The Conversation (0)
Monument Mining Limited ("Monument" or the "Company") provides an update regarding the Tuckanarra Gold Project joint venture in Western Australia between Monument's wholly owned subsidiary, Monument Murchison Pty Ltd ("Monument Murchison"), holding a 20% participating interest, and Tuckanarra Resources Pty Ltd ("Tuckanarra"), a subsidiary of Odyssey Gold Ltd ("Odyssey"), holding an 80% participating interest.
Court Proceedings
Tuckanarra Resources Pty Ltd ("Tuckanarra") has commenced proceedings in the Supreme Court of Western Australia and applied for an interlocutory injunction to prevent Monument Murchison Pty Ltd ("Monument Murchison") from holding the Management Committee meeting scheduled for October 21, 2026. Monument Murchison called that meeting for the purpose of appointing a Replacement Manager following its position that Tuckanarra ceased to be Manager under the Exploration Joint Venture Agreement ("EJVA"). The application also seeks to restrain certain related steps in reliance on Monument Murchison's August 25, 2026 notice of breach.
The parties have agreed interim arrangements and an expedited timetable for resolution of the dispute. The outcome and terms of any court orders remain subject to determination.
Monument Murchison maintains that Tuckanarra ceased to be Manager under clause 5.1(b)(ii) of the EJVA. Any interim arrangements in place are without any admission concerning the validity of Tuckanarra's removal as Manager. Monument Murchison reserves its rights under the EJVA.
Joint Venture Dispute
As previously disclosed, Monument Murchison issued a notice of breach to Tuckanarra on August 25, 2026 under the EJVA dated October 13, 2020, concerning Tuckanarra's entry into a toll milling agreement with a third party.
Monument Murchison maintains that the material breach was not remedied within the contractual period and that Tuckanarra ceased to be Manager of the joint venture effective September 25, 2026 pursuant to clause 5.1(b)(ii) of the EJVA.
Tuckanarra disputes Monument Murchison's position regarding the breach and removal.
Monument's Position
Monument remains committed to the orderly advancement of the Tuckanarra Gold Project in accordance with the EJVA and the respective rights and obligations of the joint venture participants.
Monument supports the evaluation of commercially viable development and processing arrangements, including third-party toll milling, provided that such arrangements are appropriately authorised and protect the rights of both joint venture participants.
Monument intends to continue engaging constructively in the dispute resolution process while preserving its rights under the EJVA.
The Company will provide further updates as material developments occur.
Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 – 1100 Melville Street
Vancouver, BC V6E 4A6
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project, jointly owned by Odyssey Gold Ltd in the same region. The Company employs approximately 297 people in both regions and is committed to the highest standards of environmental management, social responsibility, including health and safety for its employees and neighboring communities and good corporate governance.
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver         T: +1-604-638-1661 x102 rcushing@monumentmining.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Disclaimer Regarding Forward-Looking Statements
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, expectations regarding the appointment of a Replacement Manager for the Tuckanarra Gold Project and the timing thereof, expectations regarding the outcome and timing of the dispute resolution process under the Exploration JVA, including mediation, the Company's position that Monument Murchison is not bound by the TMA, the Company's ability to recover any loss or damage suffered or incurred as a result of Tuckanarra's breaches of the Exploration JVA, and the timing and results of the other 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, including those related to the Tuckanarra Gold Project; risks related to the dispute with Odyssey and Tuckanarra under the Exploration JVA, including the outcome and timing of mediation or any other dispute resolution process; the risk that a Replacement Manager may not be appointed in a timely manner or at all; the risk that Tuckanarra, Odyssey, Gylden or Kirkalocka SPV may seek to enforce the TMA against Monument Murchison; uncertainties regarding the Company's ability to recover any loss or damage suffered or incurred; foreign operations risks; 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.sedarplus.ca. 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 or other minerals; the timing and amount of estimated future production; assumptions regarding the timing and results of development activities, including in respect of the Tuckanarra Gold Project; assumptions that a Replacement Manager will be appointed in accordance with the Exploration JVA; assumptions regarding the outcome and timing of the dispute resolution process under the Exploration JVA; assumptions that Monument Murchison is not bound by the TMA; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; 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.sedarplus.ca. 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.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/be0e0d25-ad1d-40d2-8711-ad3402786f76
