Brookmount Explorations, Inc. Announces Revenue & Profit Increase for 3 Months Ending Feb 28, 2022

Rhea-AI Summary

Brookmount Explorations, Inc. (OTC Pink: BMXI) reports a significant financial update for the quarter ending February 28, 2022. The company achieved $4.01 million in revenue from gold sales, a 33% increase compared to the previous year. Net income surged by 46% to over $1.9 million, translating to earnings of $0.11/share. Operations at the Talawaan site remain strong, with Covid-19 restrictions easing in Indonesia, allowing for resumption of activities at the Alason site. The company also acquired a 5000 HA high-grade ore property in Canada, aiming for production in the next year.

Positive

• Revenue increased by 33% to $4.01 million compared to the previous year.
• Net income rose by 46% to over $1.9 million.
• Earnings per share of $0.11 reflect strong profitability.
• Successful operations at the Talawaan site support growth.
• Acquisition of a high-grade ore property in Canada enhances growth potential.

Negative

• None.

Reno, NV , April 20, 2022 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC Pink: BMXI) ("Brookmount"), is pleased to provide this update to shareholders on its financial results for the quarter ending Feb 28, 2022.

The Company reported revenue from gold sales of $4.01 million for the period, up by 33% over the corresponding quarter in 2021. Net income for the quarter was marginally in excess of $1.9 million, an increase of 46% over the corresponding period in 2021. Earnings per share for the quarter were $0.11/share.

Operations at the Company’s Talawaan site have continued to perform strongly and provide the backbone for recent strong operating results as excavation and processing of a high yield ore seam has continued. Additionally, management is pleased to note that Covid-19 restrictions are beginning to lift in Indonesia, and, as a result the operations at the Alason heap leaching site are expected to resume over the next quarter. In keeping with its policy of operational transparency and investor outreach, the Company will be hosting a conference call with investors to discuss operational results and take questions within the next week. Further details on this will be announced shortly.

Brookmount currently conducts its gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia’s most dynamic and rapidly expanding economies. The Company also recently acquired a 5000 HA high grade ore property, together with mining infrastructure, in the Canadian side of the Tintina Gold Belt, a significant repository of high-quality gold mineralisation which stretches from Alaska to Yukon in Canada. The Company intends to bring this area into production over the next 12 months.

Safe Harbor Statements:
Except for the historical information contained herein, certain of the matters discussed in this communication constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "could," "anticipate," "estimate," "expect," "predict," "project," "future," "potential," "intend," "seek to," "plan," "assume," "believe," "target," "forecast," "goal," "objective," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmount's common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.

For more information: 

Brookmount Explorations, Inc.
bmxicorporate@gmail.com

FAQ

What are Brookmount Explorations' financial results for Q1 2022?

Brookmount reported $4.01 million in revenue, a 33% increase from the previous year, and a net income of over $1.9 million for the quarter ending February 28, 2022.

How has Brookmount's earnings per share changed in 2022?

The company reported earnings per share of $0.11 for the quarter ending February 28, 2022.

What are the future plans for Brookmount's operations in Canada?

Brookmount intends to bring its newly acquired 5000 HA high-grade ore property in Canada into production within the next 12 months.

How has the pandemic affected Brookmount's operations?

Covid-19 restrictions are lifting in Indonesia, allowing Brookmount to resume operations at the Alason heap leaching site in the upcoming quarter.