Soma Gold Releases 2021 Q3 Results
Soma Gold Releases 2021 Q3 Results
VANCOUVER, BC
,
Nov. 25, 2021
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that the Q3 2021 Financial
Statements and MD&A have been filed on SEDAR and are available at the following link:
www.sedar.com
(
https://bit.ly/3nVdVXv
)
Selected Results for Q3 - 2021
('000's CAD)
Q3 - 2021
YTD
Sep 30, 2021
Q3 - 2020
YTD
Sep 30, 2020
Revenue
11,258,071
29,370,392
11,056,402
12,646,760
Income from mine operations
4,965,255
9,715,001
5,105,363
4,898,738
Adjusted EBITDA
(1)
4,331,016
8,690,187
3,495,543
1,052,208
Gold equivalent ounces sold
5,048
13,264
4,427
5,134
Average realized price per ounce sold (USD)
1,810
1,809
1,931
1,976
(1) Table includes non-IFRS financial performance measures – see note (1) below.
Highlights of the Quarter
Income from mining operations for Q3 - 2021 was
$5.0 million
and YTD was
$9.7 million
.
Gross Revenue for the Quarter was
$11.3 million
and YTD was
$29.4 million
.
Total cash costs per ounce of Au sold
(1)
in the Quarter was USD
$884
and YTD was USD
$1,072
.
Mineralized material mined during the Quarter was 38,204 tonnes and material processed was
35,291 tonnes.
Fenix Portal Reaches Cordero Deposit – The Fenix portal has reached the target vein at both
Level 2 (announced
July 2021
) and Level 3 (announced
November 2021
). First ore from the
Cordero Mine was processed in
August 2021
. Development work continues, and Cordero is
expected to produce at ~600 TPD once production ramps up in Q2 - 2022. It is anticipated that
this additional through-put will justify the restart of the Company's el Limon mill.
COVID Vaccinations – In
July 2021
, the Company announced that it is participating in a program
initiated by leading Colombian companies in cooperation with the Colombian Government to
provide Covid-19 vaccinations to its employees working at the Company's El Bagre mine site
and their families. The program includes acquiring, importing and administering the COVID
vaccines at a clinic in El Bagre.
"Development work at Cordero made excellent progress - achieving critical milestones as the Fenix
decline reached the deposit on both Level 2 and Level 3," states
Javier Cordova
, Soma's CEO. "As
a result, Q3 production and financial results compare favourably to the previous quarter as some of
the initial development ore from Cordero was brought to the mill. We anticipate further significant
improvements as the Cordero development continues and mining from production stopes
commences towards the end of the year. Full production of ~600 TPD at an average head grade of
6.5 gpt is expected to be achieved in Q2-2022, which will allow us to restart the Company's second
mill, el Limon. The increase in both, the tons milled and average grade, should result in a significant
increase in the monthly gold production."
Mr.
Edwin Naranjo Sierra
, FAusIMM, MSc, Senior geologist, Director of Exploration for Soma Gold
Corp is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the
analytical procedures and best practices used are standard industry methodologies, and he has
reviewed and approved the technical information disclosed in this news release.
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration.
The Company owns two adjacent mining properties in Antioquia,
Colombia
with a combined milling
capacity of 675 tpd. (permitted for 1,400 tpd). The El Bagre Mill is currently operating and
producing. Internally generated funds are being used to finance a regional exploration program.
The Company also owns an exploration and development property near Tucuma, Para State,
Brazil
.
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
(1)
This news release refers to certain financial measures, such as EBITDA, Adjusted EBITDA, average realized price per ounce of gold sold, and total cash costs per ounce of
gold sold which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by
other companies and accordingly may not be directly comparable to such measures as reported by other companies. These measures have been derived from the
Company's financial statements because the Company believes that they are of benefit in understanding the Company's results. For a complete explanation of these
measures, please refer to Non-IFRS Financial Performance Measures disclosure included in the Company's MD&A for the Three and Nine Months Ended September 30, 2021
and 2020, which can be accessed at
www.sedar.com
.
All statements, analysis and other information contained in this press release about anticipated
future events or results constitute forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend" and statements that an event or result "may", "will", "should",
"could" or "might" occur or be achieved and other similar expressions. Forward-looking statements
are subject to business and economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained in the forward-looking
statements. Forward-looking statements are based on estimates and opinions of management at the
date the statements are made. The Company does not undertake any obligation to update forward-
looking statements even if circumstances or management's estimates or opinions should change
except as required by applicable laws. Investors should not place undue reliance on forward-looking
statements.
SOURCE
Soma Gold Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2021/25/c5602.html
%SEDAR: 00030511E
For further information:
please contact Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 18:49e 25-NOV-21