SOMA GOLD REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026

Soma Gold Corp. reported second-quarter 2026 financial results on August 28, 2026, revealing a decline in revenue and profitability compared to the same period last year. Q2 2026 revenue fell 11% year-over-year to C$20.4 million from C$23.0 million. For the year-to-date period, revenue fell 16% to C$42.9 million from C$50.9 million.

Income from mine operations dropped to C$2.0 million from C$5.7 million, with gross margin collapsing from 25% to 10%. Adjusted EBITDA fell to C$2.1 million from C$8.9 million, while unadjusted EBITDA was only C$0.7 million. The company recorded a Q2 2026 net loss of C$3.9 million versus net income of C$1.6 million in Q2 2025. Year-to-date 2026 net loss was C$6.0 million versus net income of C$4.8 million.

Average realized cash margin fell to US$969/oz from US$1,598/oz in Q2 2025, and year-to-date to US$1,256/oz from US$1,628/oz. Gold equivalent production was 3,783 ounces versus a forecast of 3,828 ounces, a 1.2% miss. Cordero gold grade fell from 5.55 g/t to 3.99 g/t year-over-year, though it improved from 3.58 g/t in Q1 2026. Mill throughput was 4.0% below the prior-year period.

On the balance sheet, working capital declined to C$12.9 million from C$17.2 million at December 31, 2025. Short-term cash resources declined to C$7.2 million from C$8.0 million. Additionally, the company granted 700,000 options to two officers and detailed an amended equity incentive plan to ratify prior DSU grants.

Soma Gold Corp. (SOMA) reported a materially negative second quarter of 2026 earnings release. While production volumes remained near forecast levels, the financial quality of that output deteriorated sharply. The average realized cash margin fell below US$1,000/oz for the first time in the provided data, and the company swung from a year-ago profit to a C$3.9 million quarterly loss.

On the release date, the market reacted with a 4.9% decline, moving the share price from C$0.81 to C$0.77. This drop follows a much larger prior downtrend from C$2.46 in January 2026 to C$0.63 in July 2026, suggesting the market had already priced in much of the operational stress. The new information centers on the scale of the margin collapse, the widened loss, and the lack of any positive update on the promised H2 ramp levers.

Soma Gold Corp (SOMA) is a junior gold producer operating in Colombia’s Antioquia region. The company manages two adjacent mining properties with a combined milling capacity of 675 tonnes per day, though the sites are permitted for 1,400 tpd. The El Bagre mill is currently operating at 450 tpd, while the El Limon mill is scheduled to restart in the third quarter of 2025.

Key operating assets include the Cordero mine within the El Bagre complex, as well as the Aurora, Escondida, and El Limon mines. The portfolio also features the Diamantina formalized small mine and the development-stage Nechi project. Additionally, the company holds an exploration property near Tucuma in Para State, Brazil, under an option to Ero Copper Corp.

During an April 2026 investor presentation, Soma Gold outlined a medium-term production target of 60,000 to 70,000 ounces per year and a long-term target of 60,000 to 65,000 ounces per year by 2028. Current run-rate production remains well below these targets. The company operates in Colombia, a jurisdiction characterized by elevated labor, security, regulatory, and tax risks. Material operational disruptions occurred during the 2025 strike and in the first quarter of 2026.