Brookmount Gold Provides Update on IFRS Audit

Rhea-AI Summary

Brookmount Gold (BMXI) has completed the conversion of its 2021/22 financial statements from US GAAP to IFRS standards. The company reported net operational profits of approximately $7 million for 2022, which is within 10% of previously submitted unaudited results to OTC Markets. This translates to earnings per share of $0.04 based on outstanding shares as of February 28, 2025. The converted statements will be forwarded to Russell Bedford for audit sign-off, after which they will be posted to OTC Markets. Additionally, the company confirmed that the audit of 2023/24 accounts is in progress, and once completed, the combined 2021-2024 IFRS audited accounts will undergo PCAOB review and sign-off.

Positive

• Company reported $7 million in net operational profits for 2022
• Earnings per share of $0.04 based on outstanding shares
• Successful conversion from US GAAP to IFRS standards
• Audit process moving forward with multiple years to be reviewed by PCAOB

Negative

• Delayed financial reporting with 2021/22 accounts still pending final audit sign-off
• Multiple years of financial statements requiring review and sign-off indicates significant reporting backlog

RENO, NEVADA / ACCESS Newswire / June 11, 2025 / Brookmount Gold (sic. Brookmount Explorations Inc.) (OTC PINK:BMXI), a gold exploration and production company, is pleased to confirm that accounts, for the fiscal years 2021/22, have been finalized following conversion from USGAAP to IFRS. The accounts, which had previously been audited under USGAAP, will now be forwarded to the Company's auditor Russell Bedford, for audit sign off.

The financials will reflect a net profit from operations of approximately $7 million for the 2022 year, within 10% of the result in the unaudited accounts for the year which were submitted to OTC Markets at the time, and represent EPS (earnings per share) of $0.04c per share based on shares outstanding at 2/28/2025.

Signed audited accounts for 2021/22 will be posted to OTC Markets following sign off, with a press release at that time. Management confirms that the audit of the 2023/24 accounts is currently underway. When completed, the combined 2021-2024 IFRS audited accounts will be submitted for PCAOB review and sign off.

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

What is Brookmount Gold's (BMXI) reported net profit for 2022?

Brookmount Gold reported a net profit from operations of approximately $7 million for the 2022 fiscal year.

What is BMXI's earnings per share (EPS) for 2022?

BMXI reported earnings per share of $0.04 based on shares outstanding as of February 28, 2025.

Why is Brookmount Gold (BMXI) converting from USGAAP to IFRS?

The conversion is part of their financial reporting process, with the converted statements being prepared for audit sign-off by Russell Bedford and eventual PCAOB review.

What years of BMXI financial statements are being audited?

The 2021/22 accounts are being finalized for audit sign-off, while 2023/24 accounts are currently under audit. The combined 2021-2024 statements will then undergo PCAOB review.

Who is auditing Brookmount Gold's (BMXI) financial statements?

Russell Bedford is the company's auditor responsible for signing off on the converted IFRS financial statements.