Mr. Javier Cordova reports

SOMA GOLD REPORTS 3RD QUARTER 2023 FINANCIAL RESULTS

Soma Gold Corp. has filed its third quarter financial statements and MD&A (management's discussion and analysis) on SEDAR+ and are available on the company's website.

Operations review -- nine months ended Sept. 30, 2023:

• Total production of 24,839 ounces of gold from the Cordero mine and the el Bagre milling operations;
• Codero operations had attributable cash cost per ounce of gold sold of $911 (U.S.) and an AISC (all-in sustaining costs) of $1,316 (U.S.) per ounce;
• Income from mining operations of $24.8-million;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $25.9-million and adjusted EBITDA of $26.7-million;
• Net earnings of $8.1-million or nine cents per share;
• Adjusted EBITDA per share of 29 cents.

Full-year 2023 outlook:

• Exploration of the expanded property package along the Otu fault to continue to build total resources and identify the next mine on the company's Antioquia properties.
• To continue the formalization process for the small miners operating on the company's concessions -- 10 per cent of the ounces produced come from these small miners.
• Finalize plans to restart the el Limon mill to process both excess ore from Cordero and ore from formalized small miners.
• Conduct a comprehensive review to assess potential additions to the company's concession package, focusing on trends identified through the exploration program.
• Utilize the newly purchased underground drill to conduct deep drilling at the Cordero deposit, aiming to validate the extension of the deposit at depth and consequently increase the Cordero resource.

Javier Cordova, Soma's president and chief executive officer, states: "Our team has consistently delivered strong performance throughout the quarter, aligning seamlessly with our 2023 plans and guidance. Anticipating a strong finish to the year, we are actively ramping up production to meet our aggressive growth objectives for the year. Initiating the restart of the el Limon mill is a key component of our strategy to expand milling capacity. This move positions us for increased production capacity and sets the stage for robust growth in ounces produced, extending into 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 (tpd) (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.

With a strong commitment to sustainability and community engagement, Soma Gold is dedicated to achieving excellence in all aspects of its operations.

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

We seek Safe Harbor.