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Monument Provides Update on Malaysian Litigation; Plaintiff Obtains Judgment in Its Favour, Monument to Appeal

Monument Mining Limited (MMY.V) today updated shareholders on the previously-disclosed statement of claim filed by Selinsing Mining Sdn Bhd (SMSD), the previous owner of the Selinsing Project, against Monument and two of its Malaysian subsidiaries in the High Court of Malaya in Shah Alam, Selangor, Malaysia.

The plaintiff SMSD is claiming an entitlement to a 5 percent interest in the profits of a joint venture in relation to the Selinsing mine and has obtained a summary judgment in its favour. The Company's Malaysian counsel advises that the summary judgment is wrong in fact and in law and is highly likely to be reversed on appeal. Counsel has been instructed to bring an appeal and to seek a stay of the order on an urgent basis pending the hearing of the appeal.

The specific terms of the summary judgment are not yet known as the court has not yet issued its reasons for judgment or its written order, but the judge indicated that the order would go generally in the terms claimed.

Monument's counsel also advises that, even if the judgment were permitted to stand, the alleged joint venture is not the owner of the mine but merely an operator pursuant to an operating agreement and therefore is not entitled to any profits and in fact has never realized any profits.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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