Soma Gold Corp. (TSX-V:SOMA) said it is on track to hit its 2023 annual production targets after it released robust production figures for September and the third quarter of 2023.
The results showcased significant growth and exceeding previous year's results.
During the month of September 2023 alone, Soma Gold produced 3,229 ounces of gold equivalent (AuEq).
That puts cumulative production for Soma’s 3Q at 9,413 AuEq ounces, with 9,112 ounces being sold during this period.
The year-to-date production figures of 25,106 AuEq ounces represent a substantial 45% improvement over the same period in 2022, where production was at 17,308 AuEq ounces.
Javier Cordova, Soma's CEO, told investors that the company is "well on track” to hit its production and development objectives for 2023.
“We anticipate that our Q4 production will align with our goal to achieve a total production of 35,500 AuEq ounces for the full year,” Cordova said in a statement.
Soma Gold is a gold-focused mining company based in Vancouver, with operations primarily located in Antioquia, Colombia. The company owns two adjacent mining properties with a combined milling capacity of 675 tonnes per day (tpd), permitted for up to 1,400 tpd.
The El Bagre Mill, one of their key assets, is currently operational and contributing to the production success.