SOMA GOLD REPORTS 2ND QUARTER 2023 FINANCIAL RESULTS Increases of 18% and 30% in gold sales over Q2 - 2022 and H1 – 2022 respectively (8,943 ounces and 15,391 ounces respectively). Net Income for H1 - 2023 of $4.8 million
SOMA GOLD REPORTS 2ND QUARTER 2023
FINANCIAL RESULTS
Increases of 18% and 30% in gold sales over Q2 - 2022 and H1 – 2022 respectively (8,943
ounces and 15,391 ounces respectively).
Net Income for H1 - 2023 of
$4.8 million
on revenue of
$39.0 million
.
Adjusted EBITDA
(1)
of
$10.3 million
and
$17.0 million
in Q2 – 2023 and H1 – 2023
respectively, compared to
$7.48 million
and
$11.15 million
in the same period in 2022,
respectively.
Total cash cost per ounce of gold sold in Q2-2023 was
US$907
(1)
and
US$901
for H2-
2023.
VANCOUVER, BC
,
Aug. 29, 2023
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that the Company's second
quarter Financial Statements and MD&A have been filed on SEDAR and are available at the
following link:
https://bit.ly/47TOs8u
.
Operations Review – H1 2023
Total production of 15,391 ounces of gold primarily from the Cordero Mine and the el Bagre
Milling Operations.
Codero Operations had attributable gold production at a Cash Cost of
US$907
and an AISC of
US$1,050
per ounce.
Income from mining operations of
$16.4 million
.
EBITDA of
$15.9 million
1
and adjusted EBITDA of
$17.05 million
1
.
Net earnings of
$4.84 million
or
$0.053
per share.
Adjusted EBITDA per share of
$0.19
.
Full Year 2023 Outlook
Expand exploration of the expanded property package along the Otu fault to continue to build
total Resources and to identify the next mine on the Antioquia property, extending the "Life of
Mine".
Continue the process of formalizing the small miners working on the Company's concessions to
result in 10% of the ounces produced be from these small miners.
Determine whether to restart the el
Limon Mill
where it is or to move the mill to the El Bagre
Gold Complex. This decision will be driven by a combination of initial capital cost and long-term
operating costs.
Review additional strategic additions to the Company's concession package, targeting the
trends identified by the exploration program.
Drill the Cordero deposit at depth with the new underground drills purchased by the Company to
confirm the deposit continues at depth, increasing the Cordero resource.
Based on H1 production and H2 outlook (see table below), the el Bagre Operations are
expected to produce between 35,000 and 36,000 ounces at an AISC of between
$1,050
and
$1,100
per ounce during 2023.
Drill the Aurora Mine to establish a mining plan that will bring the fully permitted mine into
production in 2024.
Javier Cordova
, Soma's President and CEO, states, "Our team has delivered another strong
quarter, and we continue to perform in line with our 2023 plan and guidance. We anticipate a strong
finish to the year as we continue to ramp up production to meet our aggressive growth objectives for
the year. Our plan to expand milling capacity by re-starting the el
Limon Mill
will position us to meet
the growth plan for 2024 and beyond."
Three and Six Months Ended
June 30, 2023
and 2022 - Financial and Operating Highlights
Three and Six Months Ended June 30, 2023 and 2022 - Financial and Operating Highlights (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.
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 Three and Six Months Ended June 30, 2023 and
2022 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/August2023/29/c4235.html
%SEDAR: 00030511E
For further information:
Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 06:20e 29-AUG-23