Mr. Geoff Hampson reports

SOMA GOLD REPORTS YEAR-END FINANCIAL RESULTS AND OPERATING HIGHLIGHTS

Soma Gold Corp. has filed its financial statements and MD&A (management discussion and analysis) for the years ended Dec. 31, 2023, and Dec. 31, 2022, on SEDAR+ and they are available on the company's website.

2023 operational and financial highlights:

• Total AuEq (gold equivalent) production of 32,340 ounces from the Cordero mine and the El Bagre milling operations;
• Cordero operations had an attributable cash cost per ounce of gold sold of $983 (U.S.) and an all-in sustaining cost (AISC) of $1,510 (U.S.) per ounce;
• Income from mining operations reached $28-million;
• Total comprehensive income stood at $11.5-million compared with a loss of $2.6-million in 2022;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $31.1-million and adjusted EBITDA of $31.8-million;
• Net income for the year of $2.8-million, or three cents per share, a significant increase from the net income of $257,000 in 2022;
• Adjusted EBITDA per share of 35 cents;
• An increase in gold recovery for the full year to 88.3 per cent in 2023, up from 87.2 per cent in 2022.

Full-year 2024 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;
• Continue to formalize the operations of small miners working on the company's concessions, aiming for 10 per cent of its production to come from these formalized small miners;
• Finalize plans to restart the El Limon mill to process both excess ore from Cordero and ore from formalized small miners;
• Review further strategic additions to the company's concession package, targeting trends identified by its exploration program;
• Drill the Cordero deposit at depth with the new underground drill purchased by the company to confirm resource continuity and increase resource estimates.

Geoff Hampson, Soma's president and chief executive officer, stated: "Two thousand twenty-three was an exceptional year as we achieved significant increases in our gold production and EBITDA. Despite a challenging inflationary environment in Colombia and changes in mining methods, we managed to maintain stable cash costs. Going forward, we expect continued growth in the number of produced ounces, with the Machuca mine set to come on line midyear. This additional feed material justifies the restart of the El Limon mill, which has been on care and maintenance as production scaled up. We also anticipate lower mining costs due to the transition from mechanized mining to the conventional raise stope method."

The company has accepted Javier Cordova's resignation as chief executive officer and president and a director of the board of Soma Gold and all of its subsidiaries. The board thanks Mr. Cordova for his contributions and wishes him the best in his future endeavours.

The company has granted incentive stock options, pursuant to its equity incentive plan, to an employee of the company to purchase up to 200,000 common shares of the company. The stock options are exercisable at a price of 56 cents per share for a period of five years from the date of grant. The company has awarded an aggregate of 50,000 restricted share units (RSUs) under its equity incentive plan to certain non-executive directors of the company. Each RSU represents a right to receive one common share of the company following the vesting of such RSUs over a three-year period. The foregoing grants are subject to the approval of the TSX Venture Exchange.

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 tonnes per day). The El Bagre mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program.

With a solid 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.