Soma Gold Corp. (TSX-V:SOMA) told investors it recorded the second-highest sales numbers in the company’s history in the first quarter of its financial year.
The company reported sales of 6,448 gold equivalent ounces (oz) for the three months to March 31, 2023, an increase of 52% from 1Q 2022.
Revenue for the quarter jumped 63% to $16 million, and adjusted underlying earnings (EBITDA) climbed 84% to $6.8 million as total cash costs per ounce of gold sold declined to $893/oz from $910/oz a year earlier. Net income surged 377% to $1.2 million.
"We are well on track to completing the year at or above expectations. The team has outperformed on most metrics as we see the effects of self-performing mechanized mining,” president and CEO Javier Cordova said in a statement.
“We are successfully transitioning from the 2022 challenges of managing the construction of the Cordero Mine and gold production to optimizing costs and recovery. During the balance of 2023, we will continue to ramp up gold production and further reduce the costs to produce those ounces."
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