Soma Gold Company (Soma-TSXV, Smagv-OTC, A2P4DU-WKN) It raised $7.5 million in a non-brokered private placement offering. Soma is a gold mining company focused on production and exploration in Colombia where it owns 430 square kilometers of mineral concessions along the prolific OTU fault in Antioquia.
The company operates two fully permitted mills located within 25 kilometers of each other with a total capacity of 675 tons per day and a permitted expansion capacity of 1,400 tons per day. The El Bagre mill operates at a capacity of 450 tons per day, and the El Limon mill resumed operations in the third quarter of 2024. The company also owns an exploration property near Tucum, State of Pará, Brazil, which is currently under an investment option Aero Copper Company (Ero(TSX, New York Stock Exchange).
Under 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 the installation of ore screening equipment, acceleration of exploration activities at the Escondida property, and working capital to prepay 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. Shares are trading in a 52-week range of $2.56 and 68 cents.
In a press release dated May 29, 2026, the company said that a drilling rig for the Escondida project in Antioquia had been mobilized. It said the Escondida mine is a small-scale mine that has been producing mineralized material since 2013. Soma acquired the mine and associated property in July 2025. “This is the first drilling program at the Escondida Vein and will determine the extent and duration of gold mineralization beyond the mine’s current footprint,” the company said. The Phase 1.0 drilling program will consist of 21 holes covering 2,790 meters of drilling, it said. The initial drill holes will test the continuity of the mineralized zone near the known mine workings with 50m steps along strike and dip, subsequent drill holes will test the extent of the dip along strike up to 500m north-east of the mine workings, and the deepest drill holes will test the extent of the Escondida Fen 250m below the deepest level of the mine, approximately 425m from the surface exposure of the vein.
The Uura mine is located at the Machuca Project in central Colombia, on the western side of the Out Fault.
Suma said the Aurora mine was purchased in 2024 and is being fully rehabilitated with new ventilation and lifting systems as well as upgraded underground workings and new railway lines. The company said development work at levels 5.0 and 6.0 is producing ore, with 10-15 tons per day currently being shipped to the bagri mill. Commercial production is scheduled to be achieved in the third or fourth quarter of 2026, reaching the permitted 20 tons per day.
Soma reported revenue of $22.5 million in the first quarter of 2026 when gold equivalent sales reached 3,788 ounces. Operations at the Al-Bajri Mill resumed in the first quarter after a labor strike in the fourth quarter of 2025.
