Soma Gold Q2 Loss Widens to $3.9M as Grade Slump Hits Margins
SMAGF sits 22% above its 52-week low of $0.45.
Summary
Soma Gold swung to a $3.9M net loss in Q2 2026 from a $1.6M profit a year earlier, as revenue fell 11% to $20.4M and gross margin collapsed from 25% to 10%. The Cordero mine's average grade dropped from 5.55 gpt to 3.99 gpt, cutting production and pushing adjusted EBITDA down to $2.1M from $8.9M. Management expects grades to improve in H2 as mining moves into a higher-grade area, and third-party ore is ramping up. The company also granted 700,000 stock options to two officers and is seeking shareholder approval to ratify prior DSU grants under an amended equity plan.
At the time of this announcement, SMAGF was trading at $0.55 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $65.3M. The 52-week trading range was $0.45 to $1.90. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: PR Newswire.