SOMA GOLD Reports Year-End Financial Results and Operating
SOMA GOLD REPORTS YEAR-END
FINANCIAL RESULTS AND OPERATING
HIGHLIGHTS
A record 32,340 AuEq ounces were produced in 2023 – a 40% increase from the previous
year. Q4-2024 AuEq production was up 25% to 7,234 ounces.
Revenue for the year rose by 53% to
$81.1 million
. Income for 2023 reached
$2.8 million
,
compared to
$0.3 million
in 2022. Q4-2024 revenue climbed 46% to
$19.4 million
.
Adjusted EBITDA
(1)
reached
$31.8 million
, an 83% increase over the previous year. For
Q4-2024, Adjusted EBITDA
(1)
of
$5.1 million
was 116% higher than Q4 of 2022.
Total cash costs per ounce of gold sold
(1)
for 2023 was
US$983
, slightly lower than the
US$1,002
reported in the previous year.
VANCOUVER, BC
,
April 30, 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 Years Ended
December 31, 2023
and 2022 have been filed on
SEDAR+ and are available on the Company website.
2023 Operational and Financial Highlights
Total AuEq production of 32,340 ounces from the Cordero Mine and the el Bagre Milling
Operations.
Cordero Operations had an attributable cash cost per ounce of gold sold
(1)
of
US$983
and
an All-In Sustaining Cost (AISC)
(1)
of US
$1,510
per ounce.
Income from mining operations reached
$28.0 million
.
Total Comprehensive income stood at
$11.5 million
compared to a loss of
$2.6 million
in 2022.
EBITDA
(1)
of
$31.1 million
and adjusted EBITDA
(1)
of
$31.8 million
.
Net income for the year of
$2.8 million
or
$0.03
per share, a significant increase from the net
income of
$257,000
in 2022.
Adjusted EBITDA
(1)
per share of
$0.35
An increase in Au recovery for the full year to 88.3% in 2023, up from 87.2% in 2022.
Full Year 2024 Outlook
Exploration of the expanded property package along the Otu fault to continue to build total
resources and identify the next mine on the Company's Antioquia properties.
Continue to formalize the operations of small miners working on the Company's concessions,
aiming for 10% of its production to come from these formalized small miners.
Finalize plans to restart the el
Limon Mill
to process both excess ore from Cordero and ore from
formalized small miners.
Review further strategic additions to the Company's concession package, targeting trends
identified by its exploration program.
Drill the Cordero deposit at depth with the new underground drill purchased by the Company to
confirm resource continuity and increase resource estimates.
Geoff Hampson
, Soma's President and CEO, states, "2023 was an exceptional year as we achieved
significant increases in our gold production and EBITDA. Despite a challenging inflationary
environment in
Colombia
and changes in mining methods, we managed to maintain stable cash
costs. Going forward, we expect continued growth in the number of produced ounces, with the
Machuca Mine set to come online mid-year. This additional feed material justifies the restart of the el
Limon Mill
, which has been on care and maintenance as production scaled up. We also anticipate
lower mining costs due to the transition from mechanized mining to the conventional raise stope
method."
The Company also announces that it has accepted
Javier Cordova's
resignation as CEO, President,
and Director of the Board of Soma Gold Corp. and all of its subsidiaries. The Board thanks Javier
for his contributions and wishes him the best in his future endeavors.
The Company also announces that it has granted incentive stock options, pursuant to its equity
incentive plan, to an employee of the Company to purchase up to 200,000 common shares of the
Company. The stock options are exercisable at a price of
$0.56
per share for a period of 5 years
from the date of grant. The Company also announces that it has awarded an aggregate of 50,000
Restricted Share Units ("RSUs") under its equity incentive plan to certain non-executive directors of
the Company. Each RSU represents a right to receive one common share of the Company following
the vesting of such RSUs over a three-year period. The foregoing grants are subject to the approval
of the TSX Venture Exchange.
Three and Twelve Months Ended December 31, 2023 and 2022 (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 Years Ended December 31, 2023 and 2022 which can be accessed at sedarplus.ca.
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/April2024/30/c7258.html
%SEDAR: 00030511E
For further information:
Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 05:00e 30-APR-24