New Risk • Jul 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$88.6m market cap, or US$62.4m). Announcement • Jun 26
Soma Gold Corp. announced that it has received CAD 7.5 million in funding On June 25, 2026, Soma Gold Corp. closed the transaction. In connection with the Offering, the Company paid an aggregate of C$525,000 in cash commissions and issued an aggregate of 700,000 non-transferable broker warrants (the "Broker Warrants") to certain arm's length finders. Each Broker Warrant entitles the holder to acquire one Share at an exercise price of CAD 1.10 per Share for a period of 24 months from the date of issuance. The company issued under LIFE offering of 10,000,000 Common Shares of the company at an issue price of CAD 0.75 for gross proceeds of CAD 7,500,000. Announcement • Jun 19
Soma Gold Corp Commences Shipments of Mineralized Material from Aurora and El Limon Mines to El Bagre Gold Complex Soma Gold Corp. announced that the Explosives Permit, which is the final permit required to re-commence operations at the Aurora Mine, has been granted and shipments of mineralized material to the El Bagre Gold Complex will commence immediately. Mining of mineralized material at the historic El Limon Mine has commenced, with shipments to the El Bagre Mill also underway. The Aurora Mine was purchased by Soma in 2024. The previously producing mine is being fully rehabilitated, with new power, ventilation and hoisting systems being installed. Underground workings are being upgraded, with new rail lines being installed and development work on Levels 5 and 6 underway. The development work is producing mineralized material, which is being shipped to the El Bagre Gold Complex. Commercial Production is expected in the Third Quarter or Fourth Quarter, when production will reach the permitted 20 TPD. In the interim, 10-15 TPD of mineralized material will be shipped to the mill for processing. The El Limon Mine operated from 1995 until its closure in 2020 due to low gold prices, after which it was allowed to flood. The mine has now been dewatered to Level 5, and several stopes and pillars remaining from pre-closure operations are being mined, with shipments to the El Bagre Mill. Additional exploration and testing are needed to fully quantify the remaining resource, but El Limon represents a valuable additional source of mineralized material for the mill in the interim. The Company also announces the delivery of a new underground haul truck, ordered last year to support growing operations at the Cordero Mine. As Cordero has expanded, haul distances have increased, necessitating additional haulage capacity to meet production targets. The new truck arrives as average grades at Cordero return to anticipated levels. Once full production at these mines is achieved, it will justify the start of processing at the El Limon Mill. The addition of sorting equipment at El Bagre will further enable the processing of feed from the Nechi Mine, which is expected to commence production in the Third Quarter 2027. Work continues to source additional feed material from Lemoncito Norte, Diamantina, and other small, formalized and legal mining operations in the region. 
