Welcome to our dedicated page for Soma Gold news (Ticker: SMAGF), a resource for investors and traders seeking the latest updates and insights on Soma Gold stock.
Soma Gold Corp (SMAGF) maintains an active presence in gold mining and exploration across Colombia and South America. This page aggregates official company announcements, operational updates, and strategic developments for investors and industry observers.
Access timely reports on production milestones from the El Bagre Mill, exploration progress at Colombian mining properties, and financial disclosures. Our curated news collection enables efficient tracking of resource expansion efforts and operational efficiency improvements central to SMAGF's growth strategy.
Key updates include quarterly production results, drilling program outcomes, leadership changes, and technical reports. All content is sourced directly from company filings and vetted industry publications to ensure reliability.
Bookmark this page for streamlined access to SMAGF's evolving position in the gold sector. Monitor conventional mining developments and exploration targeting through verified updates from surface sampling to mill optimization initiatives.
Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) reported its Q2 2024 financial results. The company sold 7,209 AuEq ounces in Q2 and 14,233 AuEq ounces in H1 2024, down from 15,391 AuEq ounces in H1 2023. Revenue increased to $22.7 million for the quarter and $42.0 million for H1 2024, compared to $39.0 million in H1 2023. EBITDA for Q2 was $7.5 million and $13.6 million for H1 2024, down from $15.9 million in H1 2023.
Total cash costs per ounce of gold sold rose to US$1,340 for Q2 and US$1,263 for H1 2024, up from US$901 in H1 2023. The average realized cash margin was US$1,029 for Q2 and US$959 for H1 2024, compared to US$1,021 in H1 2023. The company reported a net loss of $0.6 million or $0.01 per share for H1 2024.
Goldlogic Corp. has amended its offtake agreement with Soma Gold Corp. to include an additional $3 million advance.
This brings the total amount to $8 million to support Soma's Aurora Mine development and increase its 2024 exploration budget. Soma will provide Goldlogic with a monthly cash payment equivalent to 59.9 ounces of gold for 36 months starting June 2024. The funds will expedite drilling on several targets across Soma's 41,000-hectare property in Colombia, aiming to enhance production and resource identification. The amendment follows successful completion of earlier tranches and aligns with Goldlogic's goal of fostering growth in the Colombian gold mining sector.
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