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Resources & Reserves

Malaysia-Selinsing Gold Mine Current Resources & Reserves - January 2019

The Company filed a report titled “Selinsing Gold Sulphide Project-NI 43-101” (“the 2019 FS”) at www.sedar.com and prepared by Snowden Mining Industry Consultants Pty Ltd (“Snowden”) January 31, 2019, describing the mineral exploration, development and production area of the Selinsing Gold Mine. Mineral Reserves and Mineral Resources were estimated by Snowden as Independent qualified person defined under NI 43-101 standards.

Tables 1 & 2 below summarize the estimated Mineral Reserves and Mineral Resources by area and ore type, all expressed in metric tonnes and Troy ounces (1 ounce = 31.1035 g).

Table 1: Selinsing-Buffalo Reef/Felda Mineral 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 12 485 1.22 19 5,563 1.79 319 6,397 1.70 350

*Measured Resource is entirely stockpile material; Indicated and Inferred Resource comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits; **Indicated Oxide Resource is a combination of in situ oxide material occurring in Selinsing and Buffalo Reef/Felda deposits plus Selinsing Old Tailings material; Indicated Transition and Sulphide Resource comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits ; ***Inferred Resource comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits

Table 2: 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 1,310 0.51  21 
Probable** 991 0.91 29 757 1.72 42 2,680 2.03 175 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 is a combination of in situ oxide material occurring in Selinsing and Buffalo Reef/Felda deposits plus Selinsing Old Tailings material; Probable Transition and Sulphide Reserve comprises in situ material occurring in Selinsing and Buffalo Reef/Felda deposits

The 2019 Selinsing and Buffalo Reef/Felda Mineral Resources were updated by John Graindorge, an employee of Snowden, who is the independent Qualified Person for the March 31, 2018 Mineral Resources as defined by NI 43-101. The 2019 Selinsing and Buffalo Reef/Felda Mineral Reserves were estimated by Frank Blanchfield, an employee of Snowden, who is the independent Qualified Person for the March 31, 2018 Mineral Reserves as defined by NI 43-101.

Recommendations

The opportunity to include inferred resources was also discussed in the Feasibility Study. The Inferred Mineral Resource inside the Reserve open pit designs potentially contains an additional 20 koz of gold. The Inferred Mineral Resource external to the open pit design contains 130 koz of gold. Recommendations have been suggested to initiate further exploration programs, aimed on conversion of Inferred Mineral Resources to 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.

Western Australia- Murchison Gold Resources

Current Resources-Burnakura-July 2018

The Company filed a report titled “NI 43-101 Technical Report-Updated Mineral Resources, Burnakura Gold Project, Western Australia, Australia at www.sedar.com and prepared by SRK Consulting (Australasia) Pty Ltd (“SRK”) July 18 2018. Monument has focused work on updating and validating the historical resources at the Burnakura project into current resources under NI43-101 guidelines. To date this has resulted in the update of the deposits of Alliance and New Alliance (“ANA”); North of Alliance 1 to 8 (NOA); Federal City; and Authaal into current resource status.

Table E1-5 below shows a breakdown of the 2018 Mineral Resource estimates that make up the Burnakura project:

Table E-1:          NOA 1–6 – Mineral Resource estimate

Resource category Lower cut-off
(Au g/t)
Tonnes (Kt) Grade
(Au g/t)
Metal
(koz Au)
Indicated 0.5 1,030 2.1 68
Inferred 0.5 609 2.3 44

Table E-2:          NOA7–8 Mineral Resource estimate

Resource category Lower cut-off
(Au g/t)
Tonnes (Kt) Grade
(Au g/t)
Metal
(koz Au)
Indicated 3.0 776 4.6 114
Inferred 3.0 35 3.9 4

Table E-3:          ANA Mineral Resource estimate

Resource category Lower cut-off
(Au g/t)
Tonnes (Kt) Grade
(Au g/t)
Metal
(koz Au)
Indicated 0.5 2,141 1.6 107
Inferred 0.5 92 1.5 4

Table E-4:          Authaal Mineral Resource estimate

Resource category Lower cut-off
(Au g/t)
Tonnes (Kt) Grade
(Au g/t)
Metal
(koz Au)
Inferred 0.5 556 1.4 25

Table E-5:          Federal City – Mineral Resource estimate

Resource category Lower cut-off
(Au g/t)
Tonnes (Kt) Grade
(Au g/t)
Metal
(koz Au)
Indicated 0.5 96 1.3 4
Inferred 0.5 259 1.3 11

(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 and 200m vertical depth.

Murchison Historical Resources
The Murchison portfolio contained historical resources of 644koz at the time of acquisitions. Monument is systematically performing all the necessary work to convert and validate these historical resources into current resources under NI43-101 guidelines.  A breakdown of the historical resources is detailed in the table below.

Burnakura

JORC Historical Mineral Resource, at 1.0 g/t Au

Project Category kTonnes Au(g/t) Au (kOz) Source
ANA Indicated 583 2.3 44 Golders Jan 2013 (brn_OK_1301.fbm) Updated Mineral Resources for Alliance and New Alliance Deposits
Inferred 403 2.4 31
Federal City Indicated       H&S May 2011 (authaal_gda.mdl) Burnakura Resource Estimates H&S_May 2011
Inferred 190 2.7 16
NOA1 Indicated 100 3.0 10 Golders Sept 2013 (brn_1013_ok.fbm) Burnakura deposit Resource Estimation - NOA 1 and 2
Inferred                                 10 1.6 0.5
NOA2 Indicated 637 4.8 98 Golders Sept 2013(brn_1013_ok.fbm) Burnakura deposit Resource Estimation - NOA 1 and 2
Inferred 118 6.3 24
NOA4 Indicated       H&S May 2011 (noa_hs_2011.mdl) Burnakura Resource Estimates H&S_May 2011
Inferred 140 1.9 9
NOA6 Indicated       H&S May 2011 (noa_hs_2011.mdl) Burnakura Resource Estimates H&S_May 2011
Inferred 113 1.8 7
NOA7&8 Indicated                           1,032 2.9 96 BMGS Sept 2012 (noa78.mdl) BMGS Resource Report NOA 7-8
Inferred 265 3.1 27
Lewis Indicated 113 2.2 8 BMGS sept 2012 (lewis1206.mdl) BMGS Resource Report -Lewis
Inferred    57 2.0 4
Authaal Indicated       H&S May 2011 (authaal_gda.mdl) Burnakura Resource Estimates H&S_May 2011
Inferred 440 2.0 28
Banderol Indicated       H&S May 2011 (banderol_hsgda2011.mdl) Burnakura Resource Estimates H&S_May 2011.
Inferred 200 1.5 10
TOTAL - BURNAKURA Indicated 2,465 3.2 255  
Inferred 1,935 2.5 155  

Gabanintha

JORC Historical Mineral Resource, at 1.0 g/t Au

Project Category kTonnes Au(g/t) Au (kOz) Source
Tumblegum Indicated       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 60 1.8 3
Canterbury Indicated       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 500 1.7 27
Terrels Indicated       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 700 1.8 41
Yagahong Indicated       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 50 1.5 2
Yagahong North Inferred       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 800 2.9 75
Golden Hope North Indicated       BMGS - Gabanintha Resource Report - (not completed), 2013
Inferred 100 1.5 5
TOTAL - GABANINTHA Indicated        
Inferred 2,210 2.16 153

Tuckanarra

JORC Historical Mineral Resource, at 1.0 g/t Au

Project Category kTonnes Au(g/t) Au (kOz) Source
Anchor Laterite Indicated 17 1.4 1 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 22 1.2 1
Bollard Laterite Indicated 37 1.5 2 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 97 1.3 4
Cable Central Indicated 45 1.7 2 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 16 1.3 1
Cable East Indicated 240 2.3 18 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 59 1.9 4
Cable West Indicated 49 2.4 4 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 61 3.0 6
Cable West (High Grade) Indicated 3 54.0 5 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred      
Drogue Laterite Indicated 120 1.4 5 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 37 1.2 1
Lucknow Indicated 11 1.7 1 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 71 1.5 3
Maybelle Indicated 70 2.8 6 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 48 2.3 4
Maybelle North Indicated 5 3.0 1 Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 92 2.2 7
Miners Dream Indicated       Ravensgate, Tuckanara Resource Report (Finmod_tuck.dm) Nov 2012
Inferred 63 2.8 6
TOTAL -TUCKANARRA Indicated 597 2.3 45  
Inferred 566 2.0 36  

Malaysia-Mengapur Mineral Resources

Current Resources-Mengapur-October 2018

Table 1 below presents the 2018 Mineral Resource estimate for the Mengapur project, reported above a 0.3% Cu. To establish the requirement for the grade, quantity and quality of the mineralization to have reasonable prospects of eventual economic extraction, a cut-off grade of 0.3% Cu was selected, representing an assumption of an open-pit mining approach with limited selectivity and is based on values used at other similar deposits, along with consideration of the continuity above the cut-off grade. The cut-off grade of 0.3% Cu is considered by Monument to be the base case scenario at this stage; however further study is required to assess mining and processing options, along with costs.

Table 1. Mengapur August 2018 Mineral Resource estimate (0.3% Cu lower cut-off)

Indicated Mineral Resource

Material type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained
Cu
t

Contained
Au
oz

Contained
Ag
oz

Oxide

6.3

0.45

0.17

9.7

28,300

34,000

1,960,000

Transitional

9.7

0.48

0.15

9.8

46,800

47,000

3,060,000

Fresh

23.5

0.41

0.21

4.5

96,400

159,000

3,400,000

Total Indicated

39.5

0.43

0.18

6.6

170,000 

229,000 

8,380,000 

Inferred Mineral Resource

Type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained
Cu
t

Contained
Au
oz

Contained
Ag
oz

Oxide

15.5

0.41

0.06

19.1

63,600

29,900

9,520,000

Transitional

12.0

0.50

0.10

17.0

60,000

38,600

6,560,000

Fresh

23.4

0.43

0.14

6.9

100,600

105,300

5,190,000

Total Inferred

50.9

0.44

0.11 

13.0

224,000 

180,000 

21,270,000 

(1) Small discrepancies may occur due to rounding.
(2) All Mineral Resources have been reported on a dry tonnage basis.
(3) Snowden 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 John Graindorge (Principal Consultant, Snowden), QP.
(6) The majority of the interpreted mineralization is within 200m of the surface and as such considered by Snowden to be within the limits of extraction by open-pit mining.

A sensitivity analysis reflecting a possible selective approach to eventual economic extraction at a higher cut-off grade of 0.5% Cu is disclosed in Table 2 below:

Table 2. Mengapur August 2018 Mineral Resource estimate (0.5% Cu lower cut-off)

Indicated Mineral Resource

Material type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained Cu
t

Contained Au
oz

Contained Ag
oz

Oxide

1.3

0.72

0.12

12.3

9,400

5,000

510,000

Transitional

3.2

0.67

0.13

12.1

21,400

13,400

1,240,000

Fresh

3.6

0.61

0.22

5.7

22,000

25,500

660,000

Total Indicated

8.1

0.65

0.16 

9.3 

52,700 

41,700 

2,420,000 

Inferred Mineral Resource

Type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained
Cu
t

Contained
Au
oz

Contained
Ag
oz

Oxide

2.3

0.63

0.07

17.1

14,500

5,200

1,260,000

Transitional

3.7

0.75

0.17

12.2

27,800

20,200

1,450,000

Fresh

4.4

0.66

0.14

10.1

29,000

19,800

1,430,000

Total Inferred

10.5 

0.68 

0.14 

12.4 

71,400 

47,300 

4,190,000 

(1) Small discrepancies may occur due to rounding.
(2) All Mineral Resources have been reported on a dry tonnage basis.
(3) Snowden 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 John Graindorge (Principal Consultant, Snowden), QP.
(6) The majority of the interpreted mineralization is within 200m of the surface and as such considered by Snowden to be within the limits of extraction by open-pit mining.


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