Management’s Discussion and Analysis (Form 51 -102F)  For the year ended June 30, 2011  Monument Mining Limited Title to mineral property interests  Realization of assets  Reserves and resource estimates Some major risks associated with the business are, but are not limited to, the following:  Although the Company has taken steps to verify the title to its mineral property interests, in accordance with industry  standards for the current stage of expl oration of such properties, these procedures do not guarantee the Company’s  title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected  defect. To the best of the Company’s knowledge, title to  its properties is in good standing.  Mineral property interests comprise a significant portion of the Company’s assets. Realization of the Company’s  investment in these assets is dependent upon the establishment of legal ownership, obtaining of permits, satisfaction of  governmental requirements and possible aboriginal claims, attainment of successful production from the properties or  from the proceeds of their disposal.  There is a degree of uncertainty attributable to the calculation of reserves and resources and the corresponding grades.  Reserve and resource estimates are dependent partially on statistical information drawn from drilling, sampling and  other data. Reserve and resource figures set forth by the Company are estimates, and there is no certainty that the  mineral deposits would yield the production of metals indicated by reserve and resource estimates. Declines in the  market price for metals may adversely affect the economics of a deposit and may require the Company to reduce its  estimates.  The profitability of mining companies depends, in part, on the actual costs of developing and operating mines, which  may differ significantly from estimates determined at the time a relevant mining project was approved or onging  projection. The development of mining projects may also be subject to unexpected problems and delays that could  increase the cost of development and the ultimate operating cost of the relevant project. Monu ment’s decision to  acquire, develop a mineral property and operate production is based on estimates made as to the expected or  anticipated project economic returns. These estimates are based on assumptions regarding:  Profitability from Production  Environmental   future gold prices;   anticipated tonnage, grades and metallurgical characteristics of ore to be mined and processed;   anticipated recovery rates of gold extracted from the ore;  anticipated material and spares cost associated to production, and   anticipated capital expenditure and cash operating costs.  Actual cash operating costs, production and economic returns may differ significantly from those anticipated by such  estimates.  Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are  increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional  expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral  properties, the potential for production on the property may be diminished or negated.  The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it  operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The  Company may also be held liable should environmental problems be discovered that were caused by former owners and  operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral  exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of  any existing environmental problems related to any of its current properties.  35 |  P a g e