Soma Gold Corp. (TSX-V:SOMA) announced that it achieved a 40% increase in production at its el Bagre Gold Complex in Colombia in 2023, producing 32,340 ounces of gold equivalent for the year.
The company said it achieved 96.5% of its forecasted production of 33,500 ounces of gold equivalent with the deviation from anticipated production levels attributed to two unscheduled and temporary suspensions.
Additionally, it reported that its safety awareness and training programs had a positive effect on the number of accidents at the Cordero Mine and el Bagre Mill.
Accidents decreased 28% year over year from 47 to 34 in 2023, a 70% decrease from 2019, the year before Soma acquired the el Bagre operation.
"Our team in Colombia has done an outstanding job managing production and safety and achieving our goals for the year despite some delays and mechanical and social issues,” Soma Gold CEO Javier Cordova said in a statement.
“We anticipate that our production plan for 2024, including the additional production from the el Limon Mill, will result in another production record in 2024.”
The company said it expects to provide 2024 production guidance in January after an updated mine plan is completed.
Shares of the company were lifted by the update, up 4.9% at C$0.64 before Wednesday’s opening bell.
Soma Gold is a mining company focused on gold production and exploration.