SOMA GOLD CLOSES $7.5 MILLION LIFE OFFERING

Soma Gold Corp. has successfully closed its previously announced non-brokered private placement under the Listed Issuer Financing Exemption (LIFE), raising C$7.5 million in gross proceeds. The transaction involved the issuance of 10,000,000 common shares at a price of C$0.75 per share.

The company intends to allocate the proceeds toward capital expenditures for mine expansion, specifically to expand production at the Escondida and Aurora mines. Additional uses of funds include the completion of ore sorting equipment installation, accelerated exploration at the Escondida property, and working capital to pre-pay for ore purchases from small legal mines near the Company's mills. The remaining funds are designated for general corporate purposes.

To compensate finders for their role in the transaction, Soma Gold provided C$525,000 in cash commissions and 700,000 non-transferable broker warrants. Each warrant entitles the holder to acquire one share at an exercise price of C$1.10 per share for a period of 24 months from the date of issuance.

"We are very pleased to have completed the LIFE Offering and are grateful for the continued support from both new and existing shareholders," said Geoff Hampson, CEO. "This financing positions Soma to accelerate production growth at both the Escondida and Aurora mines while completing our ore sorting infrastructure, two milestones that we expect will have a meaningful impact on our output and margins."

The offering remains subject to final approval of the TSXV Venture Exchange.