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SOMA GOLD RELEASES 2022 Q1 RESULTS
Soma Gold Corp. (TSX-V: SOMA) (WKN: A2P4DU) (OTC: SMAGF) is pleased to announce that the Company’s first quarter Financial Statements and MD&A have been filed on SEDAR and are available at the following link: https://bit.ly/3nVdVXv
Highlights of the quarter
- Gold production rose to 5,005 ounces – an increase of 6% from the prior quarter and 15% from Q1-2021.
- Income from mining operations was $4.2 million for the quarter compared to $2.6 million in the prior quarter and $3.0 in Q1-2021.
- Adjusted EBITDA(1) increased to $3.7 million for the quarter compared to $2.6 million in the prior quarter and $3.2 million in Q1-2021.
- Development work at Cordero continued to advance with an additional $2.0 million in construction costs capitalized during the quarter.
- Payments made towards gold loan (deferred revenue) of $0.8 million.
- The Company’s Tucuma Project in Brazil was optioned to Ero Copper Corp. (see news release dated March 15, 2022).
| Select Results for the Quarter ended March 31, 2022and Comparative Quarters (CAD$ unless otherwise indicated) |
|||
| 1st Quarter 2022 |
4th Quarter 2021 |
1st Quarter 2021 |
|
| Revenue | 9,806,960 | 10,595,784 | 9,745,577 |
| Income from mine operations | 4,165,347 | 2,644,291 | 2,954,961 |
| Adjusted EBITDA (1) | 3,672,452 | 2,640,156 | 3,219,103 |
| Gold ounces produced | 5,005 | 4,701 | 4,339 |
| Gold equivalent ounces sold | 4,235 | 4,736 | 4,414 |
| Average realized price per ounce sold (USD)(1) | 1,870 | 1,816 | 1,783 |
| (1) | Table includes non-IFRS financial performance measures – see note (1) below. |
“We are very pleased with our successful start to 2022. We started milling the first ore from production stopes at the Cordero Mine and increased gold production for the quarter while simultaneously managing the significant ongoing development work at the mine,” states Javier Cordova, Soma’s CEO. “We anticipate significant further increases to gold production during the remainder of 2022 as production ramps up at Cordero.”
ABOUT SOMA GOLD
Soma Gold Corp. 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 property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.
Posted June 1, 2022
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