- 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
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.
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(1)
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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.
