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Soma increases income from mine operations in Q2 2022, gold production up

Kitco Media
By Vladimir Basov
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(Kitco News) - On Monday, Soma Gold (TSXV: SOMA) reported that its gold equivalent ounce sold rose to 7,583 ounces in Q2 2022, which is an increase of 79% from the prior quarter and 99% from Q2 2021.

The company said that income from mining operations was C$8.0 million for the quarter compared to C$4.2 million in the previous quarter, which is an increase of 93%.

Soma added that its adjusted EBITDA doubled to C$7.5 million for the quarter compared to C$3.7 million in Q1 2022.

"The second quarter of 2022 was very successful for Soma. Higher-grade ore from Cordero, at an average of 7.75 gpt in the second quarter, is starting to replace ore from our legacy, lower-grade mines which has a very positive impact on gold production and financial results,“ stated president and CEO Javier Cordova.

He added, "As development at Cordero advances, mill throughput at higher-than-average grades will ramp up, allowing the company to increase tons from the Q2 average of 387 tpd, to over 500 tpd in early 2023, resulting in further growth of gold production.“

Soma Gold 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. The company also owns an exploration property near Tucuma, Para State, Brazil that is currently under option to Ero Copper.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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