eResearch Information Report

THE SOURCE OF INDEPENDENT EQUITY RESEARCH November 27, 2007

MONUMENT MINING LIMITED

(TSX-V: MMY; Frankfurt: D7Q1)

Price (Nov 26)

$0.71
52-Week Range
$1.51-$0.58
% Below High
53%
% Above Low
22%
Shares O/S
77.4 million
Market Cap
$55.0 million
Data Source: www.BigCharts.com
Average Daily Volume
41,700 This Information Report is a preliminary assessment of Monument Mining Limited. It is
not a detailed analysis of the Company, and contains no Recommendation, Target Price,
Year-End Earnings Estimates, or Risk Assessment. eResearch is in the process of completing a
June 30 full-scale analysis of the Company, and a comprehensive report will be available shortly.

PROFILE
Monument Mining Limited (“Monument Mining” or the “Company) is a junior
exploration and mining company, headquartered in Vancouver, British Columbia
and focused on the exploration and development of mineral properties in the Central
Gold Belt of peninsular (western) Malaysia. It has two 100%-owned projects, the
Selinsing Gold Development Project (“Selinsing”) and the Buffalo Reef exploration
property (“Buffalo Reef”), which is contiguous and continuous along the Selinsing
trend.

Monument Mining OVERVIEW

Limited
500-666 Burrard Street
Vancouver, BC V6C 3P6
Canada
Tel: 604-669-2929
Fax: 604-688-2419
www.monumentmining.com
Analysts
Graham Wilson, Ph.D., P.Geo
Bob Weir, B.Sc., B. Comm, CFA
► Monument Mining has recently acquired a 100% interest in Selinsing and the
Damar Buffalo Reef, two adjacent Central Gold Belt mineral properties.
► Both properties hold gold resources with opportunity for extension, and are
in the same district as two operating gold mines.
► The initial mining plan calls for production of 40,000 ounces per year for
five years, with plant commissioning scheduled for Q3/08 and positive cash
flow commencing Q1/09.
► The Company closed a $10 million private placement on June 25, 2007.
► Two major shareholders together control 56% of Monument Mining
shares.
► Experienced management in mine finance, exploration geology and mine
operations.
► Malaysia has a long history as a mining country.

Independent Equity Research Corp., 130 Adelaide Street W., Suite 2215, Toronto, Ontario, Canada M5H 3P5
www.eresearch.ca
eResearch Monument Mining Limited

BACKGROUND
Monument Mining was formerly known as Moncoa Corporation, with the name change becoming
effective in April 2007. On June 25, 2007, the Company completed a reverse takeover with a 2:1 share
capital reduction on old Moncoa shares. Moncoa’s existing private subsidiaries were divested so that
Monument Mining could concentrate exclusively on mining and mineral exploration activities.

THE COMPANY
Monument Mining is a recent addition to the ranks of junior exploration and mining companies,
and is listed on both Canadian and German stock exchanges (TSX-V: MMY; Frankfurt: D7Q1).

The Company is well-placed in a region of proven gold endowment, in a reasonably progressive

developing country with adequate infrastructure. The ground position affords good opportunities
for expanding the resources to expand mill life.

Monument Mining has recently acquired a 100% interest in Selinsing and the Damar Buffalo Reef,
two adjacent mineral properties in the Central Gold Belt of peninsular (western) Malaysia (see
below). Both properties hold gold resources with opportunity for extension, and lie in the same district
as the operating Penjom and Raub Australian gold mines, which have both produced 1,000,000
ounces each and still host a further approximately one million ounces in gold resources

The Company has a wealth of expertise and experience (see Management and Directors), perhaps
the most important investment in a seed venture such as this, in an environment where the firm is
a newcomer.

MAJOR SHAREHOLDERS
Two major shareholders, Avocet Mining PLC and Able Return Sdn. Bhd. (“Able”), together control
56% of Monument Mining stock (of which 77,395,023 shares were issued and outstanding as of
October 25, 2007).

Avocet, vendor of the Buffalo Reef ground and operator of the nearby Penjom gold mine, was issued
15 million Monument shares (19.4% of the outstanding shares, to be held in a voluntary pooling
agreement until June 2009).

Able was the vendor of the Selinsing interests and is Trustee of the Wira Mas Unit Trust which
was, in turn, the owner of all of the shares of Selinsing Mining Sdn. Bhd. Able, Selinsing and Polar
Potential Sdn. Bhd., a wholly-owned Malaysian subsidiary of Monument Mining, have entered
into a Purchase and Sale Agreement for Monument Mining to acquire 100% of the Selinsing Gold
Project. Wira Mas Trsut has received 31.4 million Monument shares held in escrow and subject to
the above voluntary pool until 2010.

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THE CENTRAL GOLD BELT OF MALAYSIA

Malaysia has a long history as a mining country, most notably for hard-rock and placer tin mining.
Other mineral commodities include gold, tungsten and bauxite. The western (or peninsular) region
of the country, which includes the capital city of Kuala Lumpur, lies within the Southeast Asian
tin belt, source of roughly 10 million tonnes of tin metal, and at least half the world’s cumulative
production.

The Central Gold Belt of western Malaysia lies on the eastern flank of the S.S.E.-trending Main
Range batholith. Selinsing lies along a north-south structure near the west margin of the gold belt,
some 45 km northwest of the centrally-located Penjom mine. Gold at the Penjom mine occurs in
association with telluride and sulphide minerals, including galena and especially arsenopyrite.
Monument’s projects are located nearby in Pahang state, in the central part of the peninsula.

KEY PROPERTIES
The accompanying map shows the location of the Company’s mining projects:

Figure 1. Key Properties

Source: Company website

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eResearch Monument Mining Limited

1. Selinsing Gold Property

Monument Mining has a 100% interest in Selinsing and the Damar Buffalo Reef, two adjacent
mineral properties in the Central Gold Belt of western Malaysia. Both properties hold gold resources
with opportunity for extension, and lie in the same district as the operating Penjom and Raub
Australian gold mines, which each host more than one million ounces in gold resources.

The key Selinsing property is divided between two sub-leases. By virtue of a cash-and-shares
structured deal, Monument recently acquired a 100% interest in the whole project. Mining lease
MC1/113 contains the proposed mine site, and a 5% royalty is payable to the Malaysian government.
Mining lease MC1/124 contains gold resources in low-grade mine tailings and stockpiled ore. The
exploration potential of Selinsing, the nearby Buffalo Reef property, and local potential acquisition
prospects are a significant added attraction.

The Company announced in June 2007 that the “Selinsing acquisition has an indicated mineral
resource of 3,630,000 tonnes at 1.76 grams per tonne (gpt), at a cut-off of 0.75 gpt for contained
ounces of 205,000 ounces of gold. In addition, an inferred mineral resource of 7,690,000 tonnes at a
grade of 1.34 gpt for contained ounces of 330,000 ounces of gold at a similar cut-off grade is described
in full in the NI 43-101 Report filed on SEDAR on September 29, 2006 by the Company”.

The deposit is shallow and amenable to open-pit mining, having been tested extensively, in the
main by reverse-circulation drilling. The initial mining plan calls for production of 40,000 ounces
per year for five years, commencing in 2008.

The project is located close to an existing paved road, approximately two hours’ drive from Kuala
Lumpur. There is established infrastructure and a number of structures including a plant workshop
and assay laboratory. A new mine tailings impoundment is being designed adjacent to the proposed
new mine and plant.

Selinsing has seen episodic mining activity, initiated prior to 1888. The two mining leases cover
an area of some 170 acres. Cumulative production to date is estimated at about 85,000 ounces.

COMMENT: The region hosts features conducive to a variety of potentially gold-bearing deposits,
related to regional structures, felsic intrusions, porphyries, skarns and possibly sediment-hosted
(“micron-scale” or “Carlin-type”) deposits.

2. Buffalo Reef Property

The Buffalo Reef property, 100%-owned, provides a 4.5-km extension of the Selinsing gold “trend”.
The project has an Australian (JORC-compliant) indicated resource of 1,900,000 tonnes grading
2.49 gpt gold with a cut-off grade of 0.5 gpt gold (155,800 contained ounces). In modern times,
the Reef was explored by Damar Consolidated (1993-1996) and Avocet (1997-2006). The latter
divided the mineralization into three zones. The mesothermal quartz veins contain native gold, 2-3%
sulphides (pyrite and chalcopyrite with lesser galena and stibnite) and graphite. The resources are
broken down into sulphide, transitional and oxide categories. The quartz veins are mostly parallel
to the approximately north-south bedding. A shear zone of “graphitic shale (often calcareous)”
appears favourable to additional gold mineralization.

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In September 2007, Monument Mining announced the commencement of the first phase of
exploration on the project. The Company said that this work would be undertaken in parallel with
the development of the Selinsing Gold Mine project, and that the first assay results were expected
to be available in November/December 2007.

COMMENT: Such structures, with both sheared and brecciated rocks, and carbonaceous matter
which may precipitate gold from the ore fluids, are conducive to mineralization in many parts of
the world.

PRIVATE PLACEMENT
Monument Mining closed a $10 million private placement on June 25, 2007.

MANAGEMENT AND BOARD OF DIRECTORS

Management:

Robert F. Baldock, President, Chief Executive Officer

Cathy Zhai, Chief Financial Officer, Corporate Secretary
Zaidu Harun, Vice President Exploration
Mike Kitney, Project Manager
John Barton, Project Engineer

Board of Directors:

Robert F. Baldock, Chairman

Carl Nissen
Zaida Harun
Patrick Soares
Adam Bradley

The Company has considerable strength and breadth of experience in its management. The key
personnel in mine finance and corporate governance, exploration geology and mine operations
have extensive experience in their respective roles. CEO Robert Baldock is supported by a team of
directors and technical staff with a high level of expertise in geology, metallurgy, engineering and
mine development. CFO Cathy Zhai also has extensive experience in mineral companies, including
the successful Hunter-Dickinson group of companies. On-the-ground expertise is provided by local
geological expert Zaidu Harun and his exploration team and field geologists..

In terms of mine development, management has retained two experienced professionals. Mike
Kitney, a member of the Australian Institute of Mining and Metallurgy (“AusIMM”), will be adviser
to the manager, and John Barton, AusIMM, a senior and broadly qualified mining professional,will
be the on-site representative reporting directly to Monument. Both will assist in the development
and subsequent management and operation of the Selinsing Gold Mine project.

Snowden Mining Industry Consultants Pty. Ltd., a major Australian contractor, has provided
management with three major independent reports on the Selinsing property and its resources.

November 27, 2007 5

eResearch Monument Mining Limited

ANALYST CERTIFICATION
Each Research Analyst who was involved in the preparation of this Research Report hereby certifies that:
(1) the views, opinions, and recommendations expressed in this Research Report reflect accurately the Research
Analyst’s personal views concerning any and all securities and issuers that are discussed herein and are the subject
matter of this Research Report; and (2) the fees, earnings, or compensation, in any form, payable to the Research
Analyst, is not and will not, directly or indirectly, be related to the specific views, opinions, and recommendations
expressed by the Research Analyst in this Research Report.
eResearch analysts on this report: Graham Wilson, Ph.D., P.Geo, is a geologist and mineralogist. He holds a B.A.
(Hons.) from the Dept. of Geology and Mineralogy, University of Oxford, and a Ph.D. from the Dept. of Mineralogy
and Petrology, University of Cambridge. He is a practising professional geoscientist in Ontario and a fellow of the
Geological Association of Canada, the Geological Society of India, and the Association of Applied (Exploration)
Geochemists. Dr. Wilson is also a member of the Association of Geoscientists for International Development,
Meteoritical Society, Mineralogical Association of Canada, Prospectors and Developers Association of Canada, and
Society of Economic Geologists.

Bob Weir, B. Comm, B.Sc., CFA. Bob Weir has 40 years of investment research and analytical experience in both
the equity and fixed-income sectors, and in the commercial real estate industry. He was at Dominion Bond Rating
Service (DBRS) from 1994 to 2001, latterly as Executive Vice-President responsible for conducting the day-to-day
management affairs of the company. He joined eResearch in 2004.

eRESEARCH ANALYST GROUP

Director of Research: Bob Weir / Vice President, Operations: Bob Leshchyshen

Financial Services Energy & Utilities

Robin Cornwell Melvyn Misner

Biotechnology/Health Care
Oil & Gas
Scott Davidson
Eugene Bukoveczky
Keith Lue
Achille Desmarais
Marita Hobman
Dick Fraser
Transportation & Environmental Services/ Ross Deep
Industrial Products
Bill Campbell Special Situations
Asim Bukhtiar, MBA, CFA
Mining & Metals Bill Campbell
George Cargill Bob Leshchyshen
Neil Gow Ross Deep
Adrian Manlagnit Nigel Heath
Oliver Schatz Amy Stephenson
Michael Wood Bob Weir

Chief Economist
Beverly Brooks

6 November 27, 2007

eResearch Recommendation System
Strong Buy: Expected total return within the next 12 months is at least 40%.
Buy: Expected total return within the next 12 months is between 10% and 40%.
Speculative Buy: Expected total return within the next 12 months is substantial, but Risk is High (see below).
Hold: Expected total return within the next 12 months is between 0% and 10%.
Sell: Expected total return within the next 12 months is negative.

eResearch Risk Rating System

A company may have some, but not necessarily all, of the following characteristics of a specific risk rating to qualify for that rating:
High Risk: Financial - Little or no revenue and earnings, limited financial history, weak balance sheet, negative free cash flows,
poor working capital solvency, no dividends.
Operational - Weak competitive market position, early stage of development, unproven operating plan, high cost
structure, industry consolidating, business model/technology unproven or out-of-date.
Medium Risk: Financial - Several years of revenue and positive earnings, balance sheet in line with industry average, positive free
cash flow, adequate working capital solvency, may or may not pay a dividend.
Operational - Competitive market position and cost structure, industry stable, business model/technology is well
established and consistent with current state of industry
Low Risk: Financial - Strong revenue growth and earnings over several years, stronger than average balance sheet, strong positive
free cash flows, above average working capital solvency, company may pay (and stock may yield) substantial dividends
or company may actively buy back stock.
Operational - Dominant player in its market, below average cost structure, company may be a consolidator, company
may have a leading market/technology position.

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