VANCOUVER, British Columbia, Oct. 13, 2026 (GLOBE NEWSWIRE) — Monument Mining Limited (“Monument” or the “Company”) announces that, through its wholly owned subsidiary Monument Murchison Pty Ltd (“Monument Murchison”), it has issued a notice of removal of Tuckanarra Resources Pty Ltd (“Tuckanarra”) as Joint Venture Manager pursuant to the Tuckanarra Gold Project Exploration Joint Venture Agreement dated October 13, 2020 (the “Exploration JVA”). Tuckanarra is a wholly owned subsidiary of Odyssey Gold Limited (ASX: ODY) (“Odyssey”).
Monument, through Monument Murchison, holds a 20% free-carried interest in the Tuckanarra Gold Project.
On August 25, 2026, Monument notified Tuckanarra that Tuckanarra had materially breached the Exploration JVA by acting unilaterally and purporting to enter into a toll milling agreement with Gylden Resources Pty Ltd (“Gylden”) and Kirkalocka Gold SPV Pty Ltd (“Kirkalocka SPV”) dated May 20, 2026 (the “TMA”) on behalf of the joint venture participants without the authority required under the Exploration JVA and without Monument Murchison’s authorization or consent (the “Breach Notice”).
Following delivery of the Breach Notice, Monument and Odyssey engaged in discussions with a view to resolving the matters raised in the Breach Notice. The parties agreed to a standstill to facilitate those discussions. The standstill has now expired without the matters raised in the Breach Notice having been resolved.
The breach identified in Monument’s Breach Notice continued for more than 30 days. Accordingly, under clause 5.1 of the Exploration JVA, Tuckanarra was removed as Manager of the Tuckanarra Gold Project with effect from September 25, 2026. Monument notified Odyssey accordingly on October 8, 2026.
Monument Murchison did not authorize or consent to Tuckanarra entering into the TMA on its behalf. Monument Murchison does not adopt or ratify the TMA and maintains that it is not bound by the TMA or by any obligations purportedly imposed upon it under the TMA. For the avoidance of doubt, Monument Murchison also does not accept that Tuckanarra was entitled, while the parties remain governed by the Exploration JVA, to unilaterally enter into or implement the TMA so as to commit Monument Murchison, the joint venture, its ore or its future mining or processing arrangements outside the governance and decision-making requirements of the Exploration JVA.
Following Tuckanarra’s removal, Monument has requested a meeting of the management committee established under the Exploration JVA for the purpose of appointing a replacement Manager (the “Replacement Manager”) in accordance with clause 5.1(c). Under the Exploration JVA, Tuckanarra or a related body corporate of Odyssey cannot be appointed as Replacement Manager.
On September 24, 2026, Odyssey issued a notice disputing Monument’s Breach Notice under clause 20 of the Exploration JVA (the “Dispute Notice”). Monument will continue to comply with the dispute resolution process under clause 20, including the requirement to refer the dispute to mediation. Monument maintains that the Dispute Notice does not suspend or alter its accrued rights under clause 5.1.
Monument has expressly reserved all of its rights and remedies under the Exploration JVA and at law, including its right to seek recovery of any loss or damage suffered or incurred as a result of Tuckanarra’s breaches of the Exploration JVA.
Monument regards the Exploration JVA as valid and fully binding and remains ready and willing to perform its obligations under it. Monument remains committed to advancing the Tuckanarra Gold Project in accordance with the agreed governance and decision-making procedures under the Exploration JVA and to creating value for the shareholders of both joint venture participants.
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
____________________________________________________________
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project, jointly owned by Odyssey Gold Ltd in the same region. The Company employs approximately 297 people in both regions and is committed to the highest standards of environmental management, social responsibility, including health and safety for its employees and neighboring communities and good corporate governance.
____________________________________________________________
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
| Richard Cushing, MMY Vancouver | T: +1-604-638-1661 x102 | rcushing@monumentmining.com |
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Disclaimer Regarding Forward-Looking Statements
This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects, expectations regarding the appointment of a Replacement Manager for the Tuckanarra Gold Project and the timing thereof, expectations regarding the outcome and timing of the dispute resolution process under the Exploration JVA, including mediation, the Company’s position that Monument Murchison is not bound by the TMA, the Company’s ability to recover any loss or damage suffered or incurred as a result of Tuckanarra’s breaches of the Exploration JVA, and the timing and results of the other proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities, including those related to the Tuckanarra Gold Project; risks related to the dispute with Odyssey and Tuckanarra under the Exploration JVA, including the outcome and timing of mediation or any other dispute resolution process; the risk that a Replacement Manager may not be appointed in a timely manner or at all; the risk that Tuckanarra, Odyssey, Gylden or Kirkalocka SPV may seek to enforce the TMA against Monument Murchison; uncertainties regarding the Company’s ability to recover any loss or damage suffered or incurred; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR+ at www.sedarplus.ca. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold or other minerals; the timing and amount of estimated future production; assumptions regarding the timing and results of development activities, including in respect of the Tuckanarra Gold Project; assumptions that a Replacement Manager will be appointed in accordance with the Exploration JVA; assumptions regarding the outcome and timing of the dispute resolution process under the Exploration JVA; assumptions that Monument Murchison is not bound by the TMA; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed13035b-6766-4e54-929d-a75cf376fd00
