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SOMA GOLD RELEASES 2022 Q2 RESULTS
Soma Gold Corp. (TSX-V: SOMA) (WKN: A2P4DU) (OTC: SMAGF) is pleased to announce that the Company’s second 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 equivalent ounce sold rose to 7,583 ounces – an increase of 79% from the prior quarter and 99% from Q2-2021.
- Income from mining operations was $8.0 million for the quarter compared to $4.2 million in the previous quarter – an increase of 93%.
- Adjusted EBITDA(1) doubled to $7.5 million for the quarter compared to $3.7 million in Q1-2022.
- Development work at Cordero continued to advance with an additional $2.7 million in construction cost capitalized during the quarter ($4.6 million for the six months ended June 30, 2022).
- Payments made towards gold loan (deferred revenue) of $1.1 million ($1.8 million for the six months ended June 30, 2022).
| Select Results for the Quarter ended June 30th, 2022, and Comparative Quarters (CAD$ unless otherwise indicated) |
|||
| 2nd Quarter, 2022 | 1st Quarter, 2022 | 2nd Quarter,2021 | |
| Revenue | 17,743,251 | 9,806,960 | 8,366,744 |
| Income from mine operations | 8,034,147 | 4,165,347 | 1,794,785 |
| Adjusted EBITDA (1) | 7,482,034 | 3,672,452 | 1,140,070 |
| Gold ounces produced | 6,637 | 5,005 | 3,760 |
| Gold equivalent ounces sold | 7,583 | 4,235 | 3,802 |
| Ore milled | 35,277 | 42,180 | 31,033 |
| Mill head grade | 5.47 | 4.31 | 4.46 |
| Average realized price per ounce sold (USD)(1) |
1,873 | 1,870 | 1,832 |
| (1) | Table includes non-IFRS financial performance measures – see note (1) below. | ||
“The second quarter of 2022 was very successful for Soma. Higher-grade ore from Cordero, at an average of 7.75 gpt in the second quarter, is starting to replace ore from our legacy, lower-grade mines which has a very positive impact on gold production and financial results.” states Javier Cordova, Soma’s President and CEO. “As development at Cordero advances, mill throughput at higher-than-average grades will ramp up, allowing the Company to increase tons from the Q2 average of 387 tpd, to over 500 tpd in early 2023, resulting in further growth of gold production.”
In addition, the Company has received the first shipment of underground equipment ordered from Sandvik. Mr. Cordova states, “Our ability to self-perform development and mining at the Cordero Mine will significantly impact gold production in Q4 of 2022 and going forward. The balance of the equipment will arrive in the coming months, and once fully implemented, mine production is anticipated to rise by over 250 tpd from current levels.”
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.
First batch of underground equipment received. (CNW Group/Soma Gold Corp.)
Posted September 6, 2022
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