SOMA PROVIDES CORPORATE UPDATE

The news release from October 27, 2025, titled "SOMA PROVIDES CORPORATE UPDATE," is essentially a re-release of the corporate update from October 24, 2025. It provides a multi-faceted update on Soma Gold Corp.'s operations and management: - El Limon Mill Commissioning: The mill is currently producing 40 kg of gold precipitate. The target capacity for the El Limon Mill is 200 tonnes per day (TPD), with a future capacity potential of 400 TPD. This is expected to yield 500-1000 ounces of gold per month. - Labor Negotiations: The company is continuing negotiations with Sintramienergetica Nacional, the union representing employees at the El Bagre operation, with assistance from the Colombian Ministry of Labor. Soma Gold states it has made a "generous offer." - Management Appointment: Julian Storz has been appointed as Vice President, Business Development, effective October 27, 2025 (previously stated as October 24, 2025 in the earlier release).

This news release is a direct copy of the previous release from October 24, 2025, containing identical information regarding mill production, labor negotiations, and the new VP Business Development. Therefore, as new information, its impact is neutral, as the market would have already reacted to the October 24th release.

Evaluating the content itself: - El Limon Mill Production: The announcement that the El Limon Mill is producing again and ramping up is positive, confirming the company's long-standing goal to bring this mill back online to process additional ore sources (Aurora, Escondida, formalized small miners). The target production of 500-1000 ounces per month (6,000-12,000 ounces annually) is consistent with the projection of 9,000-12,000 ounces per year for both mills combined once El Limon is fully operational, as stated in the Q2 2025 financial results (August 28, 2025). The current 40 kg gold precipitate production is approximately 1,286 ounces, which is at the higher end of the monthly target and suggests good initial ramp-up. The previous news (August 28, 2025) indicated Ball Mill #1 should reach 100 TPD within two months and Ball Mill #2 should be installed in October, aiming for 200 TPD by year-end. The current news reiterates the 200 TPD target capacity, suggesting they are still on track for year-end. This is in line with expectations, not exceeding them significantly. - Labor Negotiations at El Bagre: The ongoing labor dispute at the El Bagre operation (which led to a strike on September 10, 2025) is a known risk and an unresolved issue. While the company states it has made a "generous offer," the fact that negotiations are still required indicates the situation is not fully resolved. An ongoing strike or prolonged negotiations can negatively impact production and increase costs. - Julian Storz Appointment: The appointment of a VP Business Development is a routine corporate governance matter and is unlikely to have a material impact on the stock price in the short term.

Overall, while the operational update on El Limon is positive, it aligns with previously communicated timelines and targets, making the actual news impact routine. The unresolved labor dispute introduces an element of risk, balancing out the positive operational progress. Since this is a re-release of the same news, the incremental impact is neutral.

Soma Gold Corp. is a gold mining and exploration company primarily focused on its operations in Antioquia, Colombia. Its flagship assets include two adjacent mining properties: - El Bagre Mill: Currently operational and producing, with a permitted capacity of 1,400 TPD. Recently completed rehabilitation and added a new leach tank to improve recovery. - El Limon Mill: Acquired in 2017, upgraded from 50 TPD to 225 TPD in 2018-19, and placed on care and maintenance in 2019. It has recently been rehabilitated and is now operational, ramping up production to an initial 100 TPD, with a target of 200 TPD by year-end 2025 and a future potential of 400 TPD. - Mines feeding the mills: Ore is sourced from the Cordero Mine, Aurora Mine, recently acquired La Escondida Mine, and formalized small miners. - Exploration Projects: The company is actively exploring along the Otu fault system, including the Machuca Project (Psyche 1 & 2, Colossa, Orion, Aurum targets) and the Nechi project, aiming to expand resources and identify new deposits. - Tucumã Gold Project (Brazil): Optioned to Ero Copper Corp., Soma retains a 1.5% NSR with a buyback option for Ero Copper.