Monument Mining Limited
Share Rally Continues on Special Dividend, Production Growth, and Record Gold Prices
Published: Jan 12, 2026
Author: FRC Analysts
Disclosure: Monument Mining Limited has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Research Report
Trading Information
Ticker & Exchange – MMY.V : TSXV
Report Highlights
- MMY has declared a special cash dividend of $0.02/share (1.63% yield), supported by strong production and EPS growth over the past 12 months. For context, yields of major producers typically range between 1–2%. With $70M in working capital (C$0.28/share), and zero debt, as of September 2025, MMY can easily fund this dividend.
- MMY is up 251% YoY, outperforming gold (+69%) and the VanEck Junior Gold Miners ETF (+169%). Despite this strong performance, MMY remains undervalued at 2.60x forward EBITDA vs a sector average of 5.16x, a 50% discount.
- Gold is trading near record highs of $4,509/oz, pushing sector multiples up 17% since our November 2025 report. We expect increased M&A activity over the next 12 months. Our outlook on gold remains positive, driven by continued US$ weakness, and robust demand for safe-haven assets amid economic and geopolitical uncertainties.
- Q1-FY2026 (ended September 2025) results exceeded expectations. Production at MMY’s 100%-owned Selinsing gold mine in Malaysia rose 62% YoY to 13 Koz, beating our estimate by 12%, due to higher throughput and recoveries. Revenue increased 67% YoY (vs. forecast +10%), and EPS surged 235% (vs. forecast +5%).
- MMY reported encouraging results from the first 16 drill holes of its resource expansion and upgrade program; a total of 27 holes have been completed to date, totaling 2,952 m. Grades ranged from ~1–5 g/t Au, including several higher-grade intersections above 4 g/t Au, well above the current average grade of 1.5–2.0 g/t Au, and the ~0.3–1.5 g/t range of comparable gold mines. Importantly, these holes were drilled outside the current resource estimate, indicating resource expansion potential. We believe these results support potential mine life extension, and lower cash costs. Management intends to complete an updated resource estimate by late 2026.
- We are raising our FY2026 EPS estimate from $0.17 to $0.18, reflecting higher gold prices, and stronger-than-expected Q1 production.
Price and Volume (1-year)

| YTD | 12M | |
| KIDZ | 50% | 25% |
| TSXV | 13% | 15% |
Owns a producing gold mine in Malaysia, and exploration projects in Western Australia Total compliant resources of over 1.2 Moz Au MMY has been processing sulphide materials since December 2022, producing a total of 90 Koz by September 2025 Q1-FY2026 production was up 62% YoY, and 6% QoQ, beating our estimate by 12%, driven by higher throughput and grades
Cash costs were up 6% YoY to $888/oz, vs our estimate of $875/oz, mainly due to higher gold-price-linked royalty payments
Portfolio Summary


Source: FRC
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