SOMA has done well with the sector rally this year. It is producing, with a revenue run rate of about $100M. It has no analyst coverage. Insiders own 17%, Conex Services owns 42%. Considering the small size of the company, this makes the share float quite tiny. SOMA is focused on properties in Antioquia, Colombia, with a growing operational profile and strategic expansion plans. The company currently owns two adjacent mining properties with a combined permitted milling capacity of 1,400 tonnes per day and an existing operational mill called El Bagre, actively producing gold. Its production quarterly is about 6,643 gold-equivalent ounces despite some lower ore grades due to development work ongoing. The stock is cheap on valuation but consideration needs to be given to its small size and share float and its sector volatility.
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