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Soma Gold reports income from mine operations of C$4.1 million in third quarter

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(Kitco News) - On Wednesday, Soma Gold (TSXV: SOMA) announced that its Q3 2022 gold equivalent ounce sold of 5,494 ounces was the second highest quarterly total in Soma's history, even after losing one-half of a month's production to a union strike.

The company said that income from mining operations was C$4.1 million for the quarter and adjusted EBITDA was C$3.8 million, adding that both metrics were significantly impacted by the strike but are expected to rebound strongly in Q4.

"Year-to-date, income from mining operations of C$16.3 million (2021 - C$9.7 million) and adjusted EBITDA of C$15.0 million (2021 - C$8.7 million), continue to demonstrate a significant increase over prior year results," Soma noted in a statement.

"It was a very busy third quarter for Soma," CEO Javier Cordova said. "A new collective bargaining agreement was reached with our unionized employees on September 29th after a two-week strike. Our people are the heart of our operation, and we are pleased to have our many dedicated employees back working towards our mutual success. Despite losing half a month of production, we also achieved the company's second-highest gold production to date."

He further stated, "Cordero development work continues, aided by further deliveries of the Company's new underground equipment from Sandvik. The final pieces of equipment were just delivered and are being integrated into our operations. It will allow us to ramp up development and production at the higher-grade Cordero mine and continue to make meaningful increases to our gold production in future quarters."

Soma Gold 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. 

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