Business
Brookmount Explorations, Inc. Financial Results Commentary and Shareholder Update
Brookmount Explorations, Inc. Financial Results Commentary and Shareholder Update.
About this update from Brookmount Explorations, Inc.
[{"type":"text","content":"\n Reno, NV, May 11, 2022 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC PINK: BMXI) (\"Brookmount\"), a Nevada incorporated company, is pleased to provide this update to shareholders on its financial results for the 1st quarter and an update on operations. The Company has filed its financial results for the quarter ended 2/28/2022. Highlights included: The Company recorded exceptional operating results for the first quarter with net profit of $1.9 million, compared with $1.3 million for the comparable period in the prior year, an increase of 40%. Revenue for the quarter was $4 million, up by 25% over the corresponding period in 2021. This increase in net earnings reflected continued extraction and processing of ore carrying higher grades, at our Talawaan operation, which continues to be the backbone of gold production and provided a buffer against any impact from  the suspension of our heap leaching operation at Alason which took effect in mid 2020 as a result of the imposition of Covid 19 restrictions in Indonesia.Total Assets increased to $24.27 million from $21.9 million at the end of financial year 2021, in partial reflection of an increase in the value of land usage (extraction and processing) rights during the quarter, as an additional 5 hectares of high-grade area was included in the Talawaan operating perimeter. Total Liabilities decreased slightly to $2.2 million from $1.9 million at the end of financial year 2021. Net equity of the Company increased to $22 million from $20 million as at the Company’s prior annual report of 11/30/2021. This increase has been largely driven by increases in retained earnings and additions to both capital value and the value of gold reserve property carried in in the Company’s Balance Sheet.  During the quarter the Company finalised a registration statement under Reg A, to issue new shares to raise a total of $3,000,000. Primary purpose of the proceeds from this offering facility is to provide financing to bring into production the Company’s recently acquired property in the Tintina Gold Belt in Yukon region of Canada together with additional core sample and drill costs arising from the upgrading program for the estimated gold resource contained in the property.  “I am happy to provide a brief analysis of our Q1 results to our shareholde...