Soma Gold Corp. announced the acquisition of the Otu Centro properties in Antioquia, Colombia, in May 2023. The property is immediately to the south of, and contiguous with, the Company's existing Zara exploration properties in Antioquia, Colombia, along the prolific Otu Fault corridor.

Soma has initiated the exploration of the new properties and is pleased to provide an update on the planned 2023 exploration program. The most significant vein occurrences are at the La Aurora and Constancia mines, which have over 1,000 meters of development work to a depth of 130 m. The project has had limited historical diamond drilling. Most of the exploration on the property has been surface exploration and informal small-scale mining at some of the known quartz veins on the property.

Soma has planned a two- phase 10,000 m diamond drill program to start in the third quarter of 2023. Phase 1 of the program is 5,000 m of drilling designed to evaluate structural controls on the quartz veins in the La Aurora and Constancia mines. The drill holes will target the down-plunge extent of recently identified high-grade ore shoots within the mine.

The deposit is also open along strike to the north and south. Evaluation of the along- strike potential for mineralization will be tested during the phase 1 drilling program. The drilling program at the La Aurora Mine will be completed by a contract drilling company, Logan Drilling Colombia S.A.S. This contract drilling is in addition to the ongoing 20,000 m annual drill programs on the Bagre and Zara projects.

Total drilling on the Company's properties on the Otu fault is 294,464 m. Soma has applied for permits for the drill platforms required for the 2023 exploration program. While awaiting regulatory approval, Soma has initiated meetings to advance its ESG program within the local community at Machuca, Colombia. Furthermore, the exploration team has completed a compilation of historical data prior to the start of field mapping, geochemical sampling, and prospecting on the property this month.

In addition to the exploration activities on the Otu Centro property and the continuation of the work to expand resources at the Cordero Mine, Soma is initiating a mapping, soil sampling and stream sediment program on the Nechi property to better identify drilling targets planned for 2024. The updated program contemplates an annual program that includes over 40,000 meters of diamond drilling with a yearly exploration spend of approximately US$4 million. This pace of exploration is expected to continue through 2025.

The Otú fault system has a strike length of over 100 km, from Segovia-Remedios in the south to Nechi in the north (where it is buried by younger sedimentary overlap sequences). Soma's property holdings now cover more than 56 km of this strike length. High-grade gold mineralization occurs along the entire strike length of the Otú Fault.

The high-grade gold occurs in brittle-ductile to brittle quartz veins that form during later stages of deformation along the Otú Fault. Across the district, the quartz veins display orientation patterns that suggest the veins form in conjugate faults associated with brittle faulting on the Otú Fault. Notable mines along the Otú trend include Segovia- Remedios, La Aurora, El Limon, Le Ye, Los Mangos, and Cordero.

The Otu Centro Property is located along a critical segment of this regional fault structure and contains numerous indications of high-grade gold mineralization.