Business
Soma Gold Reports First Quarter Financial Results
Highlights: Revenue for the first quarter of 2026 was $22.5 million – a decrease of 19% from 2025-Q1. Adjusted EBITDA(1) was $4.7 million, compared to $13.5
About this update from Soma Gold Corp.
[{"type":"text","content":"\n \nHighlights:\n\nRevenue for the first quarter of 2026 was $22.5 million – a decrease of 19% from 2025-Q1.\nAdjusted EBITDA(1) was $4.7 million, compared to $13.5 million recorded in 2025-Q1, and unadjusted EBITDA(1) was $4 million compared to $12.4 million in the same period last year.\nNet loss for the first quarter was $2.1 million, compared to an income of $3.2 million in 2025-Q1\nThe average realized cash margin(1) was US$1,536 in the current quarter, compared to US$1,642 in 2025-Q1.\nAdjusted EBITDA(1) per share was $0.04 in the current quarter, compared to $0.15 in 2025-Q1.\n\nVANCOUVER, BC, May 28, 2026 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the \"Company\" or \"Soma\") announces that the Company's Financial Statements and MD&A for the three months ended March 31, 2026 and 2025 have been filed on SEDAR+ and are also available on the Company's website.\nOperations Review – Quarter Ended March 31, 2026\n\nSoma sold 3,788 AuEq ounces (2025-Q1 - 6,843 AuEq ounces).\nIncome from mining operations was $2.8 million (2025-Q1 - $9.8 million).\nNet loss for the quarter was $2.1 million (2025-Q1 - income of $3.2 million).\nNet loss per share was $0.02 (2025-Q1 - income of $0.03).\nAdjusted EBITDA(1) of $4.7 million (2025-Q1 - $13.5 million).\nAdjusted EBITDA(1) per share of $0.04 (2025-Q1 - $0.15).\nCordero Operations reported attributable cash costs per ounce of gold sold(1) of US$2,894 (2025-Q1 - US$1,261).\n\nGeoff Hampson, Soma's President and CEO, states, \"The Company worked through various operational challenges during Q1 as it resumed operations after the labor strike in Q4 2025. The restart of the El Bagre Mill after the two-month disruption was hampered by several mechanical issues. The labor disruption did not allow the Company to properly put the El Bagre Mill on \"Care and Maintenance\", making the ramp-up during the restart difficult. Several key systems were damaged due to corrosion and mechanical failure on start-up. Despite these challenges, mill throughput during the period was only 7.75% below the same period in the previous year. Production of gold ounces was further impacted by a sharp reduction in the average grade at the Cordero mine. The grade fell well below the average life-of-mine grade of 6.25 gpt to 3.58 gpt. AuEq ounces sold during the quarter fell t...