Latest news with #GeoffHampson
Cision Canada
6 days ago
- Business
- Cision Canada
SOMA GOLD CORP. ANNOUNCES CHANGE OF AUDITOR
VANCOUVER, BC, July 15, 2025 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the " Company" or " Soma") announces that it has changed its auditor from Doane Grant Thornton LLP (" Former Auditor") to PricewaterhouseCoopers LLP (" Successor Auditor" or " PwC"), effective July 5, 2025. The change in auditors was approved by the Board of Directors to better align audit and advisory services with the Company's growth strategy and evolving operations. The appointment of PwC will be submitted to shareholders for approval at the Company's next Annual General Meeting, scheduled for December 2025. The Former Auditor's reports on the Company's financial statements for the two most recent fiscal years ended December 31, 2024, and December 31, 2023, did not contain any modifications or reservations, and there were no reportable events as defined in National Instrument 51-102 (Continuous Disclosure Obligations) in connection with their audits through to the date of change. Greg Hayes, Chief Financial Officer of Soma, commented: "We thank Doane Grant Thornton for their professionalism and service over the past several years. Their support was instrumental during a period of significant development for Soma. As we expand our operations, we look forward to working with PwC to support our next phase of growth." In accordance with NI 51-102, the Company has filed a Notice of Change of Auditor along with the required letters from both the Former Auditor and the Successor Auditor on SEDAR+. ABOUT SOMA GOLD Soma Gold Corp. (TSXV: SOMA) is a profitable mining company focused on gold production and exploration. The Company owns over 43 sq. kilometers of mineral concessions following the prolific OTU fault in Antioquia, Colombia and two fully permitted mills located within 25 kilometers of each other, with a combined milling capacity of 675 tpd. The El Bagre Mill operates at 450 TPD and the El Limón mill is slated to restart operations in Q3 2025. Internally generated funds are being used to finance a regional exploration program. 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, Brazil that is currently under option to Ero Copper Corp. 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. 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 Soma Gold Corp.
Cision Canada
07-07-2025
- Business
- Cision Canada
SOMA GOLD ANNOUNCES AGREEMENT TO ACQUIRE THE ESCONDIDA MINE IN ANTIOQUIA, COLOMBIA
La Escondida Mine The La Escondida Mine is a legal small-scale operation with a full set of permits, including a PTO, environmental, and explosives permit. There are two winzes into the main Escondida vein and a small informal mill on the property. The site is accessed via a gravel road from Zaragosa or Cáceres, Colombia. The road is suitable for truck access, with a travel time of approximately 1.5 hours from the site to the El Limón Mill in Zaragosa. The Escondida vein has been traced for 800 meters along strike to the northeast and down-dip for approximately 135 meters. The vendor has mined 200 meters of strike length down to a vertical depth of 105 meters. The mine was developed in 5-meter levels, most of which have been backfilled. The mine produces 10-20 tonnes of ore per day at approximately 9.0 g/t Au, which reflects the mill's current capacity. The vein is 15-50 cm thick but is accompanied by a 1.0-3.0 meter thick clay alteration package that is also variably mineralized. The style of veins, alteration, and sulphide mineralization is consistent with an intermediate sulphidation epithermal vein system. The host rock is a competent intermediate to felsic intrusive rock. The geometry of the vein, known strike-length, and gold tenor of the current production suggest that the Escondida vein is likely to contain a significant quantity of gold. However, there has never been a drilling program to sample the strike extent of the Escondida vein. An initial 2,500-meter drill program would rapidly determine the strike and down-dip extent of the Escondida Vein and begin to quantify a NI 43-101-compliant gold resource outside on the La Escondida property. In addition to the main vein that is currently being mined, at least five other veins are known on the tenement from illegal surface workings and prospecting. Regional, coarse-scale geophysics indicates that the vein-hosting structures extend on the property to the northeast and southwest. Additional quartz veins are known from illegal surface mining, but the tenement has never been systematically explored. An exploration program, including geological mapping, prospecting, and soil sampling, will be conducted to evaluate the entire project area for additional gold mineralization. The purchase price is US$3 million, payable in tranches of US$1 million at closing, US$500,000 on the first anniversary, US$500,000 on the second anniversary, and US$1 million on the third anniversary. Soma will also pay a 0.5% NSR on all gold produced from the site. The NSR can be purchased at any time for a one-time payment of US$750,000. Geoff Hampson, Soma's CEO, states, "The purchase of the Escondida Mine aligns with our strategy to grow production from our operations in Antioquia. Soma will invest in operational improvements to quickly increase production at Escondida to 40-50 tonnes per day. The ore will be trucked to the El Limón Mill for processing. The average grade at Escondida is higher than the grades of ore from the Cordero and Aurora mines, which are currently being stockpiled at El Limón. As such, Escondida ore will increase the average head grade at the mill. Preliminary geological work on the vein structure indicates the potential for a significant addition to Soma's resource. A drilling program is planned for Q3 2025 to test the indicated 800 meters of strike, the vein extension at depth, and an additional vein on the property. It is anticipated that these results will support the inclusion of additional resources in the NI 43-101 Technical Report Update scheduled for early 2026." ABOUT SOMA GOLD Soma Gold Corp. (TSXV: SOMA) is a profitable mining company focused on gold production and exploration. The Company owns over 43 sq. kilometers of mineral concessions following the prolific OTU fault in Antioquia, Colombia and two fully permitted mills located within 25 kilometers of each other, with a combined milling capacity of 675 tpd. The El Bagre Mill operates at 450 TPD and the el Limon mill is slated to re-start operations in Q3 2025. Internally generated funds are being used to finance a regional exploration program. 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, Brazil that is currently under option to Ero Copper Corp. 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. 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 Soma Gold Corp.
Cision Canada
19-06-2025
- Business
- Cision Canada
SOMA GOLD IMPROVES EL BAGRE PROCESSING CIRCUIT, NEARS COMPLETION AT EL LIMON MILL, AND REDUCES DEBT
Highlights: Rehabilitation of the El Bagre floatation circuit is complete, and full production throughput has resumed. Construction of the additional leach tank at El Bagre Mill is complete with and the oxygen plant, motors, and controls are scheduled to be installed in July. An additional C$1.0 million repayment was made on the Conex Loan. Rehabilitation of the El Limon Mill will be completed by the end of June, with production ramp-up expected in Q3. Stockpiling of ore at El Limon is underway. VANCOUVER, BC, June 19, 2025 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the " Company" or " Soma") is pleased to provide an operational and corporate update. In May 2025, Soma made a C$1.0 million principal repayment on the Conex loan in addition to the C$2.5 million repaid in March. The Company intends to continue repaying the loan from free cash flow through the remainder of 2025 and beyond. The terms of the loan require a balloon payment of principal and accrued interest on July 31, 2030. There are no penalties for partial or full early repayment. Rehabilitation of the El Limon Mill is progressing on schedule, with commissioning and testing beginning by the end of June. A 3,000-tonne stockpile is currently being built on site. Ore processing is expected to begin in late June or early July, and production will ramp up to 100 tonnes per day (TPD) over a 60-day period, with further throughput increases planned thereafter. The construction of a new 20x20 leach tank at El Bagre Mill is complete. Installation of the oxygen generator, internal mechanisms and controls is underway and expected to be completed and online by early August. All required components are on site. The new tank will increase leach residence time and is expected to improve gold recovery. The Company has experienced minor recurring mechanical issues with the floatation circuit at the El Bagre Mill, resulting in reduced throughput. To address this, Soma's operations team implemented a full replacement of the gear mechanisms and controls of both floatation tanks. These upgrades were performed sequentially, temporarily reducing throughput to 50%. Repairs are now complete, and the mill has resumed full production. Geoff Hampson, Soma's President and CEO, states, "We are very pleased with the progress at the El Limon Mill. The rehabilitation project is on schedule and below budget. El Limon was Soma's first Colombian asset, acquired in 2017. After investing approximately C$3 million over two years to expand the mill's capacity from 50 TPD to 225 TPD, the mill was placed on care and maintenance in 2019 following the acquisition of the El Bagre Mill. It has always been the goal to bring El Limon back online once sufficient feed material was available. We are pleased to be able to feed both mills and look forward to having them both operating in the coming months, increasing overall throughput and gold production by 20-40%. The restart of El Limon, combined with floatation and leaching improvements at El Bagre, positions Soma for higher production levels in 2026 and beyond." 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, Colombia, with a combined milling capacity of 675 tpd. (Permitted for 1,400 tpd). The El Bagre Mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program. 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, Brazil that is currently under option to Ero Copper Corp. 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. 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.
Yahoo
29-05-2025
- Business
- Yahoo
SOMA GOLD REPORTS RECORD FIRST QUARTER FINANCIAL RESULTS
Highlights: Revenue for the first quarter of 2025 was $27.9 million – an increase of 44% from 2024-Q1. Net income for the quarter was $3.2 million, compared to a loss of $0.2 million in 2024-Q1 Adjusted EBITDA(1) for the quarter was $13.5 million compared to $6.3 million for the same period in 2024, and unadjusted EBITDA(1) was $12.4 million, double the $6.0 million EBITDA(1) recorded in 2024-Q1. Soma sold 6,843 AuEq ounces in the current quarter, compared to 7,024 AuEq ounces in 2024-Q1. The average realized cash margin(1) was US$1,642 in the current quarter, compared to US$894 in 2024-Q1. EBITDA(1) per share was $0.14 in the current quarter, compared to $0.07 in 2024-Q1. The Company reduced Long Term Debt by $2.5 million in the quarter VANCOUVER, BC, May 29, 2025 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma") is pleased to announce that the Company's Financial Statements and MD&A for the three months ended March 31, 2025 and 2024 have been filed on SEDAR+ and are also available on the Company's website. Operations Review – Quarter Ended March 31, 2025 Soma produced 6,643 AuEq ounces in 2025-Q1 (2024-Q1 - 7,335 AuEq ounces). Income from mining operations was $9.8 million (2024-Q1 - $4.3). Net income for the year was $3.2 million (2024-Q1 – loss of $0.2 million) Net income per share was $0.03 (2024-Q1 - $0.00). Adjusted EBITDA(1) of $13.5 million (2024-Q1 - $6.3 million) Adjusted EBITDA(1) per share of $0.15 (2024-Q1 - $0.07). Cordero Operations reported attributable cash costs per ounce of gold sold(1) of US$1,261 (2024-Q1 - $1,192). Geoff Hampson, Soma's President and CEO, states, "The Company is pleased with the significant progress made in achieving record profitability. Our organic growth strategy remains on track, with the planned re-commissioning of the el Limon mill scheduled for June of this year. During the second half of 2025, el Limon is expected to increase overall throughput by approximately 20-30%, resulting in a corresponding increase in gold production. Feed for the mill will be sourced from the Aurora and Cordero mines, as well as several formalized small miners. We are also working toward bringing the el Limon Mine back into production following the discovery of a parallel vein structure that appears to carry economic grades. Meanwhile, exploration in the Psyche 1 area is showing early signs of a potential new deposit, with additional drilling planned for the second half of the year to define the resource potential. In parallel, the Company continues to advance the permitting process for the Nechi Mine, which is expected to begin production in 2027. We look forward to a strong second half of 2025 and continued production growth in 2026 and beyond." Financial and Operating Highlights Three Months Ended March 31, 2025 and 2024 Soma also announces that it has granted an aggregate of 200,000 stock options pursuant to its equity incentive plan to two Investor Relations consultants of the Company. The stock options are exercisable at a price of $1.07 per share and expire three years from the date of grant. In accordance with TSX Venture Exchange policies, the options granted to the IR consultants will vest in stages over a 12-month period, with no more than 25% vesting in any three-month period. 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, Colombia, with a combined milling capacity of 675 TPD. (Permitted for 1,400 TPD). The El Bagre Mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program. 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, Brazil that is currently under option to Ero Copper Corp. 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 months ended March 31, 2025 and 2024 which can be accessed at 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 Soma Gold Corp. 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Cision Canada
01-05-2025
- Business
- Cision Canada
SOMA GOLD REPORTS 2024 YEAR-END FINANCIAL RESULTS AND OPERATING HIGHLIGHTS
Soma produced 27,460 AuEq ounces in 2024, compared to 32,340 AuEq ounces in 2023 (Q4-2024 - 6,896 AuEq ounces) Income from mining operations was $25.2 million (Q4-2024 - $8.2) Net income for the year was $4.2 million (Q4-2024 - $3.6 million) Net income per share was $0.05 (Q4-2024 - $0.04) Adjusted EBITDA (1) of $33.3 million (Q4-2024 - $10.3 million) Adjusted EBITDA (1) per share of $0.36 (Q4-2024 - $0.11) Cordero Operations reported attributable cash costs per ounce of gold sold (1) of US$1,259 (Q4-2024 - $1,253) Geoff Hampson, Soma's President and CEO, states, "We are very pleased with our performance in 2024. Gold production was lower than 2023 due to a decrease in average grade at Cordero – 6.61 gpt compared to 7.62 gpt last year. The number of tons mined during the year was slightly lower, reflecting the transition to a combination of mechanized and conventional raised stope mining. Production in 2024 was also impacted by two eight-day shutdowns: one cause by a community blockade in July and another for a planned major maintenance program in June. Mining activities picked up in the fourth quarter, reaching 103% of 2023 levels, with an average of 441 TPD. The combination of a higher average realized gold price of US$ 2,684 per ounce – US$ 681 higher than during the same period in 2023 – and cash costs remaining flat resulted in Net Income of $3.6 million and EBITDA of $10.5 million for the quarter. We expect operating costs and grades to remain stable in 2025, while the total tons mined and milled should increase with the re-start of the El Limon Mill in the second half of the year. The additional ounces produced at El Limon and current all-time-high gold prices, position Soma for a strong financial performance in 2025. We are also advancing the permitting of the Nechi Mine, which is expected to contribute additional tons and ounces in 2027. The ongoing formalization of small miners on the Company's mineral concessions will further support the feed of the two mills. Testing of ore-sorting technology continues and may enable the Company to process higher volumes of material and produce additional ounces of gold without a major mill expansion. One of Soma's key goals is to identify additional potential deposits on the Company's 42,000 Ha property. The exploration team is presently drilling several of them, aiming to increase the size of Soma's resource to feed both operating mills extend the Life of Mine. We are encouraged by the exploration results." 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, Colombia, with a combined milling capacity of 675 TPD. (Permitted for 1,400 TPD). The El Bagre Mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program. 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, Brazil that is currently under option to Ero Copper Corp. 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 years ended December 31, 2024 and 2023 which can be accessed at 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.
