Soma Gold Corp. reported revenue of $20.4 million for the second quarter of 2026, down from $23.0 million in the same period of 2025, driven by fewer gold equivalent ounces sold and higher production costs.

The financial performance shifted from net income of $1.6 million in the second quarter of 2025 to a net loss of $3.9 million for the three months ended June 30, 2026. For the first six months of the year, revenue reached $42.9 million compared to $50.9 million previously, resulting in a six-month net loss of $6.0 million against a net income of $4.8 million in the prior-year period. Income from mine operations fell to $2.0 million in the second quarter from $5.7 million a year earlier, while gross margin declined from 25% to 10%. The average realized cash margin dropped to US$969 per ounce from US$1,598 per ounce in the second quarter of 2025.

As of June 30, 2026, the company held working capital of $12.9 million and short-term cash resources of $7.2 million, consisting of cash and short-term investments.

Soma owns two adjacent mining properties in Antioquia, Colombia, featuring a combined milling capacity of 675 tonnes per day that is permitted for up to 1,400 tonnes per day. Operations form part of a broader asset base that includes the La Aurora mine, where Colombia’s Agencia Nacional de Mineria approved an increase in production from 25 tons per day to 75 tons per day on July 24, 2026. Commercial production is anticipated in the third or fourth quarter of 2026 at the mine as output reaches the permitted 20 tonnes per day.

President and CEO Geoff Hampson noted that the company continued to work through operational challenges following the Q4 2025 labour strike, with mill throughput down 4.0% year-over-year and gold production impacted by lower average grades at the Cordero mine.

“The Company continued to work through various operational challenges during the first half of 2026 as it resumed operations after the labour strike in Q4 2025. The mill throughput during the period was 4.0% below the same period in the previous year. Production of gold ounces was further impacted by a sharp reduction in the average grade at the Cordero mine.”

Feed material from other small properties and third-party ore have recently arrived, with management expecting production to ramp up for the remainder of 2026 and reduce attributable cash costs per ounce.

Read the full announcement: SOMA GOLD REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026