Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to provide an update on the workover operations for the Copper Moki 1 and 2 wells with its operational partner and operator, New Zealand Energy Corp. (“NZEC”) (TSX-V: NZ).
Updates on Copper Moki Workover Wells
The planning and procurement stages for the Copper Moki workover project has been completed following the fourth payment of NZ$100,000 (approximately CAD$82,000) to NZEC (aggregate payments totalling NZ$400,000 to date). All necessary components have been ordered and are expected to arrive onsite by mid April 2025. The Roval Energy rig, currently located in Taranaki, is undergoing refurbishment and will be ready for mobilization by mid April as well. It takes approximately two days to move the rig to Copper Moki once ready. The rig is equipped with the majority of the necessary ancillary services, including cranes, blowout preventers (BOPs), fluids and tubing handling equipment.
Upon commencement, the Copper Moki workovers (Copper Moki 1 & 2 wells) are anticipated to take approximately three weeks to complete. Once production is achieved, Monumental will be entitled to 75% of the oil and gas revenue, net of production costs, until its investment if recovered, after which it will have a 25% net revenue royalty on the permitted area of the wells.
Maximilian Sali, VP Corporate Development and director of Monumental comments: “This project has strong potential production value and positions us to achieve payback on its investment and transition smoothly into a profitable long-term royalty agreement. This marks a pivotal step in our commitment to enhancing shareholder value through strategic operational excellence.”
Trade War and Tariffs
Monumental is pleased to confirm that the United States’ proposed tariffs will not directly impact its operations in New Zealand. Upon successful completion of the workovers, oil and gas production will be sold directly to the market in New Zealand, securing a significant premium over North American prices.
LIFE Offering Update
The Company announces that, further to its news release dated February 28, 2025, the second and final tranche of the non-brokered private placement pursuant to the listed issuer financing exemption has lapsed and will not proceed. The Company raised more than the minimum offering under the first tranche and positioned itself to fund operations over the next year.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sector, as well as investing in oil and gas projects. The Company owns securities of New Zealand Energy Corp. and entered into a call option and royalty agreement on the Copper Moki wells with New Zealand Energy Corp. The Company also has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile. The Company holds a 2% net smelter return royalty on Summit Nanotech’s share of any future lithium production from the Salar de Turi Project.
On behalf of the Board of Directors,
/s/ “Michelle DeCecco”
Michelle DeCecco, CEO
Contact Information:
Michelle DeCecco, Chief Executive Officer and Director
Email: [email protected]
Or
Maximilian Sali, VP Corporate Development and Director
Email: [email protected]
Phone: 1-604-367-8117
Neither the 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 news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, the expected work to be completed at Copper Moki 1 & 2, the anticipated outcomes, availability of equipment and personnel, timing of operations and the results of the workovers, anticipated workovers of Copper Moki 1 & 2, completion of the workover and commencement of production of Copper Moki 1 & 2, future royalty interests, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals and the price of oil and gas, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),risks relating to inaccurate geological and development assumptions, the ability to manage working capital, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of lithium, cesium and other metals, decrease in the price of oil and gas, loss of key employees, consultants, or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.