In addition to super-low input costs, Monument has the

luxury of huge tax incentives. This allows for operating

costs in the lower quartile of industry average, and thus excellent

cash flow to bolster the treasury (annualized OCF of

about $70m at the increased production rate). As of its latest

filing, MMY had working capital of $49m ($21m in cash).

On the financing front MMY has been careful about overdiluting

its shareholders. Following its initial equity financing

to fund the Selinsing build, MMY had only received C$12m

via warrant exercises up until its brand-new multi-tranche

financing that has so far raised C$22m (to fund Mengapur).

As for debt, MMY does have some. And unfortunately it

comes with a bit of hedging. Its August 2010 financing involved

a combination of convertible notes and gold forward

sales. And interestingly the notes came with gold option

agreements and a gold inducement ($1000/oz to $1200/oz).

Thankfully these all add up to only $14m of non-current liabilities

on the balance sheet, definitely not a showstopper !