accounting estimates and judgments

The preparation of unaudited condensed interim financial statements in conformity with IFRS Accounting Standards as issued by the 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, 2024.

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

4. Cash and Cash Equivalents

	December 31, 2024	June 30, 2024
	$	$
Cash and cash equivalents	22,771	10,563
Restricted cash	311	296
	23,082	10,859

Cash and cash equivalents consist of cash at banks and on hand and short-term deposits with an original maturity of three (3) months or less. Restricted cash consists of cash held on hand which shall not be released until certain conditions are met under contractual obligations or a court order.

As of December 31, 2024, cash and cash equivalents of $23.08 million (June 30, 2024: $10.86 million) included restricted cash of $0.31 million (June 30, 2024: $0.30 million).

5. Trade and Other Receivables

	December 31, 2024	June 30, 2024
	$	$
Trade receivable	8,594	5,708
Interest receivable	39	1
Goods and services tax receivable	30	24
Other receivables	12	213
	8,675	5,946

Trade receivable as of December 31, 2024 was $8.59 million (June 30, 2024: $5.71 million) for gold concentrate sold, including $0.42 million past due from Hartree Metals LLP ("Hartree"), which is past due since October 27, 2023. The Company has been actively to collect this amount. An arbitration process was initiated in June 2024 and the mediation carried out in December 2024 (refer to Note 28).

Other receivables as of December 31, 2024 was $0.01 million (June 30, 2024: $0.21 million for a balance of tax refund from IRB (Inland Revenue Bureau of Malaysia, which was fully received subsequent to June 30, 2024).

6. Inventories

	December 31, 2024	June 30, 2024
	$	$
Current inventory
Mine operating supplies	2,722	2,197
Stockpiled ore	5,148	5,967
Work in progress	94	94
Finished goods	4,070	4,499
	12,034	12,757
Non-current inventory
Stockpiled ore	2,590	2,498
Work in progress	3,047	2,982
	5,637	5,480
	17,671	18,237

Inventory as at December 31, 2024 was totaling $17.67 million, comprised of $12.03 million of current inventory and $5.64 million of non-current inventory. The amount of inventory being transferred to cost of sales was $14.84 million including production costs of $9.89 million (Note 19) and depreciation of amortization of $4.95 million during the six months ended December 31, 2024 (Six months ended December 31, 2023, $11.07 million including production costs of $7.29 million and depreciation of amortization of $3.78 million).

The current inventory includes supplies for production, stockpiled ore at the Run-of-Mine pad, work in progress such as concentrate in circuits and finished goods. Finished goods include 0.251 ounces of gold bullion held in the metal accounts (June 30, 2024: 0.251 ounces) and 4,946 ounces of gold concentrate held at Selinsing warehouse (June 30, 2024: 6,531 ounces).

Ore inventories that are not expected to be processed in the next 12 months are classified as non-current assets and primarily consist of flotation high grade tailings and the oxide stockpiles which are planned to be processed by the CIL plant towards the end of the life of mine.

6 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

7. Property, Plant and Equipment

	Mineral Properties	Buildings, plant and equipment	Construction in Progress	Total
	$	$	$	$
Cost
As at June 30, 2023	91,879	51,386	1,856	145,121
Addition	8,356	650	101	9,107
Change in ARO provision	11	(55)	-	(44)
Disposal	-	(800)	-	(800)
Reclassification (b)	-	211	(211)	-
As at June 30, 2024	100,246	51,392	1,746	153,384
Addition	5,339	396	1,041	6,776
Change in ARO provision	1	(7)	-	(6)
As at December 31, 2024	105,586	51,781	2,787	160,154

Accumulated depreciation and amortization

As at June 30, 2023	(55,718)	(28,558)	-	(84,276)
Charge for the year	(9,155)	(3,137)	-	(12,292)
Disposal		798	-	798
As at June 30, 2024	(64,873)	(30,897)	-	(95,770)
Charge for the period	(3,670)	(1,563)	-	(5,233)
As at December 31, 2024	(68,543)	(32,460)	-	(101,003)

Net book value

As at June 30, 2023	36,161	22,828	1,856	60,845
As at June 30, 2024	35,373	20,495	1,746	57,614
As at December 31, 2024 (a)	37,043	19,321	2,787	59,151

a) The balance of property, plant and equipment as at December 31, 2024 totaling $59.15 million included:

• $37.04 million of mineral properties for the Selinsing Gold Sulphide Project at Selinsing gold mine in Pahang State, Malaysia, which was placed into production and began to deplete over the life of mine on January 1, 2023, using unit-of-production method.
• $19.32 million of building, plant and equipment for gold mines and administrations, comprised of $15.10 million for Selinsing Gold Mine in Malaysia, $4.08 million for Murchison Gold Project in Western Australia and $0.14 million for the corporate office in Canada.
• $2.79 million representing construction in progress of $1.26 million at Selinsing Gold Mine including $1.06 million for the new filter press in construction and $0.20 million for the bagging system delivered at the site, it will be installed and placed in use when required. which is not subject to amortization, and $1.53 million of the Burnakura crushing plant refurbishment at Murchison Gold Project in Western Australia.

b) For the year ended June 30, 2024, the $0.21 million reclassification comprised construction costs for gold concentrate warehouse that was relocated from construction in progress.

7 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

8. Exploration and Evaluation

| | Selinsing Gold Portfolio
$ | Murchison Gold Portfolio
$ | Total
$ |
| --- | --- | --- | --- |
| | (a) | (b) | |
| Balance, June 30, 2023 | 14,867 | 33,102 | 47,969 |
| Geological | - | 101 | 101 |
| Plant maintenance | - | 91 | 91 |
| Site activities | - | 460 | 460 |
| Asset retirement obligations (Note 14) | - | (4) | (4) |
| Property fees | 42 | 217 | 259 |
| Sale of 80% interest in Tuckanarra project | - | (501) | (501) |
| Changes for the year | 42 | 364 | 406 |
| Balance, June 30, 2024 | 14,909 | 33,466 | 48,375 |
| Drilling | 2 | - | 2 |
| Geological | 15 | 191 | 206 |
| Plant maintenance | - | 47 | 47 |
| Site activities | 42 | 181 | 223 |
| Asset retirement obligations (Note 14) | - | (12) | (12) |
| Property fees | 22 | 201 | 223 |
| Changes for the period | 81 | 608 | 689 |
| Balance, December 31, 2024 | 14,990 | 34,074 | 49,064 |

a) Selinsing Gold Portfolio

The Company's 100% owned interest in the Selinsing Gold Mine Portfolio including Selinsing, 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 December 31, 2024, the total balance of $14.99 million (June 30, 2024: $14.91 million) comprised $8.12 million for acquisition and $6.87 million for exploration and development (June 30, 2024: $8.12 million for acquisition and $6.79 million for exploration and development), of which $0.83 million (June 30, 2024: $0.83 million) for Selinsing, $5.80 million (June 30, 2024: $5.72 million) for Buffalo Reef, $0.14 million (June 30, 2024: $0.14 million) for Felda Land, $5.05 million (June 30, 2024: $5.05 million) for Famehub, and $3.17 million (June 30, 2024: $3.17 million) for Peranggih.

During the six months ended December 31, 2024, a total $0.08 million expenditure incurred for geological work, property fees and site activities (Six months ended December 31, 2023: $0.02 million for property fees).

Selinsing

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 at December 31, 2024, the total balance of $0.83 million (June 30, 2024: $0.83 million) related to exploration and development in previous years.

During the six months ended December 31, 2024, no exploration costs were incurred (Six months ended December 31, 2023: $nil) underneath of the existing ore body.

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.

8 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

As at December 31, 2024, the total balance of $5.80 million (June 30, 2024: $5.72 million) comprised $3.02 million for acquisition (June 30, 2024: $3.02 million) and $2.78 million (June 30, 2024: $2.70 million) for exploration and development.

During the six months ended December 31, 2024, a total of $0.08 million expenditure (Six months ended December 31, 2023: $0.02 million for property fees) incurred included $0.02 million for geological work and $0.02 million for property fees.

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 Buffalo Reef Central ("BRC") oxide ore body, and nearby existing gold process plant.

As at December 31, 2024, the total balance of $0.14 million (June 30, 2024: $0.14 million) comprised $0.13 million (June 30, 2024: $0.13 million) for acquisition and $0.01 million (June 30, 2024: $0.01 million) for exploration and development.

During the six months ended December 31, 2024, no exploration (Six months ended December 31, 2023: $nil) 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 December 31, 2024, the balance was $3.17 million (June 30, 2024: $3.17 million) with no Exploration and Evaluation expenditures incurred in the six months ended December 31, 2024 (Six months ended December 31, 2023: $nil).

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. As of December 31, 2024, the total balance of $5.05 million (June 30, 2024: $5.05 million) comprised of $4.97 million for acquisition and $0.08 million for exploration and development with no Exploration and Evaluation expenditures incurred in the six months ended December 31, 2024 (Six months ended December 31, 2023: $nil).

b) Murchison Gold Portfolio

The Company has a 100% interest in the Murchison Gold Portfolio which consists of the Burnakura, Gabanintha, and a 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 December 31, 2024, the Murchison Gold Portfolio Exploration and Evaluation expenditures totalled $34.08 million (June 30, 2024: $33.47 million), of which $30.43 million (June 30, 2024: $29.89 million) was spent for Burnakura, $3.65 million (June 30, 2024: $3.58 million) for Gabanintha and $nil (June 30, 2024: $nil after the receipt of a Milestone Performance payment in February 2024) for Tuckanarra, of which Monument remains 20% free carrying interest.

A total of $0.61 million was incurred during the six months ended December 31, 2024, $0.54 million spent for Burnakura Project, and $0.07 million spent for Gabanintha Gold Project.

A total of $0.44 million was incurred during the six months ended December 31, 2023, $0.42 million spent for Burnakura Project, and $0.02 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 December 31, 2024, the balance of Exploration and Evaluation expenditures was $30.43 million (June 30, 2024: $29.89 million), of which $8.42 million (AUD$9.35 million) were acquisition costs, $10.53 million (AUD$13.69 million) were exploration including $1.18 million for assay and analysis, $4.03 million for drilling, $4.70 million for geology, $0.62 million for metallurgy, and $11.48 million (AUD$15.24 million) were site care and maintenance which include $2.10 million for property fees and $1.56 million for plant maintenance.

9 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

During the six months ended December 31, 2024, a total of $0.54 million, including $0.16 million exploration costs for geology and $0.38 million of site maintenance costs, were incurred for Burnakura (Six months ended December 31, 2023, $0.42 million).

Gabanintha

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

As of December 31, 2024, total Exploration and Evaluation expenditures were $3.65 million (June 30, 2024: $3.58 million) including acquisition costs of $2.88 million (AUD$3.19 million) and exploration costs of $0.77 million (AUD$1.08 million).

During the six months ended December 31, 2024, a total of $0.07 million, including $0.03 million geological costs and $0.04 million of site care and maintenance costs, was spent for Gabanintha exploration costs (Six months ended December 31, 2023, $0.02 million).

Tuckanarra

On December 24, 2020, the Company sold 80% controlling interest in Tuckanarra to Odyssey Gold Ltd (ASX: "ODY", "Odyssey") pursuant to a Joint Venture Arrangement (the "JV Arrangement"). Monument holds a 20% free carried interest until a decision to mine is made. 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.

The total cash consideration for 80% Tuckanarra interest was $3.73 million (AUD$5.00 million), of which $3.05 million (AUD$4.00 million) were received in accordance with the closing payment schedule in prior years and recorded against exploration and evaluation; and $0.68 million (AUD$1.00 million) contingency Milestone Performance payment has been received in February 2024 when the Milestone Performance was achieved (more than 100,000 ounces of gold being discovered at a minimum resource grade of 1.55g/t in relation to Tuckanarra Gold Project). Of the amount of $0.68 million, $0.50 million proceed was credited against remaining exploration and evaluation cost and $0.18 million proceeding amount was recorded as gain on sale. The transaction is demonstrated in the following table:

	June 30, 2024
	$
Cumulative costs
Acquisition costs	3,064
Cost incurred since acquisition	484
Cumulative exploration and evaluation expenditures	3,548
Cumulative consideration for the sale of 80% interest
Opening cumulative consideration	(3,046)
Consideration recognized during the year	(681)
Closing cumulative consideration	(3,727)
Gain on sale	179

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 six months ended December 31, 2024.

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.

10 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

Other than restricted cash (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.

	December 31, 2024	June 30, 2024
	$	$
Total equity attributable to shareholders	133,011	121,143
Less: cash and cash equivalents	(23,082)	(10,859)
Total capital	109,929	110,284

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, borrowings, 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):

	December 31, 2024			June 30, 2024
	$	$	$	$	$	$
(in 000's, US dollar equivalent)	AUD	RM	CAD	AUD	RM	CAD
Financial instrument – assets
Cash and cash equivalents	38	646	93	300	1,179	132
Restricted cash	-	311	-	-	296	-
Trade and other receivable	23	6	38	23	204	1
Financial instruments – liabilities
Accounts payable and accrued liabilities	41	9,766	161	70	7,578	230

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

Based on the above net exposures as at December 31, 2024 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 $0.44 million (December 31, 2023: increase/decrease of $0.38 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 $0.01 million (December 31, 2023: increase/decrease of $0.02 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 $0.01 million (December 31, 2023: decrease/increase of $0.04 million) in net income.

11 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

Price risk

The Company is exposed to the risk of fluctuations in the prevailing market price of the gold concentrate that it began producing in 2023 (subject to provisional pricing). The market price of gold is a key driver of the Company's ability to generate cash flow. The Company has not hedged any of its commodity price risks.

The impact on profit or loss before income tax is influenced by changes in commodity prices. The impact on equity is identical to the impact on profit or loss before income tax. The analysis assumes that the price of gold will fluctuate by +/- 15%, with all other variables held constant. Such a change would result in an impact on the income before tax of +/- $5.86 million (Six months ended December 31, 2023: +/- $1.59 million).

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. In addition to cash equivalents and short-term investments, the Company also has small borrowings that are subject to interest rate risk. These borrowings could potentially increase the Company's exposure to interest rate fluctuations. However, given their relatively small size, the impact on the Company's overall financial position is minimal.

The Company is subject to interest rate risk with respect to its cash and cash equivalents; however, the risk is minimal because of their short-term maturity. To limit this risk, the Company employs a restrictive investment policy. The fair value of financial instruments included in cash and cash equivalents is relatively unaffected by changes in short-term interest rates, as these investments are generally held to maturity. Consequently, 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. This low level of risk is primarily due to our contracts with reputable gold off-takers, which adds a layer of security to our receivables. Furthermore, up to 95% of the sale proceeds for gold concentrate are received the following month after delivery to the off-takers. This prompt payment schedule further mitigates the risk of default, making our exposure to credit risk minimal.

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 December 31, 2024. The amount of $1.01 million (June 30, 2024: $1.51 million) is held with a Malaysian financial institution, $0.04 million with an Australian financial institution (June 30, 2024: $0.30 million) and $22.03 million (June 30, 2024: $9.05 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 December 31, 2024 and June 30, 2024.

	December 31, 2024		June 30, 2024
	$	$	$	$
	Current <1 year	Non-Current 1-3 years	Current <1 year	Non-Current 1-3 years
Non derivative liabilities
Accounts payable and accrued liabilities	9,968	-	7,878	-
	9,968	-	7,878	-

Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

11. Accounts Payable and Accrued Liabilities

| | December 31, 2024
$ | June 30, 2024
$ |
| --- | --- | --- |
| Current liabilities | | |
| Trade payables and accrued liabilities | 9,269 | 7,678 |
| Construction payables | 576 | 24 |
| Employment payables and accruals | 123 | 176 |
| | 9,968 | 7,878 |

Trade payables are non-interest-bearing and are normally settled on 30-day terms except royalty which take longer time for process and approval. $9.27 million (June 30, 2024: $7.68 million) trade payables and accrued liabilities as of December 31, 2024 included $0.02 million (June 30, 2024: $0.03 million) for flotation plant improvement and $9.25 million (June 30, 2024: $7.65 million) comprised of $2.48 million (June 30, 2024: $2.86 million) for mining and $5.77 million (June 30, 2024: $3.35 million) for royalty.

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

12. Lease Liabilities

| | December 31, 2024
$ | June 30, 2024
$ |
| --- | --- | --- |
| Opening balance | 168 | 253 |
| Interest expenses | 3 | 8 |
| Lease payments | (34) | (87) |
| Foreign currency exchange loss (gain) | (7) | (6) |
| Changes for the period | (38) | (85) |
| Closing balance | 130 | 168 |
| Current portion | 54 | 63 |
| Non-current portion | 76 | 105 |
| Closing balance | 130 | 168 |

As at December 31, 2024, the lease liability consisted of long-term leases of $0.13 million for two office leases ((June 30, 2024: $0.17 million for two office leases and one equipment lease).

| | December 31, 2024
$ | June 30, 2024
$ |
| --- | --- | --- |
| Undiscounted lease payment obligations: | | |
| Less than one year | 58 | 69 |
| One to five years | 78 | 126 |
| Total undiscounted lease liabilities | 136 | 195 |

13. Borrowings

| | December 31, 2024
$ | June 30, 2024
$ |
| --- | --- | --- |
| Non-current liabilities | | |
| Opening balance | - | 45 |
| Repayment | - | (30) |
| Loan forgiveness | - | (15) |
| Closing balance | - | - |

As of December 31, 2024 there was no borrowing outstanding. A 32-month term loan of $0.05 million (CAD$0.06 million) were paid in full as of January 2024, the third quarter of fiscal year 2024; this interest free loan was granted to the Company under the Government of Canada's Emergency Business Account (the "CEBA Loan") on April 30 and December 15, 2020 as qualified businesses during the COVID-19 pandemic.

13 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

14. Asset Retirement Obligations

The Company's ARO as of December 31, 2024 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 $8.19 million (June 30, 2024: $7.92 million), comprised of $7.22 million (June 30, 2023: $6.88 million) for Malaysian projects and $0.97 million (June 30, 2024: $1.04 million) for the Western Australia Projects.

As at December 31, 2024, the present value of the Company's ARO was $7.16 million (June 30, 2024: $6.84 million), comprised of $6.31 million (June 30, 2024: $5.91 million) for Selinsing Gold Portfolio using a pre-tax risk-free rate of 3.62% (June 30, 2024: 3.64%) and an inflation rate of 1.70% (June 30, 2024: 2.00%); $0.85 million (June 30, 2024: $0.93 million) for the Murchison gold portfolio using a pre-tax risk-free rate of 4.35% (June 30, 2024: 4.35%) and an inflation rate of 2.80% (June 30, 2024: 3.60%).

During the six months ended December 31, 2024, accretion for the Malaysian projects was $0.11 million (Six months ended December 31, 2023: $0.11 million) and was expensed through the income statement. Accretion for the Western Australia Projects was $0.02 million (Six months ended December 31, 2023: $0.02 million) and was charged to Exploration and Evaluation (Note 8).

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

The following is an analysis of the asset retirement obligations:

	December 31, 2024	June 30, 2024
	$	$
Opening balance	6,836	6,716
Accretion expense	130	252
Reclamation performed	(3)	(5)
Reassessment of liabilities	(35)	(87)
Foreign currency exchange loss (gain)	229	(40)
Changes for the period	321	120
Closing balance	7,157	6,836

15. Income Tax

	December 31, 2024	June 30, 2024
	$	$
Opening balance - income tax payable (receivable)	2,053	(168)
Income tax expense	4,218	3,877
Tax installments paid	(3,288)	(1,683)
Foreign currency exchange loss	91	27
Changes for the period	1,021	2,221
Closing balance - income tax payable	3,074	2,053

As of December 31, 2024, the income tax payable balance of $3.07 million (June 30, 2024: income tax payable of $2.05 million) resulted from income tax expense after offsetting tax installments. Deferred tax liabilities were $5.53 million (June 30, 2024, $3.94 million).

	December 31, 2024	June 30, 2024
	$	$
Opening balance	3,937	2,594
Deferred income tax expense	1,493	1,358
Foreign currency exchange loss (gain)	104	(15)
Changes for the period	1,597	1,343
Closing balance	5,534	3,937

14 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

16. Share Capital

a) Authorized

Unlimited common shares without par value.

b) Common shares

Issued and outstanding:

	Number of shares	Value assigned $
Balance, June 30, 2022	326,838,233	117,231
RSUs redeemed (Note 17(b))	366,670	38
Balance, June 30, 2023	327,204,903	117,269
RSUs redeemed (Note 17(b))	1,216,660	111
Balance, June 30, 2024 and December 31, 2024	328,421,563	117,380

17. Capital Reserves

	December 31, 2024	June 30, 2024
	$	$
Warrants	2,612	2,612
Options (a)	10,440	10,372
Restricted share units (b)	1,169	1,205
	14,221	14,189

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 three years.

As of December 31, 2024, 3.54 million stock options were outstanding, and a total of 8,600,406 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. No stock options were granted during the six months ended December 31, 2024 (Six months ended December 31, 2023: nil stock options). Each stock option is exercisable for one share. The terms of the stock options granted include the exercise period of five years and a vesting period of three years with one-third of the grant each vesting on the first, second, and third anniversary of the grant. The exercise prices of all stock options granted during the period were equal to the closing market prices at the grant date.

	Number of common shares under option plan	Weighted average exercise price CAD$
Balance, June 30, 2023	-	-
Granted	3,800,000	0.145
Balance, June 30, 2024	3,800,000	0.145
Forfeited	(260,000)	0.145
Balance, December 31, 2024	3,540,000	0.145

The following table summarizes the stock options outstanding as at December 31, 2024:

Options outstanding				Options exercisable
Exercise price CAD$	Number of common shares	Expiry date	Weighted average life (years)	Number of common shares	Weighted average exercise price CAD$
0.145	3,540,000	18-Jan-29	4.05	-	-

For the six months ended December 31, 2024, $0.07 million (December 31, 2023: $nil) has been expensed and allocated to corporate expenses, production expense and exploration expenditure against capital reserves for stock options during vesting period after the reversal of $0.01 million expenses for 260,000 stock options being forfeited (December 31, 2023: nil forfeitures).

15 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

Using the Black-Scholes option pricing model the weighted average assumptions noted below were used to estimate fair value of all stock options recognized during the six months ended December 31, 2024 as follows:

	December 31, 2024	June 30, 2024
Fair value assumptions
Risk free rate	3.54%	3.54%
Expected dividends	Nil	Nil
Expected life (years)	4.05	5.00
Volatility	73.11%	73.11%
Expected forfeiture rate	Nil	Nil

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 29,843,666 have been granted to date, 12,703,533 have been redeemed, 1,166,667 are forfeited, 15,973,466 are outstanding and 3,744,801 remain available for future grant at December 31, 2024.

Restricted share units outstanding	Number of common shares
Balance, June 30, 2023	13,290,126
Granted	4,900,000
Redeemed	(1,216,660)
Balance, June 30, 2024	16,973,466
Forfeited	(1,000,000)
Balance, December 31, 2024	15,973,466

During the six months ended December 31, 2024, no RSUs were granted. Each RSU is entitled for one share upon redemption.

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 six months ended December 31, 2024, (0.04 million has been credited to expense for 1 million RSU forfeitures (December 31, 2023 )nil), and (0.01 million (December 31, 2023 )0.01 million) has been expensed and allocated to corporate expenses, production expense and exploration expenditure against capital reserves for RSUs vested, and (nil (December 31, 2023: )nil) was credited to share capital for nil RSUs (December 31, 2023: nil RSUs) redeemed.

18. Revenue

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Gold concentrate sales	19,796	10,997	39,167	17,908
	19,796	10,997	39,167	17,908

All revenue from gold concentrate is recognised at the point in time when control transfers. Gold bullion production ceased in November 2022, whereas gold concentrate production commenced in January 2023, with the first sale occurring in June 2023.

19. Production Costs

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Mining	2,171	2,079	4,429	3,302
Processing	2,818	2,377	5,463	3,986
Royalties	2,615	1,196	4,756	1,990
Operations, net of silver recovery	651	576	1,367	852
	8,255	6,228	16,015	10,130

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

20. Operation Expenses

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Expenses from operation suspension	34	35	92	72

During the period of flotation production, specific plant and equipment used for gold bullion production were put on hold for future resumption. Costs for their care and maintenance have been incurred: $0.09 million for the six months ended December 31, 2024 (Six months ended December 31, 2023: $0.07 million).

21. Corporate Expenses

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Office and general expenses	25	37	49	66
Rent and utilities	9	9	18	18
Salaries and wages	180	203	370	418
Share-based compensation	4	1	8	2
Legal, accounting and audit	99	113	241	205
Consulting Fees	7	40	30	74
Shareholders communication	62	19	91	40
Travel	50	18	94	40
Regulatory compliance and filing	34	38	40	44
Amortization	15	14	30	26
	485	492	971	933

22. 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 six months ended December 31, 2024, $0.01 million provisional GRR (Six months ended December 31, 2023: $0.02 million) was accrued by the Company subject to data provided by Fortress.

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Gross revenue royalty income	5	-	14	24

23. Earnings (Loss) Per Share

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

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
Earnings (Loss) for the period	$ 8,839	$ (595)	$ 11,836	$ (680)
Basic weighted average number of common shares outstanding	328,421,563	327,204,903	328,421,563	327,204,903
Effect of dilutive securities:
Stock options	3,048,063	-	2,913,233	-
Restricted share units	15,973,466	-	15,973,466	-
Diluted weighted average number of common share outstanding	347,443,092	327,204,903	347,308,262	327,204,903
Basic earnings (loss) per share	$ 0.03	$ (0.00)	$ 0.04	$ (0.00)
Diluted earnings (loss) per share	$ 0.03	$ (0.00)	$ 0.03	$ (0.00)

All RSUs and stock options are potentially dilutive in the six months ended December 31, 2024, but excluded from the calculation of diluted earnings per share are those for which the average market prices below the exercise price. The anti-dilutive stock options and RSUs are 626,767 and nil respectively in the six months ended December 31, 2024. As a result of having a loss during the six months ended December 31, 2023, all options and RSUs are considered anti-dilutive. The restricted share units are anti-dilutive

17 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

for a reduction in loss per share if restricted share units are redeemed. There were no stock options and restricted share units granted during the six months ended December 31, 2024.

24. 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:

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Salaries	130	133	264	295
Directors' fees	27	31	58	61
	157	164	322	356

As at December 31, 2024, the net amount due to related parties are $0.02 million (June 30, 2024: $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.

25. Commitments

	2025	2026	2027	2028	2029	Total
	$	$	$	$	$	$
Lease commitments	32	53	50	5	-	140
Mineral property obligations	380	652	628	556	894	3,110
Purchase and Contract commitments
Mine operations	1,875	37	34	5	2	1,953
Flotation plant improvement	338	-	-	-	-	338
	2,625	742	712	566	896	5,541

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, $1.87 million for Murchison and $1.24 million for Selinsing. Purchase commitments include $1.83 million for mine operations at Selinsing Gold Mine in Malaysia and $0.34 million for new filter press upgrade; and $0.02 million for exploration expenditure at Murchison Gold Project in Western Australia.

26. Supplemental Cash Flow Information

	Three months ended December 31,		Six months ended December 31,
	2024	2023	2024	2023
	$	$	$	$
Interest received	149	39	235	96
Net income tax paid	(1,022)	-	(3,288)	(2)
Non-cash working capital, financing and investing activities:
Amortization charged to mineral properties	7	5	14	10
Amortization inherent in inventory	121	1,948	5,355	7,809
Expenditures on mineral properties in accounts payable	(223)	(33)	28	43
Plant and equipment costs included in accounts payable	550	277	2,757	2,277

27. 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

18 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

Malaysia. Another reportable operating segment is the Exploration and Evaluation segment in Malaysia and Australia. 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

December 31, 2024	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Balance sheet
Current assets	22,937	142	21,943	45,022
Property, plant and equipment	53,398	5,615	138	59,151
Exploration and evaluation	-	49,064	-	49,064
Total assets	81,972	54,821	22,081	158,874
Total liabilities	24,684	886	293	25,863
June 30, 2024	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Balance sheet
Current assets	20,893	564	9,089	30,546
Property, plant and equipment	51,814	5,631	169	57,614
Exploration and evaluation	-	48,375	-	48,375
Total assets	78,187	54,570	9,258	142,015
Total liabilities	19,472	1,003	397	20,872
For the three months ended December 31, 2024	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Income statement
Revenue	19,796	-	-	19,796
Income from mining operations	8,909	-	-	8,909
Corporate expenses	-	-	(485)	(485)
Other income, (expenses) and (loss)	3,051	233	(303)	2,981
Tax expense	(2,566)	-	-	(2,566)
Net income (loss)	9,394	233	(788)	8,839
For the three months ended December 31, 2023	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Income statement
Revenue	10,997	-	-	10,997
Income from mining operations	2,310	-	-	2,310
Corporate expenses	-	-	(492)	(492)
Other income, (expenses) and (loss)	(1,598)	86	213	(1,299)
Tax expense	(1,114)	-	-	(1,114)
Net income (loss)	(402)	86	(279)	(595)

19 | Page

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

For the six months ended December 31, 2024	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Income statement
Revenue	39,167	-	-	39,167
Income from mining operations	17,996	-	-	17,996
Corporate expenses	-	-	(971)	(971)
Other income, (expenses) and (loss)	445	162	(85)	522
Tax expense	(5,710)	-	(1)	(5,711)
Net income (loss)	12,731	162	(1,057)	11,836
For the six months ended December 31, 2023	Mine Operations (Gold) $	Exploration and Evaluation (Gold) $	Corporate $	Total $
Income statement
Revenue	17,908	-	-	17,908
Loss from mining operations	3,824	-	-	3,824
Corporate expenses	-	-	(933)	(933)
Other income, (expenses) and (loss)	(2,154)	156	132	(1,866)
Tax expense	(1,703)	-	(2)	(1,705)
Net income (loss)	(33)	156	(803)	(680)

b) Geographical area information

The Company operates across three geographic regions: Australia, Malaysia, and Canada. 100% of the revenues are generated in Malaysia. Gold concentrate production commenced in January 2023, with the first sale occurring in June 2023. Gold bullion production ceased in November 2022.

December 31, 2024	Australia $	Malaysia $	Canada $	Total $
Balance sheet
Current assets	115	22,964	21,943	45,022
Property, plant and equipment	5,614	53,399	138	59,151
Exploration and evaluation	34,074	14,990	-	49,064
Total assets	39,803	96,990	22,081	158,874
Total liabilities	886	24,684	293	25,863
June 30, 2024	Australia $	Malaysia $	Canada $	Total $
Balance sheet
Current assets	356	21,100	9,090	30,546
Property, plant and equipment	5,631	51,814	169	57,614
Exploration and evaluation	33,466	14,909	-	48,375
Total assets	39,453	93,303	9,259	142,015
Total liabilities	1,003	19,472	397	20,872

---

MONUMENT MINING LIMITED

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended December 31, 2024 and 2023

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

For the three months ended December 31, 2024	Australia $	Malaysia $	Canada $	Total $
Income statement
Revenue	-	19,796	-	19,796
Income from mining operations	-	8,909	-	8,909
Corporate expenses	(11)	(91)	(383)	(485)
Other income, (expenses) and (loss)	233	3,051	(303)	2,981
Tax expense	-	(2,566)	-	(2,566)
Net income (loss)	222	9,303	(686)	8,839
For the three months ended December 31, 2023	Australia $	Malaysia $	Canada $	Total $
Income statement
Revenue	-	10,997	-	10,997
Income from mining operations	-	2,310	-	2,310
Corporate expenses	(5)	(59)	(428)	(492)
Other income, (expenses) and (loss)	85	(1,597)	213	(1,299)
Tax expense	-	(1,114)	-	(1,114)
Net income (loss)	80	(460)	(215)	(595)
For the six months ended December 31, 2024	Australia $	Malaysia $	Canada $	Total $
Income statement
Revenue	-	39,167	-	39,167
Income from mining operations	-	17,996	-	17,996
Corporate expenses	(15)	(111)	(845)	(971)
Other income, (expenses) and (loss)	162	445	(85)	522
Tax expense	-	(5,710)	(1)	(5,711)
Net income (loss)	147	12,620	(931)	11,836
For the six months ended December 31, 2023	Australia $	Malaysia $	Canada $	Total $
Income statement
Revenue	-	17,908	-	17,908
Loss from mining operations	-	3,824	-	3,824
Corporate expenses	(10)	(64)	(859)	(933)
Other income, (expenses) and (loss)	156	(2,153)	131	(1,866)
Tax expense	-	(1,703)	(2)	(1,705)
Net income (loss)	146	(96)	(730)	(680)

28. Subsequent Events

On January 9, 2025, subsequent to December 31, 2024, Able Return SDN. BHD. ("Able Return"), a wholly owned subsidiary of Monument Mining, entered into a settlement agreement with Hartree Metals LLC ("Hartree"); pursuant to which Hartree agreed to pay $200,000 USD to Able Return in full within five days as final settlement of amounts owed by Hartree arising out of a sale of gold concentrates (the "Settlement Agreement").

On January 9, 2025, Monument received payment of $200,000 pursuant to the Settlement Agreement where neither party is indebted to the other in any way (refer to Note 5).

21 | Page