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Soma Gold Corp is a mining company focused on responsibly developing high-grade gold deposits in Colombia. With a strong emphasis on sustainability, community engagement, and environmental stewardship, Soma Gold is committed to safe and efficient operations.
The company's core business involves exploration, development, and production of gold in South America. Soma Gold's recent achievements include successful drilling results, expansion of mineral reserves, and strategic partnerships to enhance operational efficiency and profitability.
Currently, Soma Gold Corp is actively pursuing various projects to increase gold production, optimize processing facilities, and explore new opportunities for growth. The company's financial position is stable, with a solid balance sheet and a clear growth strategy.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) reported its Q2 2024 financial results. The company sold 7,209 AuEq ounces in Q2 and 14,233 AuEq ounces in H1 2024, down from 15,391 AuEq ounces in H1 2023. Revenue increased to $22.7 million for the quarter and $42.0 million for H1 2024, compared to $39.0 million in H1 2023. EBITDA for Q2 was $7.5 million and $13.6 million for H1 2024, down from $15.9 million in H1 2023.
Total cash costs per ounce of gold sold rose to US$1,340 for Q2 and US$1,263 for H1 2024, up from US$901 in H1 2023. The average realized cash margin was US$1,029 for Q2 and US$959 for H1 2024, compared to US$1,021 in H1 2023. The company reported a net loss of $0.6 million or $0.01 per share for H1 2024.
Goldlogic Corp. has amended its offtake agreement with Soma Gold Corp. to include an additional $3 million advance.
This brings the total amount to $8 million to support Soma's Aurora Mine development and increase its 2024 exploration budget. Soma will provide Goldlogic with a monthly cash payment equivalent to 59.9 ounces of gold for 36 months starting June 2024. The funds will expedite drilling on several targets across Soma's 41,000-hectare property in Colombia, aiming to enhance production and resource identification. The amendment follows successful completion of earlier tranches and aligns with Goldlogic's goal of fostering growth in the Colombian gold mining sector.
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