SOMA GOLD Reports Third Quarter Financial Results
SOMA GOLD REPORTS THIRD QUARTER
FINANCIAL RESULTS
Highlights:
Production, revenue, and net income were negatively affected by the labor disruption,
which shut down operations from
September 9 through November 5, 2025
, resulting in a
loss of 22 production days in Q3.
Revenue for Q3 2025 was
$18.1 million
, and
$69.0 million
for the nine months ended
September 30, 2025
– an increase of
$4.6 million
(7%) compared to the nine months
ended
September 30, 2024
, despite the work stoppage.
Net income was
$0.4 million
in Q3 and
$5.2 million
for the nine months ended
September
30, 2025
,
compared to
$0.6 million
for the nine months ended
September 30, 2024
,
despite the work stoppage
.
EBITDA
(1)
was
$6.2 million
for the quarter and
$27.8 million
for the nine months ended
September 30, 2025
, compared to
$22.7 million
for the same nine-month period in 2024,
despite the work stoppage.
EBITDA
(1)
per share was
$0.06
in Q3 and
$0.29
for the nine months ended
September 30,
2025
– an increase of
$0.04
per share (16%) compared to the same period in 2024.
Soma sold 4,068 AuEq ounces in Q3 and 16,111 ounces in the nine months ended
September 30, 2025
, compared to 20,845 ounces sold in the first nine months of
2024
.
The average realized cash margin per gold ounce sold
(1)
was
US$1,676
in Q3 and
US$1,643
for the nine months ended
September 30, 2025
– an increase of
$585
(55%)
compared to the same period in 2024.
In Q3, Soma raised gross proceeds of
$17.3 million
in a private placement by issuing
14,997,826 units at
$1.15
per unit (see news release dated
August 20, 2025
).
The Company made cash payments of
$5.0 million
towards its long-term debt and
converted an additional
$10.0 million
of the loan to equity on the same terms as the
private placement (see news release dated
August 18, 2025
).
VANCOUVER, BC
,
Nov. 28, 2025
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that its Financial Statements
and MD&A for the three and nine months ended
September 30, 2025
and 2024 have been filed on
SEDAR+ and are also available on the Company's website.
Operations Review – Nine Months Ended
September 30, 2025
The Company's unionized workers at its El Bagre Gold Mining Complex were on strike from
September 9
until a new agreement was reached on
November 5
. Operations there were halted
during this period, including 22 production days in the current quarter (see news release dated
November 5, 2025
). The shutdown also resulted in additional maintenance requirements to
restart the mill; however, a return to full production levels is expected by mid-December.
Soma produced 4,148 AuEq ounces in Q3 2025 and 16,168 ounces for the nine months ended
September 30, 2025
(compared to 20,565 AuEq ounces for the nine months ended
September
30, 2024
).
Income from mining operations was
$5.3 million
in Q3 2025 and
$20.8 million
for the nine
months ended
September 30, 2025
(compared to
$17.0 million
for the nine months ended
September 30, 2024
).
Net income was
$0.4 million
in Q3 2025 and
$5.2 million
for the nine months ended
September
30, 2025
(compared to
$0.6 million
for the same period in 2024).
Net income per share was
$0.00
in Q3 2025 and
$0.05
for the nine months ended
September
30, 2025
(compared to
$0.01
per share for the nine months ended
September 30, 2024
).
Cordero Operations reported attributable cash costs per ounce of gold sold
(1)
of
US$1,633
in
Q3 2025 and
US$1,489
for the nine months ended
September 30, 2025
(compared to
US$1,261
for the nine months ended
September 30, 2024
).
Cash on hand on
September 30, 2025
, was
$16.7 million
Financial and Operating Highlights for the Three and Nine Months Ended
September 30, 2025
and 2024
Financial and Operating Highlights for the Three and Nine Months Ended September 30, 2025 and
2024 (CNW Group/Soma Gold Corp.)
Geoff Hampson
, Soma's President and CEO, states, "The results for the quarter were below
expectations due to the strike by the Company's unionized employees, which resulted in the loss of
22 working days. The interruption reduced gold production and revenue by approximately 1,500
ounces, or
$7.7 million
, and lowered EBITDA by approximately
$3.1 million
." Hampson further
states, "We are focused on completing the required repairs to the thickener and leach tanks, where
damage occurred due to the prolonged inactivity. While these repairs are underway, we are
operating at approximately 75% of full throughput and expect to return to full capacity by mid-
December. I am pleased to have our team back at work and am confident we can quickly restore
the strong working relationships that have long been a hallmark of our operations."
He adds: "Our expansion plan remains firmly on track. We expect higher production levels next year
as additional mining areas at Aurora and Escondida come online and as we advance the
formalization of the Diamantina, Lemoncito Norte, and other small mines on our property. With the
labor dispute now behind us, we are moving forward with renewed focus and a commitment to
applying the lessons learned to strengthen our operations. Ultimately, it is clear that no one benefits
from a strike, and we remain dedicated to building a stable, productive, and collaborative working
environment for all."
The Company further announces the grant of 250,000 stock options to an officer of the Company
pursuant to its equity incentive plan. The stock options vest over three years, have an exercise price
of
$1.61
per share, and expire five years from the date of grant.
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
For further information, please contact
Andrea Laird
, telephone: +1-604-259-0302
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 nine months ended September 30,
2025 and 2024 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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%SEDAR: 00030511E
CO: Soma Gold Corp.
CNW 18:15e 28-NOV-25