Soma Gold Corp.
Soma Gold operates the El Bagre gold processing complex and 100%-owned Cordero underground mine within a 43,000-hectare package in Antioquia, Colombia. Q1 2026 revenue fell 19% year over year to CAD $22.5 million as the El Bagre mill restart after a labour-disruption shutdown was hampered by mechanical issues, with attributable cash costs at Cordero more than doubling year over year. The company is ramping higher-grade feed from satellite mines through H2 2026 toward a stated goal of 60,000+ oz/year by 2028.
Notable vs. Peers
- Financials score of 1.5/10 is weaker than the peer average of 6.5/10.
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 1% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Aug 2020 · Source
- May 2020 · Source
- Aug 2020 · Source
- Reached — date not disclosed · Source
- Jan 2023 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not yet determined: grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)4/10
Colombia carries material operating risk from regional security conditions and community/labour disruption, as evidenced by a 2025 labour disruption that idled the El Bagre mill for two months.
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, and a confirmed tailings facility at El Bagre Gold Mining Complex (Cordero Mine), Antioquia, Colombia; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)10/10
Nechi Alluvial Gold Property (Mineros S.A.) is 0 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:10/10
Nearest producing mine: Nechi Alluvial Gold Property (Mineros S.A.), 0 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:4/10
Colombia: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
CEO and Chairman of the Board of Soma Gold Corp. 40+ years as an entrepreneur across mining, oil & gas, construction, technology, and manufacturing; founded multiple companies since 1978; previously chaired Gold Source Mining Inc.
Chief Financial Officer of Soma Gold Corp. 25+ years in finance/operations across mining and tech; former CFO of Eastern Platinum, BQE Water, UEX Corporation, and Sandfire Resources America; economics degree from Western University.
VP Operations at Soma Gold Corp. 35+ years of mining operations expertise; B.Sc. Mining Engineering; former GM at CRG Mining Co. and Gold Road Mining Co.
VP Exploration at Soma Gold Corp. Registered professional geologist, 25+ years in mineral exploration; B.Sc. and M.Sc. in geology; multi-continent exploration-to-development experience.
VP Business Development at Soma Gold Corp. 10+ years in corporate finance/investment banking/M&A; former Director of Investment Banking, Mining & Metals; Master's from University of Strathclyde.
Colombia Country Manager for Soma Gold Corp. Mining metallurgist with a master's in project management; former GM at Luca Mining Corp. (Mexico); prior roles at First Majestic and GranColombia Gold.
VP Capital Markets at Soma Gold Corp.; also a director of Avidian Gold Corp. 17 years in corporate mining advisory, including 8 years as VP Capital Markets at Critical Elements Corp.; finance degree from HEC Montreal.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Independent Director Glenn Walsh, Soma Gold's largest shareholder at about 48% (company presentation, 28 August 2026), bought roughly CA$26-36 million of stock on the open market over the past year, though no producer or resource-specialist fund holds a stake and other insiders sold modestly in the most recent quarter.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Soma Gold owns 100% of the El Bagre gold processing complex and the Cordero underground mine, which reached commercial production on 1 January 2023, within a 43,000-hectare land package in Antioquia, Colombia, along with the Nechí project, for which it applied for a mining permit in April 2026. Indicated resources at Cordero and Nechí total 127,000 oz of gold at 5.9 g/t, with no measured category, plus 277,000 oz inferred, in an estimate effective 31 December 2022. After a 2025 labour disruption, Cordero stabilised at 425-450 tpd, and Q1 2026 production was 3,617 oz gold-equivalent against a 2026 target of 23,489 oz. The company is upgrading the El Bagre mill to 650-700 tpd and bringing in higher-grade feed from satellite mines, targeting 60,000-65,000 oz a year by 2028.