Soma Gold Corp. (TSX-V:SOMA, OTCQX:SMAGF) reported increased revenue from higher production at its gold properties in Antioquia, Colombia during the first quarter of 2024.
For the three months ended March 31, Soma produced 7,335 gold equivalent ounces at the Cordero Mine and its el Bagre Milling Operations, up 8% year-over-year.
Revenue increased 21% from the year-ago quarter to $19.3 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $6.3 million, which the company said was “largely consistent” with the $6.8 million achieved in Q1 2023.
Adjusted EBITDA per share was $0.07, in line with the year-ago quarter.
The company posted a net loss for the period of about $170,000 compared to income of $1.2 million in Q1 2023.
It noted that the transition to a new mining method in the first quarter incurred expected, temporarily higher production costs.
Soma CEO Geoff Hampson said this transition will largely be completed by the end of the second quarter, which will align with the opening of high-grade zones.
“The combination of higher grades, reduced development and waste rock, and an increase in the number of stopes will all contribute to a strong second half of the year,” the CEO said.
“We are very pleased with the progress made in understanding and interpreting the structural geology, which we believe will lead to additional resources, even in some of the mines on our property that were thought to be depleted.”