The Cordero Mine is part of the Company’s El Bagre Gold Mining Complex.  Development of the Cordero Mine began in September 2020, and commercial production was achieved as of January 1, 2023.  Soma’s legacy mines, La Ye and Los Mangos, have been mined out and were decommissioned in early 2023.  Going forward, Cordero will be supplying the mill feed for the El Bagre Mill and, as mine production warrants, the restart of the El Limon Mill.  This should have a significant positive impact on gold production, as La Ye and Mangos ore has averaged ~4.5 g/t gold in recent years, while Cordero’s resources are grading 6.9 g/t and 7.9 g/t for indicated and inferred resources, respectively.

The Cordero Mine is expected to increase mine production and feed the El Bagre Mill with two ore sources: (i) direct high-grade material from the Cordero Mine, and (ii) grade-enriched Cordero material from ore sorting equipment. This strategy is expected to sustainably support high-grade gold production at the El Bagre Gold Mining complex.

Ongoing drill programs have constantly replenished resources at the Cordero Mine.

Soma has purchased a fleet of Sandvik underground mining equipment and is now self-performing all mining and sustaining development work.

The Cordero mine is proposed to be approximately 1,280 m on strike and 300 m deep, with veins dipping between 30° and 45 °. The LOM plan envisions a mixture of both conventional and mechanized mining. In the central portion of the mineral resource area, mining will be carried out by a narrow, near vertical, non-mechanized cut and fill mining method. Production work in this area is done by teams using pneumatic handheld drilling equipment. Mechanized overhand cut and fill mining is planned for the deeper and north-south extents of the Cordero Mine, using equipment owned and operated by Soma. The introduction of mechanized mining will allow Soma to materially increase production rate and mill throughput.

The Cordero deposit is hosted in the El Carmen stock, an early Carboniferous-age tonalite-to-diorite intrusive that occurs along the western boundary of the Segovia Batholith. Gold mineralization in the El Carmen stock is hosted in shear-zone-controlled quartz veins that strike north-northwest and dip moderately northeast at the Cordero and Los Mangos mines. In contrast to the eastern deposits, quartz veins in the La Ye Mine notably have a northerly strike and dip steeply to the west.  Gold mineralization in the quartz-carbonate veins is associated with pyrite, galena, sphalerite and tellurides, and locally free gold.  The deposit is cross-cut by two phases of younger mafic dykes, which are subsequently cross-cut by a young, felsic aplite dyke suite.  The younger dykes are interpreted to be Jurassic-age or younger.

Exploration and infill drilling continue at the Cordero deposit.

Soma’s El Bagre Gold Mining Complex is located approximately 167 km north-northeast of Medellín in the Department of Antioquia, Colombia. Soma produced 32,340 ounces of gold at its El Bagre Mill in 2025.

Gold production will be driven by:

• Increased throughput from mechanized mining at the Cordero Mine and ore-sorting equipment.
• Selective underground mining focused on high-grade ore.

The El Bagre Mill processes approximately 450 TPD when running at full capacity and is permitted for up to 1,000 tpd.  The mill historically achieved gold recoveries of ~88% and silver recoveries of ~81%. Further plant modifications are intended to bring the recovery rate to 90% by EOY 2024.

The plant consists of the following main circuits:

• Three-stage crushing
• One-stage grinding
• Flash coarse rougher flotation in the grinding circuit
• Gravity concentration and intensive cyanide leaching
• Flotation, thickening, and clarification
• Regrinding and cyanidation
• Filtration and cyanide detoxification
• Merrill Crowe gold recovery
• Smelting
• Reagent preparation
• Tailings disposal

In addition to operating the El Bagre Mill, Soma owns the 225 TPD El Limon Mill, which is located 47 km south of the El Bagre Mill. The El Limon Mill was on care and maintenance but restarted production in the second half of 2025.

The El Limon Mill operates similarly to the El Bagre Mill, with two-stage crushing, ball milling, gravity concentration, flotation, cyanidation, Merrill-Crowe precipitation, and smelting to produce doré.  The mill was upgraded in 2017 to a capacity of 225 tpd and is permitted for up to 400 TPD.

The El Limon Mill is expected to mill multiples sources of ore: (i) excess ore production from the Cordero Mine, (ii) formalized artisanal mined ore, and (iii) ore from the Limon Mine.

Soma has formalized agreements with small-scale miners near the El Limon Mill and anticipates formalizing additional agreements with miners in the future. This allows them access to modern mining and processing technologies, including eliminating the need to use mercury to extract gold.