VANCOUVER - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) 'Monument' or the 'Company' today announced its annual financial results for the year ended June 30, 2021.

All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for full financial results).

President and CEO Cathy Zhai commented: 'During this fiscal year, Monument has focused on consolidating the asset portfolio by spinning off the Mengapur base metal project and placing the Tuckanarra Gold Project into a joint venture. The restructured gold focused portfolio provides potential catalysts for re-rating the share price going forward into fiscal 2022 and beyond for our shareholders.

'For the same reason, as of June 30, 2021, we established a solid financial position with $38.62 million in cash and cash equivalents on hand. The strengthened cash reserves allow us to support and implement the corporate value creation strategies, especially to fund the Selinsing gold treatment plant expansion and exploration of Murchison. Monument is open to all corporate development opportunities to optimize our future growth and shareholders value moving forward'.

Ms. Zhai further commented: 'With the continued challenges from the global Covid-19 pandemic that caused more than six weeks mine shut down during the year, Selinsing Gold Mine produced positive cash flow in 2021 from mining super-low grade ore, leachable sulphide ore and Peranggih materials, which has brought our aggregated Selinsing Gold Mine production to 325,509 ounces at an average cost of $535 per ounce with gross revenue of $452.1 million, gross margin of $279.3 million and net cash from production of $275 million. Looking forward, our management team will continue to work hard with the 'Can Do' attitude and the philosophy of 'being a doer' in delivering our commitment to our shareholders.'

Fiscal 2021 Highlights

Restructured assets to a gold focused portfolio by spinning out Mengapur copper and iron project; Two staged Selinsing gold plant conversion with the flotation plant construction commenced and fully funded; Murchison Project exploration strategized to test potential gold discovery and upside; Tuckanarra Joint ventured with Odyssey fast tracking exploration and development; Selinsing Gold Mine continued with leachable sulphide ore production transitioning to new life of mine

This year the Company commenced to develop the Selinsing Sulphide Project into production through a two stages de-risking process in order to reduce the initial upfront investment required. Stage 1 is the construction of a flotation plant aimed to produce saleable gold concentrates and stage 2 is the construction of a BIOX leaching plant to treat third party concentrates should a niche market be successfully established.

Selinsing Flotation construction will take approximately 15 months to be completed for an estimated $20 million, including flotation plant optimization and engineering, procurement, construction and commissioning, and securing off-take agreements. Flotation test work was completed at the Selinsing on-site lab to determine the optimum concentrate gold grade and recovery for maximizing revenue. The positive results were independently tested at Bureau Veritas Laboratory under Orway Mineral Consultant's ('OMC') supervision.

OMC completed the process plant design in June 2021, and submitted the flotation process engineering design including the process design criteria, major equipment summary, flowsheet, mass balance and consumables estimates, as a modification to the flotation conceptual engineering design that reported in the Snowden feasibility study in February 2019. The new set of design criteria would allow Selinsing to produce gold concentrates as a final product for sale.

Further development work was carried out including: an underground mining desktop study, Tailings Storage Facility development, and mining cutback and test work for oxide mining assessment at Peranggih in order to sustain Selinsing gold production.

Murchison Gold Project

At Murchison development work took place to re-assess early production opportunity. The mine plan was completed by management and the independent review conducted by SRK, which covered geotechnics, hydrology and environmental compliance in addition to resource modelling, mining optimization and scheduling, and metallurgical recoveries. The follow up work has been recommended and considered by the Company. As a part of the value creation strategies, the Company has taken direction to focus on regional exploration to test potential for larger gold production at Murchison pending on new gold discoveries. The geological study has been conducted to further identify and optimize regional exploration targets. Geological data has been further investigated and integrated to the database. As a result, the phase one exploration program was commenced subsequent to the end of the year in July 2021.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.

Contact:

Richard Cushing

Tel: +1-604-638-1661

Email: rcushing@monumentmining.com

Forward-Looking Statement

This news release includes statements containing forward-looking information about Monument, its business and future plans ('forward-looking statements'). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company's plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks, including risks related to changes in mining license rights, tax rates and government royalty requirements; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; expected mining rights, tax rates, and government royalty requirements in the jurisdictions in which the Company operates and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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