The Nevada corporation Brookmount Explorations Inc (OTCMKTS:BMXI) has seen its stock take a significant beating over the past days and the trend continued yesterday as it ended the day with a decline of 10%.
The decline recorded by the stock yesterday took the cumulative decline in the past week to as much as 20%. In this situation, it may be important for investors to figure out if the dip could in fact be an opportunity or not.
Market Action
On Wednesday, BMXI stock fell 10% to $$0.1350 with 22.9k shares, compared to its average volume of 25K shares. The stock moved within a range of $0.1325 – 0.1400 after opening trade at $0.1325.
Brookmount Explorations, Inc. Reports Financial Results
Yesterday, the company came into focus after it provided confirmation regarding the fact that it had filed and completed its annual disclosure statement.
In addition to that, the company also submitted the filings in relation to its accounts for the fiscal year 2021. In the 2021 financial year, Brookmount managed to generate net sales to the tune of as much as $14 million and on the other hand, the net operating profits for the same period stood at $6.6 million.
The net sales soared by as much as 27% year on year and the net operating profits went up by 16%. At this point in time, it is going to be interesting to see if the Brookmount stock can actually make a turnaround in the coming days.
Key Quote
In announcing the 2021 results, Nils Ollquist, CEO of Brookmount Explorations, Inc. commented as follows: “Overall, we are very pleased with our result for the year, coming as it does against the background of difficult operating conditions triggered by the Covid19 pandemic. Particularly pleasing was the fact that our Talawaan operation continued to perform strongly as there were no restrictions implemented on movement of workers within the Manado area and normal operations were allowed to continue. The fact that our heap leaching operations were suspended and did not adversely impact our results, endorses our strategy to continue building an efficient and diversified production structure around our gold operations.”
Traders Note
BMXI stock is trading below the 10-Day and 50-Day Moving averages of $0.1430 and $0.1642 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 47.
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