Soma Gold

Name

Soma Gold

Legal name

Soma Gold Corp.

Website

https://somagoldcorp.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Gold mining
• Mineral exploration
• Underground gold mines
• Gold ore processing
• Doré production

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Distribution channels1 record

Marketing channels4 records

Core offering

Soma Gold is a gold mining company that produces gold doré bars from underground mines in Colombia's Antioquia region, processed through two Merrill Crowe mills (El Bagre Mill at 450 TPD and El Limon Mill at 225 TPD) operating on a hub-and-spoke model. The company's current production is anchored by the Cordero Mine, with Aurora, El Limon, and Escondida mines in various stages of restart and development, plus exploration projects (Nechí, Zara, Otu, Bagre) along the Otu Fault. The doré is sold directly to gold refineries and commodity traders at prevailing market gold prices.

Product overview

Soma Gold is a gold mining and production company operating a hub-and-spoke model in Colombia's Bagre-Nechí gold mining district. The company operates two Merrill Crowe mills (El Bagre at 450 TPD and El Limon at 225 TPD) with combined permitted expansion capacity of 1,400 TPD. The mills process ore from multiple underground mines including Cordero (primary source), Aurora, El Limon, and Escondida. The company also operates the Tomra XRT ore sorting technology at El Bagre to enhance processing efficiency by rejecting gangue material before energy-intensive processing. The portfolio includes producing assets (Cordero Mine, El Bagre Mill, El Limon Mill), near-production assets (Aurora Mine, Escondida Mine, El Limon Mine), and exploration projects (Nechí, Zara, Otu, Bagre) in Colombia plus a Brazil copper/gold property optioned to Ero Copper.

Differentiator

Problem solved

Functional benefit

Products and services

• El Bagre Mill Primary gold processing facility at 450 TPD (permitted to 1,000 TPD) producing approximately 87% gold recovery through three-stage crushing, grinding, flotation, gravity concentration, cyanidation, and Merrill Crowe gold recovery. Processes ore from the Cordero Mine and other regional sources on Soma Gold's 43,000-hectare Antioquia property package.
• El Limon Mill 225 TPD Merrill Crowe milling facility located 47 km south of El Bagre Mill, permitted for up to 400 TPD. Restarted operations in the second half of 2025 after being on care and maintenance since 2020 and processes ore from the El Limon Mine and formalized small-scale mining operations.
• Cordero Mine Underground gold mine that achieved commercial production on January 1, 2023, and serves as the primary feed source for the El Bagre Mill. Indicated resources grade 6.9 g/t gold with production ramping to a peak mining rate of 248 kt (680 tpd) using mechanized and conventional cut-and-fill mining methods with Sandvik underground equipment.
• Aurora Mine Underground gold mine acquired by Soma Gold in 2024 and undergoing extensive rehabilitation with new power, ventilation, and hoisting systems. Development work is underway on Levels 5 and 6 with commercial production targeted at 20 tonnes per day (permitted capacity).
• El Limon Mine Historic underground gold mine that operated from 1995 until closure in 2020. Resumed mining operations in 2025 after dewatering to Level 5, with remaining stopes and pillars from pre-closure operations being mined and the ore processed at El Limon Mill and El Bagre Mill.
• Escondida Mine Underground gold mine in Antioquia, Colombia, acquired by Soma Gold in 2025. First production and shipments commenced in June 2026 at 10 TPD following first-phase underground rehabilitation, with planned ramp-up to 20 TPD in H2 2026 and 40 TPD permitted capacity targeted by Q1 2027.
• Nechí Project Underground development project comprising the El Catorce, Santa Elena, and Santa María deposits located 350 km from Medellín in the Department of Bolívar, Colombia. Soma Gold has submitted a PTO mining permit application expected to add 250 TPD of feed (~25,000 gold equivalent ounces per year) to the El Bagre Mill pending permit approval before end of 2026.
• Zara Project Exploration project contiguous with the El Bagre and El Limon properties along the Otu Fault System, forming part of Soma Gold's 29,000+ hectare concession package. Contains high-priority drill targets including Estrella, Limon, Alacran-Diamantina, Primavera, Limoncita, and Cañon de Rojas, identified from historical and existing artisanal mining activity.
• Otu Project Exploration project contiguous with the Zara properties along the Otu Fault System, featuring significant vein occurrences at the La Aurora and Constancia mines with over 1,000 metres of historical development work. A Phase 1 diamond drill program of 5,000 metres is targeting the structural controls on the quartz veins.
• Bagre Project Exploration project in the immediate area of the Bagre Mill Complex, including possible extensions to the La Ye quartz vein system north and south of the historical deposit. New drill targets have been identified from the updated structural interpretation of the Cordero Deposit.
• Tucuma Exploration Project Copper-gold exploration project located in the Carajás metallogenic province in the State of Pará, Brazil, currently under option to Ero Copper Corp.
• Small-Scale Miner Formalization Program Formalization initiative enabling small-scale miners within Soma Gold's 43,000-hectare Antioquia property package to access modern mining and processing technologies at the El Limon and El Bagre mills while eliminating mercury use. The first formalized Diamantina small mine shipped mineralized material to El Limon Mill in March 2026 after a five-year formalization process, and 23 additional small mines are in various stages of formalization.

Quantifiable outcome

• Gold production of 27,460 AuEq ounces in 2024
• +4 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature1 record

Recent moves9 records

Expansion highlights6 records

Direct peers

• Aris Mining Corporation: Aris Mining operates the Segovia Mine in Antioquia, Colombia—the same gold district where Soma's operations are located. Both companies run hub-and-spoke underground gold mines feeding centralized mills in the Bagre-Nechí region, making Aris the closest direct comparable for geology, jurisdiction, and operating model.
• Argonaut Gold Inc. Argonaut Gold is a smaller-scale gold producer with multiple operating mines, comparable in size and structure to Soma. Its hub-and-spoke multi-asset model and growth-stage profile make it a directly comparable junior producer.
• McEwen Mining Inc. McEwen Mining operates producing gold and silver assets in the Americas at a scale comparable to Soma. Its mix of producing mines and exploration upside in Latin America aligns with Soma's operational footprint and growth strategy.

Broad incumbents

• B2Gold Corp. B2Gold is a mid-tier gold producer with multiple operating mines and a comparable junior-to-mid-tier gold profile. It provides a reference for what scaled-up hub-and-spoke gold operations in similar jurisdictions can look like as Soma grows.
• IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer with operations across the Americas including South America. It shares the multi-jurisdictional gold-producer profile and is a relevant benchmark for capital intensity and growth trajectory in similar geological settings.
• Alamos Gold Inc. Alamos Gold is an established mid-tier gold producer with operations across North America. It is a relevant benchmark for unit economics, capital allocation discipline, and the multi-asset gold-producer model Soma is building toward.
• Coeur Mining, Inc. Coeur Mining is a precious metals producer with a portfolio of gold and silver operations across the Americas. Its focus on high-grade narrow-vein underground gold mining and Latin American exposure makes it a relevant comparable.
• New Gold Inc. New Gold is an intermediate gold producer with producing assets in the Americas. Its scale, mine-portfolio structure, and growth pipeline offer a comparable reference for Soma's evolution from junior to mid-tier producer.

Emerging players

• Luca Mining Corp. Luca Mining is a smaller gold and copper producer in Mexico, directly comparable in scale to Soma. Its high-grade underground narrow-vein operations and growth-stage profile mirror Soma's current position.

Others

• Ero Copper Corp. Ero Copper currently holds the option on Soma's Tucuma copper-gold exploration property in Brazil. As a counterparty in Soma's option agreement and a Latin American-focused base and precious metals miner, Ero is a connected peer despite differing primary commodity focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/somagoldcorp
• Facebookfacebook.com/somagoldcorp

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Soma Gold