SOMA GOLD Releases 2022 Q1 Results
SOMA GOLD RELEASES 2022 Q1 RESULTS
VANCOUVER, BC
,
June 1, 2022
/CNW/ - Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that the Company's first
quarter Financial Statements and MD&A have been filed on SEDAR and are available at the
following link:
https://bit.ly/3nVdVXv
Highlights of the quarter
Gold production rose to 5,005 ounces – an increase of 6% from the prior quarter and 15% from
Q1-2021.
Income from mining operations was
$4.2 million
for the quarter compared to
$2.6 million
in the
prior quarter and
$3.0
in Q1-2021.
Adjusted EBITDA
(1)
increased to
$3.7 million
for the quarter compared to
$2.6 million
in the
prior quarter and
$3.2 million
in Q1-2021.
Development work at Cordero continued to advance with an additional
$2.0 million
in
construction costs capitalized during the quarter.
Payments made towards gold loan (deferred revenue) of
$0.8 million
.
The Company's Tucuma Project in
Brazil
was optioned to Ero Copper Corp. (see news release
dated
March 15, 2022
).
Select Results for the Quarter ended March 31, 2022and Comparative Quarters
(CAD$ unless otherwise indicated)
1
st
Quarter
2022
4
th
Quarter
2021
1
st
Quarter
2021
Revenue
9,806,960
10,595,784
9,745,577
Income from mine operations
4,165,347
2,644,291
2,954,961
Adjusted EBITDA
(1)
3,672,452
2,640,156
3,219,103
Gold ounces produced
5,005
4,701
4,339
Gold equivalent ounces sold
4,235
4,736
4,414
Average realized price per ounce sold (USD)
(1)
1,870
1,816
1,783
(1)
Table includes non-IFRS financial performance measures – see note
(1)
below.
"We are very pleased with our successful start to 2022. We started milling the first ore from
production stopes at the Cordero Mine and increased gold production for the quarter while
simultaneously managing the significant ongoing development work at the mine," states
Javier
Cordova
, Soma's CEO. "We anticipate significant further increases to gold production during the
remainder of 2022 as production ramps up at Cordero."
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 property near Tucuma, Para State,
Brazil
that is currently
under option to Ero Copper Corp.
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 Years Ended December 31, 2022 and 2021, 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/June2022/01/c1583.html
%SEDAR: 00030511E
For further information:
please contact Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 06:15e 01-JUN-22