Mr. Geoff Hampson reports

SOMA GOLD PROVIDES PRODUCTION UPDATE AND OUTLOOK IN COLOMBIA

Soma Gold Corp. has provided a comprehensive operational update across its Colombian mining portfolio, highlighting strong progress toward increased production and improved operating performance.

Operational momentum building across multiple assets

Soma continues to advance its multimine growth strategy, with key operations transitioning into production and contributing to a strengthening production profile through 2026 and beyond.

Cordero mine

Operations at the flagship Cordero mine have stabilized following last year's labor disruption, with production rates returning to planned levels of 425 to 450 tonnes per day (TPD).

Recent technical challenges related to grade variability have caused lower-than-expected gold production. Several stopes expected to produce grades consistent with those in historically mined areas have yielded lower-grade material. The company has identified the underlying issues and is actively addressing them. Primary issues were:

• Lower realized grades versus planned grades;
• Higher than expected dilution in certain stopes.

Increased grade control drilling, an active operational mining approach to address dilution and faster grade reconciliation versus block model are expected to normalize production.

As a result, the company is planning to accelerate development into:

• Cordero Viejo (southern extension);
• Deeper levels of the high-grade Victoria zone;
• Cordero vein remnant pillars.

These mining areas are expected to deliver improved grades and enhanced production consistency, supporting a strong recovery in gold production by mid Q2 2026.

Impactful processing upgrade -- sensor-based sorting initiative

Soma is advancing a major efficiency and capacity expansion at its El Bagre mill through the installation of sensor-based sorting technology.

• Sensor-based XRT sorting equipment is now on site;
• Material preparation and handling equipment in final design and preconstruction;
• Commissioning expected by early Q3 2026.

This initiative is expected to:

• Increase production rate from 450 TPD (tonnes per day) to 650 to 700 TPD;
• Deliver consistent mill feed of approximately 450 TPD at 5.8 to 6.2 grams per tonne gold;
• Significantly reduce cost per ounce;
• Enable processing of a broader range of material grades.

This represents a step-change improvement in operational efficiency and scalability.

El Limon mill and Diamantina mine

Phase 1 remediation and optimization of the El Limon mill have largely been completed, and the facility has been operating at approximately 100 TPD. The mill is currently processing mineralized material sourced from Diamantina stockpiles, generating immediate production while underground operations at Diamantina restart. Full production at the El Limon mill is expected in Q4 2026, with feed material being sourced from Diamantina, Escondida, Aurora and other small mines in the region.

Mobilization at Diamantina is progressing, and while industry-wide labour competition has impacted timing, Soma expects underground production to commence in Q3 2026, initially at approximately 40 TPD.

Aurora mine

The Aurora mine is nearing production readiness, with key permitting milestones expected to be in Q2. The explosives permit has been delayed but is expected to be received by May, 2026, and a contract mining team has already been mobilized on site.

Soma expects initial production and deliveries to begin in May or early June, 2026, positioning Aurora as a near-term contributor to Soma's consolidated production.

Escondida mine

Following the closing of its acquisition in December, 2025, Soma has successfully concluded comprehensive community engagement and access agreements at the Escondida mine. These agreements enable full operational access, including:

• Deployment of exploration drilling;
• Road rehabilitation for the transport of mineralized material;
• Resumption of underground mining.

As disclosed in the company's press release dated July 7, 2025, the Escondida vein has been traced for 800 metres along strike to the northeast and down dip for approximately 135 metres. Historical mining was conducted along a 200-metre strike length to a vertical depth of 105 metres. The mine was developed in five-metre levels, most of which have been backfilled.

The vein is accompanied by a 1.0- to 3.0-metre-thick clay alteration package that is also variably mineralized. The style of veins, alteration and sulphide mineralization is consistent with an intermediate sulphidation epithermal vein system. The host rock is a competent intermediate to felsic intrusive rock.

The initial 2,500-metre drill program to be commenced in May, 2026, will rapidly determine the strike and down-dip extent of the Escondida vein and begin to quantify a National Instrument 43-101-compliant gold resource on the La Escondida property. In addition to the currently mined main vein, at least five other veins are known on the tenement from artisanal surface workings and prospecting.

Production is expected to recommence in June, 2026, with initial output of 10 to 20 TPD at approximately nine g/t Au, increasing to the permitted 40 TPD by year-end. This material will be shipped to either the El Limon mill or the El Bagre mill. Importantly, drilling is expected to support an application to increase permitted capacity to 100-plus TPD, providing meaningful longer-term growth for 2027 and beyond.

Third party mill feed purchase program

Soma has begun implementing its third party mineralized material purchase program to supply the El Bagre mill and the El Limon mill with various feed sources. This initiative is part of the company's "fill the mill" strategy. Both mills have a combined permitted processing capacity of 1,400 TPD. By executing this strategy, the operational teams expect to benefit from greater economies of scale in the processing plants.

Production outlook strengthening through 2026

Soma continues to demonstrate a clear path toward meaningful production growth:

• Q1 2026 (actual): 3,617 AuEq (gold equivalent) ounces;
• Q2 2026 (forecast): approximately 3,828 AuEq ounces;
• Q3 2026 (forecast): approximately 7,605 AuEq ounces;
• Q4 2026 (forecast): approximately 8,439 AuEq ounces.

Total production for 2026 is expected to be 23,489 AuEq ounces, with the company expecting to end the year at an annual run rate of 33,756 AuEq ounces. As the Nechi project is developed, other small mines come on line, third party mill feed purchases are executed and optimization initiatives take effect, production is expected to accelerate further.

Looking ahead to 2027, the planned development of the Nechi project is expected to increase steady-state production to approximately 5,000 AuEq ounces per month, positioning Soma for sustained long-term growth.

Geoff Hampson, chief executive officer of Soma Gold, commented: "While the first half of 2026 presented a series of operational and industry-wide challenges, we identified the primary issues and have made substantial progress in stabilizing operations and positioning the company for accelerated growth. Our core assets are performing well, and we are now bringing multiple additional mines into production over the coming months. With improved mill performance, access to higher-grade zones at Cordero, and the near-term contributions from Diamantina, Aurora and Escondida, Soma will soon experience a period of strong production expansion. Combined with our sensor-based sorting initiative and the advancement of the Nechi project, we believe the company is exceptionally well positioned to achieve its target of 60 to 65,000 ounces annually by 2028."

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 and approved the technical information disclosed in this press release.

About Soma Gold Corp.

Soma Gold is a profitable mining company focused on gold production and exploration. The company owns over 430 square kilometres of mineral concessions following the prolific OTU fault in Antioquia, Colombia, and two fully permitted mills located within 25 kilometres of each other, with a combined milling capacity of 675 TPD. The El Bagre mill operates at 450 TPD and the El Limon mill restarted operations in Q3 2025. 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.