Mr. Javier Cordova reports

SOMA GOLD ACQUIRES ADJACENT PROPERTY ON-TREND WITH SIGNIFICANT MINERALIZATION ALONG THE OTU FAULT IN ANTIOQUIA, COLOMBIA

Soma Gold Corp. has acquired a package of new exploration properties totalling 11,160 hectares (111.6 square kilometres) in Antioquia, Colombia. The property is immediately to the south of, and contiguous with, the company's existing Zara exploration properties in Antioquia, Colombia. With the addition of the new properties, Soma controls approximately 60 per cent of a 100-kilometre-long extensively mineralized trend that stretches from the company's Nechi project in the north to Aris Mining Corp.'s Segovia operations in the south (2022 production of 210,163 gold ounces).

The Otu Centro properties contain 11 known mineralized quartz vein occurrences with varying amounts of historic and small-scale mining. The most significant vein occurrences are at the La Aurora and La Constancia mines, which offer over 1,000 metres of development work to a depth of 130 m.

Previous operators of the property have reported some significant diamond drill hole results from the vicinity of La Aurora mine, including:

• 20.1 grams per tonne gold over 0.9 metre, starting at a depth of 98.1 metres;
• 19.3 g/t gold over 0.7 metre, starting at a depth of 23.1 metres;
• 7.1 g/t gold over 0.5 metre, starting at a depth of 164.9 metres;
• 12.6 g/t gold over 0.4 metre, starting at a depth of 145.3 metres.

Additionally, the previous operators of the property have reported numerous high-grade channel samples taken from the historic underground workings at La Constancia and La Aurora mines, including:

• 103.0 g/t gold over 0.6 metre;
• 114.0 g/t gold over 0.3 metre;
• 41.2 g/t gold over 0.4 metre;
• 20.6 g/t gold over 0.7 metre.

The Otu fault system has a strike length of over 100 km, from Segovia-Remedios in the south to Nechi in the north. High-grade gold mineralization occurs along the entire strike length of the Otu fault in brittle-ductile to brittle quartz veins that form during later stages of deformation along the Otu fault. Across the district, the quartz veins display orientation patterns that suggest the veins form in conjugate faults associated with late-stage movements on the Otu fault. Notable mines along the Otu trend include Segovia-Remedios, La Aurora, El Limon, Le Ye, Los Mangos and Cordero. In addition to these advanced mining operations, numerous small-scale underground mines have been developed throughout the district. Significant placer and alluvial operations have also been developed within the watersheds along the trace of the Otu fault.

Approximately 329,000 ounces of gold are produced annually along the strike of the Otu fault from underground operations at Segovia-Remedios and El Bagre and from placer mining of the Nechi River. An unknown amount of additional gold is produced by informal miners from small-scale mines, paleo-placer and placer operations. The quantity of gold produced and the abundance of gold-bearing quartz veins along the Otu fault reflect the prospectivity of the district. Along the 100 km strike length of the Otu fault only the Segovia-Remedios area has a defined gold resource of over one million ounces (currently 3.3 million ounces). The large quantity of gold produced in the district indicates that it is highly prospective for finding additional large-scale deposits.

Soma Gold chief executive officer Javier Cordova states: "The acquisition of the Otu Centro property by Soma represents a significant consolidation of the ground within a prolific Colombian gold belt. The Otu Centro property contains numerous gold occurrences that have seen only limited modern exploration. In contrast, the quantity of gold produced from hard rock and alluvial mining operations along this mining belt indicates the prospective trend for discovering significant new gold deposits."

Principal terms of the agreement include:

• An initial cash payment of $1-million (U.S.) on closing the agreement (completed);
• A second cash payment of $1.12-million (U.S.) due on May 12, 2024;
• The assumption of $150,000 (U.S.) in liabilities related to the properties;
• The granting of a 2-per-cent net smelter royalty on metallic minerals. One-half of the NSR (1 per cent) can be repurchased by Soma for $1-million (U.S.) (indexed to U.S. CPI).

Qualified person statement

Chris Buchanan, PGeo, is Soma's vice-president of exploration and a qualified person as defined by National Instrument 43-101. Mr. Buchanan has reviewed the technical information disclosed in this press release.

About Soma Gold Corp.

Soma Gold is a mining company focused on gold production and exploration. The company owns two adjacent mining properties in Antioquia, Colombia, with a combined milling capacity of 675 tonnes per day (permitted for 1,400 tpd). The El Bagre mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program.

The company also owns an exploration property near Tucuma, Para state, Brazil, that is currently under option to Ero Copper Corp.

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