06/01/2026
“The Company worked through various operational challenges during Q1 as it resumed operations after the labor strike in Q4 2025.
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. Despite these challenges, mill throughput during the period was only 7.75% below the same period in the previous year. Production of ounces was further impacted by a sharp reduction in the average grade at the Cordero mine.
The grade fell well below the average life-of-mine grade of 6.25 gpt to 3.58 gpt. AuEq ounces sold during the quarter fell to 3,788, compared to 6,843 in the same period last year.
The average grade at Cordero is expected to increase in H2 2026 as the operations team enters a higher-grade area of the mine.
In addition, feed material from the other small mines on the Company’s property, which was expected to commence in H1, has now begun to arrive and is expected to ramp up during the balance of Q2 and H2 2026.
The feed material from these other mines is higher grade than feed from Cordero, reducing the attributable cash cost per ounce of gold sold.”
- Geoff Hampson, CEO
👉 https://somagoldcorp.com/2026/soma-gold-reports-first-quarter-financial-results/