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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