Brookmount Gold has announced the completion of its acquisition of mining operations in Talawaan, Indonesia, with full operational control set to commence on December 2nd, 2024.
A portion of the investment capital for the acquisition was provided by strategic investors based in Australia, who are also major shareholders in a leading Australian-listed gold mining company. This investor group will actively support the ongoing development and expansion of the Talawaan operation, including facilitating additional funding for capital equipment and drilling activities as needed.
Acquisition of full control of Talawaan has been a key element of our strategic focus over the past 2 years, as we move Brookmount closer to the goal of senior exchange listing. Securing control of 100% of the cash generated from operations will greatly enhance the funding structure of our business and reduce the need for external note or debt financing and associated dilution from note conversion.
Nils Ollquist, CEO, Brookmount Gold
Nils Ollquist added, “This factor, combined with the highly favorable results of ore sample analysis undertaken by SGS Group, and certain operational metrics management has gleaned from the federally licensed, open cut facility operating adjacent to our Talawaan area, supports management’s confidence in the long term value this acquisition is expected to deliver for our shareholders.”
From 1 December, we will be initiating a review and upgrade of all systems utilized on site, prioritizing enhancements in ore extraction, transport logistics, security protocols, and worker safety measures. Our objective is to align these processes with ISO or equivalent standards. Where necessary we will deploy funds from operations for this purpose, in addition to expanding and upgrading equipment. Errin Kimball, our Director and Chief Geologist, will be temporarily relocating to Manado to oversee the process and ensure a smooth transition as we integrate the operations within Brookmount.
Nils Ollquist, CEO, Brookmount Gold
“The Board is very pleased that this key step in our journey towards Exchange listing is now complete. With the imminent completion of audit process confirmed, we are confident that 2025 will be a transformative and rewarding year for our shareholders,” Mr. Ollquist concluded.