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Soma Gold says 'outperformed' on most metrics in Q1 as it continues to ramp up production

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(Kitco News) - Soma Gold (TSXV: SOMA) said today that its Q1 2023 revenue of C$16.0 million, income from mine operations of C$6.6 million and net income of C$1.2 million show significant improvements compared to Q1 2022 (63%, 59% and 377% increases, respectively).

The company added it sold 6,448 gold equivalent ounces in Q1 2023, which is an increase of 52% from Q1 2022 and the second highest sales number in Soma's history.

The company's adjusted EBITDA was C$6.8 million in Q1 2023 compared to C$3.7 million in Q1 2022. Total cash cost per ounce of gold sold was US$893, which is a decrease compared to US$910/oz in Q1 2022.

President and CEO Javier Cordova stated, "It is gratifying to deliver the performance we anticipated in our 2023 plan and guidance. We are well on track to completing the year at or above expectations. The team has outperformed on most metrics as we see the effects of self-performing mechanized mining.

"We are successfully transitioning from the 2022 challenges of managing the construction of the Cordero mine and gold production to optimizing costs and recovery. During the balance of 2023, we will continue to ramp up gold production and further reduce the costs to produce those ounces.”

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.

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