Soma Gold (TSXV: SOMA) brought in $22.5 million in revenue for the first quarter of 2026, down 19% from the same period a year earlier, as the producer worked through a bumpy restart at its El Bagre Mill following a labour disruption that idled the operation in late 2025.
Adjusted EBITDA came in at $4.7 million, against $13.5 million in the year ago quarter, while the unadjusted figure fell to $4.0 million from $12.4 million. Soma swung to a net loss of $2.1 million, or $0.02 per share, compared with net income of $3.2 million in Q1 2025. Income from mining operations dropped to $2.8 million from $9.8 million.
The average realized cash margin slipped to US$1,536 per ounce from US$1,642 a year earlier, though attributable cash costs per ounce of gold sold at Cordero jumped to US$2,894, more than double the US$1,261 reported in Q1 2025.
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All in sustaining costs meanwhile ballooned from US$1,886 to US$4,467 an ounce, and actually came in higher than the average realized price of US$4,430 an ounce.
“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,” commented CEO Geoff Hampson.
On the production side, Soma sold 3,788 gold equivalent ounces during the quarter, off sharply from 6,843 ounces in the year ago period. Management attributed the decline to a steep drop in average grade at Cordero, which fell to 3.58 grams per tonne against a life of mine average of 6.25 g/t, alongside lingering mechanical issues at the mill stemming from the strike era shutdown. Mill throughput, by contrast, was only 7.75% below year ago levels.
The Q1 result follows a difficult Q4 2025, when the 58 day work stoppage between September and November pushed the quarter to a $8.1 million net loss on revenue of $18.2 million. Full year 2025 revenue landed at $87.3 million, down 2% from 2024.
Hampson said grades at Cordero are expected to improve in the second half, with higher-grade feed from satellite mines now beginning to arrive on site.
Soma Gold last traded at $0.91 on the TSX Venture.
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