Soma Gold raises $7.5 million for Colombia projects
Soma Gold Corp. [SOMA-TSXV, SMAGF-OTC, A2P4DU-WKN] said it has raised $7.5 million from a non-brokered private placement offering. Soma is a gold mining company with a focus on production and exploration in Colombia where it holds 430 square kilometres of mineral concessions along the prolific OTU fault in Antioquia.
The company operates two fully permitted mills located within 25 kilometres of each other with a combined capacity of 675 tonnes per day and permitted expansion capacity of 1,400 tonnes per day. The El Bagre Mill operates at 450 tonnes per day, and the El Limon Mill resumed operations in the third quarter of 2024. The company also owns an exploration property near Tucum, Para State Brazil that is currently under option to Ero Copper Corp. [ERO-TSX, NYSE].
Pursuant to the offering, the company issued 10 million common shares at a price of 75 cents per share. Proceeds from the offering will support capital expenditures to expand production at the Escondida and Aurora mines, completion of ore sorting equipment installation, accelerated exploration activities at the Escondida property, and working capital to prepay for ore purchases from small legal mines located near the company’s mills.
On Friday, Soma shares rose 4.34% or $0.03 to 72 cents. The shares trade in a 52-week range of $2.56 and 68 cents.
In a press release on May 29, 2026, the company said a drill rig has been mobilized to the Escondida Project in Antioquia. It said the Escondida mine is a small-scale mine that has producing mineralized material since 2013. Soma acquired the mine and its associated title in July, 2025. “This is a maiden drill program on the Escondida Vein and will determine the extent and tenor of gold mineralization beyond the current footprint of the mine,’’ the company said. It said the Phase 1.0 drill program would consist of 21 holes covering 2,790 metres of drilling. It said the initial drill holes would test the continuity of the mineralized zone near the known mine workings with 50-metre step-outs along strike and down dip. Subsequent drill holes will test the extent of the vein along strike up to 500 metres northeast of the mine workings. The deepest drill holes will test the extent of the Escondida Vein 250 metres below the deepest mine level, approximately 425 metres down-dip from the surface exposure of the vein.
The Auora Mine is located on the Machuca project in central Colombia, on the western side of the Out Fault.
Soma has said the Aurora mine was purchased in 2024 and is being fully rehabilitated with new power ventilation, and hoisting systems plus upgraded underground workings and new rail lines. The company has said development work on Levels 5.0 and 6.0 is producing ore, with 10-15 tones per day currently shipped to the El Bagre mill. Commercial production is scheduled to be achieved in the third or fourth quarter of 2026, reaching a permitted 20 tons per day.
Soma reported revenue of $22.5 million in the first quarter of 2026 when gold equivalent sales amounted to 3,788 ounces. Operations resumed at the El Bagre Mill in Q1 after a labour strike in the fourth quarter of 2025.