07:22 AM EDT, 04/04/2024 (MT Newswires) -- Soma Gold Corp. ( SMAGF ) , which eased 3% yesterday, on Thursday reported gold production of 7,335 gold equivalent ounces for the first quarter, up 8% over the same period in 2023.

Meanwhile, following a comprehensive internal review and collaboration with the company's external technical consultants, the company said it has been decided that a strategic shift in the mining method at Soma's 100% owned Cordero Mine will lead to reduced mining costs and optimize the production of gold.

It said the shift during Q1 resulted in a slightly lower than anticipated AuEq production, but added the company is already witnessing a reduction in mining costs and lower dilution rates, which should persist throughout the remainder of the year.

"While the transition to the new mining method has presented some disruption, it is proving beneficial in terms of cost reduction and improving the mill head grade. We anticipate the full impact of these changes to be felt in the second half of the year," Geoff Hampson, president and CEO, said.