Soma Gold Posts Revenue Of $11.3 Million, Net Income In Q3 2021

Soma Gold Corp. (TSXV: SOMA) reported on Thursday its financial results for Q3 2021, highlighting quarterly revenue of $11.3 million. This is an increase from Q2 2021’s revenue of $8.4 million and Q3 2020’s revenue of $11.1 million.

The mining firm was able to sell 5,048 gold equivalent ounces during the quarter at an average price of US$1,810 per ounce sold. These figures compare to sales from last quarter’s 3,802 ounces at US$1,832 per ounce sold and last year’s gold equivalent sales of 4,427 ounces at US$1,931 per ounce sold.

Gross profit margin from mining operations came in at 44.1%, up from 21.5% last quarter but down from 46.2% last year. The company also managed to end with a net income for the quarter amounting to $1.1 million, coming from a net loss last quarter of $1.1 million and a net income of $0.7 million last year. The quarter’s earnings per share ended at $0.02.

Considering a number of financial items, the firm recorded an adjusted EBITDA of $4.3 million for the quarter, up from $1.1 million last quarter and $3.5 million last year.

The company’s cash position at the end of the three-month period is $0.8 million from a starting balance of $1.3 million. Current assets ended with a balance of $10.9 million while current liabilities came in at $11.8 million.

The firm relayed that the Fenix portal has reached Level 2 and 3 at the Cordero deposit, from which the first ore was processed in August 2021. “As a result, Q3 production and financial results compare favourably to the previous quarter as some of the initial development ore from Cordero was brought to the mill,” explained Soma Gold’s CEO Javier Cordova.

The mining company is still setting its target to achieve full production of approximately 600 tonnes per day at an average grade of 6.5 g/t in Q2 2022. The firm points this as a precursor to start its second mill, el Limon.

Soma Gold last traded at $0.39 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Soma Gold Posts Revenue Of $8.4 Million, $1.1 Million Net Loss In Q2 2021

Soma Gold Corp. (TSXV: SOMA) reported this morning its financial results for Q2 2021, highlighting...

Wednesday, September 1, 2021, 10:39:00 AM

Soma Gold Halts Operations at El Bagre Mine Due to Community Blockade

Soma Gold Corp. (TSXV: SOMA) has announced a temporary halt in mining and processing activities...

Monday, July 8, 2024, 11:03:00 AM

Soma Gold Sees Employees Go On Strike At Colombian Mining Complex

Soma Gold Corp (TSXV: SOMA) revealed this morning that work has been halted at its...

Tuesday, September 20, 2022, 08:17:48 AM

Soma Gold Q1 Earnings: Margins Are Growing

Another day, another set of earnings to cover. The latest target for coverage here is...

Saturday, June 14, 2025, 09:37:00 AM

Soma Gold Reports Weaker Earnings And Production Decline in Q3 2024

Soma Gold (TSXV: SOMA) has released its financial results for the third quarter and the...

Friday, November 29, 2024, 10:33:00 AM