- Increases of 18% and 30% in gold sales over Q2 - 2022 and H1
– 2022 respectively (8,943 ounces and 15,391 ounces
respectively).
- Net Income for H1 - 2023 of $4.8
million on revenue of $39.0
million.
- Adjusted EBITDA(1) of $10.3 million and $17.0
million in Q2 – 2023 and H1 – 2023 respectively, compared to
$7.48 million and $11.15 million in the same period in 2022,
respectively.
- Total cash cost per ounce of gold sold in Q2-2023 was
US$907(1) and US$901 for H2-2023.
VANCOUVER, BC, Aug. 29,
2023 /CNW/ - Soma Gold Corp. (TSXV: SOMA)
(WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma")
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/47TOs8u.
Operations Review – H1 2023
- Total production of 15,391 ounces of gold primarily from the
Cordero Mine and the el Bagre Milling Operations.
- Codero Operations had attributable gold production at a Cash
Cost of US$907 and an AISC of
US$1,050 per ounce.
- Income from mining operations of $16.4
million.
- EBITDA of $15.9
million1 and adjusted EBITDA of $17.05 million1.
- Net earnings of $4.84 million or
$0.053 per share.
- Adjusted EBITDA per share of $0.19.
Full Year 2023 Outlook
- Expand exploration of the expanded property package along the
Otu fault to continue to build total Resources and to identify the
next mine on the Antioquia property, extending the "Life of
Mine".
- Continue the process of formalizing the small miners working on
the Company's concessions to result in 10% of the ounces produced
be from these small miners.
- Determine whether to restart the el Limon Mill where it is or to move the mill to
the El Bagre Gold Complex. This decision will be driven by a
combination of initial capital cost and long-term operating
costs.
- Review additional strategic additions to the Company's
concession package, targeting the trends identified by the
exploration program.
- Drill the Cordero deposit at depth with the new underground
drills purchased by the Company to confirm the deposit continues at
depth, increasing the Cordero resource.
- Based on H1 production and H2 outlook (see table below), the el
Bagre Operations are expected to produce between 35,000 and 36,000
ounces at an AISC of between $1,050 and $1,100
per ounce during 2023.
- Drill the Aurora Mine to establish a mining plan that will
bring the fully permitted mine into production in 2024.
Javier Cordova, Soma's President
and CEO, states, "Our team has delivered another strong quarter,
and we continue to perform in line with our 2023 plan and guidance.
We anticipate a strong finish to the year as we continue to ramp up
production to meet our aggressive growth objectives for the year.
Our plan to expand milling capacity by re-starting the el
Limon Mill will position us to meet
the growth plan for 2024 and beyond."
Three and Six Months Ended June
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.
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.
(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.