Soma Gold (TSX-V:SOMA) has swung to a first-half net income of C$4.8 million ($5.3 million) from a C$600,000 loss in the same period of 2024.
For the six months to 30 June, revenue generated from Soma’s Colombian mines rose 21% to C$50.9 million, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 59% to C$21.5 million.
Although Soma sold less ounces than the first half of 2024, the company secured a 70% higher average realised cash margin of US$1,628 ($2,489) per ounce.
Soma sold 12,043 gold equivalent ounces in the first half of 2025 versus 14,233 ounces in the same period a year earlier.
The higher income enabled Soma to pay down C$3.5 million against its long-term debt. The company also converted a further C$10 million to equity subsequent to the end of the period.
CEO Geoff Hampson says the first half of 2025 delivered strong results, achieving 91.6% of plan.
“The second quarter’s production numbers were below target due to a combination of lower average-grade ore and mechanical issues at the el Bagre mill,” he says.
“These issues have now been resolved and are not expected to reoccur, as construction of the new 20X20 leach tank has been completed.
“The resulting excess capacity will allow the maintenance team to take individual leach tanks offline for preventative maintenance without reducing throughput.”
Hampson expects the additional capacity to ultimately increase gold production given metallurgical analysis indicates recovery could improve to about 90% due to the increased residence time provided by the new tank.
The el Limon mill is now operational and will be ramping up production over the coming months.
“Once the el Limon mill is fully operational and processing higher-grade ore from the recently announced Escondida acquisition, total annual production from both mills is expected to increase to between 9,000 and 12,000 ounces per year,” Hampson says.
Soma owns two adjacent mining properties in Antioquia, Colombia, with a combined milling capacity of 675 tonnes per day.
Write to Angela East at Mining.com.au
Images: Soma Gold
