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SOMA GOLD RELEASES 2022 Q3 RESULTS

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SOMA GOLD RELEASES 2022 Q3 RESULTS

 

 

 

 

 

Soma Gold Corp. (TSX-V: SOMA) (WKN: A2P4DU) (OTC: SMAGF) s pleased to announce that the Company’s third quarter Financial Statements and MD&A have been filed on SEDAR and are available at the following link: https://bit.ly/SomaQ3Financials.

 

Highlights of the quarter

  • Gold equivalent ounce sold of 5,494 ounces was the second highest quarterly total in Soma’s history, even after losing one-half of a month’s production to a union strike. Year-to-date, 17,312 gold equivalent ounces have been sold compared to 13,264 in the comparative period.
  • The Company’s unionized employees went on strike September 16th. A new collective agreement was successfully reached on September 29th, and the mine and mill quickly ramped up to normal operating levels in early October.
  • Income from mining operations was $4.1 million for the quarter and Adjusted EBITDA was $3.8 million. Both metrics were significantly impacted by the strike but are expected to rebound strongly in Q4. Year-to-date, income from mining operations of $16.3 million (2021 – $9.7 million) and Adjusted EBITDA of $15.0 million (2021 – $8.7 million) continue to demonstrate a significant increase over prior year results.
  • Development work at Cordero continued to advance with an additional $2.4 million in construction costs capitalized during the quarter ($7.1 million for the nine months ended September 30, 2022).
  • Payments were made towards the Company’s gold loan (deferred revenue) of $0.7 million ($2.6 million for the nine months ended September 30, 2022). The remaining outstanding balance has been reduced to $0.9 million at September 30, 2022.

 

Select Results for the Quarter ended September 30th, 2022 and Comparative
Quarters

(CAD$ unless otherwise indicated)
3rd Quarter, 2022 2nd Quarter, 2022 3rd Quarter,2021
Revenue 12,107,696 17,743,251 11,258,071
Income from mine operations 4,127,801 8,034,147 4,965,255
Adjusted EBITDA (1) 3,813,944 7,482,034 4,331,015
Gold ounces produced 5,482 6,637 5,031
Gold equivalent ounces sold 5,494 7,583 5,048
Ore milled 30,087 42,180 35,291
Gold grade 6.45 6.67 5.08
Average realized price per ounce sold
(USD)(1)
1,726 1,870 1,810
(1)     Table includes non-IFRS financial performance measures – see note (1) below.

 

“It was a very busy third quarter for Soma.” Javier Cordova, Soma’s CEO, states. “A new collective bargaining agreement was reached with our unionized employees on September 29th after a two-week strike. Our people are the heart of our operation, and we are pleased to have our many dedicated employees back working towards our mutual success. Despite losing half a month of production, we also achieved the Company’s second-highest gold production to date.” He further states, “Cordero development work continues, aided by further deliveries of the Company’s new underground equipment from Sandvik. The final pieces of equipment were just delivered and are being integrated into our operations. It will allow us to ramp up development and production at the higher-grade Cordero mine and continue to make meaningful increases to our gold production in future quarters.”

 

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 November 24, 2022

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