Soma Gold Corp. (TSX-V:SOMA) shares jumped on Tuesday after the company told investors it achieved a new monthly gold production record of 3,154 gold equivalent (AuEq) in August, keeping it on track to meet its full-year production guidance.
In a statement, the company said year-to-date gold production reached 21,878 AuEq ounces, a 35% improvement on the 16,219 ounces reported for the same period in 2022.
The increase also reflects the company’s commitment to optimizing production, Soma added.
"Our production remains well-aligned with our annual plan and has consistently met our year-to-date budget targets,”
“We are thrilled to report that we are currently 35% ahead of last year's production pace. With the recent signing of the new Collective Agreement with our Union, we are confident in our ability to achieve our full-year guidance of 35,500 ounces."
Soma Gold owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tonnes per day (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.
Soma's shares were up 4.9% at C$0.64 by 1pm in Toronto.
Contact the author at stephen.gunnion@proactiveinvestors.com