Soma Gold CEO Javier Cordova joined Steve Darling from Proactive to provide an update on the company’s third-quarter financial numbers. That included reporting significant production and sales growth.
The company achieved total gold production of 24,839 ounces from the Cordero Mine and the El Bagre Milling Operations. Sales saw a substantial increase, with ounces sold up by 66% from the third quarter of 2022, reaching a record of 9,112 ounces, and a 42% increase over the nine months to 24,503 ounces.
Cordova highlighted a solid financial performance, with net income for the third quarter reaching $3.2 million from a revenue of $22.8 million. The company’s Adjusted EBITDA stood at $9.6 million for the quarter and $26.7 million for the nine months ending September 30, 2023. These figures represent a significant improvement over the $3.8 million and $15.0 million reported in the corresponding periods of 2022.
Looking forward, Soma Gold is aiming for a strong year-end finish and is focused on ramping up production to achieve an ambitious growth target for the year. A crucial component of this strategy is the restart of the El Limon Mill, which is expected to increase production capacity significantly and lay the groundwork for a sustained increase in gold output into 2024 and beyond.
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