Annual Meeting Presentation Cheat SheetGo to https://www.somagoldcorp.com/.
My comments bracketed [ ]
Fast forward to 11 minutes 45 seconds (11:45). Everything before that is just procedural stuff.
12:10 Geoff answers a question about the property is only 15% explored.
17:40 Aris Mining's Segovia mine is 20 km south of their property. Segovia produces 220,000 ounces per year and is high grade ore. Soma and Aris are of the same trend.
20:00 Soma is closing two mines that are at end of life. Cordero is starting up with 8.5 gpt grades. The other two were historically 4.5 gpt. [Higher production rates going forward due to the higher grade, new mining equipment coming online and milling more ore.]
20:30 Slide shows forecast through 2025. Slide also shows AISC of US$890/ounce is expected for 2023.
23:00 Q4, 22 production ~ 6500 ounces lower than the 7,145 expected. Reason is due to a delay of start up of Cordero.
23:30 Updated 43-101 in draft and hope to have completed in a couple of weeks. Cordero is a highly veined system with very high grades in the veings. Soma believes exploration potential is open at depth.
24:20 Slide 9 shows very impressive development of Cordero over the course of 2022.
26:40 The slide shows highly detailed 2023 production plan by month. Q1 ~ 6900 ounces, Q2 ~ 8300 ounces, Q3 ~ 9700 ounces and Q4 ~ 10,000 ounes. [ I have never seen this level of detail for guidance. Grades start out around 7.5 gpt and when they go full Cordero they surge to 8.4 gpt.]
46:05 Soma shows picture of narrow vein that averages 200 gpt.
45:30 Geoff says on call "We're going to generate $31 - $32 million EBITDA next year". [I believe those figures are in reference to Gold in the $1700's. Each US$100 (C$136) increase in Gold equates to about C$4.8 million in EBITDA per year based upon 36k production.]
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Hitting these production targets and costs, don't expect Soma to be trading at 30 cents a year from now. Perhaps another mining operator will be offering a heft premium to buy Soma out?