Mr. Javier Cordova reports

SOMA GOLD REPORTS 2ND QUARTER 2023 FINANCIAL RESULTS

Soma Gold Corp.'s second quarter financial statements and management's discussion and analysis have been filed on SEDAR+.

Operations review -- H1 2023:

• Total production of 15,391 ounces of gold primarily from the Cordero mine and the el Bagre milling operations;
• Codero operations had attributable gold production at a cash cost of $907 (U.S.) and an all-in sustaining cost of $1,050 (U.S.) per ounce;
• Income from mining operations of $16.4-million;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $15.9-million and adjusted EBITDA of $17.05-million;
• Net earnings of $4.84-million or 5.3 cents per share;
• Adjusted EBITDA per share of 19 cents.

Full-year 2023 outlook:

• Expand exploration of the expanded property package along the Otu fault to continue to build total resources and to identify the next mine on the Antioquia property, extending the life of mine.
• Continue the process of formalizing the small miners working on the company's concessions to result in 10 per cent of the ounces produced being from these small miners.
• Determine whether to restart the el Limon mill where it is or to move the mill to the el Bagre gold complex. This decision will be driven by a combination of initial capital cost and long-term operating costs.
• Review additional strategic additions to the company's concession package, targeting the trends identified by the exploration program.
• Drill the Cordero deposit at depth with the new underground drills purchased by the company to confirm the deposit continues at depth, increasing the Cordero resource.
• Based on H1 production and H2 outlook, the el Bagre operations are expected to produce between 35,000 and 36,000 ounces at an AISC of between $1,050 and $1,100 per ounce during 2023.
• Drill the Aurora mine to establish a mining plan that will bring the fully permitted mine into production in 2024.

Javier Cordova, Soma's president and chief executive officer, states: "Our team has delivered another strong quarter, and we continue to perform in line with our 2023 plan and guidance. We anticipate a strong finish to the year as we continue to ramp up production to meet our aggressive growth objectives for the year. Our plan to expand milling capacity by restarting the el Limon mill will position us to meet the growth plan for 2024 and beyond."

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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