SOMA GOLD Reports 2024 Year-End Financial Results and Operating
SOMA GOLD REPORTS 2024 YEAR-END
FINANCIAL RESULTS AND OPERATING
HIGHLIGHTS
Revenue for the year was
$89.4 million
– an increase of 10% from 2023.
Revenue for 2024-Q4 was
$24.9 million
– an increase of 29% from 2023-Q4.
Net income for the year was
$4.2 million
– an increase of 51% from 2023.
EBITDA
(1)
for the year was
$33.2 million
– an increase of 7% from 2023. EBITDA
(1)
for
2024-Q4 was
$10.5 million
, compared to
$5.2 million
in 2023-Q4.
Soma sold 27,688 AuEq ounces in 2024, compared to 31,769 in 2023. In 2024-Q4 6,823
AuEq ounces were sold compared to 7,266 AuEq ounces in Q4-2023.
Total cash costs per ounce of gold sold
(1)
were
US$1,253
for the fourth quarter and
US$1,259
for the full year.
The average realized cash margin
(1)
was
US$1,431
for the fourth quarter and
US$1,152
for the full year.
EBITDA
(1)
per share was
$0.11
for the fourth quarter and
$0.36
for the full year.
VANCOUVER, BC
,
May 1, 2025
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that the Company's Financial
Statements and MD&A for the year ended
December 31, 2024
, and 2023 have been filed on
SEDAR+ and are also available on the Company's website.
Operations Review – Year Ended
December 31, 2024
Soma produced 27,460 AuEq ounces in 2024, compared to 32,340 AuEq ounces in 2023 (Q4-
2024 - 6,896 AuEq ounces)
Income from mining operations was
$25.2 million
(Q4-2024 -
$8.2
)
Net income for the year was
$4.2 million
(Q4-2024 -
$3.6 million
)
Net income per share was
$0.05
(Q4-2024 -
$0.04
)
Adjusted EBITDA
(1)
of
$33.3 million
(Q4-2024 -
$10.3 million
)
Adjusted EBITDA
(1)
per share of
$0.36
(Q4-2024 -
$0.11
)
Cordero Operations reported attributable cash costs per ounce of gold sold
(1)
of
US$1,259
(Q4-2024 -
$1,253
)
Geoff Hampson
, Soma's President and CEO, states, "We are very pleased with our performance in
2024. Gold production was lower than 2023 due to a decrease in average grade at Cordero – 6.61
gpt compared to 7.62 gpt last year. The number of tons mined during the year was slightly lower,
reflecting the transition to a combination of mechanized and conventional raised stope mining.
Production in 2024 was also impacted by two eight-day shutdowns: one cause by a community
blockade in July and another for a planned major maintenance program in June. Mining activities
picked up in the fourth quarter, reaching 103% of 2023 levels, with an average of 441 TPD. The
combination of a higher average realized gold price of
US$ 2,684
per ounce –
US$ 681
higher than
during the same period in 2023 – and cash costs remaining flat resulted in Net Income of
$3.6 million
and EBITDA of
$10.5 million
for the quarter. We expect operating costs and grades to remain stable
in 2025, while the total tons mined and milled should increase with the re-start of the El Limon Mill in
the second half of the year. The additional ounces produced at El Limon and current all-time-high
gold prices, position Soma for a strong financial performance in 2025.
We are also advancing the permitting of the Nechi Mine, which is expected to contribute additional
tons and ounces in 2027. The ongoing formalization of small miners on the Company's mineral
concessions will further support the feed of the two mills. Testing of ore-sorting technology continues
and may enable the Company to process higher volumes of material and produce additional ounces
of gold without a major mill expansion.
One of Soma's key goals is to identify additional potential deposits on the Company's 42,000 Ha
property. The exploration team is presently drilling several of them, aiming to increase the size of
Soma's resource to feed both operating mills extend the Life of Mine. We are encouraged by the
exploration results."
Financial and Operating Highlights for the Three and Twelve Months Ended December 31, 2024 and
2023 (CNW Group/Soma Gold Corp.)
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.
With a solid commitment to sustainability and community engagement, Soma Gold Corp. is
dedicated to achieving excellence in all aspects of its operations.
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
"Geoff Hampson"
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, 2024 and 2023 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.
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For further information:
For further information, please contact Andrea Laird, telephone: +1-604-
259-0302
CO: Soma Gold Corp.
CNW 04:30e 01-MAY-25