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Sunday, September 25, 2022

Brookmount Explorations Inc (OTCMKTS: BMXI) Under Accumulation as Profitable Gold Corp Looks to Make Comeback to Previous Highs

Brookmount Explorations Inc (OTCMKTS: BMXI) is under accumulation since the stock dipped to $0.25 per share, a big drop since rising to highs of $0.49 last week. We reported on BMXI at the end of July just as the stock was starting to make a move northbound and still trading for well below a dime. BMXI started running after the Company acquired a 250 HA property on the Alaska USA side of the Tintina Gold Belt where the Company acquired its Moosehorn property in the Yukon (Canada) last year. The property is situated on McArthur Creek, a significant, gold bearing water course, which is designated as Kenyon Creek in the Yukon part of Tintina, and is effectively adjacent to the Moosehorn property. The McArthur Creek property shares identical topography with Moosehorn, including surface and shallow depth gold, and has previously been successfully mined by the current owner, Errin Kimbal, who joined Brookmounts board as Executive Director immediately.  

As we stated BMXI has a lot going for it; for Q1 2022 BMXI reported net profit of $1.9 million, for the 3 months to 5/31/2022, compared with $1.3 million for the comparable period in the prior year, an increase of 46%. Revenue for the quarter was $4.6 million, up by 43% over the corresponding period in 2021.  Total Assets increased to $26 million from $22 million at 9/30/2021 while shareholders’ funds increased to $24mm from $21 million over the same period. As the price of gold continues to rise BMXI should benefit with increased margins and higher revenues. BMXI is also in the process of applying for listing on Nasdaq or NYSE. Also, recently BMXI approved a plan whereby site preparation for its Moosehorn property in Yukon, Canada will commence in August, with a view to completing an initial production (bulk sampling) run by the end of December. Following processing and refining of the initial bulk samples, the Board confirmed that production will be ramped up in the first quarter of 2023 with a view to moving to full production during the year.  

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Brookmount Explorations, Inc. Announces Revenue & ProfitBrookmount Explorations Inc (OTCMKTS: BMXI) conducts its gold mining and processing operations through its Indonesian 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. The Company has also acquired a significant gold resource in the Yukon, Canada area of the Tintina Gold Belt and is actively expanding its North American investment platform. 

The Company’s operations are carried out through the excavation and processing of volcanic hosted gold bearing ore in 2 separate locations in Sulawesi Province, Republic of Indonesia. The company operates a floatation-based processing facility adjacent to its 25 HA gold reserve situated in a tropical rain forest area close to the airport at Manado regional capital, with surface and subsurface consisting of medium to high grade ore of 1.5-2.5 grams/tonne. Processing equipment at this location comprises a state-of-the-art platform for processing of ore through to smelting of phase 2 finished product which represents gold with a purity level of 99%, and includes ore crushers and ball mills, 5 high-capacity floatation tanks, onsite power generation and plumbing facilities, including tailing ponds, as well as off-site smelting facilities. The Company has invested approximately $500k in an exclusive 20 year operating agreement for this facility, including unrestricted access to the volcanic sediment hosted ore contained in the 25 HA site. 

BMXI also owns a heap leach processing facility approximately 3 hours by road from the Manado operation. This facility has been acquired by The Company and comprises 17 HA of ore reserve, in 2 separate titles, together with a 10,000 tonne heap leach pad and associated plumbing with tailing ponds, power generation, carbon filtration unit, and onsite accommodation for workers and security guards. The Moosehorn Gold Project in Yukon, Canada comprises an area of approximately 6000 hectares. The site includes an accommodation camp, airstrip, fuel depot and various heavy equipment. 

BMXI is putting out some solid numbers; the Company recently filed its first quarter financial results for the quarter ended 5/31/2022. Highlights included: BMXI continued to record strong operating results during the first quarter, with net profit of $1.9 million, for the 3 months to 5/31/2022, compared with $1.3 million for the comparable period in the prior year, an increase of 46%. Revenue for the quarter was $4.6 million, up by 43% over the corresponding period in 2021. This sustained strength in operating performance reflected continuing improvements at the Companys Talawaan operations, where, in addition to continuing to extract and process ore from high grade seams running across the property, significant upgrades were carried out during the period, with construction of additional processing and crushing capacity and additional reserve acreage acquired. 

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In August BMXI confirmed it has now approved a plan whereby site preparation for its Moosehorn property in Yukon, Canada will commence in August, with a view to completing an initial production (bulk sampling) run by the end of December. Following processing and refining of the initial bulk samples, the Board confirmed that production will be ramped up in the first quarter of 2023 with a view to moving to full production during the year. 

In announcing this new initiative in Canada, Nils Ollquist CEO commented: I am pleased to say that efforts, led by our North American Operations team, will see our initial bulk samples from Moosehorn by the end of this year, which is a key milestone for the Company as it will represent the first gold production from our North American platform. It is intended that gold produced from the platform will be refined to the highest level of purity (9999) and, as such, be suitable for use in investment grade items such as bullion and coins. Regular updates of the production progress and strategy will be provided to our shareholders as we move through this exciting phase. 

Brookmount currently conducts its gold mining and processing operations through its Indonesian 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. The Company has also acquired a significant gold resource in the Tintina Gold Belt in Canada and is finalizing the acquisition of a smaller property on the Alaska (US) side of the Tintina Belt. 

On August 15 BMXI announced it has finalized the acquisition of the McArthur Creek property announced in July. The property, located on the Alaska USA side of the Tintina Gold Belt, is contiguous with the Companys’ Moosehorn property in the Yukon (Canada) and contains a 250 HA reserve of high-quality ore, located in placer and hard rock deposits, similar to Moosehorn. McArthur Creek, a significant gold bearing water course, is designated as Kenyon Creek in the Yukon part of the Tintina Gold Belt. The newly acquired property features direct access from Moosehorn to the Trans Alaska Highway, greatly improving access for heavy equipment, such as crushers and ball mills, inward to the site, and ore and ore concentrate outward to refineries situated on the Yukon side of the border. 

In announcing this transaction, Nils Ollquist CEO commented: “I am delighted to be able to confirm the finalization of our first investment in the USA. The McArthur property is a perfect complement to our Moosehorn reserve, with identical geological structure, comprising both placer and hard rock deposits, and a partly contiguous border which facilitates highway access to enable efficient movement of heavy equipment to both properties, and semi processed product to refineries”. Mr Ollquist continued: “As recently announced, preparations for initial production at Moosehorn are underway and we will update our shareholder community as preparation and processing activity develops.” 

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Currently trading at a $12 million market valuation BMXI was trading at a $15 million market valuation 2 years ago with a fraction of today’s revenues. The Company has an attractive looking balance sheet with very little debt of less than $2 million and over $26 million in assets. BMXI is also very profitable which is a rarity on the OTC hence the Company is looking to up list to Nasdaq or NYSE. For Q1 2022 BMXI reported net profit of $1.9 million, for the 3 months to 5/31/2022, compared with $1.3 million for the comparable period in the prior year, an increase of 46%. Revenue for the quarter was $4.6 million, up by 43% over the corresponding period in 2021.  Total Assets increased to $26 million from $22 million at 9/30/2021 while shareholders’ funds increased to $24mm from $21 million over the same period. The Company also just acquired a 250 HA property on the Alaska USA side of the Tintina Gold Belt where the Company acquired its Moosehorn property in the Yukon (Canada) last year. The property is situated on McArthur Creek, a significant, gold bearing water course, which is designated as Kenyon Creek in the Yukon part of Tintina, and is effectively adjacent to the Moosehorn property. The McArthur Creek property shares identical topography with Moosehorn, including surface and shallow depth gold, and has previously been successfully mined by the current owner, Errin Kimbal, who joined Brookmounts board as Executive Director immediately. The newly acquired property features direct access from Moosehorn to the Trans Alaska Highway, greatly improving access for heavy equipment, such as crushers and ball mills, inward to the site, and ore and ore concentrate outward to refineries situated on the Yukon side of the border. At current levels, BMXI has a lot of room for deserved growth. We will be updating on BMXI when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in BMXI either long or short and we have not been compensated for this article

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