SOMA PROVIDES CORPORATE UPDATE

The October 24, 2025, corporate update provides information on three fronts: - El Limon Mill: The commissioning process is underway, and the mill is producing gold precipitate (40 kg to date). The company reiterates its goal of reaching 200 tonnes per day (TPD) capacity, which is expected to generate 500-1,000 ounces of gold per month. - Labor Negotiations: The company is actively working with the Colombian Ministry of Labor to resolve the ongoing labor dispute with the union at the El Bagre operation. Soma states it has made a "generous offer." - Executive Appointment: Julian Storz has been appointed as the new Vice President of Business Development.

The primary takeaway from this news release is negative, as it confirms the strike at the company's main El Bagre operation, initiated on September 10, 2025, remains unresolved after more than six weeks. This is a material operational issue that has halted production from the company's primary revenue-generating asset. The lack of a resolution timeline is a significant concern.

The positive progress on the El Limon Mill commissioning is encouraging and aligns with previous guidance from the August 28, 2025, financial report. However, the projected initial monthly output from El Limon (500-1,000 ounces) is insufficient to offset the production lost from the El Bagre complex. The El Bagre mill is the company's workhorse, and its downtime cripples the company's production profile and cash flow generation.

The executive appointment is a routine corporate development with no immediate material impact.

In conclusion, while the El Limon progress is a small positive, it is completely overshadowed by the confirmation of the ongoing, unresolved strike. The market is waiting for news of a resolution, and this update provides none, thereby reinforcing the current negative operational status.

Soma Gold Corp. is a gold producer and explorer with operations in Antioquia, Colombia. The company's flagship operation has been the El Bagre Gold Complex, which includes the Cordero underground mine and the El Bagre processing mill.

A key strategic initiative throughout 2025 has been the restart of its second mill, the El Limon Mill, which had been on care and maintenance since 2019. This restart was predicated on securing sufficient ore feed, which the company has pursued through developing its Aurora Mine, acquiring the nearby La Escondida mine (July 2025), and formalizing agreements with local small-scale miners. The goal is to become a two-mill producer, significantly increasing overall throughput and gold production.