SOMA GOLD REPORTS YEAR-END FINANCIAL RESULTS AND OPERATING HIGHLIGHTS
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A record 32,340 AuEq ounces were produced in 2023 – a 40% increase from the previous year. Q4-2024 AuEq production was up 25% to 7,234 ounces.
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Revenue for the year rose by 53% to
$81.1 million . Income for 2023 reached$2.8 million , compared to$0.3 million in 2022. Q4-2024 revenue climbed 46% to$19.4 million .
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Adjusted EBITDA(1) reached
$31.8 million , an 83% increase over the previous year. For Q4-2024, Adjusted EBITDA(1) of$5.1 million was 116% higher than Q4 of 2022.
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Total cash costs per ounce of gold sold(1) for 2023 was
US$983 , slightly lower than theUS$1,002 reported in the previous year.
2023 Operational and Financial Highlights
- Total AuEq production of 32,340 ounces from the
Cordero Mine and the el Bagre Milling Operations. - Cordero Operations had an attributable cash cost per ounce of gold sold(1) of
US$983 and an All-In Sustaining Cost (AISC)(1) of US$1,510 per ounce. - Income from mining operations reached
$28.0 million . - Total Comprehensive income stood at
$11.5 million compared to a loss of$2.6 million in 2022. - EBITDA(1) of
$31.1 million and adjusted EBITDA(1) of$31.8 million . - Net income for the year of
$2.8 million or$0.03 per share, a significant increase from the net income of$257,000 in 2022. - Adjusted EBITDA(1) per share of
$0.35 - An increase in Au recovery for the full year to 88.3% in 2023, up from 87.2% in 2022.
Full Year 2024 Outlook
- Exploration of the expanded property package along the Otu fault to continue to build total resources and identify the next mine on the Company's Antioquia properties.
- Continue to formalize the operations of small miners working on the Company's concessions, aiming for 10% of its production to come from these formalized small miners.
- Finalize plans to restart the el
Limon Mill to process both excess ore from Cordero and ore from formalized small miners. - Review further strategic additions to the Company's concession package, targeting trends identified by its exploration program.
- Drill the Cordero deposit at depth with the new underground drill purchased by the Company to confirm resource continuity and increase resource estimates.
The Company also announces that it has accepted
The Company also announces that it has granted incentive stock options, pursuant to its equity incentive plan, to an employee of the Company to purchase up to 200,000 common shares of the Company. The stock options are exercisable at a price of
ABOUT
With a solid commitment to sustainability and community engagement,
The Company also owns an exploration property near Tucuma, Para State,
On behalf of the Board of Directors
"Geoff Hampson"
Chief Executive Officer and President
Neither the
(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 |
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