Annual Report 2011  Monument Mining Limited Operations  Fiscal 2011 was the first year of commercial production for the Company with gold production 10% higher than its  projection. The increase in economic difficulties and uncertainty in global markets combined with inflation fears and low  interest rates ignited the demand for gold driving the metal price to record levels. Fiscal 2011 started with the gold price  closing at $1,243.50 USD on June 30$^{th}$ 2010 and ended with the gold price at $1,502.30 USD on June 30$^{th}$ 2011. The 20.8%  rise in gold price during fiscal 2011 allowed the Company to further exceed its revenue expectations on top of the  production and set new goals for 2012.  For the fiscal year ending June 30$^{th}$, 2011, a total of 741,000 tonnes of ore was mined from the first open pit, of which  352,000 tonnes of ore was processed with an average gold recovery of 92.9%. A total 44,438 ounces of gold was produced at an average cash cost of $242 per ounce, an 11% increase in production compared to a projected 40,000 ounce of gold and a 31%  decrease in cash cost per ounce compared to the estimate average cash cost  of $317 per ounce for the first five year pit. A total of 40,438 ounce of gold  was sold at an average price of $1,400 per ounce. Gross revenues for the year  were $57 million and fiscal 2011 finished with the company having cash on  hand of $49 million and a positive net working capital of $63 million. Income  for the year was $35,374,349 net of operating and corporate expenses, or  $0.21 per share, and a net income of $31,252,160 or $0.19 per share. 5 |  P a g e