- Ounces sold increased by 66% compared to Q3-2022 (to a
record 9,112 ounces) and 42% over the nine months ended
September 30, 2023 (to 24,503
ounces)
- Net Income for Q3 was $3.2
million on revenue of $22.8
million.
- Working capital increased from $89K in September
2022 to $6.2 million in
September 2023
- Adjusted EBITDA(1) of $9.6
million and $26.7 million for
the three and nine months ended September
30, 2023, respectively, compared to $3.8 million and $15.0
million in the same periods in 2022.
- Total cash cost per ounce of gold sold(1) was
US$929 and US$911 for the three and nine months ended
September 30, 2023,
respectively.
VANCOUVER, BC, Nov. 23,
2023 /CNW/ - Soma Gold Corp. (TSXV: SOMA)
(WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma")
is pleased to announce that the Company's third quarter Financial
Statements and MD&A have been filed on SEDAR+ and are available
on the Company website.
Operations Review – Nine Months
Ended September 30, 2023
- Total production of 24,839 ounces of gold from the Cordero Mine
and the el Bagre Milling Operations
- Codero Operations had attributable cash cost per ounce of gold
sold(1) of US$911 and
an AISC(1) of US $1,316 per ounce.
- Income from mining operations of $24.8
million.
- EBITDA(1) of $25.9
million and adjusted EBITDA(1) of
$26.7 million.
- Net earnings of $8.1 million or
$0.09 per share.
- Adjusted EBITDA(1) per share of $0.29
Full Year 2023 Outlook
- Exploration of the expanded property package along the Otu
fault to continue to build total resources and identify the next
mine on our Antioquia properties.
- To continue the formalization process for the small miners
operating on the Company's concessions, 10% of the ounces produced
come from these small miners.
- Finalize plans to restart the el Limon
Mill to process both excess ore from Cordero and ore from
formalized small miners.
- Conduct a comprehensive review to assess potential additions to
the Company's concession package, focusing on trends identified
through the exploration program.
- Utilize the newly purchased underground drill to conduct deep
drilling at the Cordero deposit, aiming to validate the extension
of the deposit at depth and consequently increase the Cordero
resource.
Javier Cordova, Soma's President
and CEO, states, "Our team has consistently delivered strong
performance throughout the quarter, aligning seamlessly with our
2023 plans and guidance. Anticipating a strong finish to the year,
we are actively ramping up production to meet our aggressive growth
objectives for the year. Initiating the restart of the el
Limon Mill is a key component of our
strategy to expand milling capacity. This move positions us for
increased production capacity and sets the stage for robust growth
in ounces produced, extending into 2024 and beyond."
Three and Nine Months Ended
September 30, 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 strong 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
"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)
|
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 and Six Months Ended June 30, 2023
and 2022 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.