- 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.
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.
