Soma Gold 3rd quarter financial numbers shows a record amount of gold ounces sold
November 28, 2023 at 12:52 pm
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Soma Gold CEO Javier Cordova joined Steve Darling from Proactive to provide an update on the company’s third-quarter financial numbers. That included reporting significant production and sales growth.
The company achieved total gold production of 24,839 ounces from the Cordero Mine and the El Bagre Milling Operations. Sales saw a substantial increase, with ounces sold up by 66% from the third quarter of 2022, reaching a record of 9,112 ounces, and a 42% increase over the nine months to 24,503 ounces.
Cordova highlighted a solid financial performance, with net income for the third quarter reaching $3.2 million from a revenue of $22.8 million. The company's Adjusted EBITDA stood at $9.6 million for the quarter and $26.7 million for the nine months ending September 30, 2023. These figures represent a significant improvement over the $3.8 million and $15.0 million reported in the corresponding periods of 2022.
Looking forward, Soma Gold is aiming for a strong year-end finish and is focused on ramping up production to achieve an ambitious growth target for the year. A crucial component of this strategy is the restart of the El Limon Mill, which is expected to increase production capacity significantly and lay the groundwork for a sustained increase in gold output into 2024 and beyond.
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Soma Gold Corp. is a Canada-based mining company. The Company is focused on gold production and exploration. It is engaged in the business of acquiring, exploring, developing, and operating mining properties in South America. It owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd. The Company's principal operation is the El Bagre Gold Mining Complex (El Bagre), which consists of an operating gold processing plant (the El Bagre Mill) and the Cordero underground mine. The El Limon Project (El Limon) is adjacent to the El Bagre Project and includes a past producing underground mine and a gold processing plant with a capacity of approximately 225 tpd. The Company also owns an exploration property, Tucuma Exploration Project (Tucuma) copper/gold exploration project, which is located in the Carajas metallogenic province in the State of Para, Brazil.