For the year ended June 30, 2023 (in United States dollars, except where noted)

This Management's Discussion and Analysis ("MD&A") of Monument Mining Limited ("Monument" or the "Company") as of September 27, 2023 should be read in conjunction with the consolidated financial statements of the Company for the year ended June 30, 2023 and the International Accounting Standards Board ("IASB").

This MD&A contains "forward-looking statements" and should be read in conjunction with the Cautionary Statement on Forward-Looking Statements at the end of this MD&A. Non-IFRS performance measures referred under the section "Non-IFRS Performance Measures" in the MD&A are subject to risk factors set out in a cautionary note contained herein. All amounts are in United States dollars unless otherwise noted. References to "C\$" or "CAD" are to Canadian dollars, "RM" are to Malaysian Ringgits and "AUD" are to Australian dollars.

Additional information relating to the Company's activities may be found on the Company's website at www.monumentmining.com and at www.sedar.com.

1. EXECUTIVE SUMMARY

1.1 Fiscal Year 2023 Highlights

Construction of the Selinsing sulphide flotation plant was completed for a total cost of \$18.2 million in line with the budget.
The overall performance of the plant reached over 90% of its designed capacities by June 2023, and commercial production began subsequent to the year end.
Gold dore production ceased November 2022 breakeven, first gold concentrate shipment commenced in June 2023.
Commercial production began subsequent to the year end in August 2023.
Gold annual production combined two products:
➢ Gold produced from the CIL plant;
3,926 ounces ("oz") of gold produced (FY2022: 7,091oz);
5,912 ounces ("oz") of gold sold for \$10.64 million (FY2022: 8,016oz for \$14.44 million);
Average gold price realized at \$1,800/oz (FY2022: \$1,870/oz excluding gold prepaid delivery);
Cash cost per ounce gold sold at \$1,622/oz (FY2022: \$1,723/oz);
Gross margin increased to \$1.06 million (FY2022: \$0.63 million) and;
➢ Gold produced from the flotation plant:
6,849 ounces of gold produced (FY2022: nil ounce);
1,148oz gold sold at average realized price of 1,949/oz for the estimated \$1.74 million (FY2022: nil);
Cash cost per ounce for gold sold at \$917/oz (FY2022: nil);
Gross margin at \$0.69 million (FY2022: nil).
All-in sustaining cost ("AISC") decreased to \$1,722/oz (FY2022: \$2,175/oz) (section 15 "Non-IFRS Performance Measures").
Murchison phase II exploration found gold mannerization expansion with 17.8g/t gold intercept.

1.2 Company Overview

Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer and mining asset developer. The Company owns a 100% interest in the Selinsing Gold Mine and the Murchison Gold Project portfolios, and a 20% interest in the Tuckanarra project Joint Venture (JV) as of June 30, 2023. The Selinsing Gold Mine is located in Pahang State, within the Central Gold Belt of Western Malaysia, and comprises the Selinsing, Buffalo Reef, Felda Land, Peranggih and Famehub projects. Murchison, comprised of the Burnakura and Gabanintha projects, and the 20% free carrying interest in Tuckanarra, is located in the Murchison region, Western Australia ("WA"), Australia.

Monument's primary business activities include gold mining production and exploration. The business strategy consists of four perspectives. The shareholder perspective is to provide a satisfactory return to shareholders. The growth perspective is to increase its mineral resource inventory to achieve long-term sustainable production. The operational perspective is to maximize production performance and efficiency and to enhance exploration success. The financial perspective is to have effective budgetary and cost control, maintain efficient operational excellence and improve the quality of assets by advancing exploration and evaluation projects to production. The Company's long-term goal is to become a sustainable dividend paying gold producer.

As a junior gold producer, Monument's overall strategy is to build incremental gold Resources and Reserves through exploration, production expansion and disciplined acquisitions, as well as to build up market awareness in order for the market to reflect the Company's value thus transforming the Company's upside potential to benefit its shareholders. The Company grows its value by developing gold assets and building up gold reserves that provide sustainable cash flow therefore creating value for shareholders that can be reflected in the market capitalization. Our strategy is to focus on these three areas through exploration, expansion, and disciplined acquisitions.

The Company sets its near-term goals are summarized as follows:

➢ Optimized sulphide gold concentrate production and mine development at Selinsing

For the year ended June 30, 2023 (in United States dollars, except where noted)

➢ Upgrade Murchison to a potential cornerstone gold project of the Company; and
➢ Proceed with disciplined acquisition or corporate transaction to increase the Company's market profile.

Monument has an experienced management team with the demonstrated ability to advance projects from exploration to production, and effectively and profitably operates producing mines. The Company employs approximately 220 people and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees as well as for its neighboring communities. Monument's Head Office is located in Vancouver, British Columbia, Canada. It operates through its subsidiaries in Pahang State, Malaysia and Western Australia, Australia.

1.3 Review of Operations

Fiscal 2023 was a milestone year for the Company: The Company has achieved its first near-term milestone by completion of the conversion of the oxide processing plant to a dual treatment plant for oxide and sulphide ores at Selinsing Gold Mine. The first half fiscal year completed construction and commissioning of the flotation plant; the second half fiscal year commenced sulphide production, which has been ramped up to commercial production successfully. During June of the fourth quarter and subsequently July 2023, the first 2,023 Dry Metric Tonne ("DMT") concentrates from Selinsing Gold Mine was shipped out to a buyer. Commercial production began in August, 2023 subsequent to the year end.

During fiscal 2023, the Company carried out gold production from the oxide CIL treatment plant and the sulphide treatment flotation plant thereafter for a total of 10,775 ounces of gold recovered, of which 7,060 ouncessold for a gross margin of \$1.75 million, resulted operation cash positive of \$0.12 million. Offset which, \$15.12 million were spent on exploration and development including \$13.46 million for Selinsing flotation construction, and \$0.8 million spent on leasing, brought cash balance as of June 30, 2023 to \$5.96 million from \$21.04 million at the beginning of fiscal 2023. The cash generated from the life of mine of sulphide concentrates production will be used for exploration, mine development and corporate development. Cash generation will rely on but not limited to the performance of the resources, mineralogy, operations, market price variation for the gold concentrates, availabilities of spare parts and lead time of replenishment, and cost factors that currently have been influenced by the worldwide inflation.

While the Company focused on ramping up its Selinsing gold production in the fiscal 2023, the exploration at its Murchison Gold Project was temporarily put on hold in reserving the cash position. The project economic review and update commenced in March 2023 following commencement of Selinsing concentrate production, to assess the possibility of putting it into production to generate an additional cash flow. Murchison has attractive upside for exploration and potential to be developed into a cornerstone producing asset that will reduce the Company's reliance on a single cash generating operation: achieving success in exploration for new gold deposits is the most economical way to increase shareholder value.

During the fiscal year 2023, the Company closely evaluated and monitored impact from the volatile global economic environment to mitigate those unpredictable, sometimes uncontrollable risks with other risks that might slow down the Selinsing flotation production and adversely impact on development of the Murchison Gold Project.

1.3.1 Project Development

Total cash spent on project development for the year ended June 30, 2023 was \$15.12 million (FY2022: \$12.99 million) of which \$0.25 million (FY2022: \$0.41 million) for sustaining Selinsing production, \$13.46 million (FY2022: \$9.94million) for Phase 1 of Sulphide Project development, \$0.47 million for property fee at Buffalo Reef and sampling and geology mainly at Selinsing (FY2022: \$0.38 million) and \$0.95 million (FY2022: \$1.92 million) at Murchison exploration, including \$0.71 million for care and maintenance, \$0.24 million for exploration.

Flotation Plant Construction

The flotation plant construction included project management, project validation, flotation design and engineering, procurement, construction and commissioning, first fill, and mine development, which included upgrading of tailing storage facilities, pit push backs, river diversion, and pre-stripping. Construction of the flotation plant was completed and commissioned in Q3 FY2023, with the exception of the bagging system which is expected to be online early in FY2024 for a total cost of \$18.2 million (vs an estimated cost of up to \$20.0 million), comprising \$11.0 million for flotation plant construction and \$7.2 million for mine development, which was primarily waste removal and TSF improvement.

Total cash spent on project development for the fourth quarter was \$0.80 million (Q4 FY2022: \$2.25 million) of which \$0.54 million (Q4 FY2022: \$0.02 million) was at Selinsing to sustain production, \$0.66 million (Q4 FY2022: \$1.77 million) for Phase I of the Sulphide Project development, \$0.41 million added back for property fees at Buffalo Reef and sampling and geology mainly at Selinsing (Q4 FY2022: \$0.38

For the year ended June 30, 2023 (in United States dollars, except where noted)

million), and \$0.13 million (Q4 FY2022: \$0.34 million) at Murchison, including \$0.11 million for care and maintenance, \$0.02 million for exploration.

Plant performance

During 2023, the flotation plant was operating at a mill feed rate of around 120 wet tonnes per hour or around 90% of design capacity in February. However, in early March 2023, the failure of gear box had caused a lost time of about three weeks, the problem was fixed at the end of the month. During Q4, the flotation plant was shut down due to a premature filter cloth failure, however, this was resolved by the end of June by ordering high-quality replacements from multiple suppliers to avoid any future shortage. Ongoing improvements to the flotation circuit and the correcting of shortfalls identified continued, along with providing appropriate training to the operational workers.

Subsequent to year end the throughput of the sulphide gold treatment plant achieved 90% of design capacity for the 30-day period up to August 16, 2023, thereby achieving the requirement for commercial production. Mill availability during this period was 94% and flotation mass pull was acceptable at 3.4% vs design of 3.5%. As a result, concentrate production was at 79 tonnes per day in line with the designed protocol, considered satisfactory given the variability of the transition ore processed.

Pre-stripping

Pre-stripping for the sulphide gold production commenced in July 2022 at Buffalo Reef and Felda Block 7. Mining at Buffalo Reef and Felda Block 7 area continued and recently reached the high-grade sulphide ore levels. For the fourth quarter ending June 30, 2023, total stripping costs amounted to \$0.47 million. These costs were recorded under mineral properties. As of June 30, 2023, the cumulative stripping cost incurred was \$3.41 million for the year.

Tailing Storage Facility (TSF) Upgrade:

The TSF level needs to be raised to 540m RL level to accommodate flotation plant operation for about 3 years. The TSF upgrade, which started in February 2021, continued with 92.3% completion to 537m RL in FY2022. The work had been completed to meet the current tailing storage requirement. Further construction will recommence when necessary.

Murchison Project Development

No drilling was carried out during the fourth quarter of fiscal year 2023. The Company focused on updating and reviewing drill targets at Gabanintha and has reduced exploration activities to preserve cash during the finalisation of the Selinsing sulphide plant development, noting that the costs of drilling in Western Australia have increased over 30%, due to a shortage of labour and drill rigs. The Company continues to maintain the plant and other facilities to the extent they are operationally ready for efficient commissioning when production is restarted. Site accommodation and catering facilities are fully functional to host administrative, exploration and mining activities.

1.3.2 Production

Mining

During the fiscal year 2023, mining focused on Selinsing Pit and Buffalo Reef Pits to remove overburden for sulphide production. A total of 439,022 tonnes of ore was produced (FY2022: 355,519 tonnes) with 8,051,617 tonnes of waste (FY2022: 5,593,875 tonnes) was moved at a higher stripping ratio of 18.34 compared to 15.73 is the prior year primarily due to the mining sequence.

During Q4 FY2023, mining was focused in BRC2 Stage 1/2 and BRC3 Stage 1/2 and part of BRC4 in removing the overburden. This was because mining shifted towards waste removal in the free digging areas. Despite challenges such as delays in obtaining the blasting permit, a shortage of explosives, in the Selinsing and Buffalo Reef pits, and heavy rainfall during the monsoon season, total material mined rose to 8,490,639 tonnes from 5,949,394 tonnes the previous year.

Processing

Fiscal 2023 processing plant converted from the oxide treatment circuit to the sulphide treatment while primarily transitional sulphide materials were fed into the mill.

The CIL plant production in fiscal year 2023 recovered 2,910oz of gold with the mil feed of 195,264 tonnes, the average grade of 1.03g/t at the recovery of 44.87%, down from 7,564oz in 2022 with the mill feed of 544,003 tonnes, the average grade of 0.69g/t at the recovery of 62.66%. Gold produced during the year amounted to 3,926 oz, compared to 7,091oz in 2022. The decrease in recovered and produced gold were primarily resulted from the cessation oxide production in November 2022, the CIL circuit was put under care and maintenance and the sulphide flotation plant commenced commissioning and into production in the fourth quarter.

The fourth quarter ended June 30, 2023 produced 362 ounces of gold with no mill feed as compared to the same period of FY2022 where 1,942oz of gold produced, 1,998oz recovered from the mill feed of 119,409 tonnes at the average gold grade of 0.95g/t and a recovery of 54.72%.

For the year ended June 30, 2023 (in United States dollars, except where noted)

The sulphide flotation production in fiscal year 2023 produced 6,849 ounces of gold. The mill processed 223,493 tonnes of sulphide ore at a head grade of 1.80g/t with a recovery of 54.06%. The lower gold recovery was due to the treatment of highly oxidized first-fill materials during the ore commissioning period. Consequently, the high-grade tailings were stored in a high-grade tailing pond for future process.

The fourth quarter ended June 30, 2023 produced 4,409 ounces of gold. The mill processed 124,768 tonnes of sulphide ore at a head grade of 1.66g/t with a recovery of 66.47% improved from Q3 production.

Financial results from Selinsing gold production

Fiscal 2023 generated gross revenue of \$12.39 million from 7,060oz gold sold (FY2022: 8,016oz), comprised of \$10.64 million from 5,912 oz of gold produced out of oxide ore at an average realized price of \$1,800 per ounce (FY2022: 8,016oz at \$1,870 per ounce), and \$1.75 million from 1,148oz of gold produced from sulphide ore at the realized gold price of \$1,949/oz (FY2022: nil). Gross margin was at \$1.75 million (FY2022: \$0.63 million) from Selinsing production primarily due to high fixed cost incurred for the CIL operation period while the CIL was transited to care and maintenance. After deducting operating expenses, non-cash depreciation, and accretion expenses amounting to \$3.89 million (FY2022: \$4.18 million), the net loss from Selinsing mining operations totaled \$2.15 million (FY2022: \$3.55 million).

The cash cost per ounce from the oxide plant decreased by 6% to \$1,622/oz for the year down from \$1,723/oz in FY2022. This was attributed to a higher mill feed grade, partially offset by a decrease in recoveries to 44.87% (CIL) from 62.66% (CIL) in FY2022. The cash cost per ounce from the sulphide flotation plant was \$917/oz (FY2022: NA).

Fourth quarter of fiscal 2023 generated gross revenue of \$3.18 million from 1,910oz gold sold, comprised of \$1.44 million from the oxide gold production for 762oz of gold at an average realized price of \$1,883 per ounce (FY2022: 450oz at \$1,890 per ounce), and \$1.74 million from the sulphide gold production for 1,148oz of gold at the average realized gold price of \$1,949/oz (FY2022: nil). Aggregated gross margin was at \$0.45 million (FY2022: \$0.27 million) from Selinsing production with higher fixed cost incurred during the period of closing off the CIL operation. Deducting operating expenses, non-cash depreciation, and accretion expenses of \$0.94 million (FY2022: \$0.17 million), it brought net loss from mining operations to \$0.49 million compared to income of \$0.10 in the same period last year.

The cash cost from the oxide CIL gold production increased by 72% to \$2,200/oz for the fourth quarter from \$1,282/oz in the fourth quarter of FY2022. This was mainly resulted from high fixed cost incurred to recover the residual gold from the CIL circuit. The cash cost from the sulphide flotation gold production was \$917/oz (FY2022: NA).

For the year ended June 30, 2023 (in United States dollars, except where noted)

Production and financial results for the year ended June 30, 2023, are summarized in Figure 1 below:

Figure 1: Operating and Financial Results

Selinsing, Felda Block 7, Buffalo Reef		Three months ended		Year ended
		June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022
Operating results	Unit
Ore mined	t	144,148	91,958	439,022	355,519
Waste removed (1)	t	2,104,082	686,423	8,051,617	5,593,875
Stripping ratio		14.60	7.46	18.34	15.73
Ore stockpiled	t	163,398	95,314	163,398	95,314
Gold Oxide Production
Ore processed	t	-	119,409	195,264	544,003
Average ore head grade	g/t Au	-	0.95	1.03	0.69
Process recovery	%	-	54.72	44.87	62.66
Gold recovered	o z	-	1,998	2,910	7,564
Gold produced	o z	362	1,942	3,926	7,091
Gold sold	o z	762	450	5,912	8,016
Gold Sulphide Production
Ore processed	t	124,768	-	223,493	-
Average ore head grade	g/t Au	1.66	-	1.80	-
Process recovery	%	66.47	-	54.06	-
Gold produced	o z	4,409	-	6,849	-
Gold sold	o z	1,148	-	1,148	-
Gold concentrate sold Financial results	DMT	869	-	869	-
Gold sales	US\$'000	3,177	851	12,386	14,440
Gross margin	US\$'000	450	274	1,749	629
Weighted average gold price
London Fix PM	US\$/oz	1,950	1,873	1,807	1,868
Realized price (2)(5) - oxide production	US\$/oz	1,883	1,890	1,800	1,870
Realized price (5) - sulphide production	US\$/oz	1,949	-	1,949	-
Cash costs per ounce sold (3)(5)
Cash cost per ounce - oxide production	US\$/oz	2,200	1,282	1,622	1,723
Cash cost per ounce - sulphide production	US\$/oz	917	-	917	-
All-in sustaining costs per ounce (4)(5)
Total all-in sustaining cost per ounce	US\$/oz	1,567	2,221	1,722	2,175

(1) Waste removed of 8,051,617 t for the year ended June 30, 2023 including operating waste, cutback and sustaining (For the year ended June 30, 2022, waste removed of 5,593,875 t including operating waste, cutback and TSF construction fill).

(2) Monument realized a weighted average gold price of \$1,800/oz for the year ended June 30, 2023 (gold oxide production). For comparison purposes, Monument realized a weighted average gold price of \$1,870/oz for the year ended June 30, 2022, excluding 1,687oz gold prepaid delivery during the period. Readers should refer to section 15 "Non-IFRS Performance Measures".

(3) Total cash cost per ounce sold includes production costs such as mining, processing, TSF maintenance, camp administration, royalties, storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, idle production costs, capital costs, exploration costs and corporate administration costs. Readers should refer to section 15 "Non-IFRS Performance Measures". The aggregated cash costs per ounce for the quarter is \$1,428/oz and for the year is \$1,507/oz.

(4) All-in sustaining cost per ounce includes total cash costs, operation expenses,sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included. Readers refer to section 15 "Non-IFRS Performance Measures" for detailed descriptions of each calculation.

(5) Average gold price realized, cash cost per ounce sold and all-in sustaining cost are non-GAAP measures; for a reconciliation from this measure to the most directly comparable measure specified, defined, or determined under IFRS and presented in our financial statements. Readers should refer to section 15 "Non-IFRS Performance Measures".

For the year ended June 30, 2023 (in United States dollars, except where noted)

Figure 2: Gold production and cash costs per ounce Figure 3: Quarterly Average Gold Price

1.3.3 Exploration

Malaysia

There was no exploration drilling undertaken at Selinsing during Q2, Q3, or Q4 of FY2023 in order to preserve cash during the final stages of the sulphide plant construction, commissioning and ramp up. Exploration activities to identify additional oxide and sulphide mineralisation are expected to resume during FY2024.

Western Australia

Exploration activities were similarly reduced at the Murchison project during FY2023 in order to preserve cash during the final stages of the sulphide plant development at Selinsing and were largely limited to an ongoing review of historical maps and reports for the Gabanintha project.

Phase 2 drilling results

The Company's Phase 2 drilling, part of a two-year exploration plan, targeted deeper extensions in the Burnakura tenements, aiming for extended production. Results confirmed gold mineralization extensions with high grades up to 17.8g/t gold, over 150m vertically below the current NOA Mineral Resource. This suggests a notable potential for Mineral Resource expansion. The findings revealed increased width, grade, and alteration at depth, indicating the NOA deposits' potential can be further tested with focused exploration. There is emphasized potential for deeper mining in historic pits and transitioning to underground mining, with prospects extending beyond the current 1.6km limit. Key intercepts include 4m at 12.0g/t gold at NOA 7/8 and 2m at 17.8g/t gold at NOA 4-6.

Phase 1 drilling results

The results of the Phase 1 drilling were shared on January 19, 2022. This initiated the Company's two-year exploration plan, targeting unknown greenfield areas across the Burnakura tenements, with the objective of enhancing the potential for extended production.

On January 19, 2022, the Company also expressed growing optimism due to the discovery of a near-surface high-grade mineralization system at the Junction target, with intercepts reaching 3m at 10.2g/t gold. This could potentially lead to future production using open-cut methods. The initial promising outcomes at the Junction target, especially the high grades near the surface, reinforce the Company's belief in the high potential of the Burnakura region. There remain several unexplored areas that could yield another significant gold discovery.

1.4 FY2023 Activity Highlights

On September 23, 2022, the Company announced the diamond drilling results of Phase 2 that confirmed the extension of gold mineralization, including high grades of up to 17.8g/t gold, for more than 150m vertical depth below the current Mineral Resource at the NOA group of deposits. Phase 2 drilling program has been completed.
On September 30, 2022, the Company announced that it has begun earning royalties from Fortress Minerals Limited ("Fortress") on the Mengapur Project. Pursuant to the terms of the Royalty Agreement entered January 2021 with Fortress, the Company earned the first royalty of 1.25% against \$1.2 million declared by Fortress.
On October 12, 2022, the Company reported that flotation construction work progress at the Selinsing Gold Mine in Malaysia has reached 85% completion in line with the budget. The commissioning targets late November/or early December 2022, thereafter three months ramp up period for commercial production in January 2023.
On November 22, 2022, the Company announced the results from its Annual General and Special Meeting of shareholders. Resolutions tabled at the AGM as proposed in the Information Circular dated October 18, 2022. Each resolution and each nominee of the board of directors had been approved by more than 90% of the shares voted.
On February 27, 2023, the Company announced the completion of the flotation plant construction at Selinsing Gold Mine, the sulphide treatment plant has been placed into commissioning after oxide plant production ceased in mid-November 2022. The first gold concentrate was filtered on December 27, 2022. The ramp up period commenced in January 2023.
On March 27, 2023, the Company announced commencing mining high grade sulphide ores at Selinsing Gold Mine for commercial gold concentrate production. New mining equipment has been mobilized to increase mining production rates to meet the commercial production rates through the sulphide treatment plant.
On May 30, 2023, the Company reported progress of the Selinsing Sulphide Project. The flotation plant ramp-up progress towards full commercial production and the plant is expected to reach its near or full production level by June 2023.
On June 23, 2023, the Company announced the first gold concentrate shipments and sales from the newly constructed flotation plant at the Selinsing Gold Mine. The operation of the flotation plant has been improving, reaching up to 99% of its design capacity in June 2023. Overall, it achieved 83% of its capacity for the 30-day period leading up to June 17, 2023.
Subsequent to the year end, on August 3, 2023, Odyssey informed the Company of a significant achievement at the Tuckanarra Gold Project, where the Company has a 20% stake. They've mutually agreed to postpone the AUD\$1 million milestone payment until February 2, 2024. Odyssey will pay interest on this deferred amount, calculated using the US Secured Overnight Financing Rate plus 2%, compounded monthly.
Subsequent to the year-end on September 22, 2023, the Company reported that the Selinsing Gold Mine in Malaysia achieved commercial production, operating at 90% of its designed production capacity for 30 consecutive days in August 2023. During this period, the mill's availability was 94%.

2. PROJECT UPDATE

2.1 Selinsing Gold Portfolio

The Selinsing Gold Portfolio is located in Pahang State, Malaysia. It includes the Selinsing Gold property ("Selinsing"), the Buffalo Reef property ("Buffalo Reef"), the Felda Land ("Felda") and the Famehub properties ("Famehub"). Buffalo Reef lies continuously and contiguously along the gold trend upon which the Selinsing Gold Property is located. Both Felda and Famehub are located east and north of the Selinsing and Buffalo Reef properties. The 1.0 million tonnes per annum gold processing plant is situated at the Selinsing site, which provides easy access to all the Company's gold properties.

Among those properties, Selinsing and Buffalo Reef are primary gold properties acquired on June 25, 2007 and are at the development and production stage while others are at the exploration and evaluation stage except Felda Block 7.

The Company acquired exclusive irrevocable exploration licenses over 896 acres of Felda through its subsidiary Able Return Sdn Bhd from the Settlers, with consent from the Federal Land Development Authority. Pursuant to these agreements with the Settlers, and subject to regulatory approval, certain portions of Felda can be converted to mining leases upon exploration success at the Company's discretion. The exclusive mining permits are automatically assigned for mining to the Company in the event of approval of the mining leases obtained by those Settlers. In October 2017, a portion of Felda ("Felda Block 7") was converted into proprietary mining leases.

Famehub was acquired in September 2010 and covers an area of approximately 32,000 acres of prospective exploration land to the north of Buffalo Reef and east of the Selinsing Gold Mine. Snowden completed a NI 43-101 Technical Report on Famehub dated August 2010. The Company targets the consolidation of Selinsing, Buffalo Reef and Famehub, which are all situated around the Selinsing Gold Mine, as a long-term strategic exploration portfolio in order to extend the life of the mine.

2.1.1 Resources and Reserves and Results of the Feasibility Study

According to the Snowden NI 43-101 Report dated January 31, 2019, the Company has Proven and Probable Mineral Reserves of 5.7 million tonnes at the Selinsing Gold Mine, including the Selinsing and the adjacent Buffalo Reef and Felda Block 7 deposits in Pahang State, Malaysia. All Mineral Reserves and Mineral Resources were updated by Snowden as Independent Qualified Person defined under NI43- 101 standards.

For the year ended June 30, 2023 (in United States dollars, except where noted)

The tables below summarize the estimated Mineral Reserves and Mineral Resources reported by classification and ore type, all expressed in metric tonnes and troy ounces (1 ounce = 31.1035 g). The updated Mineral Reserves are estimated using an average gold price of \$1,300 per ounce.

Selinsing-Buffalo Reef/Felda Reserves as of March 31, 2018 (Snowden)
Category		OXIDE (above approx. 0.4 g/t Au cut-off)		TRANSITION (above approx. 0.75 g/t Au cut-off)		SULPHIDE (above approx. 0.75 g/t Au cut-off)			OXIDE + TRANSITION + SULPHIDE
	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)
					Mineral Reserves (based on a US\$1,300/oz gold price)
Proven*	1,265	0.47	19	-	-	-	45	1.53	2	1,310	0.51	21
Probable**	991	0.91	29	757	1.72	41.9	2,680	2.03	175.1	4,428	1.73	246
P+P	2,256	0.67	48	757	1.72	42	2,725	2.02	177	5,738	1.45	267

*Proven Reserve is entirely stockpile material;

**Probable Oxide Reserve comprises oxide ore in Selinsing, Buffalo Reef, Felda deposits, and in Selinsing old tailings; Probable Transition and Sulphide Reserves comprise ore in Selinsing, Buffalo Reef and Felda deposits.

	Selinsing-Buffalo Reef/Felda Resources as of March 31, 2018 (Snowden)
Category			OXIDE (above 0.3 g/t Au cut-off)	TRANSITION (above 0.5 g/t Au cut-off)		SULPHIDE (above 0.5 g/t Au cut off)			OXIDE + TRANSITION + SULPHIDE
	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)	kTonnes	g/t	Au (kOz)
			Mineral Resources, reported inclusive of Reserves (based on a potential US\$2,400/oz gold price)
Measured*	1,265	0.47	19	-	-	-	45	1.53	2	1,310	0.51	21
Indicated**	1,533	0.85	42	1,086	1.49	52	8,052	1.60	415	10,671	1.48	509
M+I	2,798	0.68	61	1,086	1.49	52	8,097	1.60	417	11,981	1.38	530
Inferred***	349	1.05	11.8	485	1.22	19	5,563	1.79	319	6,397	1.70	350

*Measured Resource is entirely stockpile material;

**Indicated Oxide Resource is a combination of oxide mineralization occurring in Selinsing, Buffalo Reef and Felda deposits plus Selinsing old tailings material; Indicated Transition and Sulphide Resources comprise mineralization occurring in Selinsing, Buffalo Reef and Felda deposits;

***Inferred Resource comprises mineralization occurring in Selinsing, Buffalo Reef and Felda deposits.

Based on these Reserves, the 2019 Feasibility Study has demonstrated an approximately six-year life of mine (LOM) with a net present value (NPV) of \$27.56 million based on reported oxide and sulphide ore Reserves as of March 2018. Over the six-year LOM, a total of 5.7 million tonnes of ore would be treated at an average grade of 1.45g/t Au for 223koz at a cost of \$863.67 per ounce. At a gold price of \$1,300 per ounce, the Selinsing Gold Mine Project would generate net cash flow after tax of \$97.00 million from operations, or \$45.00 million net of capital expenditure.

The opportunity to consider Inferred Resources was discussed in the Feasibility Study. The Inferred Mineral Resource inside the Reserve open pit designs potentially contains an additional 20koz of gold. The Inferred Mineral Resource external to the open pit design contains 130koz of gold. Recommendations have been made to initiate further exploration programs aimed at the conversion of Inferred Mineral Resources into Indicated Mineral Resources. Should those conversions be successful, the Mineral Reserves could potentially be significantly increased. The Selinsing Gold Mine has a proven record in converting oxide Inferred Mineral Resources to recovered ounces, even though historical records should not be used as an indicator of future performance.

2.1.2 Production

Mining:

During the year, mining activities were conducted at Selinsing Pit (Pit 4 SWCB, Pit 4 Bottom, Pit 5, and Pit 6 East until Jan 23) and Buffalo Reef Pits (Damar BR South, BRC2, BRC3, BRC3 River Diversion, and BRC4). However, mine production faced significant challenges due to delays in obtaining the blasting permit, explosive shortages, and heavy rainfall during the monsoon season. By the end of the financial year, the lowest mining levels were recorded as follows: Pit 4 at 400m RL, Pit 6 East at 450m RL, BRC2 at 467.5m RL, BRC3 at 470m RL, and BRC4 at 500m RL. Since December 2022, Buffalo Reef sulphide ore mining has been the primary support for the flotation plant, while mining in the Selinsing pit ceased in January 2023.

Mine production comprised a total material mined of 8,490,639t (FY2022: 5,949,394t), including 439,022t of ore (FY2022: 355,519t) and 8,051,617t of waste (FY2022: 5,593,875t). Based on the mining sequence for the current fiscal year, the stripping ratio rose to 18.34 for the year ending June 30, 2023, compared to 15.73 for the same period the previous year. It was mainly due to over burden removal to access to the main sulphide orebodies.

During the fourth quarter of FY2023, mining activities were focused on fresh sulphide ore mining for flotation plant production. Mining was carried out at Buffalo Reef and Felda.

For the year ended June 30, 2023 (in United States dollars, except where noted)

Total materials mined for the fourth quarter increased by 189% to 2,248,230 tonnes from 778,381 tonnes in the same period of last year and the total mined for the year increased by 2,541,245 tonnes or 43% from 5,949,394 tonnes to 8,490,639 tonnes, largely due to cut back at Buffalo Reef and Felda to access high grade sulphide ore and the resulting increase in waste removal. Increased stripping activities during the fourth quarter have resulted in an increase in the strip ratio to 14.60 from 7.46 in the same period of last year. Ore mined in Q4 FY2023 increased by 57% to 144,148 tonnes from 91,958 tonnes.

The Company continues to implement grade control drilling practices to manage mining cost increases during the ramp up of mining to access additional ore and replenish stockpile levels during the ramp up of the flotation plant. In addition, the mining contractor is actively upgrading their mining fleet to achieve the Company's mining and development plan.

Ore stockpiles went up to 163,398 tonnes as of June 30, 2023 compared to 95,314 tonnes for the same period of last year, mainly due to introduction of a new mining fleet, improved mining rate, higher tonnage of sulphide ore supplemented by better grade from Buffalo Reef and Felda B7 during the fourth quarter of FY2023. Given that stockpile levels were low due to the impact of the COVID-19 pandemic in previous years, unexpected heavy rain and shortage of explosives, restoring them to a more appropriate level has been a priority for the Company.

Processing:

Referring to Figure 1 Operating and Financial Results, the CIL plant has been on care and maintenance since November 2022, and throughput tonnage for the sulphide plant was 223,493 tonnes in FY2023 (FY 2022: nil). Overall mill availability was 60.4% for the flotation plant for the ramp up period during fiscal 2023, lower than planned due to a flotation plant shutdown caused by the premature filter cloth failure, which was resolved by the end of June 2023 by ordering from multiple suppliers to prevent further shortages.

During the fourth quarter ended June 30, 2023, 124,768 tonnes of sulphide ore was fed into the mill with a total 4,409 ounces of gold produced at a feed grade of 1.66g/t from flotation plant (Q4, FY 2022: nil).

During the fourth quarter total processing costs were \$1.55 million, of which \$0.48 million for the sulphide treatment plant (Q4, FY2022: nil) and \$1.07 million for the oxide treatment plant (Q4, FY2022: \$0.28 million); or \$16.24/tonne of ore processed as compared to \$15.55/t of in the same period of the last year. This unit cost may not be used as an indicator for future performance given the flotation plant was in a ramp up period.

Figures 4 and 5 illustrate production results on a consolidated basis including Selinsing, Buffalo Reef, Felda Block 7 and Peranggih.

Figure 4: Gold production and cash costs per ounce Figure 5: Selinsing Gold Mine: Operating Metrics

2.1.3 Development

Project development work at Selinsing includes the Sulphide flotation plant construction, pre-stripping work and flotation test work on samples of stockpiled transition ore.

Selinsing sulphide project development

As of June 30, 2023, the Selinsing Sulphide Project Development at Selinsing Gold Mine has incurred total expenditures of \$18.2 million. This includes project management, validation, flotation design and engineering, procurement, construction, commissioning, and mine development.

Engineering Design

Mincore Pte Ltd has completed 100% of the flotation plant detail engineering design work. Additionally, the design for the earthing and lightning conductor work related to the power supply upgrade was completed in 2023.

For the year ended June 30, 2023 (in United States dollars, except where noted)

Procurement

All major and long lead equipment procurement was completed, with the Company actively managing shipping and logistics risks due to global shortages and delivery delays.

R&D Work

Flotation tests on old stockpiles of transition ore achieved rougher recoveries of 75-85% and cleaner recoveries of 50-60%. Several flotation pilot test runs were conducted during FY2023, supporting previous observations and test results, indicating good flotation performance of above 90% of rougher recoveries.

Metallurgical Drilling

In FY2023, metallurgical drilling at Buffalo Reef was completed, targeting representative transition and fresh sulphide samples from various pits. Assay results for all 586 samples were received, and samples with a grade above 0.35g/t Au were composited and submitted for a series of locked cycle tests to obtain recovery and grade data for life of mine optimization.

Flotation Construction

This includes earthworks, civil, structural, mechanical, and electrical installation, and other associated plant upgrades. An application to add the sulphide processing circuit was approved by the Department of Environment (DOE) on September 29, 2021, and a revised environmental management plan was approved on September 23, 2022.

Plant Commissioning

As of June 30, 2023, construction had been completed except for the bagging system which is still in progress. Plant commissioning started with dry and wet commissioning activities completed on various components. Ore commissioning began on December 15, 2022, with the ramp-up of concentrate production commencing in January 2023. The plant reached commercial production subsequent to year end in August 2023.

Mine Development

Construction of the TSF was halted in January 2022 to ensure adequate capacity until May 2023, subsequent to year end Jun 30, 2023, TSF work has resumed to accommodate future flotation production. Pre-stripping commenced in July 2022 at Buffalo Reef in preparation for the completion of the flotation plant. Mining of transitional and sulphide ore and stockpiling for future production continued, reaching high-grade sulphide ore levels at Buffalo Reef during FY2023.

Subsequent to year end, a new grade control drill rig was delivered in August 2023 and ten rigs are now on site. The drilling contractor has mobilized additional drillers and initiated training of drill offsiders to facilitate extended drill hours. Construction of the explosive depot was completed, and the facility was commissioned in July 2023 to accommodate shortage of explosive deliveries. A 13-tonne capacity emulsion tanker has been based at the mine site and blasting has been carried out on up to five days per week depending on drilling progress. The old core shed has been converted to an expanded sample preparation facility capable of processing up to 700 grade control samples per day. The new facility was successfully commissioned, and new technicians have been recruited to handle the increased workload. New pulverisers have been ordered and the first unit was delivered in early September 2023.

2.1.4 Exploration

Total exploration expenditures for the year ending June 30, 2023, were focused on identifying additional mill feed materials. Excluding development activities at the Selinsing Gold Portfolio, the expenditures were nil and \$0.18 million, respectively. No drilling exploration activities took place in Q2, Q3, or Q4 of FY 2023.

During FY2023, the Company focused on sustaining the continuity of the oxide plant production before sulphide production commenced: a total of 270m RC drilling over six holes was drilled at the Selinsing Pit 4 and Pit 6. A total of 10 batches of RC samples comprising 317 samples including QAQC control samples was dispatched to the assay laboratory. All samples received the assay results during FY2023. The drilling results at Selinsing Pit 6 confirmed the continuation of the mineralization to the down dip direction and the drilling results at Pit 4 confirmed that the high-grade gold zone is extended to the south direction. CIL recoveries were generally low, but the laboratory flotation response was highly satisfactory with over 90% recovery reported. The additional ore mined at Selinsing Pit 4 and Pit 6 will be processed in the flotation plant.

A total of 37 channel samples was collected at Buffalo Reef BRC3 pit and a total of 134 channel samples was collected at the south wall of Buffalo Reef BRC2 pit to explore the near surface oxide mineralisation during 2023. Assay results for all the samples were received and no significant results were reported. Furthermore, a total of 20 grab samples of alluvial material was collected at a diverted Buffalo Reef C3 creek, near known high-grade mineralisation. Assay results were received, with the highest gold value reported at 0.89g/t. 12 samples were reported with gold above 0.20g/t with an average grade of 0.45g/t gold.

For the year ended June 30, 2023 (in United States dollars, except where noted)

2.1.5 Environment, Safety and Health

The Company is committed to comply with Malaysia's environmental laws within the mandates of government authorities:

The Department of Minerals and Geosciences ("JMG") for mining and processing activities including environmental jurisdiction inside the Company's project tenements;
The Department of the Environment, whose jurisdiction lies outside of the Company's tenements, regarding quality of air and water discharge; and
The Department of Safety and Health ("DOSH"), primarily concerned with occupational safety and health, lifting equipment, pressurized vessels, storage, and handling of hazardous chemicals.

During the year no lost time incidents were reported during FY2023. A total of 50 accidents were reported. Training conducted during the year included personal protective equipment training, authorised entry for confined spaces, basic lifting technique, chemical handling and management, emergency response and first aid.

During the fourth quarter of FY2023, no lost time injury was recorded but there were eight incidents recorded at the Selinsing operation. All reported incidents were shared among staff at safety toolbox meetings. Routine safety inspections were carried out at mining, plant, laboratory and warehouse by the HSE department.

2.2 Murchison Gold Portfolio

Western Australia

The Murchison Gold Portfolio was acquired in 2014 and consists of the 100% owned Burnakura and Gabanintha projects as well as the Tuckanarra gold property in which Monument has a 20% free carried interest. The portfolio is located in the Murchison Gold Field, a highly prospective historical gold province within the Murchison District of Western Australia. Burnakura and Gabanintha are located 40km southeast of Meekatharra, and 765km northeast of Perth. Tuckanarra is located approximately 40km southwest of Burnakura. The Murchison Gold Portfolio includes a number of mining and exploration tenements and lease applications covering approximately 230 square kilometres (including the whole area of Tuckanarra which Monument has a 20% free carried interest) prospective for resource extension, a fully operational gold processing plant at the Burnakura site, a newly developed camp site and necessary infrastructure. Underground mining was carried out by the previous owner of the Burnakura gold processing plant for several months and shortly thereafter it was placed into administration.

2.2.1 Mineral Resources

The Murchison Gold Project consisted of a historical Indicated Mineral Resource of 300koz Au, and a historical Inferred Mineral Resource of 344koz Au reported to a 1.0g/t gold lower cut-off, at the time of the acquisition in 2014, within a number of previously operated open pits and an underground mine. The Tuckanarra JV contains a total of 81koz gold of this historical resource. The Company believes that the quality of the data supporting the Mineral Resources meets industry standards and considers this historical resource estimate to be relevant to its ongoing review of the Murchison Gold Project.

The current updated Mineral Resource estimation at Burnakura reported in the SRK NI 43-101 Report dated July 2018, comprised of an Indicated Mineral Resource of 4.043Mt @ 2.3g/t gold for 293koz and an Inferred Mineral Resource of 1.551Mt @ 1.8g/t gold for 88koz at a 0.5g/t gold grade cut-off for open pit and 3.0 g/t gold grade cut-off for underground (Figure 6). The Company has continued to improve its internal mining studies which will contribute towards the preparation of a Preliminary Economic Assessment, in respect of the Burnakura deposits.

For the year ended June 30, 2023 (in United States dollars, except where noted)

Figure 6: 2018 Mineral Resource estimate breakdown for Burnakura Project

		Updated Mineral Resources, Burnakura Gold Project (SRK, July 2018)
Deposit	Category	Lower cut-off (Au g/t)	Tonnes (Kt)	Au (g/t)	Gold (Koz)
NOA1-6	Indicated	0.5	1,030	2.1	68
	Inferred	0.5	609	2.3	44
ANA	Indicated	0.5	2,141	1.6	107
	Inferred	0.5	92	1.5	4
Authaal	Indicated	0.5	-	-	-
	Inferred	0.5	556	1.4	25
	Indicated	0.5	96	1.3	4
Federal City	Inferred	0.5	259	1.3	11
TOTAL*	Indicated	0.5	3,267	1.7	179
	Inferred	0.5	1,516	1.8	84
NOA7-8**	Indicated	3.0	776	4.6	114
	Inferred	3.0	35	3.9	4
	Indicated		4,043	2.3	293
GRAND-TOTAL	Inferred		1,551	1.8	88

Notes:

(1) Small discrepancies may occur due to rounding.

(2) All Mineral Resources have been reported on a dry tonnage basis.

(3) SRK is unaware of any issues that materially affect the Mineral Resources in a detrimental sense.

(4) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

(5) Mineral Resources estimated by David Slater (Principal Consultant, SRK), QP.

(6) *Open pit Resources (NOA1-6, ANA, Authaal, Federal City) are constrained in a Lerchs Grossman pit shell. **Underground Resources (NOA7-8) are constrained to >3g/t Au and 200m vertical depth.

2.2.2 Development

Development work at Murchison is aimed at identifying and testing both regional exploration targets away from known mineralization, and also extensions to existing resources, while continuing to assess early production opportunities.

A mine plan was completed by management and an independent review conducted by SRK during FY2021, with the recommendations received by the board in May 2021. The scope of the SRK review had been extended to cover geotechnics, hydrology, environmental compliance, in addition to resource modelling, pit optimization, mine scheduling, and metallurgical recoveries study. From this, the decision was made to identify further exploration targets and extend the exploration program.

The Company continues to ensure that the plant and other facilities are operationally ready through its care and maintenance program to ensure efficient commissioning in the future. Site accommodations and catering are fully functional in readiness for the Company's personnel and mining contractors when a restart is approved.

2.2.3 Exploration

Monument's wholly-owned Burnakura and Gabanintha projects together cover approximately 160 km² of highly prospective gold-bearing Archean Greenstone terrane, and a significant standalone greenfield discovery would materially change the scope of the Murchison Gold Project. Alternatively, a number of smaller, shallow, satellite deposits within trucking distance of the Burnakura plant could also provide meaningful additions to the Company's existing Mineral Resource base.

The Company has carried out an extensive two-year exploration program at Murchison since FY2022 to potentially establish Murchison as a cornerstone gold project for the Company. In FY2023 the focus was on wrapping up fiscal 2022 drilling results while moving exploration to the Gabanintha area. There was no new drilling exploration activity conducted in Q4 of FY2023.

Burnakura

Two phases of exploration have been completed at Burnakura to explore for potentially significant new resources to add to the current resource base. In a two-phase exploration program the Company has tested greenfield targets and extensions to known mineralized structures, and successfully achieved initial objectives with the Phase 1 Junction target discovery and the Phase 2 drilling confirmation of high-grade gold mineralization extensions at depth below the NOA group of deposits highlighting the opportunity to grow the Murchison Project organically.

For the year ended June 30, 2023 (in United States dollars, except where noted)

During FY2023, all Phase 2 drilling results were received and analyzed; and drill core samples were continuing being stacked in the core yard. The Company announced the diamond drilling results of Phase 2 that confirmed the extension of gold mineralization, including high grades of up to 17.8g/t gold, for more than 150m vertical depth below the current Mineral Resource at the NOA group of deposits. Phase 2 drilling program since then has been completed.

Gabanintha

Fiscal 2023 started with a focus on updating Gabanintha historical data that might improve drill targets identified. A full review of all historical maps with reports is ongoing for the Gabanintha project. An initial review was carried out during the first quarter that indicated there is a substantial amount of information that needs to be collated before regional exploration programs can be designed. Additional pit mapping and a structural interpretation of the main Gabanintha pit area will also be completed to assist in drill hole targeting underneath the existing pits.

Tuckanarra

Odyssey Gold Ltd ("ODY") and Monument are joint venture partners for the Tuckanarra Project development. ODY has control over exploration with its 80% equity interest, while Monument has a 20% free carried interest.

The scientific and technical information in Section 2 has been prepared, reviewed and approved by Mr. Roger Stangler, B.Sc., MEng, FAusIMM, MAIG, a Qualified Person defined in accordance with National Policy 43-101, retained by Golder Associates Pty Ltd.

3. OVERVIEW OF FINANCIAL PEFORMANCE

3.1 SUMMARY

For the fiscal year ending on June 30, 2023, the Selinsing Gold Plant processed ore mainly from Selinsing, Buffalo Reef, Felda Block 7, and old tailings. The shift to sulphide ore flotation production was fully implemented in Q3 of FY2023. During this transition, fluctuations in the operational gross margin are anticipated due to the changeover from CIL production to sulphide flotation, as well as variations in ore grade, recovery rates, and volatile gold prices.

Figure 7: Selected Annual Information

Balance Sheet (in thousands of US dollars)	June 30, 2023	June 30, 2022	June 30, 2021
	\$	\$	\$
Current assets	19,230	35,603	54,522
Non-current assets	113,892	98,422	87,254
Total assets	133,122	134,025	141,776

Current liabilities	9,408	5,272	5,983
Non-current liabilities	9,528	8,317	8,915
Equity attributable to shareholders	114,186	120,436	126,878
Total liabilities and shareholders' equity	133,122	134,025	141,776

Working capital (including restricted cash)	9,822	30,331	48,539
Income Statement (in thousands of US dollars)	For the year ended June 30, 2023	For the year ended June 30, 2022	For the year ended June 30, 2021
	\$	\$	\$
Revenue	12,386	14,440	23,236
Production costs	(10,637)	(13,811)	(15,133)
Operation Expenses	(160)	(48)	(593)
Accretion, depletion and amortization	(3,734)	(4,133)	(3,943)
Corporate expenses	(1,803)	(1,626)	(1,871)
Loss from other items	(1,455)	(1,582)	(99,734)
Income tax recoveries (expenses)	(870)	263	(1,280)
Net Loss	(6,273)	(6,497)	(99,318)
Loss per share (basic)	(\$0.02)	(\$0.02)	(\$0.31)
Loss per share (diluted)	(\$0.02)	(\$0.02)	(\$0.31)

For the year ended June 30, 2023

(in United States dollars, except where noted)

Working capital is a non-IFRS measurement. Readers should refer to Section 15.

Figure 8: Financial Highlights

			Fiscal 2022			Fiscal 2023
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	\$	\$	\$	\$	\$	\$	\$	\$
Revenues (000's)	2,383	5,046	6,160	851	709	5,872	2,629	3,177
Weighted average gold price (per ounce)
London Fix PM	1,811	1,827	1,911	1,873	1,767	1,749	1,881	1,950
Realized price - sulphide production	n a	n a	n a	n a	n a	n a	n a	1,949
Realized price - oxide production	1,829	1,828	1,911	1,890	1,772	1,753	1,878	1,883

Net earnings (loss) before other items and tax (000's)	(755)	(2,124)	(1,957)	(342)	(703)	(1,460)	(894)	(891)
Earnings per share before other items and tax
Basic	(0.00)	(0.01)	(0.01)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Diluted	(0.00)	(0.01)	(0.01)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)

Net earnings (loss) after other items and tax (000's)	(1,267)	(2,502)	(2,840)	112	(289)	(3,196)	(837)	(1,951)
Earnings (loss) per share:
Basic	(0.00)	(0.01)	(0.01)	0.00	(0.00)	(0.01)	(0.00)	(0.01)
Diluted	(0.00)	(0.01)	(0.01)	0.00	(0.00)	(0.01)	(0.00)	(0.01)

The quarterly financial results of the Company are outlined for the past eight quarters in Figure 8 above. The overall financial results of the Company reflect its income from gold mining operations, ongoing corporate business development, administrative costs and other income or expenses such as foreign currency exchange gains or losses. The gold price realized is a non-IFRS measurement. Readers should refer to section 15 "Non-IFRS Performance Measures".

For the year ended June 30, 2023, net loss was \$6.27 million, or (\$0.02) loss per share (basic)

The decrease in net loss was attributable to the following factors:

Higher head grade
An increase in interest income and decrease in interest expenses;
A decrease in loss from mining operations; and
A decrease in depreciation and amortization expenses.

Partially offset by:

A lower recovery and lower realized gold price;
An increase in foreign exchange loss; and
An increase in corporate expenses.

For the year ended June 30, 2022, net loss was \$6.50 million, or (\$0.02) loss per share (basic

The change in net loss excluding impairment loss was attributable to the following factors:

A lower realized gold price and lower head grade;
A decrease in income from mining operations due to less ore mined and processed, the impact of rain and COVID-19 restrictions and increasing ore hauling distances; and
An increase in depreciation and amortization expenses due to higher stripping costs from significantly higher stripping ratio.

Partially offset by:

A higher recovery;
A decrease in interest expenses;
A decrease in corporate expenses;
A decrease in foreign exchange loss; and
A net decrease in income tax expenses resulting from an increase in deferred income tax recovery and a decrease in current income tax expenses.

For the year ended June 30, 2023 (in United States dollars, except where noted)

3.2 Operating Results: Sales and Production Costs

Three months ended June 30, 2023

For the three months ended June 30, 2023, mining operations before non-cash amortization and depreciation generated gross margin of \$0.45 million, consisted of negative \$0.24 million from the oxide processing plant and \$0.69 million from the sulphide flotation plant, an increase by \$0.18 million from \$0.27 million in the same period of last year. Refer to Figure 9 for gross margin. After deducting non-cash depletion and accretion of \$0.78 million (three months ended June 30, 2022: \$0.17 million) and operation expenses of \$0.16 million, loss from mining operations was \$0.49 million, compared to a loss of \$0.10 million in the same period last year.

Gold recovered from the CIL plant for the three months ended June 30, 2023 was nil oz (three months ended June 30, 2022: 1,998oz) due to the CIL plant being placed on care and maintenance in November 2022. Total cash cost per ounce of gold sold increased to \$2,200/oz for the three months ended June 30, 2023 from \$1,282/oz of the same period last year due to higher associated mining and processing costs, cost incurred to recover the residual gold from the CIL circuit and lower recoveries.

Gold produced from the sulphide flotation plant was 4,409oz, resulting from the processing of 124,768 tonnes of ore at a feed grade of 1.66g/t gold and an improving recovery rate of 66.47% (41.74% in Q3 FY2023).

Sales

Gold sales generated revenue of \$3.18 million for the three months ended June 30, 2023: \$1.43 million from the oxide processing plant and \$1.74 million from the sulphide flotation plant, compared to \$0.85 million from only the oxide processing plant during the same period last year. Gold sales revenue was derived from the sale of 762oz from the oxide processing plant (three months ended June 30, 2022: 450oz) at an average realized gold price of \$1,883 per ounce (three months ended June 30, 2022: \$1,890 per ounce, excluding gold prepaid delivery) and gold sale of 1,148oz at an average realized price of \$1,949 per ounce from the sulphide flotation plant. Refer to Figure 10 for revenue by quarter.

Production Costs

Total production costs for the three months ended June 30, 2023 was \$2.73 million compared to \$0.58 million of the same period last year. The increase was due to higher mining rates and the ramp-up of the sulphide plant at Selinsing.

The cash cost from the oxide plant production increased by 72% to \$2,200/oz during the three months ended June 30, 2023 as compared to \$1,282/oz in the same period last year. Refer to Figure 11 for cash production costs by quarter. The cash costs from the sulphide floatation production was \$917/oz for Q4, marking the first quarter it has been reported.

Figure 10: Selinsing Gold Mine: Revenue

Figure 11: Cash production costs by quarter

For the year ended June 30, 2023 (in United States dollars, except where noted)

Figure 12: Production costs

	Three months ended		Year ended
	June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022
Production cost breakdown ('000s)	\$	\$	\$	\$
Mining	748	179	3,619	5,506
Processing	1,547	280	5,624	6,824
Royalties	344	76	1,258	1,329
Operations, net of silver recovery	89	42	136	152
Total production costs	2,728	577	10,637	13,811