SOMA REPORTS PROGRESS ACROSS THREE MINING ASSETS

Soma Gold Corp. (SOMA) announced that the Colombian National Mining Agency (ANM) has approved an immediate increase in the production limit at the Aurora Mine from 25 tons per day (tpd) to 75 tpd. Aurora is expected to initially produce between 30 and 40 tpd at an average grade of approximately 4.5 grams per tonne of gold (g/t Au). Any further production increases beyond the 75 tpd cap will depend on the optimization of mining methods.

At the El Limón Mine, dewatering operations have reached Level 5 and a contract miner has been engaged, with production expected to commence in August 2026. Meanwhile, the shaft extension at the Escondida Mine to Level 170 is scheduled to conclude by the end of July. Production at Escondida has been temporarily slowed due to poor ground conditions, and a nine-hole drill program is currently underway with assays pending.

The company reaffirmed its production targets, aiming for Escondida to reach 20 tpd by the end of the third quarter and 40 tpd by year-end. Combined feed from Aurora, Escondida, and El Limón is projected to add 100–120 tpd to Cordero’s existing capacity of 400–450 tpd. No new financial metrics, cost guidance, or updated full-year production and cost forecasts were provided.

Soma Gold Corp. (SOMA) received regulatory approval to increase the throughput capacity at its Aurora mine from 25 tons per day to 75 tons per day. This permit expansion removes a specific operational bottleneck, though the company’s existing production guidance already anticipated a ramp-up at Aurora, alongside Escondida and El Limón, to reach a combined throughput of approximately 100 to 120 tons per day by the end of 2026. While the increased permit makes that production target more attainable, it does not alter the high-level production or revenue outlook.

The announcement does not address the core issue of collapsing grades at the Cordero mine, which has led to rising costs. The new feed from Aurora, averaging 4.5 grams per ton, will not offset the decline in Cordero’s average grade unless there is a substantial improvement at Cordero or significantly higher blending from Escondida, which historically grades at 9 grams per ton, when that operation ramps up.

The market has already significantly reduced the stock price, falling from over C$1.80 in April to C$0.68 following a first-quarter miss, dilution, and governance concerns. This permit update is unlikely to reverse that negative sentiment on its own.

Soma Gold Corp. operates the El Bagre and El Limon mills in Antioquia, Colombia, with a combined permitted capacity of 675 tpd that is expandable to 1,400 tpd. The company’s core producing asset is the Cordero underground mine, which currently supplies approximately 400‑450 tpd to the El Bagre mill. To increase mill feed and utilize idle processing capacity, Soma Gold is bringing three additional small‑scale mines into production: Aurora, Escondida, and the reopened El Limón.

Development projects include the Nechí mine, for which a permit application has been submitted, as well as a large exploration portfolio along the Otu fault trend. The company also owns an exploration property in Brazil that is optioned to Ero Copper. A key strategic initiative involves the installation of XRT ore‑sorting equipment at El Bagre to boost effective throughput to 650‑700 tpd.