Brookmount Gold Provides Update on Audit Status
Rhea-AI Summary
Brookmount Gold (OTC:BMXI) retained audit firm Russell Bedford SBR to complete audits of fiscal years 2023/24, coordinated by newly appointed Indonesia CFO Ryan Raharja. Given prior work, the company expects the 2023/24 audits to be streamlined and completed by end of March 2026.
The company plans to commence the 2025 audit after the 2023/24 reports and convert financials from IFRS to US GAAP, intending to include statements in a Form 10 registration to seek SEC reporting status and pursue an exchange listing following a proposed spin-off of its North America Gold subsidiary.
Positive
- Retained Russell Bedford SBR to complete 2023/24 audits
- Audit work expected streamlined due to prior coordination by CFO Ryan Raharja
- Plan to convert financials to US GAAP and file a Form 10 for SEC reporting
Negative
- Tight timing: 2023/24 audit targeted for completion by end of March 2026
- Immediate commencement of 2025 audit may create scheduling pressure after a March 17 filing deadline
- Conversion from IFRS to US GAAP and Form 10 process could delay upgraded listing timeline
News Market Reaction – BMXI
On the day this news was published, BMXI gained 0.41%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
RENO, NV / ACCESS Newswire / February 23, 2026 / The Board of Brookmount Gold (sic. Brookmount Explorations Inc.) (OTC:BMXI), a gold exploration and production company, is pleased to confirm that the Company has officially retained the audit firm Russell Bedford SBR to complete audits on financial operations for the Company for the fiscal years 2023/24. Coordinating this process on behalf of Brookmount, is our recently appointed CFO for Indonesia, Ryan Raharja. Ryan was formerly coordinating partner for Russell Bedford on the Brookmount audit, having steered the audit process for the 2021/22 financial years. Given the extensive work already completed on the 2023/24 financial statements, coordinated by Ryan, it is anticipated that the audit process itself will be streamlined and scheduled for completion by the end of March.
Given that the 2025 financial accounts for the Company are expected to be filed with OTC by 17 March, the audit for 2025 will commence immediately following issue of the 2023/24 reports. Whilst the audit will initially be undertaken on the basis of IFRS, conversion to US GAAP will follow, with the intention to include the financial statements in a Form 10 registration for upgrading of Brookmount to fully SEC reporting status and upgrading of its listing commensurately.
Management's ultimate objective is to seek exchange listing for Brookmount shares, following the proposed spin off (special dividend) and listing of shares in the Company's North America Gold, inc. subsidiary.
About Brookmount Gold
Founded in 2018, Brookmount Gold is a high-growth gold-producing company quoted on OTC Markets in the United States (OTC: BMXI). With producing gold mines in Southeast Asia and exploration and development properties in North America, the Company is also focused on acquiring and developing additional high-quality gold and rare earth mineral assets with JORC/NI 43-101 verified resources.
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.
Investor Relations Contact:
Kevin Sakser: Tel# 813 4945756
Kevin Holmes: Tel # 410 8253930
Website: https://www.brookmountgold.com
Corporate Contact:
corporate@brookmountgold.com
Social Links: Brookmount Gold X (Formerly Twitter);
https://x.com/brookmountgold
SOURCE: Brookmount Explorations, Inc.
View the original press release on ACCESS Newswire
FAQ
Who is conducting Brookmount Gold's (BMXI) 2023/24 audit and who is coordinating it?
When does Brookmount Gold (BMXI) expect the 2023/24 audit to be completed?
Will Brookmount Gold (BMXI) change accounting standards for its filings?
What are Brookmount Gold's (BMXI) next steps toward an exchange listing?
How does the 2025 audit schedule relate to Brookmount Gold's (BMXI) OTC filing timeline?
