- Gold equivalent ounce sold rose to 7,583 ounces – an increase of 79% from the prior quarter and 99% from Q2-2021.
- Income from mining operations was
$8.0 million for the quarter compared to$4.2 million in the previous quarter – an increase of 93%. - Adjusted EBITDA(1) doubled to
$7.5 million for the quarter compared to$3.7 million in Q1-2022. - Development work at Cordero continued to advance with an additional
$2.7 million in construction cost capitalized during the quarter ($4.6 million for the six months endedJune 30, 2022 ). - Payments made towards gold loan (deferred revenue) of
$1.1 million ($1.8 million for the six months endedJune 30 , 2022).
Select Results for the Quarter ended | |||
2nd Quarter, 2022 | 1st Quarter, 2022 | 2nd Quarter,2021 | |
Revenue | 17,743,251 | 9,806,960 | 8,366,744 |
Income from mine operations | 8,034,147 | 4,165,347 | 1,794,785 |
Adjusted EBITDA (1) | 7,482,034 | 3,672,452 | 1,140,070 |
Gold ounces produced | 6,637 | 5,005 | 3,760 |
Gold equivalent ounces sold | 7,583 | 4,235 | 3,802 |
Ore milled | 35,277 | 42,180 | 31,033 |
Mill head grade | 5.47 | 4.31 | 4.46 |
Average realized price per ounce sold | 1,873 | 1,870 | 1,832 |
(1) | Table includes non-IFRS financial performance measures – see note (1) below. |
"The second quarter of 2022 was very successful for Soma. Higher-grade ore from Cordero, at an average of 7.75 gpt in the second quarter, is starting to replace ore from our legacy, lower-grade mines which has a very positive impact on gold production and financial results." states
In addition, the Company has received the first shipment of underground equipment ordered from Sandvik.
The Company also owns an exploration property near Tucuma, Para State,
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
Neither the
(1) This news release refers to certain financial measures, such as EBITDA, Adjusted EBITDA, average realized price per ounce of gold sold, and total cash costs per ounce of gold sold which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be directly comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of benefit in understanding the Company's results. For a complete explanation of these measures, please refer to Non-IFRS Financial Performance Measures disclosure included in the Company's MD&A for the Years Ended
All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
SOURCE
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