Monument Mining Limited
Executing on All Fronts, While Remaining Deeply Undervalued
Published: June 24, 2026
Author: FRC Analysts
Disclosure: Delivra Health Brands Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Report Highlights
- Another Quarter of Strong Execution: In Q3-FY2026 (ended March 2026), MMY’s 100%-owned Selinsing gold mine produced 12 Koz, up 23% YoY, and just 1% below our estimate. Supported by higher production and gold prices, revenue rose 137% YoY (1% below forecast), while EPS increased 342% YoY (3% above forecast), driven by lower than expected production costs.
- Stronger Q3 Results Support Higher FY2026 EPS: We are raising our FY2026 EPS estimate to $0.21 from $0.20, reflecting stronger than expected Q3 earnings, partially offset by the recent decline in gold prices.
- Exploration Success Points to Mine-Life Extension: Recent drilling continues to extend mineralization laterally and at depth, with several high-grade intercepts reported. With results pending from 19 holes, we expect the planned late-2026 resource update to support resource growth and extend the current ~12-year mine life.
- Gold Fundamentals Remain Supportive: Prices have pulled back recently, largely due to rising inflation, strong U.S. employment data, a stronger US$, and higher bond yields. However, we believe the new Fed Chair may be inclined to keep rates unchanged, balancing inflationary pressures with the administration’s preference for lower rates. Combined with elevated inflation, ongoing geopolitical tensions, and continued safe-haven demand, a stable rate environment should support gold prices through 2026.
- Despite Outperformance, Shares Remain Deeply Undervalued: MMY is up 98% YoY, outperforming the VanEck Junior Gold Miners ETF (+50% YoY). Despite this strong performance, MMY trades at 0.9x forward EBITDA vs the peer average of 3.1x, a 72% discount. We believe MMY remains one of the most undervalued profitable junior gold miners in the sector.
Price and Volume (1-year)
*Qualified Person (2019 Resource Estimate) – Frank Blanchfield, an employee of Snowden. All figures in US$ except for share price, MCAP, and our fair value estimates, which are in C$. 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.
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