- Soma sold 7,209 AuEq ounces in Q2-2024 and 14,233 AuEq
ounces in the six months ended June 30,
2024 (compared to 15,391 AuEq ounces in H1-2023).
- Revenue for the quarter was up $22.7
million, with $42.0 million
for the six months ended June 30,
2024 (compared to $39.0
million in H1-2023).
- EBITDA(1) for the quarter stood at $7.5 million and $13.6
million for the six months ended June
30, 2024 (compared to $15.9
million in H1-2023).
- Total cash costs per ounce of gold sold(1) were
US$1,340 for the quarter and
US$1,263 for the six months ended
June 30, 2024 (compared to
US$901 in H1-2023)
- The average realized cash margin(1) was
US$1,029 for the quarter and
US$959 for the six months ended
June 30, 2024 (compared to
US$1,021 in H1-2023).
VANCOUVER, BC, Aug. 29, 2024 /CNW/ - Soma Gold
Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the
"Company" or "Soma") is pleased to announce that the
Company's Financial Statements and MD&A for the Three and Six
Months Ended June 30, 2024, and 2023
have been filed on SEDAR+ and are available with the following link
https://bit.ly/SomaFSQ22024 and on the Company's website.
Operations Review – Six Months Ended June 30, 2024
- Soma produced 6,590 AuEq ounces in Q2-2024 and 13,925 AuEq
ounces in in the six months ended June 30,
2024 (compared to 15,693 AuEq ounces in H1-2023).
- Cordero Operations reported attributable cash costs per ounce
of gold sold(1) of US$1,263
- Income from mining operations was $10.0
million.
- EBITDA(1) of $13.6
million, with adjusted EBITDA(1) of $13.9 million.
- Net loss of $0.6 million or
$0.01 per share.
- Adjusted EBITDA(1) per share of $0.15.
The Company successfully completed a major maintenance shutdown
of the El Bagre Mill in the second quarter, including the rebuild
of the ball mill. The mill was shut down for eight days in June,
significantly impacting the ounces produced in the month.
Additionally, the Company's shift to a conventional mining focus
has resulted in a higher proportion of development costs being
expensed rather than capitalized, with approximately $1.1 million less capitalized in Q2-2024 compared
to the average of the previous three quarters.
Outlook for the Balance of 2024
- Continue exploration of the expanded property package along the
Otu fault to increase resources and identify the next mine on the
Company's Antioquia properties.
- Further expand and commence mining in the high-grade zone of
Upper Cordero, as highlighted in the News Release dated
July 16, 2024.
- Complete the restoration, cleaning and permitting of the
Machuca mine, with production set to begin at the start of Q4.
- Finalize the mine plan and permit application for the Nechi
mine to increase feed for the el Limon and El Bagre mills. Mining
operations at Nechi are expected to commence by 2026.
- Continue advancing the formalization process for small miners
working on the Company's concessions, aiming to increase total
ounces produced by 10%.
- Evaluate additional strategic additions to the Company's
concession package, focusing on trends identified through the
exploration program.
- Commence the drilling program using the newly acquired
underground drill to confirm the extension of the Cordero deposit
at depth, thereby increasing the resource and Life of Mine.
Geoff Hampson, Soma's President
and CEO, states, "The transition to conventional mining
methods continued in Q2, while the Company was mining zones
with lower-than-historical average grade and containing a series of
faults and dykes, increasing mining costs per ounce. This
transition is largely complete, and we anticipate mining the
higher-grade zones in Upper Cordero (as detailed in the Soma News
Release dated July 16, 2023) to
commence by the end of Q3. For the balance of 2024
and into 2025, we expect the combination of higher grades,
reduced development and waste rock and an increase in the number of
stopes, which will all contribute to a strong finish for the
year." Hampson also states, "Our exploration team has made
significant progress in advancing several high-priority exploration
targets near the Machuca Mine. The results of mapping, soil
sampling, stream sediment analysis and channel sampling inside
several of the small mines along the trend indicate the potential
for a larger and higher-grade deposit. Drilling on these targets
will begin in Q4. We are optimistic that these discoveries can
potentially lead to an increase in mineable resources, enhancing
the feed for our two mills and possibly justifying the fully
permitted mill expansion."
Three Months Ended December 31,
2023 and 2022 - Financial and Operating Highlights
|
In Canadian dollars
unless otherwise noted.
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Operating
data
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
|
t
|
|
37,236
|
|
39,009
|
|
75,490
|
|
74,309
|
|
Ore milled
|
|
t
|
|
34,029
|
|
38,369
|
|
71,771
|
|
72,540
|
|
Gold Grade
|
|
g/t Au
|
|
7.10
|
|
7.86
|
|
6.94
|
|
7.46
|
|
Recovery
|
|
%
|
|
89.0 %
|
|
88.7 %
|
|
88.3 %
|
|
88.4 %
|
|
Gold ounces
produced
|
|
oz.
|
|
6,513
|
|
8,798
|
|
13,776
|
|
15,526
|
|
Silver ounces
produced
|
|
oz.
|
|
8,737
|
|
11,421
|
|
17,626
|
|
19,409
|
|
Gold ounces
sold
|
|
oz.
|
|
7,131
|
|
8,844
|
|
14,084
|
|
15,221
|
|
Silver ounces
sold
|
|
oz.
|
|
8,737
|
|
11,421
|
|
17,626
|
|
19,746
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
data
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
|
22,693,283
|
|
22,987,091
|
|
42,025,124
|
|
38,988,022
|
|
Income from mine
operations
|
|
$
|
|
5,671,789
|
|
9,838,109
|
|
10,012,428
|
|
9,838,109
|
|
Income for the
period
|
|
$
|
|
(442,675)
|
|
3,635,321
|
|
(613,074)
|
|
3,635,321
|
|
Per share -
basic
|
|
$/share
|
|
(0.00)
|
|
0.04
|
|
(0.01)
|
|
0.04
|
|
EBITDA(1)
|
|
$
|
|
7,539,987
|
|
9,558,564
|
|
13,569,266
|
|
15,867,123
|
|
Adjusted
EBITDA(1)
|
|
$
|
|
7,559,942
|
|
10,288,639
|
|
13,866,184
|
|
17,049,859
|
|
Per share -
basic(1)
|
|
$/share
|
|
0.08
|
|
0.11
|
|
0.15
|
|
0.19
|
|
Total cash
costs(1)
|
|
USD $/oz
|
|
1,340
|
|
907
|
|
1,263
|
|
901
|
|
Average realized
price(1)
|
|
USD $/oz
|
|
2,369
|
|
1,957
|
|
2,222
|
|
1,922
|
|
Average realized cash
margin(1)
|
|
USD $/oz
|
|
1,029
|
|
1,050
|
|
959
|
|
1,021
|
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 solid 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
"Geoff Hampson"
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, 2024
and 2023 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/soma-gold-reports-second-quarter-financial-results-and-operating-highlights-302233756.html
SOURCE Soma Gold Corp.