Brookmount Explorations, Inc. Reports Financial Results and Progress Update
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Reno, Nevada--(Newsfile Corp. - March 22, 2021) - Brookmount Explorations, Inc. (OTC Pink: BMXI)("Brookmount"), a Nevada incorporated company, is pleased to provide this update to shareholders on its financial and operational progress. On Wednesday, the Company filed its amended report and accounts for the 2020 financial year. The Company recorded sales of approximately $11 million, compared with $7 million for the previous year, an increase of 57%. Net income increased to $5.7 million for the year, representing an increase of 100% over the result of close to $2.8 million in 2019. Importantly, the Company's net operating margin (gross profit as a percentage of revenue), was maintained at a high level of 73%, a slight decline over the 75% margin achieved the previous year. The significant increase in both revenue and earnings over the year was primarily the result of continuing exploitation of the high-grade anomaly in the key gold reef running through the property at the Company's Talawaan operation, with ore grades averaging well over 10grams/tonne and concentrated through a depth of 10 meters. The Company is continuing to work this high-grade anomaly as it carries out a testing program on adjacent areas of the reef to determine its full extent. Sharp increases in the gold price corresponding with the onset of the COVID-19 crisis beginning in March also impacted positively on the full year result. After completing an initial 3 processing runs on the Company's recently constructed 26,000 tonne leach pad at Alason in March, regional border closures and lockdowns in Indonesia resulted in temporary suspension of the activities at Alason and the suspension remained in force for the remainder of the financial year. At present, whilst operations at Talawaan remain largely unaffected by the COVID-19 impact, activities at Alason are not projected to recommence until Q2 of the 2021 financial year.
It has been part of the Company's ongoing strategy that, as it develops its production capacity and revenue from its existing facilities in Indonesia, a global investment platform of high quality, fully licensed properties with qualified reserves, be developed concurrently to further strengthen the Company's balance sheet and increase its attraction as an investment for multinationals seeking a turnkey high value target to acquire a broad-based gold business. In reflection of this strategy, efforts have been made to identify appropriate, qualified gold assets that the Company can absorb into its operations platform. To this end, the Board is in the process of securing acquisition transactions with the individual owners of two high value, attractive targets in the established gold markets of North America and South Africa. Further details on these transactions will be made available as they progress.
Further details and photos of recent progress will be uploaded to the company's website shortly and can be accessed on the Company's Twitter account "@brookmountgold".
Brookmount currently conducts its gold mining and processing operations in Indonesia through its subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold and hydrocarbons.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78149
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