SOMA GOLD Reports First-Quarter Financial Results and Operating
SOMA GOLD REPORTS FIRST-QUARTER
FINANCIAL RESULTS AND OPERATING
HIGHLIGHTS
Soma produced 7,335 AuEq ounces in Q1-2024 – an 8% increase over the 6,796 AuEq
ounces produced in Q1-2023.
Revenue for the quarter was up 21% to
$19.3 million
.
Adjusted EBITDA
(1)
was
$6.3 million
for the quarter, which was largely consistent with
$6.8 million
in Adjusted EBITDA
(1)
recorded in Q1-2023.
Transition to new Mining Method progressed in Q1 resulting in the expected, temporarily
higher production costs, which are expected to fall in Q2 and for the balance of the year
Total cash costs per ounce of gold sold
(1)
was
US$1,192
, and the average realized cash
margin
(1)
was
US$894
, compared to
US$983
in Q1-2023.
VANCOUVER, BC
,
June 3, 2024
/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 Three Months Ended
March 31, 2024
and 2023 have been filed on
SEDAR and are available at the following link:
https://bit.ly/Q1FS2024Soma
or on the Company's
website.
Operations Review – Three Months Ended
March 31, 2024
Total AuEq production of 7,335 ounces from the Cordero Mine and the el Bagre Milling
Operations.
Codero Operations reported attributable cash costs per ounce of gold sold
(1)
of
US$1,192
and
an AISC
(1)
of
US$1,760
per ounce.
Income from mining operations of
$4.3 million
.
EBITDA
(1)
of
$6.0 million
and adjusted EBITDA
(1)
reaching
$6.3 million
.
Net loss of
$0.1 million
or
$0.00
per share.
Adjusted EBITDA
(1)
per share of
$0.07
.
Outlook for the balance of 2024
Continue exploration of the expanded property package along the Otu fault to build total
resources and identify the next mine on the Company's Antioquia properties.
Bring the permitted Machuca mine into production and complete the permit application process
for the Nechi mine to increase minable resources to feed the el Limon and El Bagre mills.
Advance the formalization process of small miners working on the Company's concessions,
aiming for 10% of the ounces produced to be from these small miners.
Continue discussions with local permitted small miners to facilitate contract processing at the
El Limon mill.
Review additional strategic additions to the Company's concession package, focusing on trends
identified by the exploration program.
Drill the Cordero deposit at depth using the new underground drill purchased by the Company to
confirm the deposit's extension, increasing the Cordero resource.
Geoff Hampson
, Soma's President and CEO, states, "The transition to a conventional mining method
continued in Q1, increasing costs per ounce. This transition will largely be completed by the end of
Q2, coinciding with the opening of higher-grade zones. The combination of higher grades, reduced
development and waste rock, and an increase in the number of stopes will all contribute to a strong
second half of the year. We are very pleased with the progress made in understanding and
interpreting the structural geology, which we believe will lead to additional resources, even in some
of the mines on our property that were thought to be depleted."
Three Months Ended
December 31, 2023
and 2022 - Financial and Operating Highlights
Three Months Ended December 31, 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.
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 Three Months Ended March 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2024/03/c8122.html
%SEDAR: 00030511E
For further information:
Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 05:20e 03-JUN-24