Monument Mining Ltd V.MMY

Offer To Westgold ...... By Wolfgang

[romara]

Here is a letter from Wolfgang about trying to get a deal between Monument and Westgold ...... it went nowhere.... rejected by Monument management .........    Richard

AXINO Investment GmbH · Fleischmannstrae 15 · 73728 Esslingen am Neckar
Monument Mining Limited
Board of Directors
1100 Melville Street
Vancouver, BC, V6E 4A6
Canada
Attn: Ms. Cathy Zhai, President & CEO
Mr. Robert F. Baldock, Executive Chairman
February 3, 2021
Shareholder Request
Dear Cathy and Robert,
This letter is being sent to you on behalf of shareholders of Monument Mining Limited (“Monument” or the
“Company”) domiciled in Europe, Asia and North America and who collectively hold or control, directly or
indirectly, approximately 64% of the Company’s shares (collectively, the “Concerned Shareholders”). Please
ensure that the entire board of directors is provided a copy.
Since our last letter to the Board of Directors, Monument has released several corporate developments,
including the sale of the Mengapur project in Malaysia and a joint venture agreement on the Tuckanarra project
in Western Australia. During a 2 ½ hour Skype call with Cathy Zhai on November 24, 2020, we have expressed
the Concerned Shareholder’s expectations. In addition to that, we have agreed to a standstill until January 31,
2021, to support you in executing and closing on those negotiations at the time.
However, the purpose of today’s letter is to remind you again of your fiduciary duties in charting the future of
the Company and ensure that you realize that the board is accountable to the shareholders as custodians of
their investment. The sale of the Mengapur project is going to contribute a U$30MM USD cash injection to the
company’s treasury, which can be used for future developments of the Company’s assets. The Concerned
Shareholders are questioning if that corporate transaction is a good deal for the company or not. At one hand,
it will help to fund additional project activities and the Mengapur project has never had any valuation on the
public stock market. However, in your annual report as of June 30, 2020, you have been outlining a total
investment of U$122.08MM USD for the purchase and development of the Mengapur project. Now, with
almost the same metal prices as of the time when Monument has bought the project, the Board of Directors
has accepted a sales price of only a quarter of the Company’s investment. In other words, management has
destroyed more than U$90MM USD of earned capital, your shareholder’s assets.
The accumulated toll of the historical mismanagement of the Company’s strategy has still been significant.
Currently, the Concerned Shareholders, representing approximately 64% of the Company’s shares are
continuing to lose confidence in this board and management team. More and more Concerned Shareholders
are approaching us for the changes we are urgently demanding as follows:

AXINO Investment GmbH Geschftsfhrung Sitz der Gesellschaft: Esslingen am Neckar Telefon [phone]
Fleischmannstrae 15 Wolfgang Seybold Registergericht: Amtsgericht Stuttgart E-Mail [e-mail]
73728 Esslingen am Neckar Bankfachwirt Handelsregister: HRB 737408 Internet www.axino.com
1. Immediate resignation of Mr. Robert F. Baldock as Executive Chairman
2. Immediate appointment of Mr. Dato’ Sia Hok Kiang as Executive Chairman
3. Focus on gold operations in Malaysia (Selinsing)
4. Complete the transaction to sell the Mengapur asset
5. Start negotiations to sell the remaining Murchison assets (Burnakura and Gabanintha)
I have introduced you to a potential buyer, Westgold Resources Limited (“Westgold” ), of the assets. I
have recently talked to Westgold’s chairman, Peter Cook, and he has confirmed to me that your
decision to sell the Tuckanarra asset to a third party is acceptable and that he remains interested in
the remaining Murchison assets. Therefore, the Concerned Shareholders want you to negotiate a
potential asset sale under the following terms or better if you can underpin a higher valuation of the
remaining Murchison as.sets:
a. Issuance of 20MM Westgold shares to Monument Mining directly (treasury), which are worth
A$48MM at current share price. After receiving those shares, selling them in the open market
(ASX) and using the cash for the shareholder dividend and the share buyback, see below.
or alternatively
b. Issuance of 15MM Westgold shares to all Monument shareholders via an in specie distribution
and accept an additional cash payment to Monument in the amount of A$12MM. In this case, you
would still give your shareholder’s the upside in the Murchison assets via their Westgold
shareholding.
6. Calling an Extraordinary General Meeting for the following shareholder voting
a. Sale of the remaining Murchison assets to Westgold for shares of the buyer (WGX), to be issued
either to Monument Mining directly or to its shareholders via an in specie distribution.
b. Payment of a U$20MM cash dividend from the proceeds of the Murchison as.set sale (after the
sale of the receiving 20MM Westgold shares) or the payment of a dividend via an in specie
distribution of the receiving 15MM Westgold shares.
c. Buyback of Monument Mining shares in the amount of up to U$10MM.
d. Appointment of a new Director to be named, to replace Mr. Graham Dickson.
7. Release a detailed strategic plan for increasing gold production and cash management.

AXINO Investment GmbH Geschftsfhrung Sitz der Gesellschaft: Esslingen am Neckar Telefon [phone]
Fleischmannstrae 15 Wolfgang Seybold Registergericht: Amtsgericht Stuttgart E-Mail [e-mail]
73728 Esslingen am Neckar Bankfachwirt Handelsregister: HRB 737408 Internet www.axino.com
The board is the steward of shareholder capital and serves at their direction and with the expectation that their
concerns will be heard and acted upon where in the best interests of the Company. The Concerned
Shareholders, representing as they do a controlling interest in the Company, deserve to be a part of your
decisions. We and the remaining Concerned Shareholders have been very patient in trying to work
collaboratively with you. However, if we do not see a change in how the Company is being managed and a
more transparent process in terms of the decisions that are being made in line with the foregoing strategic
priorities, the Concerned Shareholders will no longer support the board and we will be forced to take matters
into our own hands. This is not a threat, this is your reality. We are tired of empty promises and failed results.
Monument is in the middle of a strong metal bull market and the valuation of the company is near cash value.
So the public market is not giving any credit to the existing project portfolio. The market does give us a clear
signal here, a change in management is needed.
The sale of the remaining Murchison as.sets is critical, as shareholders will see a chance of getting their first
return since 2007. If you do not see the Westgold transaction as a potential solution and one with which to
engage with your principal shareholders, we will be forced to consider alternatives to ensure that all
shareholders are aware of the opportunities available and the Company takes the steps needed to be
responsive to shareholder concerns. We are putting together our team of advisors to support us to prepare
for next steps.
If we do not receive appropriate engagement by the board by February 15, 2021, the Concerned Shareholders
will regard this as reflective of the board’s failure to live up to shareholders’ reasonable expectations to
manage their capital and we will take appropriate steps to rectify the situation quickly and decisively.
We look forward to hearing from you. You can reach us via Skype or mobile at [phone].
Sincerely yours,
AXINO Investment GmbH
Wolfgang Seybold
Managing Director
cc. Dexter John, President & CEO of Gryphon Advisors Inc., Toronto

[romara]

I had to modify as.sets for it to post .......... Richard