Latest news with #AuEq
Yahoo
5 days ago
- Business
- Yahoo
SOMA GOLD REPORTS RECORD FIRST QUARTER FINANCIAL RESULTS
Highlights: Revenue for the first quarter of 2025 was $27.9 million – an increase of 44% from 2024-Q1. Net income for the quarter was $3.2 million, compared to a loss of $0.2 million in 2024-Q1 Adjusted EBITDA(1) for the quarter was $13.5 million compared to $6.3 million for the same period in 2024, and unadjusted EBITDA(1) was $12.4 million, double the $6.0 million EBITDA(1) recorded in 2024-Q1. Soma sold 6,843 AuEq ounces in the current quarter, compared to 7,024 AuEq ounces in 2024-Q1. The average realized cash margin(1) was US$1,642 in the current quarter, compared to US$894 in 2024-Q1. EBITDA(1) per share was $0.14 in the current quarter, compared to $0.07 in 2024-Q1. The Company reduced Long Term Debt by $2.5 million in the quarter VANCOUVER, BC, May 29, 2025 /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 months ended March 31, 2025 and 2024 have been filed on SEDAR+ and are also available on the Company's website. Operations Review – Quarter Ended March 31, 2025 Soma produced 6,643 AuEq ounces in 2025-Q1 (2024-Q1 - 7,335 AuEq ounces). Income from mining operations was $9.8 million (2024-Q1 - $4.3). Net income for the year was $3.2 million (2024-Q1 – loss of $0.2 million) Net income per share was $0.03 (2024-Q1 - $0.00). Adjusted EBITDA(1) of $13.5 million (2024-Q1 - $6.3 million) Adjusted EBITDA(1) per share of $0.15 (2024-Q1 - $0.07). Cordero Operations reported attributable cash costs per ounce of gold sold(1) of US$1,261 (2024-Q1 - $1,192). Geoff Hampson, Soma's President and CEO, states, "The Company is pleased with the significant progress made in achieving record profitability. Our organic growth strategy remains on track, with the planned re-commissioning of the el Limon mill scheduled for June of this year. During the second half of 2025, el Limon is expected to increase overall throughput by approximately 20-30%, resulting in a corresponding increase in gold production. Feed for the mill will be sourced from the Aurora and Cordero mines, as well as several formalized small miners. We are also working toward bringing the el Limon Mine back into production following the discovery of a parallel vein structure that appears to carry economic grades. Meanwhile, exploration in the Psyche 1 area is showing early signs of a potential new deposit, with additional drilling planned for the second half of the year to define the resource potential. In parallel, the Company continues to advance the permitting process for the Nechi Mine, which is expected to begin production in 2027. We look forward to a strong second half of 2025 and continued production growth in 2026 and beyond." Financial and Operating Highlights Three Months Ended March 31, 2025 and 2024 Soma also announces that it has granted an aggregate of 200,000 stock options pursuant to its equity incentive plan to two Investor Relations consultants of the Company. The stock options are exercisable at a price of $1.07 per share and expire three years from the date of grant. In accordance with TSX Venture Exchange policies, the options granted to the IR consultants will vest in stages over a 12-month period, with no more than 25% vesting in any three-month period. 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 months ended March 31, 2025 and 2024 which can be accessed at 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. 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Cision Canada
5 days ago
- Business
- Cision Canada
SOMA GOLD REPORTS RECORD FIRST QUARTER FINANCIAL RESULTS
Highlights: Revenue for the first quarter of 2025 was $27.9 million – an increase of 44% from 2024-Q1. Net income for the quarter was $3.2 million, compared to a loss of $0.2 million in 2024-Q1 Adjusted EBITDA (1) for the quarter was $13.5 million compared to $6.3 million for the same period in 2024, and unadjusted EBITDA (1) was $12.4 million, double the $6.0 million EBITDA (1) recorded in 2024-Q1. Soma sold 6,843 AuEq ounces in the current quarter, compared to 7,024 AuEq ounces in 2024-Q1. The average realized cash margin (1) was US$1,642 in the current quarter, compared to US$894 in 2024-Q1. EBITDA (1) per share was $0.14 in the current quarter, compared to $0.07 in 2024-Q1. The Company reduced Long Term Debt by $2.5 million in the quarter VANCOUVER, BC, May 29, 2025 /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 months ended March 31, 2025 and 2024 have been filed on SEDAR+ and are also available on the Company's website. Operations Review – Quarter Ended March 31, 2025
National Post
15-05-2025
- Business
- National Post
Dynacor Further Improves Financial Performance with Net Income of $5.1 Million and Record Quarterly Sales of $80 Million in Q1-2025
Article content MONTREAL — Dynacor Group Inc. (TSX: DNG) ('Dynacor' or the 'Corporation') today announced its unaudited financial and operational results 1 for the first quarter ended March 31, 2025. Article content Article content Record sales and robust financial results: Record sales of $80.0 million, an 18.2% increase from Q1-2024. EBITDA 2 of $7.3 million, a 9.9% decrease from Q1-2024. Net income of $5.1 million, a 6.3% increase from Q1-2024. Operating cash flows before changes in working capital items of $5.8 million, a 3.6% increase from Q1-2024. Cash gross operating margin of $353 per AuEq ounce sold 3, compared to $305 in Q1-2024. Successful financing: Completed an offering of 5,750,000 common shares at a price of $3.84 (CA$5.50) per share, generating gross proceeds of $22,081,414 (CA$31,625,000). Steady mill performance: Processed 43,341 tonnes of ore (482 tpd) compared to 44,006 tonnes in Q1-2024 (484 tpd) Produced 27,050 AuEq ounces compared to 31,769 AuEq ounces in Q1-2024. 38,500 tonnes of ore supplied, and ore inventory of almost 7,000 tonnes at quarter-end. Solid financial position with cash and short-term investments of $59.3 million at the end of Q1-2025 compared to $25.8 million at year-end 2024. Advanced international expansion plans: Senegal: Preparatory work for the construction of a 50 tpd pilot plant is proceeding to plan. Ecuador: Executed a conditional letter of offer and indicative terms for the purchase of a 1,500 tpd permitted processing plant. Increased monthly dividends: Disbursed a monthly dividend representing CA$0.16 per share on an annual basis or a 3.3% dividend yield based on the current share price. Heightened health and safety, environment and social responsibility expertise at Veta Dorada through 9,735 hours of training. Impacted more than 1,000 people through investments in artisanal mining community education and health. Article content 1 All figures are in US dollars unless stated otherwise. All variance % are calculated from rounded figures. Some additions might be incorrect due to rounding. 2 EBITDA: 'Earnings before interest, taxes and depreciation' is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another corporation. The Corporation uses this non-IFRS measure as an indicator of the cash generated by the operations and allows investor to compare the profitability of the Corporation with others by canceling effects of different assets basis, effects due to different tax structures as well as the effects of different capital structures. EBITDA is calculated on p.13 of the MD&A. See the 'Non-IFRS Measures' section 18 of the Corporation's MD&A for the three-month period ended March 31, 2025. 3 Cash gross operating margin per AuEq ounce is in US$ and is calculated by subtracting the average cash cost of sale per equivalent ounce of Au from the average selling price per equivalent ounce of Au and is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another company. See the 'non-IFRS Measures' in section 18 of the Corporation's MD&A. Article content For 2025, the Corporation forecasts: Article content Sales between $345-$375 million (YTD $80.0 million). Net income between $14-$17 million (YTD $5.1 million). Production between 120,000-130,000 AuEq ounces (YTD 27,050 AuEq ounces). Capital expenditures of up to $15 million in Peru and Senegal (YTD $1.3 million). Other project expenses of $3 million to achieve the 2025 growth plan (YTD $0.5 million). Article content Initial guidance excludes ongoing capital expenditure on other projects and opportunities in Latin America and in Africa. Article content Guidance is based on the following assumptions: Article content No increase in processing capacity. Average market gold price of between $2,800 and $3,000 per ounce. The ore grade supplied may vary with the evolution of the gold price. Article content So far in 2025, the Corporation is in line with its outlook. Article content 'I am proud of the Dynacor team's dedication and focus, delivering record sales, solid production and strong financials in the first quarter, which can be the weakest quarter of the year due to the wet season. Despite external market turbulence, we also advanced our expansion plan decisively in the quarter through our conditional offer of intent to acquire a second plant in Latin America and tight oversight of our growth plans into Africa,' said Jean Martineau, President & CEO. 'We thank shareholders for their continued support in this year of significant execution and believe that Dynacor has never been better positioned.' Article content The Chala plant continued operating at full capacity. Production was impacted by the supply of lower grade ore that is mainly due to the increasing gold market price. The decrease in the AuEq ounces produced is a direct result of the lower head grade processed compared to the same period in 2024. At the end of Q1-2025, the Corporation's stockpile held some 7,000 tonnes of ore compared to 12,000 tonnes at year-end 2024, reflecting the lower seasonal volume of ore supply in the period. Article content For the three-month periods ended March 31, (in $'000) (unaudited) 2025 2024 Sales 79,968 67,733 Cost of sales (70,992) (58,585) Gross operating margin 8,976 9,148 General and administrative expenses (2,404) (1,704) Other project expenses (475) (214) Operating income 6,097 7,230 Financial income net of expenses 210 171 Foreign exchange gain (loss) 276 (59) Income before income taxes 6,583 7,342 Current income tax expense (1,773) (2,577) Deferred income tax recovery 339 16 Net income and comprehensive income 5,149 4,781 Earnings per share Basic $0.13 $0.13 Diluted $0.13 $0.13 Article content Q1-2025 Quarterly Results Article content During Q1-2025, the gold price increased from approximately $2,700/oz in January to approximately $3,000/oz in March, positively impacting the Q1-2025 financial performance. Total sales amounted to $80.0 million compared to $67.7 million in 2024. The $12.3 million increase is explained by a higher average gold price (+$22.3 million), partially offset by lower quantities of gold ounces sold (-$10.0 million) due to lower grades of ore processed. The Q1-2025 gross operating margin reached $9.0 million (11.2% of sales) compared to $9.1 million (13.5% of sales) in Q1-2024. Both quarters were positively impacted by the increasing gold market prices. General and administrative expenses amounted to $2.4 million in Q1-2025 compared to $1.7 million in Q1-2024. The increase is attributable to the growing management team to achieve the growth plan, the increase in salaries and the cost of the special Shareholders meeting that was held on April 16, 2025. Other projects represent the expenses incurred by the Corporation to duplicate its unique business model in the same or other jurisdictions. A $1.4 million income tax expense was also recorded during Q1-2025. The decrease as a percentage of the net income before taxes is mainly explained by the variance throughout the period of the Peruvian sol against the US$ which is the Corporation's functional currency. Future fluctuations will positively or negatively affect the current and deferred tax at the end of each period. Article content For the three-month periods ended March 31, (in $'000) (unaudited) 2025 2024 Operating activities Net income adjusted for non-cash items 5,799 5,651 Changes in working capital items 9,686 3,940 Net cash from operating activities 15,485 9,591 Investing activities Acquisition of property, plant and equipment and others (1,304) (718) Net cash used in investing activities (1,304) (718) Issuance of common shares 20,433 – Repurchase of common shares – (2,752) Dividends paid (1,115) (969) Other 56 55 Net cash from (used in) financing activities 19,374 (3,666) Change in cash during the period 33,555 5,207 Effect of exchange rate changes on cash (76) (13) Cash, beginning of the period 19,819 22,481 Cash, end of the period 53,298 27,675 Article content Investing activities Article content In Q1-2025, Dynacor invested $1.3 million in capital expenditure including $0.8 million to increase the tailings pond capacity and other additions to maintain or improve the plant efficiency. All investments were financed with internally generated cash flow. Article content Financing activities Article content Offering of 5,750,000 common shares at a price of $3.84 (CA$5.50) per share, generating gross proceeds of $22,081,414 (CA$31,625,000) and incurring transaction costs of $1,648,652. In Q1-2025, monthly dividends of CA$0.0133 totaling CA$0.04 per share were disbursed for a total consideration of $1.1 million (CA$1.7 million). In Q1-2024, monthly dividends of CA$0.01167 totaling CA$0.035 per share were disbursed for a total consideration of $1.0 million (CA$1.3 million). Article content As at March 31, 2025, the Corporation's working capital amounted to $82.6 million, including $59.3 million in cash and short-term investments ($58.9 million, including $25.8 million in cash and short-term investments as at December 31, 2024). Article content As at March 31, 2025, total assets amounted to $147.2 million ($125.3 million as at December 31, 2024). Major variances since year-end 2024 come from the significant increase in cash following the issuance of common shares in February 2025 and the decrease in ore inventory due to the rainy season which impacts the ore supply. Article content (in $'000) (unaudited) As at March 31, As at December 31, 2025 2024 Cash 53,298 19,819 Short-term investments 5,999 5,999 Accounts receivable 21,004 23,747 Inventories 19,162 29,376 Prepaid expenses and other assets 1,359 361 Property, plant and equipment 26,593 26,160 Exploration and evaluation assets 18,570 18,570 Right-of-use assets 1,045 1,070 Other non-current assets 159 159 Total assets 147,189 125,261 Trade and other payables 16,763 18,185 Asset retirement obligations 3,757 3,732 Current tax liabilities 1,290 2,125 Deferred tax liabilities 226 565 Lease liabilities 1,104 1,108 Share unit plan liabilities 333 389 Shareholders' equity 123,716 99,157 Total liabilities and shareholders' equity 147,189 125,261 Article content Annual General Meeting Article content The Corporation will hold its Annual General Meeting (AGM) for shareholders at 10 am on June 17, 2025. Webcast and further details on the AGM will be provided in the notice of meeting. Article content About Dynacor Article content Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America. Article content The premium paid by luxury jewellers for Dynacor's PX Impact ® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit for more information. Article content Article content Article content Article content Article content Contacts Article content For more information, please contact: Article content Ruth Hanna Director, Investor Relations T: 514-393-9000 #236 E: investors@ Website: Article content Article content
Business Wire
15-05-2025
- Business
- Business Wire
Dynacor Further Improves Financial Performance with Net Income of $5.1 Million and Record Quarterly Sales of $80 Million in Q1-2025
MONTREAL--(BUSINESS WIRE)-- Dynacor Group Inc. (TSX: DNG) ('Dynacor' or the 'Corporation') today announced its unaudited financial and operational results 1 for the first quarter ended March 31, 2025. Record sales and robust financial results: Record sales of $80.0 million, an 18.2% increase from Q1-2024. EBITDA 2 of $7.3 million, a 9.9% decrease from Q1-2024. Net income of $5.1 million, a 6.3% increase from Q1-2024. Operating cash flows before changes in working capital items of $5.8 million, a 3.6% increase from Q1-2024. Cash gross operating margin of $353 per AuEq ounce sold 3, compared to $305 in Q1-2024. Successful financing: Completed an offering of 5,750,000 common shares at a price of $3.84 (CA$5.50) per share, generating gross proceeds of $22,081,414 (CA$31,625,000). Steady mill performance: Processed 43,341 tonnes of ore (482 tpd) compared to 44,006 tonnes in Q1-2024 (484 tpd) Produced 27,050 AuEq ounces compared to 31,769 AuEq ounces in Q1-2024. 38,500 tonnes of ore supplied, and ore inventory of almost 7,000 tonnes at quarter-end. Solid financial position with cash and short-term investments of $59.3 million at the end of Q1-2025 compared to $25.8 million at year-end 2024. Advanced international expansion plans: Senegal: Preparatory work for the construction of a 50 tpd pilot plant is proceeding to plan. Ecuador: Executed a conditional letter of offer and indicative terms for the purchase of a 1,500 tpd permitted processing plant. Increased monthly dividends: Disbursed a monthly dividend representing CA$0.16 per share on an annual basis or a 3.3% dividend yield based on the current share price. Heightened health and safety, environment and social responsibility expertise at Veta Dorada through 9,735 hours of training. Impacted more than 1,000 people through investments in artisanal mining community education and health. 1 All figures are in US dollars unless stated otherwise. All variance % are calculated from rounded figures. Some additions might be incorrect due to rounding. 2 EBITDA: 'Earnings before interest, taxes and depreciation' is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another corporation. The Corporation uses this non-IFRS measure as an indicator of the cash generated by the operations and allows investor to compare the profitability of the Corporation with others by canceling effects of different assets basis, effects due to different tax structures as well as the effects of different capital structures. EBITDA is calculated on p.13 of the MD&A. See the 'Non-IFRS Measures' section 18 of the Corporation's MD&A for the three-month period ended March 31, 2025. 3 Cash gross operating margin per AuEq ounce is in US$ and is calculated by subtracting the average cash cost of sale per equivalent ounce of Au from the average selling price per equivalent ounce of Au and is a non-IFRS financial performance measure with no standard definition under IFRS Accounting Standards. It is therefore possible that this measure could not be comparable with a similar measure of another company. See the 'non-IFRS Measures' in section 18 of the Corporation's MD&A. Expand 2025 Outlook versus Actuals For 2025, the Corporation forecasts: Sales between $345-$375 million (YTD $80.0 million). Net income between $14-$17 million (YTD $5.1 million). Production between 120,000-130,000 AuEq ounces (YTD 27,050 AuEq ounces). Capital expenditures of up to $15 million in Peru and Senegal (YTD $1.3 million). Other project expenses of $3 million to achieve the 2025 growth plan (YTD $0.5 million). Initial guidance excludes ongoing capital expenditure on other projects and opportunities in Latin America and in Africa. Guidance is based on the following assumptions: No increase in processing capacity. Average market gold price of between $2,800 and $3,000 per ounce. The ore grade supplied may vary with the evolution of the gold price. So far in 2025, the Corporation is in line with its outlook. 'I am proud of the Dynacor team's dedication and focus, delivering record sales, solid production and strong financials in the first quarter, which can be the weakest quarter of the year due to the wet season. Despite external market turbulence, we also advanced our expansion plan decisively in the quarter through our conditional offer of intent to acquire a second plant in Latin America and tight oversight of our growth plans into Africa,' said Jean Martineau, President & CEO. 'We thank shareholders for their continued support in this year of significant execution and believe that Dynacor has never been better positioned.' Operations Overview The Chala plant continued operating at full capacity. Production was impacted by the supply of lower grade ore that is mainly due to the increasing gold market price. The decrease in the AuEq ounces produced is a direct result of the lower head grade processed compared to the same period in 2024. At the end of Q1-2025, the Corporation's stockpile held some 7,000 tonnes of ore compared to 12,000 tonnes at year-end 2024, reflecting the lower seasonal volume of ore supply in the period. Financial Overview Q1-2025 Quarterly Results During Q1-2025, the gold price increased from approximately $2,700/oz in January to approximately $3,000/oz in March, positively impacting the Q1-2025 financial performance. Total sales amounted to $80.0 million compared to $67.7 million in 2024. The $12.3 million increase is explained by a higher average gold price (+$22.3 million), partially offset by lower quantities of gold ounces sold (-$10.0 million) due to lower grades of ore processed. The Q1-2025 gross operating margin reached $9.0 million (11.2% of sales) compared to $9.1 million (13.5% of sales) in Q1-2024. Both quarters were positively impacted by the increasing gold market prices. General and administrative expenses amounted to $2.4 million in Q1-2025 compared to $1.7 million in Q1-2024. The increase is attributable to the growing management team to achieve the growth plan, the increase in salaries and the cost of the special Shareholders meeting that was held on April 16, 2025. Other projects represent the expenses incurred by the Corporation to duplicate its unique business model in the same or other jurisdictions. A $1.4 million income tax expense was also recorded during Q1-2025. The decrease as a percentage of the net income before taxes is mainly explained by the variance throughout the period of the Peruvian sol against the US$ which is the Corporation's functional currency. Future fluctuations will positively or negatively affect the current and deferred tax at the end of each period. Cash Flows, Working Capital and Liquidity Overview Investing activities In Q1-2025, Dynacor invested $1.3 million in capital expenditure including $0.8 million to increase the tailings pond capacity and other additions to maintain or improve the plant efficiency. All investments were financed with internally generated cash flow. Financing activities Offering of 5,750,000 common shares at a price of $3.84 (CA$5.50) per share, generating gross proceeds of $22,081,414 (CA$31,625,000) and incurring transaction costs of $1,648,652. In Q1-2025, monthly dividends of CA$0.0133 totaling CA$0.04 per share were disbursed for a total consideration of $1.1 million (CA$1.7 million). In Q1-2024, monthly dividends of CA$0.01167 totaling CA$0.035 per share were disbursed for a total consideration of $1.0 million (CA$1.3 million). Working Capital and Liquidity As at March 31, 2025, the Corporation's working capital amounted to $82.6 million, including $59.3 million in cash and short-term investments ($58.9 million, including $25.8 million in cash and short-term investments as at December 31, 2024). Consolidated Statement of Financial Position As at March 31, 2025, total assets amounted to $147.2 million ($125.3 million as at December 31, 2024). Major variances since year-end 2024 come from the significant increase in cash following the issuance of common shares in February 2025 and the decrease in ore inventory due to the rainy season which impacts the ore supply. Annual General Meeting The Corporation will hold its Annual General Meeting (AGM) for shareholders at 10 am on June 17, 2025. Webcast and further details on the AGM will be provided in the notice of meeting. About Dynacor Dynacor Group is an industrial ore processing company dedicated to producing gold sourced from artisanal miners. Since its establishment in 1996, Dynacor has pioneered a responsible mineral supply chain with stringent traceability and audit standards for the fast-growing artisanal mining industry. By focusing on fully and part-formalized miners, the Canadian company offers a win-win approach for governments and miners globally. Dynacor operates the Veta Dorada plant and owns a gold exploration property in Peru. The company plans to expand to West Africa and within Latin America. The premium paid by luxury jewellers for Dynacor's PX Impact ® gold goes to Fidamar Foundation, an NGO that mainly invests in health and education projects for artisanal mining communities in Peru. Visit for more information. Forward-Looking Information Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Cision Canada
01-05-2025
- Business
- Cision Canada
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 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.
