Company Announcements

VANCOUVER, BC , April 22, 2026 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma") is pleased to provide 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 multi-mine 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 425-450 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 pre-construction
• Commissioning expected by early Q3 2026

This initiative is expected to:

• Increase production rate from 450 TPD to 650 - 700 TPD
• Deliver consistent mill feed of approximately 450 TPD at 5.8 - 6.2 g/t 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 Limón Mill & Diamantina Mine
Phase 1 remediation and optimization of the El Limón 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 Limón 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 labor 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 meters along strike to the northeast and down-dip for approximately 135 meters. Historical mining was conducted along a 200-meter strike length to a vertical depth of 105 meters. The mine was developed in 5-meter levels, most of which have been backfilled.

The vein is accompanied by a 1.0 - 3.0-meter-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-meter 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 an NI 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 10-20 TPD at approximately 9 g/t Au, increasing to the permitted 40 TPD by year-end. This material will be shipped to either the El Limón Mill or the El Bagre Mill. Importantly, drilling is expected to support an application to increase permitted capacity to 100+ 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 Limón 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 ounces
• Q2 2026 (Forecast): ~3,828 AuEq ounces
• Q3 2026 (Forecast): ~7,605 AuEq ounces
• Q4 2026 (Forecast): ~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 Nechí Project is developed, other small mines come online, 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 Nechí 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, CEO 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 Nechí Project, we believe the Company is exceptionally well positioned to achieve its target of 60 - 65,000 ounces annually by 2028."

Qualified Person Statement
Mr. Chris Buchanan, P.Geo, 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
Soma Gold Corp. (TSXV: SOMA) is a profitable mining company focused on gold production and exploration. The Company owns over 430 square kilometers of mineral concessions following the prolific OTU fault in Antioquia, Colombia, and two fully permitted mills located within 25 kilometers of each other, with a combined milling capacity of 675 TPD. The El Bagre Mill operates at 450 TPD and the El Limón 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 Corp. 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.

On behalf of the Board of Directors

"Geoff Hampson"
Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements

SOURCE Soma Gold Corp.