Soma Gold Corp. (TSX-V:SOMA) said it increased its first-half gold sales by 30% year-over-year, achieving the sale of 15,391 ounces primarily from its Cordero Mine and the el Bagre Milling Operations.
The company said its net income for 1H was $4.8 million or $0.05 per share on revenue of $39 million.
For the second quarter, its profits were $3.6 million or $0.02 per share on revenue of $30 million.
"Our team has delivered another strong quarter, and we continue to perform in line with our 2023 plan and guidance,” Soma CEO Javier Cordova said in a statement.
Looking ahead, the company expects to produce 35,000 to 36,000 ounces at its el Bagre Operations in the second half of the year.
It also plans to formalize the small miners working on its concessions, resulting in a 10% increase in ounces to be produced by these miners, review strategic additions to its concession package, drill the Cordero deposit at depth, and drill the Aurora Mine to establish a mining plan that will bring it into production in 2024.
“We anticipate a strong finish to the year as we continue to ramp up production to meet our aggressive growth objectives for the year,” Cordova said.
“Our plan to expand milling capacity by re-starting the el Limon Mill will position us to meet the growth plan for 2024 and beyond."
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