SOMA GOLD REPORTS 2024 YEAR-END FINANCIAL RESULTS AND OPERATING HIGHLIGHTS
Soma produced 27,460 AuEq ounces in 2024, compared to 32,340 AuEq ounces in 2023 (Q4-2024 - 6,896 AuEq ounces)
Income from mining operations was $25.2 million (Q4-2024 - $8.2)
Net income for the year was $4.2 million (Q4-2024 - $3.6 million)
Net income per share was $0.05 (Q4-2024 - $0.04)
Adjusted EBITDA (1) of $33.3 million (Q4-2024 - $10.3 million)
Adjusted EBITDA (1) per share of $0.36 (Q4-2024 - $0.11)
Cordero Operations reported attributable cash costs per ounce of gold sold (1) of US$1,259 (Q4-2024 - $1,253)
Geoff Hampson, Soma's President and CEO, states, "We are very pleased with our performance in 2024. Gold production was lower than 2023 due to a decrease in average grade at Cordero – 6.61 gpt compared to 7.62 gpt last year. The number of tons mined during the year was slightly lower, reflecting the transition to a combination of mechanized and conventional raised stope mining. Production in 2024 was also impacted by two eight-day shutdowns: one cause by a community blockade in July and another for a planned major maintenance program in June. Mining activities picked up in the fourth quarter, reaching 103% of 2023 levels, with an average of 441 TPD. The combination of a higher average realized gold price of US$ 2,684 per ounce – US$ 681 higher than during the same period in 2023 – and cash costs remaining flat resulted in Net Income of $3.6 million and EBITDA of $10.5 million for the quarter. We expect operating costs and grades to remain stable in 2025, while the total tons mined and milled should increase with the re-start of the El Limon Mill in the second half of the year. The additional ounces produced at El Limon and current all-time-high gold prices, position Soma for a strong financial performance in 2025.
We are also advancing the permitting of the Nechi Mine, which is expected to contribute additional tons and ounces in 2027. The ongoing formalization of small miners on the Company's mineral concessions will further support the feed of the two mills. Testing of ore-sorting technology continues and may enable the Company to process higher volumes of material and produce additional ounces of gold without a major mill expansion.
One of Soma's key goals is to identify additional potential deposits on the Company's 42,000 Ha property. The exploration team is presently drilling several of them, aiming to increase the size of Soma's resource to feed both operating mills extend the Life of Mine. We are encouraged by the exploration results."
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 years ended December 31, 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.
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