Colombia-based gold producer Soma Gold (TSXV: SOMA) has revealed its impressive H1 2023 results, reflecting a remarkable surge in gold production. The company’s production figures soared by 33% compared to H1 2022, with a total of 15,526 ounces of gold produced during the first half of the year.
These impressive numbers are mirrored in the company’s financial performance, where Soma Gold reported substantial growth in various key metrics. H1 2023 income from mining operations reached C$16.4 million, showcasing a significant uptick from the C$12.2 million recorded in H1 2022. Moreover, the company’s EBITDA for H1 2023 stood at C$15.9 million, a substantial increase from the C$10.3 million reported in H1 2022. The bottom line also displayed a healthy expansion, with H1 2023 net earnings of C$4.84 million, a notable increase compared to the H1 2022 figure of C$2.11 million.
President and CEO of Soma Gold, Javier Cordova, expressed his satisfaction with the results, characterizing the quarter as “strong.” Cordova highlighted that the company remains on course with its 2023 plan and guidance, emphasizing their expectation of a robust finish to the year. He also underlined Soma’s commitment to meeting aggressive growth objectives for the year by ramping up production.
In line with their growth plans extending into 2024 and beyond, Soma Gold is set to expand its milling capacity. The company intends to achieve this expansion by re-starting the El Limon mill, a strategic move aimed at bolstering its position in the gold production and exploration sector.
Soma Gold, with a focus on gold production and exploration, owns two adjacent mining properties in Antioquia, Colombia, boasting a combined milling capacity of 675 tpd (permitted for 1,400 tpd). Notably, the El Bagre mill is currently operational and producing. Additionally, the company holds an exploration property near Tucuma, Para State, Brazil, which is presently under option to Ero Copper.
These positive results and strategic growth initiatives underscore Soma Gold’s commitment to capitalizing on its strong performance and further enhancing its presence in the gold mining industry.
