Monument Reports First Quarter Fiscal 2016 Results
Original announcement by tmx on
- Company
- Monument Mining Limited
- Ticker
- MMY
- Exchange
- TSX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Production, Metallurgy
- Extracted
- 2026-09-16 11:16:42 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Monument Mining Limited reported its first-quarter fiscal 2016 results, with gold production decreasing by 48% to 5,063 ounces due to lower head grades and recovery rates at the Selinsing mine. Despite this, the company achieved a 33% reduction in cash cost per ounce to US$468/oz and an increased profit margin from gold production. Development work continued on the Intec Pilot Plant at Selinsing and the Burnakura Gold Project in Western Australia.
Reasoning: The company reported a substantial decrease in gold production, head grade, and recovery rates, leading to negative cash flow and lower net income. However, these negative operational aspects were partially offset by a significant reduction in cash costs per ounce and an increase in profit margin from gold sales. Development projects are progressing.
Positive factors
- Significant reduction in cash cost per ounce by 33% to US$468/oz.
- Increased profit margin from gold production to $2.33 million.
- Ore mined increased by 42% to 0.11 million tonnes.
- Progress on development projects including commissioning of Intec Pilot Plant and engineering for Burnakura heap leach.
Negative factors
- Significant decrease in gold production by 48% to 5,063 ounces.
- Average ore head grade decreased by 42% to 0.96 g/t.
- Process recovery rate decreased by 9% to 77.0%.
- Cash flow from operations turned negative ($0.73 million used).
- Net income decreased significantly to $0.12 million.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 8
Classification and evidence
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: The process recovery rate decreased to 77.0%, which is below the weak band (80%) for gold mill/CIL processing.
Evidence · text
“process recovery rate decreased 9% to 77.0%”
Tonnage Growthpositive · Story-specific tag
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Ore mined increased by 42% to 0.11 million tonnes compared to the prior period.
Evidence · text
“Ore mined increased by 42% to 0.11 million tonnes”
Grade Declinenegative · Story-specific tag
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Average ore head grade decreased by 42% to 0.96 g/t compared to the corresponding quarter last year.
Evidence · text
“Average ore head grade decreased by 42% to 0.96g/t”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("heap leach")
Extracted facts
Stored fact records: 0. Some facts used in scoring do not have a stored record.
No stored fact records are available for this extraction.
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.