Ms. Cathy Zhai reports

MONUMENT ANNOUNCES JOINT VENTURE ARRANGEMENT FOR THE TUCKANARRA PROJECT IN WESTERN AUSTRALIA

Monument Mining Ltd. has entered into a joint venture arrangement with Odyssey Energy Ltd. (proposed to be renamed Odyssey Gold Ltd.) to advance the Tuckanarra gold project, located in the Murchison goldfield.

Tuckanarra is currently 100 per cent owned by Monument through its Australian subsidiary, Monument Murchison Pty. Ltd., which also holds 100 per cent of the Burnakura and Gabanintha gold projects as its primary high-grade gold development projects in the Meekatharra district. Subject to the closing of the transaction, Odyssey Energy will own 80 per cent of Tuckanarra and develop Tuckanarra with Monument under an unincorporated joint venture.

Transaction highlights:

• Sell 80 per cent of Tuckanarra interest for consideration of $5-million (Australian) cash, subject to certain conditions;
• Retain a 1-per-cent net smelter return royalty over Odyssey's 80-per-cent shared interest;
• Retain a 20-per-cent interest in the Tuckanarra project that is free carried until a decision to mine;
• Preferentially process Odyssey Energy's gold ore through Monument's Burnakura gold plant, subject to commercial terms;
• Jointly develop the Tuckanarra gold project through an unincorporated joint venture.

President and chief executive officer Cathy Zhai said: "The JV arrangement with Odyssey is a strategic move by the company to divest Tuckanarra, one of our quality gold projects, allowing it to be advanced faster, and have our team focus on the primary highly prospective gold projects Burnakura and Gabanintha, former mining centres in Meekatharra and Cue region, and move these two projects closer to production through our existing infrastructure. This strategy will complement our Selinsing gold project in Malaysia, which has been in production since 2010 and has produced over 315,000 ounces of gold to date.

"We are excited to work with the Odyssey team, a part of Apollo Group in Perth, which has a long and successful history of exploring and developing mining assets around the world. Apollo Group collectively has financed in excess of $1-billion of mining projects. We are open to all opportunities to increase our shareholders' value as a whole."

To date, Monument has defined a total of 381,000 ounces of gold under National Instrument 43-101 standards at Burnakura from its three gold projects, all acquired in 2014, with aggregate historical gold resources of 644,000 ounces under JORC (Joint Ore Reserves Committee) standards, of which 81,000 ounces were attributed to Tuckanarra. Odyssey Energy plans to progressively explore high-grade opportunities at Tuckanarra after closing the transaction.

Tuckanarra is directly adjacent to the Stakewell gold project, which was recently acquired by Odyssey Energy. Odyssey Energy will own tenements covering 25 kilometres of strike of highly fertile banded iron formation (BIF) and greenstones with extensive gold-mining history. Given Odyssey's access to Monument's Burnakura gold-processing plant, which is located 25 kilometres from Odyssey's projects, Odyssey will preferentially process ores extracted from both projects, subject to commercial terms at the Burnakura gold-processing plant.

Tenement sale and unincorporated joint venture structure

Tenement sale

Monument and Monument Murchison entered into a binding tenement sale agreement with Odyssey Energy and its subsidiary, Tuckanarra Resources Pty. Ltd., under which Monument Group will sell to Odyssey Energy Group 80 per cent of the Tuckanarra gold project for an aggregated consideration of $5-million (Australian) in cash, plus a 1-per-cent net smelter return royalty over Odyssey Energy's percentage share in the Tuckanarra gold project on standard terms, as detailed herein:

• Deposit -- $150,000 (Australian) payable on signing the tenement sale agreement;
• Completion consideration -- $1.85-million (Australian) payable on completion of the acquisition;
• Deferred consideration -- $2-million (Australian) payable within six months of completion of the acquisition;
• Milestone consideration -- $1-million (Australian) payable on the delineation of an independently assessed mineral resource, in accordance with the JORC Code (2012 edition), of at least 100,000 ounces of gold at a minimum resource grade of 1.55 grams per tonne gold in relation to the Tuckanarra gold project within 36 months of completion of the acquisition.

The acquisition is subject to conditions precedent, including:

• Regulatory approval -- Australian Securities Exchange approval and all other regulatory approvals required in relation to the acquisition having been obtained either unconditionally or on conditions acceptable to the relevant party (acting reasonably);
• Due diligence -- Odyssey completing due diligence on the Tuckanarra gold project, subject to its satisfaction;
• Capital raising -- Odyssey successfully completing a capital raising of at least $1-million at a price of no less than two cents per share;
• Shareholder approval -- Odyssey obtaining shareholder approval in relation to the acquisition or relevant aspects thereof.

The completion of the transaction is projected by Dec. 9, 2020. The cash proceeds will be used for Murchison gold project development and working capital.

Unincorporated joint venture agreement

Tuckanarra Resources (80 per cent) and Monument Murchison (20 per cent) have also entered into an unincorporated joint venture agreement with respect to the exploration and development of the Tuckanarra gold project on the following key terms:

• Tuckanarra Resources will be the manager of the joint venture.
• A joint venture management committee will comprise two members from Tuckanarra Resources and one member from Monument Murchison, and the committee will have the responsibility of overseeing joint venture matters, including a decision to mine.
• Monument Murchison's 20-per-cent interest is free carried until a decision to mine on the Tuckanarra gold project, following which the participant will contribute pro rata or dilute.
• If a decision to mine is made, the parties will form an unincorporated mining joint venture on certain agreed terms, subject to a separate mining joint venture agreement.
• There is a pre-emptive right on disposal of joint venture interests and drag-along/tag-along rights.
• Tuckanarra Resources and Monument Murchison have agreed to negotiate, in good faith, a processing arrangement on reasonable arm's-length commercial terms for Monument Murchison to process ore extracted by Tuckanarra Resources from the Tuckanarra and Stakewell gold projects at Monument Murchison's Burnakura plant in Meekatharra, Western Australia.
• Other standard terms and conditions for an unincorporated exploration joint venture, including areas of interest and rights upon default by a participant (including an option to acquire a defaulting participant's interest at fair market value).

Planned exploration under the unincorporated joint venture

Upon completion of the transaction, work planned to develop the targeting profile for Tuckanarra in the near term will include:

• Reassessment and reprocessing of historical high-resolution magnetics in the area;
• A potential subaudio magnetic ground geophysical survey;
• An updated 3-D structural targeting model of the region;
• Confirmation of the drill database through on-ground work and reference to historical company reports;
• Reinterpretation of soil sampling data, including potential infill lines;
• A target-ranking exercise over the area;
• Relogging and reassaying of drill core and samples, where appropriate.

Murchison gold project development (Burnakura and Gabanintha)

The Murchison gold project is situated in the Meekatharra district. The unique position in the Murchison goldfield, where historically millions ounces of gold were delivered and major production from Westgold Resources and Ramelius Resources is still continuing. This, together with the fully functional, small-sized gold-processing plant designed for high-grade production that can be upgraded to a larger capacity, makes the Murchison gold project strategic and attractive, as the recent success of Musgrave Minerals and Spectrum Metals highlights.

The Burnakura and Gabanintha gold projects are at the development stage and have considerable exploration potential, located approximately 650 kilometres north of Perth and 45 kilometres south of Meekatharra in the Murchison goldfield, containing a total of 381,000 ounces of gold under NI 43-101 standards (historical resource of 563,000 ounces). The projects have extensive mining histories and have been mined via numerous open-pit and underground methods, as well as smaller workings. The projects cover an area on the eastern margin of the Archean Meekatharra-Wydgee greenstone belt within the northeastern Murchison domain of the Yilgarn craton.

The 260,000-tonne-per-year-gold processing plant, 108-man camp and infrastructure facilities are well maintained and ready to be placed into production once a three-stage refurbished crushing plant is installed. An economic assessment was completed in 2018, and it is currently under review, with the new rally of gold prices in 2020. The Murchison gold project requires both development work and exploration work to increase its prospective potential to add value to Monument Group as a whole.

Work plan for the Murchison gold project (Burnakura and Gabanintha)

The work plan for the Murchison gold project will consist of: reassessing the production profile at current higher gold prices; developing a range of high-priority exploration targets; and further advancing existing mineral resources so that updates can be incorporated into a new life-of-mine plan. In addition, there will be further corporate development work and other opportunities that could potentially add value to shareholders that will be explored.

The main focus of development work will include:

• Review and updates of existing drilling data, including wireframe remodelling for a new Alliance resource estimation considering an underground mining scenario;
• Review status of data for all deposits that are included in the life-of-mine plan and generate a program of work to update existing data to ensure robust mine plans;
• Collection of additional data and reinterpretation of data for deposits included in the life-of-mine plan, as required;
• Drill hole planning to infill and immediately extend deposits to ensure mine plans are based on comprehensive datasets;
• Resource updates, as required (especially important for resources that are being targeted by underground mining);
• Complete an updated life-of-mine plan and financial model for production potential.

The main focus of exploration will include:

• Drill programs that will target down plunge of existing high-grade resources that have the potential to be mined underground, such as at the NOA 1, 7-8 and Alliance deposits at Burnakura as well as the Yagahong deposit at Gabanintha;
• Close-spaced magnetic orientation surveys that may be able to delineate favourable structures in prospective host lithologies, such as BIF;
• Upgrade existing drilled areas to resource status, such as Tumblegum and Kavanagh at Gabanintha;
• Further refinement and ranking of regional-style exploration targets that have the potential to host significant deposits. There are multiple areas at both projects that have no first-pass sampling information;
• Complete budget in line with exploration strategy.

The scientific and technical information in this press release has been prepared by Adrian Woolford, BSc (honours), chief geologist of Monument Mining, and reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a qualified person as defined by NI 43-101, retained by Golder Associates Pty. Ltd.

About Monument Mining Ltd.

Monument Mining is an established Canadian gold producer that operates the 100-per-cent-owned Selinsing gold mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects, including the Mengapur copper/iron project in Pahang state, Malaysia, and the Murchison gold project, comprising Burnakura, Gabanintha and Tuckanarra, in the Murchison area of Western Australia. The company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities.

We seek Safe Harbor.