Soma Gold (TSXV: SOMA) is a small gold producer in Antioquia’s Bagre-Nechí district. It runs the El Bagre mill on ore from its Cordero mine and a growing group of satellite mines. Soma Gold stock has had a hard 2026, with lower grades and a slow mill restart, but in November the company signed a US$10 million silver royalty to fund its plan to grow output.
Soma Gold at a glance
| Project | Department | Commodity | Stage | Ownership |
|---|---|---|---|---|
| El Bagre Complex (Cordero mine and El Bagre mill) | Antioquia | gold, silver | production | 100% |
| Satellite mines: Aurora, Escondida, El Limón | Antioquia | gold | production / ramp-up | Not disclosed in sources reviewed (company refers to them as its mines) |
| Market cap | Refresh at publication (last dated close seen: C$0.79 on Aug 28, 2026) |
| 2026 production guidance | 23,489 AuEq oz (Apr 21, 2026); Q1 actual 3,617; Q2 actual 3,783 |
| Cash | C$7.2 million cash and short-term investments; working capital C$12.9 million (June 30, 2026) |
| Q2 2026 financials | Revenue C$20.4M; gross margin 10%; net loss C$3.9M |
| Major shareholder | Director Glenn Walsh about 51.4% non-diluted after June 2026 debt-for-shares settlement |
| Milling capacity | 675 tpd installed (El Bagre 450 + El Limón 225); 1,400 tpd permitted |
| Royalty financing | US$10M silver royalty with Silver Crown Royalties (announced Nov 2, 2026; closing expected ~Nov 30, 2026) |
About Soma Gold
Soma Gold is one of the few TSXV-listed gold producers operating in Colombia. It owns two neighbouring properties in the Bagre-Nechí district of Antioquia, about 167 km north-northeast of Medellín. They hold about 430 km² of concessions. Combined milling capacity is 675 tonnes per day (tpd): the El Bagre mill at 450 tpd and the El Limón mill at 225 tpd. Permits allow expansion to 1,400 tpd.
The main ore source is the underground Cordero mine, running at about 400–450 tpd. Soma is adding smaller mines to raise grade and tonnage: Aurora (permit raised to 75 tpd in July 2026), Escondida (bought December 2025, permitted for 40 tpd) and the restarted El Limón mine. It also buys ore from small legal miners nearby, and it has the Nechí project in development.
Operations were hurt by a 58-day work stoppage in late 2025 and a difficult mill restart. Q1 2026 output was 3,617 AuEq oz (gold-equivalent ounces), and Q2 was 3,783 AuEq oz, close to the company’s internal forecast. Management guided to 23,489 AuEq oz for 2026, with most of it in the second half.
The company also holds the Tucumã exploration property in Pará, Brazil, under option to Ero Copper.
Soma Gold’s Colombian projects
El Bagre Complex (Cordero mine and El Bagre mill)
The El Bagre complex combines the Cordero underground mine and the 450 tpd El Bagre mill, a Merrill-Crowe plant (a process that recovers gold from cyanide solution using zinc). Cordero is the flagship and runs at about 400–450 tpd. Its grade fell from 5.55 g/t in Q2 2025 to 3.99 g/t in Q2 2026, against a reported life-of-mine average of 6.25 g/t. Management expects higher grades in the second half of 2026 as mining moves into richer areas.
After a 58-day work stoppage in late 2025, several mill systems were damaged by corrosion and mechanical failure on restart, which held back Q1 2026 output. In April 2026 Soma had TOMRA sensor-based ore-sorting equipment on site at El Bagre, with commissioning expected in Q3. It is targeting 650–700 tpd through the plant.
Resources: Cordero: Indicated 355 kt at 6.9 g/t Au (78 koz) + Inferred 761 kt at 7.9 g/t Au (192 koz) (NI 43-101, effective Dec 31, 2022; SLR Consulting; 2.40 g/t cut-off, US$1,800/oz). Dates from before 2023 mining, so it does not reflect depletion since then. A 2023 PEA on Cordero also exists.
Satellite mines: Aurora, Escondida, El Limón
Aurora, bought in 2024, began delivering ore to El Bagre in June 2026. On July 17, 2026 the ANM approved a permit increase from 25 to 75 tpd, at a grade of about 4.5 g/t expected in the near term. Escondida, bought in December 2025, has had poor ground conditions. Soma targets 20 tpd by the end of Q3 2026 and its permitted 40 tpd by year-end, and a nine-hole drill program is under way to start defining a resource. The El Limón mine, which ran from 1995 to 2020, has been dewatered and restarted with a contract miner. Its 225 tpd mill has been running on stockpiled material.
Together, the satellite mines are expected to add about 100–120 tpd of mill feed. The company also plans underground production at Diamantina and development at the Nechí project. It expects Nechí to help it reach about 5,000 AuEq oz per month in 2027.
Resources: Nechí: Indicated 310 kt at 4.9 g/t Au (49 koz) + Inferred 405 kt at 6.5 g/t Au (85 koz) (NI 43-101, effective Dec 31, 2022). No NI 43-101 resource for Aurora, Escondida or El Limón in sources reviewed.
Latest Soma Gold news
- Nov 2, 2026: Agreed to sell a silver royalty on Cordero, La Ye and Los Mangos to Silver Crown Royalties for US$10 million in cash, paid in two tranches. Soma must deliver at least 305,500 oz of payable silver over time, then a 7.5% NSR applies. (Soma Gold Announces US$10 Million Non-Dilutive Silver Royalty Transaction (Investing News Network))
- Oct 16, 2026: Arranged an unsecured C$2.5 million revolving credit line at 6% from a company controlled by CEO and Chairman Geoff Hampson, to fund ore purchases from third-party miners. (Soma Gold Secures Credit Facility (Mining Stock Education))
- Sep 25, 2026: Appointed Sergio Rios, former head of Hemco Nicaragua’s Bonanza mine and creator of an artisanal miner formalization model, as President. (Soma Gold Announces Appointment of Sergio Rios as President (Mining Stock Education))
- Aug 28, 2026: Q2 2026: 3,783 AuEq oz, revenue C$20.4 million, gross margin down to 10% from 25%, and a net loss of C$3.9 million. Cash and short-term investments were C$7.2 million. (Soma Gold Reports Financial Results for the Second Quarter of 2026 (Placera))
- Jul 24, 2026: The ANM raised Aurora’s permitted rate to 75 tpd. El Limón was set to restart with a contract miner, while Escondida’s ramp-up was slowed by ground conditions. (Soma Reports Progress Across Three Mining Assets)
- Jun 25, 2026: Closed a C$7.5 million LIFE placement at C$0.75 per share, after settling C$25.8 million of debt owed to a company controlled by director Glenn Walsh for shares at C$1.10 (announced June 2). (Soma Gold Closes $7.5 Million LIFE Offering (goldsilver.ai))
Upcoming catalysts
- Q3 2026 results, the first test of the back-half-weighted guidance (company forecast for Q3: about 7,605 AuEq oz)
- Closing of the Silver Crown royalty (~Nov 30, 2026) and the US$7M second tranche once existing security is discharged (target: Dec 31, 2026)
- Escondida reaching its permitted 40 tpd by year-end 2026, and first drill results there
- Full-year 2026 output against 23,489 AuEq oz guidance
- Nechí development toward about 5,000 AuEq oz per month (company target: 2027)
Management
- Geoff Hampson, CEO & Chairman
- Sergio Rios, President. Appointed Sept 25, 2026; ex-Hemco Nicaragua (Bonanza mine)
- Chris Buchanan, VP Exploration. P.Geo.
- Julian Storz, VP Business Development
- Glenn Walsh, Director. Controlling shareholder (~51.4% after June 2026)
Key risks for Soma Gold stock
- Execution: output in the first half of 2026 was far below 2025 levels, and the full-year target depends on a big second-half ramp-up.
- Grade: Cordero grades are well below its life-of-mine average, and the resource estimate dates from 2022.
- Labour and community: a 58-day work stoppage in late 2025 damaged the mill and cut output.
- Fixed silver obligations: the royalty sets minimum silver deliveries whether or not mines produce. If the existing security is not discharged by Dec 31, 2026, Silver Crown can require Soma to buy the royalty back.
- Concentrated control and related-party financing: one director holds about half the shares, and the CEO’s company provides a credit line.
- Third-party ore purchases bring supply, legality and working-capital risk.
Sources
- Soma Gold Announces US$10 Million Non-Dilutive Silver Royalty Transaction (Investing News Network) (Nov 2, 2026)
- Soma Gold Sells Cordero Silver Royalty to Silver Crown for US$10 Million (The Deep Dive) (Nov 2, 2026)
- Soma Gold Secures Credit Facility (Mining Stock Education) (Oct 16, 2026)
- Soma Gold Announces Appointment of Sergio Rios as President (Mining Stock Education) (Sep 25, 2026)
- Soma Gold Reports Financial Results for the Second Quarter of 2026 (Placera) (Aug 28, 2026)
- Soma Gold targets H2 recovery after Q2 mine margin falls (Business News Today) (Aug 30, 2026)
- Soma Reports Progress Across Three Mining Assets (Jul 24, 2026)
- Soma Gold Closes $7.5 Million LIFE Offering (goldsilver.ai) (Jun 25, 2026)
- Soma Gold begins deliveries from Aurora and El Limon to El Bagre (Mining Technology) (Jun 18, 2026)
- Soma Announces Debt Settlement for Shares (Rohstoff-Welt) (Jun 2, 2026)
- Soma Gold Sees Q1 Revenue Slide 19% as El Bagre Restart Stumbles (The Deep Dive) (May 29, 2026)
- Soma Gold Provides Production Update and Outlook in Colombia (Investing News Network) (Apr 22, 2026)
- Soma Gold Announces a Positive PEA and Updated Mineral Resource for its Colombian Projects (Newswire.ca) (Jan 5, 2023)
- Soma Gold Corp website (Nov 4, 2026)
- Soma Gold Corp. company profile (StockAnalysis) (Aug 11, 2026)
Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies
Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.