Soma Gold Corp. announced the completion of an updated independent Mineral Resource Estimate for the Company's El Bagre and Nechí Projects and a positive Preliminary Economic Assessment (PEA) for the development of the Cordero Mine, in Antioquia, Colombia. All values are in Canadian dollars (CAD$) unless otherwise noted.

El Bagre Complex consists of three underground mines, two of which, Le Ye and Los Mangos, will be mined out shortly, and Cordero, which is currently under development. Cordero Mine PEA Highlights: Robust project economics: Using base-case metal price of USD 1,700 per ounce of gold and a CAD/USD exchange rate of 0.75, the project has a pre-tax NPV of $94.6million, and an after-tax NPV of $55.9 million, both using an 8% discount rate. Average annual gold production over life of mine is estimated at 44,376 ounces per year from 2023 to 2025.

The economic analysis in this PEA is based, in part, on Inferred Resources, and is preliminary in nature. Inferred Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts, on which this Preliminary Economic Assessment is based, will be realized.

Production at Cordero is scheduled to ramp up to 680 tpd in 2024, which will allow the Company to restart its previously operating El Limon mill. There is good potential to increase the Mineral Resource and extend the mine life at the Cordero Mine as the deposit is open on strike and at depth.