Soma Gold Reports Fiscal Results For Year
Soma Gold Reports Fiscal Results For Year
Ended December 31, 2020
Revenue of
$23.0 million
and Net Income of
$6.8 million
(
$0.14
/share)
VANCOUVER, BC
,
April 28, 2021
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA)
("Soma" or the
"Company")
,
is a South American focused gold producer with district-scale exploration potential in
Antioquia,
Colombia
. Soma transformed its operations during the year by shifting its focus to
South
America
and acquiring the operating El Bagre Gold Mining Complex effective
May 28, 2020
, and is
pleased to announce the first annual profit in its corporate history.
Highlights for the Year ended December 31, 2020:
(All amounts in Canadian dollars unless otherwise indicated)
During 7 months of production (since the acquisition of El Bagre):
Revenue of $23.0 million
9,271 ounces of gold and 22,928 ounces of silver sold
Earnings from mine operations of
$8.4 million
Cash costs per ounce of gold sold
(1)
of
USD$1,046
Annual Net Income of
$6.5 million
Annual Fully Diluted Earnings per Share of
$0.14
Annual Adjusted EBITDA
(1)
of $3.2 million
Cash on hand of $2.4 million
Highlights for the 4
th
Quarter, 2020:
Revenue of $10.4 million
4,271 ounces of gold and 12,313 ounces of silver sold
Earnings from mine operations of
$3.5 million
Cash costs per ounce of gold sold
(1)
of
USD$1,106
Net Income of
$10.7 million
Fully Diluted Earnings per Share of
$0.15
Adjusted EBITDA
(1)
of $1.7 million
Javier Cordova , President and CEO of Soma Gold Corp.,
"The Soma team continued to exceed
expectations with numerous business accomplishments and production records during 2020,
including the acquisition of and financing of the Mineras Operadora S.A.S. mining business in El
Bagre, Antioquia,
Colombia
. The acquisition of an operating and profitable mine and mill, on the
property adjacent to the Company's El Limon property and mill, transitioned the Company into a
profitable mining business with district scale exploration potential. An ambitious exploration program
that was started in
July 2020
, on the largely un-explored 29,000 Ha. property has already indicated
significant opportunity to strengthen our mine plan and expand resources. Soma will continue to
provide updates on near-mine and infill drilling results over the next several years of the planned
drilling program."
Full Consolidated Financial Statements and the Management's Discussion & Analysis for the Years
Ended
December 31, 2020
and 2019 can be found on SEDAR at
http://bit.ly/YEfinancials
and on the
Company's website at
somagoldcorp.com
.
The Company also announces, subject to regulatory approval, the grant of a total of 200,000
restricted share units to officers and directors and the grant of 125,000 stock options to employees
to purchase common shares of the Company in accordance with its Equity Incentive Plan. The RSUs
vest in thirds over three years. The options vest immediately and are issued at an exercise price of
33 cents
per common share and expire five years from the date of issuance.
(1)
This news release refers to certain financial measures, such as Adjusted EBITDA, 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, 2020 and 2019, which can be accessed at
www.sedar.com
.
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 and development property near Tucuma, Para State,
Brazil
.
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.
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/April2021/28/c5238.html
%SEDAR: 00030511E
For further information:
Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 14:39e 28-APR-21