BMXI Is Bringing Processing In-House As Gold Sets New Record High

Gold crossed $4,700 an ounce last week, pushing the price up a whopping 75% over the past 18 months as Goldman Sachs targets $5,400 by year-end. Every gold producer on earth is seeing margins expand, but the ones worth watching are the ones where the gold price is only part of the story. Brookmount Gold (OTCID: $BMXI) operates the Talawaan mine in North Sulawesi, Indonesia, and just filed fiscal year 2025 results showing $19.75 million in revenue and $9.53 million in net income from what management has more or less described as a transition year with production deliberately scaled back. Now, this $7 million market cap gold producer is about to bring its own processing facility online, triple its tunnel count from 12 to 30, spin off a North American gold subsidiary with BMXI holders receiving shares as a special dividend, all while pursuing an uplist to a major exchange.

BMXI took full ownership of Talawaan in late 2024 after buying out its joint venture partner, shut down shafts during the handover, and brought in a new mining crew from Java. Gold production dropped 31% to 4,500 ounces from the prior year's 6,500, yet revenue grew 7% to $19.75 million on a 68% gross margin as gold prices more than made up the difference. Talawaan sits about 35 kilometers from PT Archi Indonesia's (IDX: ARCI) Toka Tindung mine, one of the largest gold operations in Southeast Asia and among the lowest-cost producers globally, which produces up to 200,000 ounces a year from the same geological belt. CEO Nils Ollquist has cited ore grades of 30 to 40 grams per ton at Talawaan, confirmed by SGS Group, against a typical open pit average of 1 to 3. Even during the restructuring the trajectory was accelerating: Q3 delivered $5.04 million in revenue and $1.71 million in net income on roughly 1,300 ounces, a 42% net income improvement over the prior quarter.

Every ounce of gold produced last year was processed by a third party, which typically costs gold producers $1,000 to $1,500 per ounce and caps recovery at around 70%. BMXI is building its own facility on-site with 16 ball mills, four large-scale processing tanks, a tailing pond, and supporting infrastructure, targeting completion by the end of June. Companies that run their own processing consistently recover above 92%, and management says the plant will cut up to 30% of production costs. The facility was designed for 30 tunnels across 3 shafts, not the 12 the mine ran last year. Fiscal 2025 revenue of $19.75 million came from 4,500 ounces at roughly $4,400 per ounce on average, and gold has climbed another $300 since the fiscal year closed in November.

But as impressive as all that is, the company is also distributing approximately 35% of a newly formed subsidiary called North America Gold, Inc. as a special dividend ahead of a planned SEC registration and NYSE American listing. BMXI transferred three gold properties to NAG in January, anchored by the Moosehorn project in the Yukon with an NI 43-101 inferred resource of 39,040 ounces and two Alaskan properties in the Tintina Gold Belt, then added three Nevada gold projects in February, including a dormant antimony mine that management says can be reactivated in the short term.

China, the world's largest antimony producer, banned exports for military end use in late 2024, sending prices above $51,000 a ton and exposing a supply chain the US had built almost entirely on imports. Beijing temporarily suspended the ban in November 2025, but the suspension expires in November 2026, and the United States still has near-zero

 domestic mine production of a mineral that goes into roughly 30% of all military ammunition, fire-retardant military uniforms, and night-vision optics. The only major US mine project, Perpetua Resources' Stibnite in Idaho, is still three to four years from first production, leaving a gap with no domestic source to fill it. A dormant Nevada mine that can come back online in the near term sits directly in that window.

As all of this has been developing, BMXI has spent the past year cleaning up the books. The company settled with its convertible note lender in October 2025, ending all further conversions, terminated the Reg A in November, and authorized a buyback of up to $500,000. With the share structure cleaned up, a PCAOB audit through Russell Bedford is underway alongside a Form 10 registration as BMXI pursues an uplist to a major exchange.

When BMXI's own processing facility opens this summer at a mine running 30 tunnels of 30-to-40-gram ore, the economics of every ounce change: higher recovery, lower costs, and a gold price that Goldman expects to reach $5,400 by December. Add a separately listed antimony subsidiary landing in shareholders' hands before China's export ban resumes in November, and the distance between what this company earned last year on 4,500 outsourced ounces and what's coming next looks like it's never been wider.

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