Monument Mining Limited
Smashes Forecasts: Revenue, EPS, and Production Soar
Published: Mar 7, 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 – Basic Materials
Industry – Gold
Trading Information
Trading information – MMY.V : TSXV
Report Highlights
- MMY Performance: Up 228% YoY, outperforming the VanEck Junior Gold Miners ETF (+165% YoY). Despite this strong rally, MMY remains undervalued at 1.67x forward EBITDA vs a sector average of 4.42x, a 62% discount.
- Gold Outlook: Gold is up 78% YoY, despite pulling back from historic highs. While short-term volatility may be high, we remain positive given elevated safe-haven demand amid high geopolitical tensions in the Middle East.
- Q2-FY2026 Results (ended December 2025): MMY’s 100%-owned Selinsing gold mine in Malaysia saw production rise 19% YoY to 10 Koz, beating our estimate by 6%, thanks to higher throughput and recoveries. Driven by higher production and gold prices, revenue rose 149% YoY (vs. forecast +25%), while EPS surged 117% (vs. forecast +13%).
- EPS Revision: We are raising our FY2026 EPS estimate from $0.18 to $0.20, reflecting higher gold prices, and stronger-than-expected Q2 production.
- Exploration Update: MMY recently reported results from 15 additional drill holes, 13 of which showed significant gold grades, signaling potential resource growth and extended mine life. Key intercepts include 1.6 m @ 28 g/t, and multiple intervals of 1–9 g/t, well above the current average grade of 1.5–2.0 g/t, and the 0.3–1.5 g/t typical of comparable mines. To date, 40 holes have been completed, with nine results pending. Management plans to release an updated resource estimate by late 2026, which we believe, should demonstrate higher resources, and extended mine life.
Price and Volume (1-year)


*Qualified Person (2019 Resource Estimate) – Frank Blanchfield, an employee of Snowden
* Monument Mining Limited has paid FRC a fee for research coverage and distribution of reports. All figures in US$ unless otherwise specified. See last page for other important disclosures, rating, and risk definitions.
Owns a producing gold mine in Malaysia, and exploration projects in Western Australia
Total independently verified (NI 43-101 compliant) resources of over 1.2 Moz Au
Portfolio Summary
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