SOMA GOLD REPORTS 3rd QUARTER 2023 FINANCIAL RESULTS Ounces sold increased by 66% compared to Q3-2022 (to a record 9,112 ounces) and 42% over the nine months ended
SOMA GOLD REPORTS 3rd QUARTER 2023 FINANCIAL
RESULTS
Ounces sold increased by 66% compared to Q3-2022 (to a record 9,112 ounces) and 42% over the nine
months ended
September 30, 2023
(to 24,503 ounces)
Net Income for Q3 was
$3.2 million
on revenue of
$22.8 million
.
Working capital increased from
$89K
in
September 2022
to
$6.2 million
in
September 2023
Adjusted EBITDA
(1)
of
$9.6 million
and
$26.7 million
for the three and nine months ended
September 30,
2023
, respectively, compared to
$3.8 million
and
$15.0 million
in the same periods in 2022.
Total cash cost per ounce of gold sold
(1)
was
US$929
and
US$911
for the three and nine months ended
September 30, 2023
, respectively.
VANCOUVER, BC
,
Nov. 23, 2023
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the
"
Company
" or "
Soma
") is pleased to announce that the Company's third quarter Financial Statements and MD&A have
been filed on SEDAR+ and are available on the Company website.
Operations Review – Nine Months Ended
September 30, 2023
Total production of 24,839 ounces of gold from the Cordero Mine and the el Bagre Milling Operations
Codero Operations had attributable cash cost per ounce of gold sold
(1)
of
US$911
and an AISC
(1)
of US
$1,316
per
ounce.
Income from mining operations of
$24.8 million
.
EBITDA
(1)
of
$25.9 million
and adjusted EBITDA
(1)
of
$26.7 million
.
Net earnings of
$8.1 million
or
$0.09
per share.
Adjusted EBITDA
(1)
per share of
$0.29
Full Year 2023 Outlook
Exploration of the expanded property package along the Otu fault to continue to build total resources and identify the
next mine on our Antioquia properties.
To continue the formalization process for the small miners operating on the Company's concessions, 10% of the
ounces produced come from these small miners.
Finalize plans to restart the el
Limon Mill
to process both excess ore from Cordero and ore from formalized small
miners.
Conduct a comprehensive review to assess potential additions to the Company's concession package, focusing on
trends identified through the exploration program.
Utilize the newly purchased underground drill to conduct deep drilling at the Cordero deposit, aiming to validate the
extension of the deposit at depth and consequently increase the Cordero resource.
Javier Cordova
, Soma's President and CEO, states, "Our team has consistently delivered strong performance throughout
the quarter, aligning seamlessly with our 2023 plans and guidance. Anticipating a strong finish to the year, we are actively
ramping up production to meet our aggressive growth objectives for the year. Initiating the restart of the el
Limon Mill
is a
key component of our strategy to expand milling capacity. This move positions us for increased production capacity and
sets the stage for robust growth in ounces produced, extending into 2024 and beyond."
Three and Nine Months Ended
September 30, 2023
and 2022 - Financial and Operating Highlights
Three and Nine Months Ended September 30, 2023 and 2022 - Financial 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.
With a strong 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
"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/November2023/23/c1423.html
%SEDAR: 00030511E
For further information:
please contact Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 07:15e 23-NOV-23