Brookmount Gold Announces Record Q2 Results from Gold Mining Operations at Talawaan

Rhea-AI Summary

Brookmount Gold (BMXI) has reported record Q2 2024 results from its Talawaan gold mining operations. The company achieved gold sales of $5.4 million and net income of $2.9 million. CEO Nils Ollquist attributed the success to increased focus on a high-yield gold seam, a dedicated workforce, and strong gold demand.

The company has implemented electrical upgrades at the Talawaan Mine to accommodate hydraulic hammers, aiming to further improve production yield. Brookmount has also commissioned Kaufman Rossin, an independent U.S.-based accounting/appraisal firm, to review and endorse a Discounted Cash Flow (DCF) analysis of the Talawaan gold operation's value. The analysis is expected to show a value significantly higher than the proposed acquisition consideration.

Positive

• Record Q2 2024 gold sales of $5.4 million
• Record Q2 2024 net income of $2.9 million
• Increased focus on high-yield gold seam
• Electrical upgrades implemented at Talawaan Mine to improve production
• Independent valuation of Talawaan operation expected to show high value

Negative

• None.

News Market Reaction

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-0.15% News Effect

On the day this news was published, BMXI declined 0.15%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Q2 Revenue of $5.4 million and Net Income of $2.9 million

Reno, Nevada--(Newsfile Corp. - July 22, 2024) - Brookmount Gold is pleased to report record gold sales of $5.4 million in Q2 2024, along with record net income of $2.9 million. "As we transition to taking full operating control of the Talawaan Mine I'm very pleased to see operations producing an increasing gold yield," commented CEO Nils Ollquist. "Our record Q2 results are a combination of increased focus on a high-yield gold seam, a dedicated local workforce, and overall strength in the demand for gold. We expect to improve production yield further and have implemented electrical upgrades to the Talawaan Mine to accommodate hydraulic hammers. Under the direction of our Global Operations Director and Chief Geologist Errin Kimball, we're confident we can continue to break production records in the coming quarters," continued Ollquist.

"Brookmount has commissioned an Independent U.S. based Accounting/Appraisal firm Kaufman Rossin, to undertake a review and endorsement of a Discounted Cash Flow (DCF) based analysis of the value of our Talawaan gold operation.. The result of this analysis derives a value for the operation far in excess of the proposed acquisition consideration, including the amount retained on the books of the Joint Venture as undistributed cash. The independent report from Kaufman is anticipated within the next 2 weeks and will be made available to our shareholders at that time..," Ollquist concluded.

Brookmount Gold Investor Relations Contact:
FastPitch IR
brookmountgold@fastpitchir.com
(312) 999-0187
Brookmount Gold Website: https://brookmountgold.com
Brookmount Gold X Profile: https://x.com/brookmountgold

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217276

FAQ

What were Brookmount Gold's (BMXI) Q2 2024 financial results?

Brookmount Gold (BMXI) reported record Q2 2024 results with gold sales of $5.4 million and net income of $2.9 million from its Talawaan gold mining operations.

What improvements has Brookmount Gold (BMXI) made to the Talawaan Mine?

Brookmount Gold (BMXI) has implemented electrical upgrades at the Talawaan Mine to accommodate hydraulic hammers, aiming to further improve production yield.

What independent valuation is Brookmount Gold (BMXI) expecting for its Talawaan operation?

Brookmount Gold (BMXI) has commissioned Kaufman Rossin to review and endorse a Discounted Cash Flow (DCF) analysis of the Talawaan gold operation. The analysis is expected to show a value significantly higher than the proposed acquisition consideration.

When will Brookmount Gold (BMXI) release the independent valuation report for its Talawaan operation?

Brookmount Gold (BMXI) anticipates receiving the independent report from Kaufman Rossin within the next 2 weeks and will make it available to shareholders at that time.