Monument Mining Limited Management’s Discussion and Analysis (Form 51 -102F)  For the year ended June 30, 2011  1.15 Outstanding Share Data The following details the share capital structure as at September28, 2011, the date of this MD&A. These figures may be  subject to minor accounting adjustments prior to presentation in future consolidated financial statements.  Expiry date  Price  Number of  securities  Total  Common shares  183,986,864  Stock options  July 5, 2012  $ 0.47  2,900,000  August 15, 2013  $ 0.38  13,160,000  December 5, 2013  $ 0.20  1,459,167  December 5, 2013  $ 0.31  230,000  December 5, 2013  $ 0.39  400,000  February 9, 2014  $ 0.21  300,000  July 29, 2012  $ 0.28  500,000  December 17, 2014  $ 0.36  30,000  June 8, 2013  $ 0.29  1,600,000  June 10, 2015  $ 0.29  500,000  September 29, 2015  $ 0.40  3,000,000  November 30, 2015  $ 0.58  600,000  January 27, 2016  $ 0.68  120,000  July 28, 2016  $ 0.65  150,000  August 29, 2016  $ 0.62  150,000  25,099,167  Warrants  July 21, 2012  $ 0.50  67,325,000  August 12, 2015  $ 0.48  5,000,000  72,325,000  1.16  Risks and Uncertainties  Monument Mining Limited is an exploration, development and gold production company which looks for gold resources.  The exploration for and development of mineral deposits involves significant risks, which even a combination of careful  evaluation, experience and knowledge may not eliminate. While the discovery of a mineral deposit may result in  substantial rewards, few properties which are explored are ultimately developed into production. Major expenses may  be required after initial acquisition investment to establish ore reserves, to develop metallurgical processes and to  construct mining and processing facilities at a particular site. It is impossible to ensure that the current exploration  programs planned by the Company will result in the discovery of mineral resources or a profitable commercial mining  operation, and, on an industry statistical basis, it is unlikely that an economic operation will be developed.  Whether a mineral deposit, if ever discovered, will be commercially viable depends on a number of factors, some of  which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure together impact on  mine ability and recoverability, as well as metal prices which are highly cyclical and government regulations, including  regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and  environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these  factors may result in the Company not receiving an adequate return on invested capital.  The Company has commenced gold production at its Selinsing gold mine and is currently generating a positive cash flow.  The profitability of the production is depending on various factors, however, and may not be controllable by the  Company. 34 |  P a g e