- Gold Sales of 6,448 ounces in Q1-2023 – an increase of 52%
from Q1-2022
- Net Income of $1.2 million on
Revenue of $16 million
- Adjusted EBITDA(1) of $6.8
million
- Total cash cost per ounce of gold sold decreases to
US$893(1)
VANCOUVER, BC, May 30, 2023
/CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC:
SMAGF) (the "Company" or "Soma") 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/Soma2023Q1Financials.
Highlights of the Quarter:
- Cordero Mine declares commercial production as of January 1, 2023 (see news release dated
January 11, 2023).
- Sales of 6,448 gold equivalent ounces – the second-highest
sales number in Soma's history.
- Revenue of $16.0 million, income
from mine operations of $6.6 million
and Net Income of $1.2 million all
show significant improvements from the comparative quarter of 2022
(63%, 59% and 377% increases, respectively).
- Adjusted EBITDA(1) of $6.8
million compared to $3.7
million in Q1-2022.
- Total cash costs per ounce of gold sold of US$893(1) compared to
US$910 in Q1-2022.
Javier Cordova, Soma's President
and CEO, states, "It is gratifying to deliver the performance we
anticipated in our 2023 plan and guidance. We are well on track to
completing the year at or above expectations. The team has
outperformed on most metrics as we see the effects of
self-performing mechanized mining. We are successfully
transitioning from the 2022 challenges of managing the construction
of the Cordero Mine and gold production to optimizing costs and
recovery. During the balance of 2023, we will continue to ramp up
gold production and further reduce the costs to produce those
ounces."
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.
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
"Javier Cordova Unda"
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, 2023 and
2022 which can be accessed at
www.sedar.com.
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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.