Monument Mining Ltd. V.MMY

Shareholders Speak Out

[Gazoo2021]

Dear Friends

Like you, I"m concerned in the manner that Monument Mining is managed.

We the longterm shareholders have seen our executive, manage this corporation in their best interest. 

If you are concerned like many of us, please send in the email below for that they understand that many shareholders have the same concern.

If you disagree with us, please feel free to email the parties and indicate your support for this management.

Please copy and paste the letter below to your email and forward it to;

[e-mail]
[e-mail]
[e-mail]


Thanking you all for ensuring that we the shareholders find out what is going on and making sure we are treated fairly with the proper transparency.
 
 
December 13, 2021
Graham Dickson, B.Sc.(Hons), A.R.C.S.
Chairman of the Board
and
Cathy Zhai, CPA-CGA, B.Sc.
Director, President & CEO
 
Monument Mining Limited
Suite 1580 - 1100 Melville Street
Vancouver, BC
Canada, V6E 4A6
 
Dear Madame Zhai and Mister Dickson

We the shareholders of Monument Mining Limited require clarification and additional information in relation to the sale of Monument Mengapur Sdn Bhd, to Fortress Minerals Limited.

This sale represented the disposition of 47% of our corporate assets. An asset that was valuated on our 2019 corporate books in the amount of 116.94 million dollars was sold for 30 million dollars.

Here are the four questions that requires additional clarifications;

1. How were you authorized to sell without shareholder’s authorization Monument Mengapur Sdn Bhd to Fortress Minerals in the amount of 30 million dollars?

2. Who received the payment of $600,000.00 as a finder’s fees for this transaction?

3. Where is the third-party independent valuation to determine the fair value of Monument Mengapur Sdn Bhd prior to the sale?

4. What was the contractual agreement for the finder’s fee?

 
If you do not promptly reply to the above noted questions, we as a first step, will forward complaints to the BCSC and the TMX in relation to this matter.

Here below are the statements that were made by Cathy Zhai in relation to Mengapur project and Fortress Minerals Limited.

From the January 16, 2020 President’s Message, as released on MMY website;

“With Copper prices rising about 10 per cent since October 2019 to above $2.80USD per pound and iron ore trading up almost $20USD per tonne since November 2019 to about $94USD per tonne, the positive trend in these commodities could help open up doors for a funding partner for the Mengapur Copper-Iron Project in Malaysia. The Mengapur mineral resource estimate is 90 million tonnes of total indicated and inferred copper resources at a grade of 0.43%/cu from the NI 43-101 technical report in October 2018. We are open to development opportunities for this long term asset.”
 
From the April 8, 2021 MMY news release

“Vancouver, B.C., April 08, 2021, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce the closing of the Transaction with Fortress Minerals Limited (“Fortress”) to sell Fortress a 100% interest in its Malaysian subsidiary, Monument Mengapur Sdn Bhd, which owns a 100% interest in the Mengapur Copper and Iron Project (the “Mengapur Project”).
The Mengapur Project is located in Pahang State, approximately 75km northwest from Kuantan. The sale of the Mengapur Project is part of Monument’s corporate restructuring to focus on the development of their gold projects in Malaysia and Western Australia.
Monument has received US$30 million cash consideration in full. Under the terms of the Sale and Purchase Agreement Monument is entitled to a royalty of 1.25% of gross revenue on all products produced at the Mengapur Project.
A finder’s fee in the amount of US$600,000 was paid out from the gross proceeds. The net proceeds from the Transaction shall be used for corporate and gold projects development.”  

Thanking you for your prompt attention to this matter.

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