Management’s Discussion and Analysis (Form 51 -102F)  For the year ended June 30, 2011  Monument Mining Limited started a stage II tailing storage facility expansion in the fourth quarter accommodating 10 years discharge from the 1  million tonnes per annum gold treatment plant. In early of fiscal 2011, in conjunction with completion of $13 million (CAD 13 million) financing, the Company resumed  acquisition and exploration programs. It closed the previously announced Famehub Acquisition of 32,000 acres of  prospective exploration lands (the “Famehub Properties”) adjacent to the Selinsing gold mine with a corresponding data  package; and strategically progressed to its twelve month exploration program in Pahang State, Malaysia, consisting of  116 drill holes totaling 18,390 meters over the Selinsing, Damar Buffalo Reef and Famehub properties. During the year, the Company completed start-up work including re-organization of the drill team and upgrade and  acquisition of drill rigs. At the Buffalo Reef, a NI 43-101 technical report was completed by Snowden Pty Ltd Australia  indicating a 20% increase in the gold deposit compared to the JORC compliance historical estimates. At the Selinsing gold  project, the Company completed 3,012 metres drilling for a total 15 drill holes. The results were announced subsequent  to the year ended June 30, 2011 indicating that the mineralization is continuing at a further 220 metres below the  current open pit. At Famehub, a total of 402 trench samples, 794 soils samples, 297 stream sample and 10 rock chips  were collected located between 8-15 km north east of Selinsing and Buffalo Reef deposit. In May 2011, the Company signed a Memorandum of Understa nding (the “MOU”) to acquire a 70% interest in the  Mengapur Polymetalic Project in Malaysia located approximately 130 kilometers from Monument’s wholly owned  Selinsing gold mine. The historical estimates of copper, gold and silver equivalent were published  as a “Definitive  Feasibility Study” (the “Study”) in October 1990 by Normet Engineering Pty Ltd with James Askew Associates based on a  58,000 meter diamond drilling program costing approximately $40 million. A three-month due diligence commenced on  August 23, 2011 subsequent to the year ended June 30, 2011.  Selinsing Gold Mine  Fiscal 2010  Q 1 Q2 Q3 Q4 Fiscal 2011 Operating results  30-Jun-10 30-Sep-10  31-Dec-10 31-Mar-11  30-Jun-11 30-Jun-11 Ore mined (tonnes)  662,330 203,150 159,681 140,736 237,342 740,909 Ore processed (tonnes)  272,120 89,834 87,845 87,780 86,540 351,999 Average ore head grade (g/t Au)  3.08 4.08 4.41 4.18 4.58  4.31 Process recovery rate  58.7% 90.0% 93.7% 93.7% 94.1% 92.9% Gold production (ounces)  13,793 9,050 11,348 11,904 12,136  44,438 Gold sold (ounces)  13,793 8,650 10,148 10,704 10,936  40,438 Financial results  Gold sales (US$) (subnote 4)  16,315,792  10,862,943  14,115,442  15,031,105  16,617,861   56,627,351  Per ounce data  Cash cost per ounce  216 199 262 237 262  242 Average spot gold price (US$/oz)  1,089 1,227 1,367 1,386 1,506  1,372 Average realized gold price (US$/oz)  1,183 1,256 1,391 1,404 1,520 1,400 $_{1.}$  Key gold production statistics  Annual Highlights  Acquisition and Exploration Summary  12 |  P a g e