SOMA GOLD REPORTS SECOND-QUARTER FINANCIAL RESULTS AND OPERATING HIGHLIGHTS
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.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) ha riportato i risultati finanziari per il secondo trimestre del 2024. L'azienda ha venduto 7.209 once equivalenti d'oro (AuEq) nel Q2 e 14.233 AuEq nel primo semestre del 2024, in diminuzione rispetto alle 15.391 AuEq nel primo semestre del 2023. I ricavi sono aumentati a 22,7 milioni di dollari per il trimestre e a 42,0 milioni di dollari per il primo semestre del 2024, rispetto ai 39,0 milioni di dollari nel primo semestre del 2023. EBITDA per il secondo trimestre è stato di 7,5 milioni di dollari e 13,6 milioni di dollari per il primo semestre del 2024, in calo rispetto ai 15,9 milioni di dollari nel primo semestre del 2023.
I costi totali in contante per oncia d'oro venduta sono aumentati a 1.340 dollari statunitensi per il secondo trimestre e 1.263 dollari statunitensi per il primo semestre del 2024, rispetto ai 901 dollari statunitensi nel primo semestre del 2023. Il margine di cassa realizzato medio è stato di 1.029 dollari statunitensi per il secondo trimestre e 959 dollari statunitensi per il primo semestre del 2024, rispetto ai 1.021 dollari statunitensi nel primo semestre del 2023. L'azienda ha riportato una perdita netta di 0,6 milioni di dollari, ovvero 0,01 dollari per azione, per il primo semestre del 2024.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) reportó sus resultados financieros del segundo trimestre de 2024. La empresa vendió 7,209 onzas equivalentes de oro (AuEq) en el segundo trimestre y 14,233 AuEq en el primer semestre de 2024, una disminución con respecto a las 15,391 AuEq en el primer semestre de 2023. Los ingresos aumentaron a 22.7 millones de dólares para el trimestre y a 42.0 millones de dólares para el primer semestre de 2024, en comparación con 39.0 millones de dólares en el primer semestre de 2023. EBITDA para el segundo trimestre fue de 7.5 millones de dólares y 13.6 millones de dólares para el primer semestre de 2024, una disminución respecto a los 15.9 millones de dólares en el primer semestre de 2023.
Los costos de efectivo totales por onza de oro vendida aumentaron a 1,340 dólares estadounidenses para el segundo trimestre y 1,263 dólares para el primer semestre de 2024, en comparación con 901 dólares en el primer semestre de 2023. El margen de efectivo realizado promedio fue de 1,029 dólares para el segundo trimestre y 959 dólares para el primer semestre de 2024, comparado con 1,021 dólares en el primer semestre de 2023. La empresa reportó una pérdida neta de 0.6 millones de dólares, o 0.01 dólares por acción, para el primer semestre de 2024.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF)는 2024년 2분기 재무 결과를 발표했습니다. 이 회사는 2분기에 7,209 AuEq 온스를 판매했으며 2024년 상반기에는 14,233 AuEq 온스를 판매했습니다. 이는 2023년 상반기 15,391 AuEq 온스에서 감소한 수치입니다. 분기 수익은 2,270만 달러로 증가했으며, 2024년 상반기 수익은 4,200만 달러로, 2023년 상반기 3,900만 달러와 비교됩니다. EBITDA는 2분기에 750만 달러, 2024년 상반기에 1,360만 달러로, 2023년 상반기 1,590만 달러에서 감소했습니다.
판매된 금 1온스당 총 현금 비용은 2분기에 1,340달러, 2024년 상반기에는 1,263달러로 증가했으며, 이는 2023년 상반기 901달러에서 증가한 것입니다. 평균 현금 마진은 2분기에 1,029달러, 2024년 상반기에 959달러로, 2023년 상반기 1,021달러와 비교됩니다. 회사는 2024년 상반기 60만 달러의 순손실을 보고하였으며, 이는 주당 0.01달러입니다.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) a publié ses résultats financiers pour le deuxième trimestre de 2024. L'entreprise a vendu 7 209 onces équivalentes d'or (AuEq) au T2 et 14 233 AuEq au premier semestre 2024, en baisse par rapport à 15 391 AuEq au premier semestre 2023. Les revenus ont augmenté à 22,7 millions de dollars pour le trimestre et à 42,0 millions de dollars pour le premier semestre 2024, comparé à 39,0 millions de dollars au premier semestre 2023. EBITDA pour le T2 était de 7,5 millions de dollars et de 13,6 millions de dollars pour le premier semestre 2024, en baisse par rapport à 15,9 millions de dollars au premier semestre 2023.
Les coûts de trésorerie par once d'or vendue ont augmenté à 1 340 dollars américains pour le T2 et à 1 263 dollars pour le premier semestre 2024, contre 901 dollars au premier semestre 2023. La marge de trésorerie réalisée moyenne était de 1 029 dollars pour le T2 et de 959 dollars pour le premier semestre 2024, comparé à 1 021 dollars au premier semestre 2023. L'entreprise a signalé une perte nette de 0,6 million de dollars, soit 0,01 dollar par action pour le premier semestre 2024.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Das Unternehmen verkaufte 7.209 AuEq Unzen im Q2 und 14.233 AuEq Unzen im ersten Halbjahr 2024, ein Rückgang von 15.391 AuEq Unzen im ersten Halbjahr 2023. Der Umsatz stieg auf 22,7 Millionen US-Dollar für das Quartal und 42,0 Millionen US-Dollar für das erste Halbjahr 2024, verglichen mit 39,0 Millionen US-Dollar im ersten Halbjahr 2023. EBITDA im Q2 betrug 7,5 Millionen US-Dollar und 13,6 Millionen US-Dollar im ersten Halbjahr 2024, ein Rückgang von 15,9 Millionen US-Dollar im ersten Halbjahr 2023.
Die Gesamtkosten pro verkaufter Unze Gold stiegen auf 1.340 US-Dollar im Q2 und 1.263 US-Dollar im ersten Halbjahr 2024, im Vergleich zu 901 US-Dollar im ersten Halbjahr 2023. Der durchschnittliche realisierte Cash-Margin betrug 1.029 US-Dollar im Q2 und 959 US-Dollar im ersten Halbjahr 2024, verglichen mit 1.021 US-Dollar im ersten Halbjahr 2023. Das Unternehmen berichtete über einen Nettoverlust von 0,6 Millionen US-Dollar oder 0,01 US-Dollar pro Aktie im ersten Halbjahr 2024.
- Revenue increased to $42.0 million for H1 2024, up from $39.0 million in H1 2023
- EBITDA for Q2 2024 was $7.5 million
- Average realized cash margin remained relatively stable at US$959 for H1 2024 compared to US$1,021 in H1 2023
- Company completed major maintenance shutdown of El Bagre Mill, including ball mill rebuild
- Gold equivalent ounces sold decreased to 14,233 in H1 2024 from 15,391 in H1 2023
- EBITDA for H1 2024 decreased to $13.6 million from $15.9 million in H1 2023
- Total cash costs per ounce of gold sold increased to US$1,263 for H1 2024 from US$901 in H1 2023
- Net loss of $0.6 million or $0.01 per share reported for H1 2024
- Soma sold 7,209 AuEq ounces in Q2-2024 and 14,233 AuEq ounces in the six months ended June 30, 2024 (compared to 15,391 AuEq ounces in H1-2023).
- Revenue for the quarter was up
$22.7 million $42.0 million $39.0 million - EBITDA(1) for the quarter stood at
$7.5 million $13.6 million $15.9 million - Total cash costs per ounce of gold sold(1) were
US for the quarter and$1,340 US for the six months ended June 30, 2024 (compared to$1,263 US in H1-2023)$901 - The average realized cash margin(1) was
US for the quarter and$1,029 US for the six months ended June 30, 2024 (compared to$959 US in H1-2023).$1,021
Operations Review – Six Months Ended June 30, 2024
- Soma produced 6,590 AuEq ounces in Q2-2024 and 13,925 AuEq ounces in in the six months ended June 30, 2024 (compared to 15,693 AuEq ounces in H1-2023).
- Cordero Operations reported attributable cash costs per ounce of gold sold(1) of
US $1,263 - Income from mining operations was
$10.0 million - EBITDA(1) of
$13.6 million $13.9 million - Net loss of
$0.6 million $0.01 - Adjusted EBITDA(1) per share of
$0.15
The Company successfully completed a major maintenance shutdown of the El Bagre Mill in the second quarter, including the rebuild of the ball mill. The mill was shut down for eight days in June, significantly impacting the ounces produced in the month. Additionally, the Company's shift to a conventional mining focus has resulted in a higher proportion of development costs being expensed rather than capitalized, with approximately
Outlook for the Balance of 2024
- Continue exploration of the expanded property package along the Otu fault to increase resources and identify the next mine on the Company's Antioquia properties.
- Further expand and commence mining in the high-grade zone of Upper Cordero, as highlighted in the News Release dated July 16, 2024.
- Complete the restoration, cleaning and permitting of the Machuca mine, with production set to begin at the start of Q4.
- Finalize the mine plan and permit application for the Nechi mine to increase feed for the el Limon and El Bagre mills. Mining operations at Nechi are expected to commence by 2026.
- Continue advancing the formalization process for small miners working on the Company's concessions, aiming to increase total ounces produced by
10% . - Evaluate additional strategic additions to the Company's concession package, focusing on trends identified through the exploration program.
- Commence the drilling program using the newly acquired underground drill to confirm the extension of the Cordero deposit at depth, thereby increasing the resource and Life of Mine.
Geoff Hampson, Soma's President and CEO, states, "The transition to conventional mining methods continued in Q2, while the Company was mining zones with lower-than-historical average grade and containing a series of faults and dykes, increasing mining costs per ounce. This transition is largely complete, and we anticipate mining the higher-grade zones in Upper Cordero (as detailed in the Soma News Release dated July 16, 2023) to commence by the end of Q3. For the balance of 2024 and into 2025, we expect the combination of higher grades, reduced development and waste rock and an increase in the number of stopes, which will all contribute to a strong finish for the year." Hampson also states, "Our exploration team has made significant progress in advancing several high-priority exploration targets near the Machuca Mine. The results of mapping, soil sampling, stream sediment analysis and channel sampling inside several of the small mines along the trend indicate the potential for a larger and higher-grade deposit. Drilling on these targets will begin in Q4. We are optimistic that these discoveries can potentially lead to an increase in mineable resources, enhancing the feed for our two mills and possibly justifying the fully permitted mill expansion."
Three Months Ended December 31, 2023 and 2022 - Financial and Operating Highlights
In Canadian dollars unless otherwise noted. | Three months ended | Six months ended | ||||||||
June 30, | June 30, | June 30, | June 30, | |||||||
Operating data | ||||||||||
Ore mined | t | 37,236 | 39,009 | 75,490 | 74,309 | |||||
Ore milled | t | 34,029 | 38,369 | 71,771 | 72,540 | |||||
Gold Grade | g/t Au | 7.10 | 7.86 | 6.94 | 7.46 | |||||
Recovery | % | 89.0 % | 88.7 % | 88.3 % | 88.4 % | |||||
Gold ounces produced | oz. | 6,513 | 8,798 | 13,776 | 15,526 | |||||
Silver ounces produced | oz. | 8,737 | 11,421 | 17,626 | 19,409 | |||||
Gold ounces sold | oz. | 7,131 | 8,844 | 14,084 | 15,221 | |||||
Silver ounces sold | oz. | 8,737 | 11,421 | 17,626 | 19,746 | |||||
Financial data | ||||||||||
Revenue | $ | 22,693,283 | 22,987,091 | 42,025,124 | 38,988,022 | |||||
Income from mine operations | $ | 5,671,789 | 9,838,109 | 10,012,428 | 9,838,109 | |||||
Income for the period | $ | (442,675) | 3,635,321 | (613,074) | 3,635,321 | |||||
Per share - basic | $/share | (0.00) | 0.04 | (0.01) | 0.04 | |||||
EBITDA(1) | $ | 7,539,987 | 9,558,564 | 13,569,266 | 15,867,123 | |||||
Adjusted EBITDA(1) | $ | 7,559,942 | 10,288,639 | 13,866,184 | 17,049,859 | |||||
Per share - basic(1) | $/share | 0.08 | 0.11 | 0.15 | 0.19 | |||||
Total cash costs(1) | USD $/oz | 1,340 | 907 | 1,263 | 901 | |||||
Average realized price(1) | USD $/oz | 2,369 | 1,957 | 2,222 | 1,922 | |||||
Average realized cash margin(1) | USD $/oz | 1,029 | 1,050 | 959 | 1,021 | |||||
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration. The Company owns two adjacent mining properties in Antioquia,
With a solid commitment to sustainability and community engagement, Soma Gold Corp. is dedicated to achieving excellence in all aspects of its operations.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(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 Three and Six Months Ended June 30, 2024 and 2023 which can be accessed at www.sedar.com. |
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.
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SOURCE Soma Gold Corp.
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