New Risk • 2h
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$320k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$45m free cash flow). Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (CA$320k sold). Recent Insider Transactions • 2h
Chairman & CEO recently sold CA$210k worth of stock On the 4th of June, Christopher van Tienhoven sold around 300k shares on-market at roughly CA$0.70 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Christopher has been a net seller over the last 12 months, reducing personal holdings by CA$639k. Announcement • Jun 09
Patagonia Gold Corp Announces First Doré Dispatch From Calcatreu Project Patagonia Gold Corp. announced the first dispatch of gold and silver doré from its Calcatreu Project in Rio Negro Province, Argentina. The first doré dispatch of 518 gold equivalent ounces to Asahi Refining Ltd. represents an important operational milestone for the Project and the commencement of metal recovery activities from the heap leach circuit. Since commencing leaching operations on 15 April 2026, the Company has continued advancing recovery and downstream processing activities, resulting in the production and dispatch of the first doré bars from Calcatreu. The Company continues to monitor leach pad performance, solution flow and metallurgical recoveries as operations advance. Reported Earnings • May 05
Full year 2025 earnings released: US$0.014 loss per share (vs US$0.025 loss in FY 2024) Full year 2025 results: US$0.014 loss per share (improved from US$0.025 loss in FY 2024). Revenue: US$9.01m (up 2.0% from FY 2024). Net loss: US$6.38m (loss narrowed 45% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 290% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 20
Chairman & CEO recently sold CA$84k worth of stock On the 13th of April, Christopher van Tienhoven sold around 100k shares on-market at roughly CA$0.84 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$374k. Christopher has been a net seller over the last 12 months, reducing personal holdings by CA$429k. Announcement • Mar 31
Patagonia Gold Corp Commences Leaching Operations At Calcatreu Project Patagonia Gold Corp. has announced the successful commencement of leaching operations at its flagship Calcatreu Project in Rio Negro Province, Argentina. This milestone represents a significant advancement as the Project transitions into its gold recovery cycle. The initiation of leaching activities follows the completion of construction, commissioning of key infrastructure, and the placement of mineralized material on the heap leach pad. With all necessary regulatory approvals in place and operational systems fully tested, the Company has now begun applying leach solution to the stacked ore. The commencement of leaching follows the construction and stacking progress update announced in January and confirms advancement in line with the Company’s previously communicated development sequence. Key processing infrastructure, including the carbon-in-column (CIC) circuit, is now operational. The Company has over 91,300 tonnes of material from the Veta 49 pit, consisting of 73,300 tonnes crushed and stockpiled, and 18,800 tonnes stacked on the leach pad. The Project is being developed on a prominent, multi-vein, epithermal gold and silver mineral system located in the mining-friendly jurisdiction of Rio Negro Province. Development activities have been conducted in accordance with international best practices for environmental stewardship, safety, and community engagement. The Company continues to prioritize sustainable operations and meaningful partnerships with local communities. Leaching operations will continue on stacked mineralized material with ongoing monitoring of solution flow and recovery performance. Subsequent stages are expected to include loaded carbon processing and doré production as part of normal heap-leach operating cycles. Timing of gold recovery will depend on operational and metallurgical factors typical of heap leach operations. NCL Ltda. continues to progress the updated technical report on Calcatreu, prepared in accordance with National Instrument 43-101, expected for release in Second Quarter 2026, which will incorporate updated technical information for the Project. Donald J. Birak, an independent consulting geologist, Registered Member of SME, Fellow of AusIMM, and qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. Recent Insider Transactions Derivative • Feb 12
Chairman & CEO exercised options to buy CA$1.9m worth of stock. On the 5th of February, Christopher van Tienhoven exercised options to buy 2m shares at a strike price of around CA$0.035, costing a total of CA$82k. This transaction amounted to 927% of their direct individual holding at the time of the trade. Since June 2025, Christopher's direct individual holding has decreased from 800.82k shares to 251.62k. Company insiders have collectively sold CA$949k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 15
Patagonia Gold Corp. Provides Update on Construction of Calcatreu Project in the Province of Rio Negro, Argentina Patagonia Gold Corp. provided this update on construction of the Calcatreu Project, in the Province of Rio Negro, Argentina. Construction work resumed on January 5, 2026, following a short hiatus over the holiday period. Approximately 40,000 tonnes of mineralized material, extracted from the new Veta 49 pit, have been stockpiled and 5,200 tonnes of said mineralized material are expected to be stacked on the leach pad after electric leak detection tests are performed later this month. This represents a key milestone as the Project moves closer to the commencement of leaching operations. Construction of the carbon-in- column ("CIC") circuit of the plant resumed and is also expected to be finalized this month. Once leaching and processing of the stockpiled material commences the resulting metal dore will be shipped to Asahi Refining Canada in Ontario, Canada. The new camp for the Project is being commissioned and dining facilities for 140 people were recently completed - both of which strengthen the Project's operational capacity. NCL Ingenieria y Construccion Ltda continues to advance a technical report prepared in accordance with National Instrument 43-101 on the Project, which is expected to be released in second quarter 2026 and will provide the market with an updated technical basis for the Project. Recent Insider Transactions • Jan 13
Chairman & CEO recently sold CA$90k worth of stock On the 9th of January, Christopher van Tienhoven sold around 200k shares on-market at roughly CA$0.45 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Christopher has been a net seller over the last 12 months, reducing personal holdings by CA$90k. Announcement • Dec 31
Patagonia Gold Corp. Provides an Update on the Construction of the Calcatreu Project Patagonia Gold Corp. provided an update on the construction of the Calcatreu project, the Company's project in the Province of Rio Negro, Argentina. The Project is located in the southern portion of the Rio Negro Province, 85 km south of the community of Ingeniero Jacobacci. The Project is centered on a low sulfidation, epithermal gold and silver system with mineralization outcropping at the surface. The first section of the leach pad, necessary to commence leaching, has been completed and during January 2026, electric leak location tests will be performed. Thereafter, loading of mineralized material will commence with the material previously mined and stockpiled to date. The chemical storage facility, with capacity to hold 120 tonnes of product, was completed in December 2025. On December 23, 2025, 80 tonnes arrived on site and is being stored on the Project premises. Calcatreu currently has 135 employees, the majority of which have been recruited from the neighboring town, Ingeniero Jacobacci or within the Province of Rio Negro. A limited number of specialized positions are being filled by personnel from other provinces, where prior precious metals operating experience is available, as Calcatreu represents the first precious metals project to be developed in Rio Negro. The Company continues to work with the neighbouring communities and local and Provincial authorities and keeps them informed as to the development of the Project. The corresponding Provincial authorities visit the Project on a regular basis and are happy with the progress being made. In third quarter of 2025, the Company engaged NCL Ingeniera y Construccion to update the Project's mineral resource and mineral reserve estimates in a new technical report, to be prepared in accordance with National Instrument 43-101, which report is intended to supersede the Technical Report (as defined below), and which the Company hopes to release during second quarter of 2026. Reported Earnings • Nov 30
Third quarter 2025 earnings released: US$0.001 loss per share (vs US$0.006 loss in 3Q 2024) Third quarter 2025 results: US$0.001 loss per share (improved from US$0.006 loss in 3Q 2024). Revenue: US$3.01m (up 28% from 3Q 2024). Net loss: US$328.0k (loss narrowed 89% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 125% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Second quarter 2025 earnings released: US$0.003 loss per share (vs US$0.006 loss in 2Q 2024) Second quarter 2025 results: US$0.003 loss per share (improved from US$0.006 loss in 2Q 2024). Revenue: US$3.04m (up 16% from 2Q 2024). Net loss: US$1.33m (loss narrowed 52% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Announcement • Aug 20
Patagonia Gold Corp., Annual General Meeting, Oct 28, 2025 Patagonia Gold Corp., Annual General Meeting, Oct 28, 2025. New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$14m free cash flow). Share price has been highly volatile over the past 3 months (35% average weekly change). Negative equity (-US$7.3m). Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$25.6m market cap, or US$18.6m). Reported Earnings • May 02
Full year 2024 earnings released: US$0.025 loss per share (vs US$0.013 loss in FY 2023) Full year 2024 results: US$0.025 loss per share (further deteriorated from US$0.013 loss in FY 2023). Revenue: US$8.83m (up 7.4% from FY 2023). Net loss: US$11.6m (loss widened 83% from FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.6m (US$8.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.5m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-US$566k). Market cap is less than US$10m (CA$11.6m market cap, or US$8.11m). Announcement • Feb 18
Patagonia Gold Corp. Announces Drill Results from Piche Structure at its Calcatreu Project in the Rio Negro Province Patagonia Gold Corp. announced new analytical results from drilling on the Piche structure (“Piche”) at its Calcatreu development property (“Calcatreu” or the “Project”) in the Rio Negro Province. Calcatreu is located in the Somuncura Massif – a region of southern Argentina known for Jurassic-aged, epithermal mineral deposits. The Project’s indicated mineral resources stand at 9.8 M tonnes grading 2.11 g/t gold and 19.83 g/t Ag for 669 K and 6.3 M contained ounces of gold and silver, respectively, and inferred mineral resources of 8.1 M tonnes grading 1.34 g/t gold and 13.1 g/t silver for 348 K and 3.4 M contained ounces of gold and silver, respectively. The Project’s mineral resources were estimated with gold and silver prices of $1,300 Au and $16 Ag, respectively, and the Company expects to update the Technical Report by the end of 2025 to reflect, among other things, current metal prices, new drill results and other technical and social developments. Piche is a typical low-sulfidation epithermal precious metal deposit and lies about 150 meters southeast of the main Nelson structure with mineralization characteristics similar to those of Nelson. In November 2024, the Company announced it had received final permits for construction of the mine and heap leach pad at Calcatreu. As part of the Company’s permitted development activities at Calcatreu, a total of 7 HQ-sized core holes, totaling 300 meters, were drilled on Piche in late 2024 and early 2025 to help identify new, near surface mineralization, and for geotechnical purposes in the area of the planned heap leach site. Piche strikes northeast parallel to the majority of the other major epithermal structures on Calcatreu and, in places, consists of a main vein and a second vein in the footwall of the main structure. On average, Piche dips 75 degree to the southeast and has a current strike (NE-SW) length of over 400 meters. Gold and silver mineralization at Piche is hosted in banded quartz veins and quartz vein breccias. Mineralization currently extends from surface, as defined by trench sample analyses (“TR”), to about 1175 meters elevation and is open at depth and on strike to the NE. New Risk • Dec 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$14.0m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.5m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-US$566k). Market cap is less than US$10m (CA$14.0m market cap, or US$9.86m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: US$0.006 loss per share (vs US$0.005 loss in 3Q 2023) Third quarter 2024 results: US$0.006 loss per share (further deteriorated from US$0.005 loss in 3Q 2023). Revenue: US$2.36m (down 29% from 3Q 2023). Net loss: US$2.89m (loss widened 36% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Oct 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.6m (US$8.36m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.0m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Market cap is less than US$10m (CA$11.6m market cap, or US$8.36m). Announcement • Sep 03
Patagonia Gold Corp. Announces Further Advances in Calcatreu Permitting Patagonia Gold Corp. announced the progress of the Calcatreu permitting process. The Calcatreu permitting process continues to advance positively and has reached the final stage of approval. Following positive recommendations from the Secretariat of Mining and the Secretariat of Environment and Climate Change of Rio Negro and overwhelming support from the closest neighboring native community, the multidisciplinary environmental council (COPEAM), consisting of various stakeholders within the Rio Negro Province, has issued a unanimous decision in favour of the development of Calcatreu. A non-binding public hearing (the “Public Hearing”) was subsequently held on August 30, 2024 in Ing. Jacobacci, the closest city to Calcatreu. At the Public Hearing, representatives from the Company presented the Calcatreu project together with GT Ingeniería SA, the consulting firm that prepared the Environment Impact Assessment Report in respect of the project. Following these presentations, various bureaus and stakeholders made presentations and more than 200 individuals from the Rio Negro Province expressed their position regarding the mining industry and the Calcatreu project. The Public Hearing lasted just under 12 hours and the general consensus is that the Public Hearing was a success, considering the strong support expressed by the majority of the stakeholders. The next step in the approval process (which is also the last) is a final resolution to be issued by the Secretariat of Environment and Climate Change of the province of Rio Negro, formally granting the permit to construct and develop Calcatreu. This final resolution is expected to be issued within the next two months. Calcatreu is the Company´s project and is located in the southern portion of the Rio Negro Province, 85 kms south of the community of Ing. Jacobacci. The project is centered on a low sulfidation, epithermal gold and silver system with mineralization outcropping at the surface. The total measured and indicated mineral resources are estimated at 9.84 million tonnes at an average grade of 2.11 g/t Au and 19.8 g/t Ag (2.36 g/t gold equivalent) and 8.08 million tonnes of inferred mineral resources grading 1.34 g/t Au and 13.1 g/t Ag (1.5 g/t gold equivalent), as disclosed in the Technical Report (as defined below). Once the final resolution has been issued, the Company expects to conduct further studies to determine the project’s mineral reserves, which may lead to development of a heap leach operation to produce gold and silver doré at Calcatreu. The Company has ample experience with heap leach operations, having put two heap leach operations into production over the last decade. Reported Earnings • Aug 30
Second quarter 2024 earnings released: US$0.006 loss per share (vs US$0.006 loss in 2Q 2023) Second quarter 2024 results: US$0.006 loss per share (in line with 2Q 2023). Revenue: US$2.62m (up US$2.24m from 2Q 2023). Net loss: US$2.77m (loss narrowed 6.6% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Patagonia Gold Corp., Annual General Meeting, Oct 22, 2024 Patagonia Gold Corp., Annual General Meeting, Oct 22, 2024. Announcement • Jun 18
Patagonia Gold Announces Advances in Calcatreu Permitting Patagonia Gold Corp. announced the progress of the Calcatreu permitting process. The Calcatreu permitting process is advancing well and is now entering the final stages of approval. Following positive recommendations from the Mining and Environmental authorities and overwhelming support from the closest neighboring native community, the next step in the approval process is a review of the environmental impact report for Calcatreu by a multidisciplinary environmental council (COPEAM) consisting of various stakeholders within the Rio Negro Province. Once this panel has issued their opinion, the next step in the process is a public hearing followed by the final resolution issued by the environmental authority. Calcatreu is the Company's project and is located in the southern portion of the Rio Negro Province, 85 km south of the community of Ing. Jacobacci. The project is centered on a low sulfidation, epithermal gold and silver system with mineralization outcropping at the surface. The total measured and indicated mineral resources are estimated at 9.84 million tonnes at an average grade 2.11 g/t Au and 19.8 g/t Ag (2.36 g/t gold equivalent) and 8.08 million tonnes of inferred mineral resources grading 1.34 g/t Au and 13.1 g/t Ag (1.5 g/t gold equivalent), as disclosed in the Technical Report. Once the final resolution is issued, the Company expects to conduct further studies to determine the project's mineral reserves, which may lead to development of a heap leach operation to produce gold and silver dore at Calcatreu. The Company has ample experience with heap leach operations, having put two heap leach operations into production over the last decade. Announcement • Feb 28
Patagonia Gold Corp. (TSXV:PGDC) agreed to acquire the Patagonia Gold S.A.,Cap-Oeste Sur Este Project from Minera Tritón Argentina S.A. Patagonia Gold Corp. (TSXV:PGDC) agreed to acquire the COSE Property from Minera Tritón Argentina S.A. on February 27, 2024. The consideration includes assumption of PAAS’s costs and liabilities in relation to COSE and the remaining closure costs of COSE. Completion of the Transaction is subject to, among other things, the satisfaction or waiver of certain conditions precedent relating to the Company’s assumption of existing NSR royalties. The Company has 30 days to satisfy such conditions precedent and the Transaction will be automatically deemed closed and become effective upon PAAS’s written acceptance of the Company satisfying such conditions. Reported Earnings • Dec 01
Third quarter 2023 earnings released: US$0.005 loss per share (vs US$0.004 loss in 3Q 2022) Third quarter 2023 results: US$0.005 loss per share (further deteriorated from US$0.004 loss in 3Q 2022). Revenue: US$3.32m (up 35% from 3Q 2022). Net loss: US$2.14m (loss widened 12% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 03
Second quarter 2023 earnings released: US$0.006 loss per share (vs US$0.001 loss in 2Q 2022) Second quarter 2023 results: US$0.006 loss per share (further deteriorated from US$0.001 loss in 2Q 2022). Revenue: US$380.0k (down 90% from 2Q 2022). Net loss: US$2.97m (loss widened US$2.60m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Patagonia Gold Corp., Annual General Meeting, Oct 12, 2023 Patagonia Gold Corp., Annual General Meeting, Oct 12, 2023. Announcement • Jul 14
Patagonia Gold Corp. Reports Final Drilling Results from the Monte Leon Target, Santa Cruz, Argentina Patagonia Gold Corp. announced receipt of the final analytical results from drilling at the Monte Leon target near its Cap Oeste ("Capo") mine in the Santa Cruz province of southern Argentina. Highlights: Results from samples from 28 new HQ core holes, prepared and analyzed by Alex Stewart International in their Mendoza, Argentina facilities. To date, a total of 5,601.64 meters in 33, HQ-sized core holes have been completed at MLN. F favorable analyses were received from all but 3 of the 28 new, HQ core holes. Results from 4,678.64 meters of drilling are reported in this news release (MLN-875-D through MLN-902-D). Gold ("Au") values up to 132.9 g/t and silver ("Ag") values up to 46.7 g/t, within 5 meters grading 45.5 g/t Au and 14 g/t Ag, were reported in samples from core hole MLN-896-D. Prior to this new program of core drilling at MLN, the Company identified gold mineralization in oxidized and brecciated structures at MLN, with 104 trenches and 21 core holes. In addition, Patagonia Gold Plc (the AIM-listed predecessor to the Company), drilled 75 reverse circulation and 21 core holes in the general area surrounding the recent MLN drilling in 2011 and 2015. In addition, 43.9 line-kilometers (''km") of ground-based, induced polarization and resistivity (pole-dipole IP-Res) surveying was completed in 2021, and more than 800 line-km of ground magnetics. Current Activities: In 2023, Company geologists continued with surface mapping and modeled all the data, including its own IP/Res survey data, and believe MLN mineralization is contained within a diatreme setting that occurs at the SE end of larger NW-SE structural corridor extending from the Capo mine. Reported Earnings • May 31
First quarter 2023 earnings released: US$0.005 loss per share (vs US$0.007 loss in 1Q 2022) First quarter 2023 results: US$0.005 loss per share (improved from US$0.007 loss in 1Q 2022). Revenue: US$3.05m (down 27% from 1Q 2022). Net loss: US$2.56m (loss narrowed 17% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
Full year 2022 earnings released: US$0.009 loss per share (vs US$0.025 loss in FY 2021) Full year 2022 results: US$0.009 loss per share (improved from US$0.025 loss in FY 2021). Revenue: US$12.3m (down 32% from FY 2021). Net loss: US$4.22m (loss narrowed 62% from FY 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Dec 24
Patagonia Gold Reports Results from Drilling At Abril, Santa Cruz, Argentina Patagonia Gold Corp. announces results from exploration activities at its Abril property (“Abril”), in the Santa Cruz province of Argentina. This program is the first drilling on Abril conducted by the Company and the first since a small amount of core drilling conducted by the private company Minera Piuquenes in 2006. Assays up to 880 g/Ag from reverse circulation (“RC”) drilling in Fourth Quarter 2022. Abril borders the Company’s Martha property on the south and was optioned from Fomicruz on December 7, 2021. 1,384 meters of shallow, RC drilling completed in the areas of mineralized channel samples. 53 RC holes completed and 1,368 samples collected. Mineralization encountered in 28 of the 53 RC holes. Company exploration teams completed mapping, trenching and channel sampling of +12 km (strike length) of exposed epithermal veins and inferred extensions under post-mineral cover . Epithermal veins exposed on surface and in trenches are hosted in Chon Aike Formation (Jurassic age) volcanic rocks: similar to mineralization at the Company’s Martha property. Over 240 meters continuous, channel samples collected, from 12 new tranches, with a portable diamond saw. Samples were collected from RC drilling on a nominal one-meter interval. Mineralized intervals are down-hole lengths. True widths are not yet known. 20 g/t Ag minimum grade was used in compositing; grades were not capped. All analyses were performed by Alex Stewart International, a certified, independent analytical services provider, in their Mendoza, AR facilities using fire assaying for Au and four-acid digestion, ICP-MS for Ag. For QAQC purposes, a total of 46 blanks, 45 duplicates and 62 Certified Reference Material standards were inserted into the primary, drill sample stream by Company personnel at a ratio of one QAQC sample to nine primary samples. All QAQC results were within acceptable limits. The analytical results are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Announcement • Nov 30
Patagonia Gold Announces Project and Exploration Update Patagonia Gold Corp. provided an update on project and exploration activities on its large portfolio of properties in Argentina. Calcatreu – Rio Negro Province: The Company has been active at Calcatreu, one of its two, advanced-stage projects, on both exploration and development fronts. On the permitting front, the Company held a series of outreach meetings with local communities, authorities and unions to present an update on the Company’s activities and plans and to seek input from those groups and others which will form a vital part of the permitting process for this important project. In addition, the Company purchased surface rights covering a major portion of the current mineral resources at Calcatreu. Cap Oeste – Santa Cruz Province: The Cap Oeste project in the 66,215 hectare sized El Tranquilo concession block, is the Company’s second advanced-stage project where the recovery of gold and silver continues. Plans for the project envision development and production from a higher-grade portion, “Cose-style” zone, of the Cap Oeste measured and indicated mineral resource amounting to 478,000 tonnes grading 12.62 g/t Au and 472.4 g/t Ag for 194,000 contained Au ounces and 7.3 million contained Ag ounces. For additional information, refer to the technical report entitled “NI 43-101 Technical Report, Mineral Resource Estimate on the Cap Oeste Gold-Silver Project, Santa Cruz Province, Argentina” dated December 31, 2018, which is on the Company’s website and under its profile on SEDAR at www.sedar.com. The zone consists of Au and Ag mineralization hosted in dark-colored, silicified breccia within the main Bonanza structural feature – a northwest-striking, southwest-dipping regional-scale structure. As part of its on-going evaluation of the Cose-style zone, the Company recently commenced core twin drilling to validate key parts of the mineral resource and collect fresh samples for metallurgical testing. All assays are from down-hole core samples, ranging from 0.59 to 1.5 m in length (0.9 m average). Core was cut with a diamond saw and half was delivered to the laboratory. No grade capping was employed. Holes were drilled from the hanging wall to cut the Bonanza structure. True widths range from 90 to 98% of the drilled widths. Both twin holes deviated up from their planned intersections - CO-413A-D by about 17 m and CO-418B-D by about 7 m – but both confirmed the mineral resource block grades. Monte Leon – Santa Cruz Province: Monte Leon is situated about 12 km southeast and on the same mineral trends that encompass the Cap Oeste mineralization. RC drilling recommenced this quarter at Monte Leon as a continuation of the program announced in July 2021 (please refer to the Company’s press release dated July 27, 2021). The goal of this program is to further define the limits of the near surface mineralization identified with the 2021 RAB drilling and to identify sites for deeper drilling with core. A total of 2,032.6 meters, in 84 shallow RC drilling, has been completed this year. Assays are pending. Core drilling will start this quarter to test for extension of the shallow, near surface mineralization. Abril – Santa Cruz Province: Abril borders the Company’s Martha property on the south, just 2.5 km south of the Martha mill and flotation plant. Company geologists have been mapping and conducting ground magnetic survey over Abril to help establish targets for a first pass of reverse circulation drilling, which is planned to be followed by core drilling. Mineralization identified with historic and Company work has identified mineralized trends similar to those at the Martha project in 12 new trenches. Grades from trench samples ranged from 2 g/t Ag up to 615 g/t Ag. All samples were collected with a portable diamond saw over variable lengths based on geologic characteristics but generally about 1 meter in horizontal length. Given the geologic similarities to veins exposed and mined at the Martha property, the Company believes there is a reasonable expectation for processing any Abril mineralization at the Martha mill and flotation plant. Elisa – Santa Cruz Province: The property is located about 15 km north of the Company’s La Valenciana property. Work by Company geologists included cutting of 38 trenches perpendicular to the main, north-south striking vein structure. The main vein is exposed on surface over a length of more than 4 km and has never been drilled. It consists of epithermal, banded quartz with scattered iron oxide minerals which formed after primary sulfides. A total 505 rock chip samples have been collected from the trenches using the same methods as employed at Abril. Assays from the first 281 trench samples have been received and returned values ranging from 0.005 Au g/t and 2 Ag g/t up to 1.16 g/t Au and 180.4 g/t Ag. The Company is also collecting new ground magnetic data to help define a first pass of reverse circulation drill holes. Reported Earnings • Nov 25
Third quarter 2022 earnings released: US$0.004 loss per share (vs US$0.004 loss in 3Q 2021) Third quarter 2022 results: US$0.004 loss per share (in line with 3Q 2021). Revenue: US$2.46m (down 57% from 3Q 2021). Net loss: US$1.91m (loss widened 16% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • Nov 24
Patagonia Gold Corp. Announces Resignation of Jorge Sanguin as Chief Operating Officer On November 18, 2022, Jorge Sanguin, Chief Operating Officer for Patagonia Gold Corp. left his position. The Company will announce his replacement in due course. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Sandy Harper was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 27
Second quarter 2022 earnings released: US$0.001 loss per share (vs US$0.006 loss in 2Q 2021) Second quarter 2022 results: US$0.001 loss per share (up from US$0.006 loss in 2Q 2021). Revenue: US$3.70m (up 36% from 2Q 2021). Net loss: US$371.0k (loss narrowed 86% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Aug 19
Patagonia Gold Corp., Annual General Meeting, Oct 12, 2022 Patagonia Gold Corp., Annual General Meeting, Oct 12, 2022. Announcement • May 27
Patagonia Gold Corp. Provides Update on Exploration Activities At the Abril Property in Santa Cruz Province, Argentina Patagonia Gold Corp. provided this update on its exploration activities at the Abril property in Santa Cruz Province, Argentina. Channel sampling returned Ag grades up to 1,424 grams per tonne (g/t) and 0.14 Au g/t over 0.7 horizontal meters in channel 86. Highlights: 2,000 hectare property bordering the Company’s Martha property on the south. The option on the Abril property was granted in December 2021 by Fomicruz, the Santa Cruz provincial mining company, along with La Josefina and La Valenciana. Patagonia owns the Estancia (ranch) Cerro Primero de Abril and its surface rights as part of the Martha mine and plant complex. Over 7 kilometers of strike of veins and vein breccias are recognized to-date. Mineralized structures trend WNW, subparallel to those at Martha. Mineralization is believed to be low sulfidation rich in base metals and hosted in Jurassic-aged, Chon Aike Formation volcanic rocks and in the same host rocks as at Martha. Limited, historic drilling of 15 holes by Minera Piuquenes, a private Argentine company and exploration arm of Minera Aguilar. Anomalous Ag and Au values, up to 368 g/t Ag and 0.14 g/t Au (including 3,911 g/t Ag over 0.14 meters), reported from 5 of the holes 1. Recent Company work consisted of data compilation, ground geophysics and channel sampling. 184 new channels have been cut (with diamond saw), 440 samples collected, and 296 samples with approved quality assurance quality control (QAQC) received thus far. Channel sampling by Company geologists of exposed epithermal structures ranged from one to 9.72 horizontal meters in length. Samples were collected by diamond saw cuts over a one meter length average though discretion was used based on geologic inspection of the channels. Geochemical analyses were performed by Alex Stewart International, a certified, commercial laboratory at their Mendoza, Argentina facilities. Known mineralized structures at the Abril property are subparallel to those at the past producing Martha mine. Company sampling results reported herein were from Veta del Medio and Veta Oriental structures situated about 2.5 km SSW of Martha. Martha had a history of production of small tonnage of very high silver grade. Coeur Mining, a prior owner of Martha, acquired Martha in 2002 and commenced operation that year totaling 13.7 thousand tonnes grading nearly 3,800 g/t Ag (NI 43-101 technical report, 2008). Coeur last reported mineralized material (the sum of measured and indicated mineral resources) at Martha of 52 thousand tonnes grading 465.2 g/t Ag. The most recent statement of mineral reserves at Martha was reported by Coeur of 48.1 thousand tonnes grading 438. 5 g/t Ag. Announcement • May 19
Patagonia Gold Exploration Update Patagonia Gold Corp. completes the first phase of core drilling on its Tornado and Huracán property in the Deseado Massif in the Santa Cruz Province of southern Argentina. Gold mineralization discovered in five core drill holes, with up to 0.59 g/t Au over 8.8 drill meters in core hole TOR-003D, were reported from silicified and oxidized, hydrothermal breccia in the Camino structure. All drilling was conducted on the eastern Huracán, concession block which abuts the Cerro Negro mine property to the south. Large, 7,895 hectare, and prospective land package in two concession blocks, Tornado and Huracán, situated between two producing mines: Cerro Negro (Newmont) and Huevos Verdes (Hochschild and McEwen Mining joint venture). Over 3.5 kilometers of strike of low sulfidation veins and vein breccias recognized to-date in three main areas: Cerro Solo, Cerro Ópalo-Guanaco and Camino plus two smaller areas, all in the Huracán block. Mineralized structures trend WNW, subparallel to those at Cerro Negro and San José. Mineralization is hosted in Jurassic-aged, Chon Aike Formation volcanic rocks – a favorable and prospective host to Au and Ag mineralization and several mines in the Deseado Massif. Commenced drilling in late Fourth Quarter 2021, completing 12 holes totaling 3,770 meters on the Huracán concession to date – one reverse circulation, 11 core. Only nine historic core holes completed prior to the Company’s drilling (no mineralization reported by the prior operator). Anomalous Au in five core holes; hole TOR-003D with Au >=1.0 g/t. In addition to encountering the first significant precious metals on the property, the Company’s drilling suggests the presence of other structures in the footwall of the main Camino structure not exposed on surface. Much of the Huracán concession is covered by unconsolidated sediments and the Tornado concession (west block) is covered by post-mineral, Tertiary-aged basalt. Mineralized trends on the property recognized from scattered outcrops trend WNW and dip steeply to the SSW and NNE. Work completed by the Company and prior operators has recognized high-level, epithermal features on the properties (Cerro Ópalo) and Patagonia believes its new drilling demonstrates potential for higher grade mineralization in deeper sections of the paleo-hydrothermal system at Tornado-Huracán. Reported Earnings • May 01
Full year 2021 earnings released: US$0.025 loss per share (vs US$0.014 loss in FY 2020) Full year 2021 results: US$0.025 loss per share (down from US$0.014 loss in FY 2020). Revenue: US$18.1m (down 8.8% from FY 2020). Net loss: US$11.2m (loss widened 154% from FY 2020). Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Non-Executive Director Tim Hunt is the most experienced director on the board, commencing their role in 2009. Independent Director Sandy Harper was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Dec 19
Patagonia Gold Corp Announces Mining Developments in Province of Chubut, Argentina Patagonia Gold Corp. announced developments related to permitting mining activities in the Province of Chubut, Argentina. On December 15, 2021, the legislature of the Province of Chubut passed a bill to amend the provincial mining law to enable open pit mining within a given area that comprises the Gastre and Telsen Departments. This new law regarding mining zoning was subsequently promulgated on December 16, 2021 by the Chubut Governor, Mariano Arcioni. Patagonia holds approximately 473,485 hectares of mining concessions in Chubut, which includes a 100% interest in the Mina Angela property. This newly approved law regarding mining zoning is expected to enable the Company to advance the development of 101,151 ha of its mining concessions, including Mina Angela, while the remaining 372,334 ha of its mining concessions in Chubut are outside the area that is subject to the new zoning law. The Mina Angela property, which the Company acquired under an option in March 2021, is located on the northern border of the Province of Chubut and is secured by 44 tenements totaling 2,100 ha with historic mine production of over 1.04 million tonnes of material grading 4 grams per tonne Au and 48 g/t Ag along with base metals including lead, zinc and copper. Navidad, one of the largest silver deposits in the world owned by Pan American Silver Corporation, is located 45 kms south of Mina Angela. Development of mining activities at Mina Angela and within the area that is subject to the new zoning law is also subject to governmental regulatory processes - including the regulatory decree under the new zoning law to be passed by the provincial executive branch, which is pending at present - and subsequent provincial permitting. Announcement • Dec 17
Patagonia Gold 2021 Exploration Update Bonanza Grade from Channel Sampling At Las Mellizas Property Patagonia Gold Corp. (“Patagonia” or the “Company”) provided an update on its 2021 exploration activities in Argentina. Development activities continue at the Cap Oeste underground and Calcatreu gold/silver properties together with exploration around the Cap Oeste residual heap leach operation and at the other exploration projects. Patagonia holds over 1.29 million hectares (12,900 square kilometers) of mineral properties in the country. By the end of 2021, the Company anticipates having spent a total of USD 3.7 million on exploration. Reconnaissance sampling at the Company’s Las Mellizas property, west of, and adjacent to, the La Josefina group of properties, returned values ranging from less than 0.01 grams per tonne (“g/t”) Au to 187.2 grams per tonne (“g/t”) Au and from less than 0.25 g/t Ag to 78.6 g/t Ag. Completed two core holes on the Camino target at Tornado-Huracán, situated between the San Jose and Cerro Negro mines. The first hole ended prematurely at 85 meters but ended in 2.1 meters of oxidized, silicified breccia starting at 64 meters downhole. The second hole intersected two structures at 186 meters and 228 meters respectively. Assays are pending and drilling continues. El Tranquilo Block: At Monte Leon, southeast of the Company’s Cap Oeste mine, a large program of over 375 shallow, percussion rotary holes was completed; Analytical results received to-date defined a +400 meter by +400 meter area of near surface, epithermal gold mineralization; and Geologic mapping and reconnaissance sampling continues at the Don Pancho, Felix and Calafate zones due east of the Cap Oeste mine. Trench sampling at the Calcatreu project returned high-grade Au and Ag on the Piche vein. Piche is a +650 meter-long low sulfidation vein, located subparallel and close to the main Nelson vein, which hosts part of the mineral resources at the Calcatreu project. Trench assays ranged from less than 0.01 g/t Au and less than 0.25 g/t Ag to 16.7 g/t Au and 356 g/t Ag over variable sample lengths ranging from 0.5 m to 2.3 m and include: TR-007-PIC - 0.5 meter grading 15.7 Au g/t and 177.7 Ag g/t; TR-008-PIC - 2.2 meter grading 7.67 Au g/t and 119.1 Ag g/t, including 1.2 meter grading 9.54 Au g/t and 169/1 Ag g/t; and TR-009-PIC - 2.7 meter grading 8.26 Au g/t and 188.1 Ag g/t, including 1.2 meter grading 16.7 Au g/t and 356 Ag g/t. Las Mellizas, located in Santa Cruz, AR, was acquired by the Company from Goldcorp (now Newmont) in 2019. Goldcorp acquired the property by way of its acquisition of Andean Resources and their Cerro Negro deposit. Before Andean, Iamgold held and explored Las Mellizas. Work by the prior operators defined precious metal mineralization in 11 targets. Highlights of the prior operators work include: +7,000 meters in 64 core and reverse circulation (“RC”) drill holes; Low sulfidation, epithermal mineralization in Jurassic-aged host rocks typical of many other mineral occurrences in the Deseado Massif of Santa Cruz; Drilling tested N-S trending veins (notably the T12 vein); and Au and Ag mineralization from T12 drilling ranged from 1.08 g/t Au to 296.7 g/t Au and from 3 g/t Ag to 159 g/t Ag in RC hole MZRC009 and from 1.33 g/t Au to 939.6 g/t Au and from 0.1 g/t Ag to 670.8 g/t Ag in core hole MRC036. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$0.004 loss per share (down from US$0.003 loss in 3Q 2020). Revenue: US$5.76m (down 12% from 3Q 2020). Net loss: US$1.65m (loss widened 54% from 3Q 2020). Revenue missed analyst estimates by 27%. Announcement • Sep 03
Patagonia Gold Discovers New Vein Systems at Calcatreu, Rio Negro, Argentina Patagonia Gold Corp. announces results from exploration activities at its Calcatreu property in the province of Rio Negro, Argentina. Highlights: The Company's exploration team has identified new epithermal veins, less than 0.5 km from Calcatreu's current mineral resources, none of which have been drilled to- date. Initial exploration this year included 49 new, discrete rock chip samples on the newly discovered veins, which includes Nelson West, Nelson Splay, Nelson Extension, Puesto East and Puesto West. Highlights include 20.46 g/t Au rock chip assay collected from a NE extension of the main Nelson structure and 4.3 g/t Au rock chip assay collected from the new Puesto East structure. The favorable rock chip geochemical results were followed-up with 15 horizontal channels. 68 samples were collected from the 15 channels; only two channels did not contain significant gold and silver (see table of Calcatreu Channels). Highlights include 15.5 g/t Au and 199 g/t Ag, from Puesto East channel CH-001. Calcatreu's current mineral resources stand at 9.8 million tonnes of indicated mineral resources grading 2.11 g/t Au and 19.8 g/t Ag and 8.1 million tonnes of inferred mineral resources grading 1.34 g/t Au and 13.1 g/t Ag. The 64,000 hectare Calcatreu property is well-located near major highway 76 and the community of Ingeniero Jacobacci, Rio Negro, Argentina. Reported Earnings • Aug 28
Second quarter 2021 earnings released: US$0.006 loss per share (vs US$0.001 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$2.73m (down 42% from 2Q 2020). Net loss: US$2.65m (loss widened US$2.44m from 2Q 2020). Announcement • May 04
Patagonia Gold Corp. announced delayed 20-F filing On 05/03/2021, Patagonia Gold Corp. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • Mar 12
Patagonia Gold Corp. announced that it has received CAD 9.367746 million in funding from Palisades Goldcorp Ltd. and other investors On March 10, 2021, Patagonia Gold Corp. (TSXV:PGDC) closed the transaction. The company has issued an aggregate of 104,086,063 units for gross proceeds of CAD 9,367,745.67 in the transaction. The warrants are exercisable until March 10, 2024. The transaction included participation from Carlos Miguens for 57,777,777 units. Announcement • Mar 10
Patagonia Gold Receives Two Definitive Environmental Permits for Development of Gold and Silver Projects in Argentina Patagonia Gold Corp. announced it has received definitive environmental permits ("Permits") for both the development of its Cap-Oeste Gold/Silver Project and the restart of its Lomada de Leiva ("Lomada") Gold Project. These Permits allow for the development and operation of mining operations in the mining friendly Santa Cruz Province in Argentina. Patagonia had previously disclosed receipt of the preliminary environmental permit for mining and leaching operations at Lomada on October 8, 2020, and receipt of the provisional permit to proceed with the development of the Cap-Oeste Gold/Silver Project on November 23, 2020. Announcement • Feb 11
Patagonia Gold Corp. announced that it expects to receive CAD 15 million in funding from Palisades Goldcorp Ltd. and other investors Patagonia Gold Corp. (TSXV:PGDC) announced a best efforts private placement of up to 166,666,666 units at an issue price of CAD 0.09 per unit for gross proceeds of up to CAD 15,000,000 on February 10, 2021. The transaction was led by Palisades Goldcorp Ltd. for proceeds of CAD 2,700,000 and also include participation from insiders of the company. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.13 for a period of 36 months from the date of issuance. The securities issued under the transaction will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The company has granted the agents an option to sell up to an additional 55,555,555 units for additional gross proceeds of up to CAD 5,000,000, exercisable in whole or in part at any time up to 48 hours prior to the closing date. The transaction is expected to close on or about March 3, 2021, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the conditional acceptance of the TSX Venture Exchange. to the closing date. Announcement • Jan 29
Patagonia Gold to Commence Drilling At Its Tornado and Huracán Gold/Silver Properties, Santa Cruz, Argentina Patagonia Gold Corp. announced a new drill program at its wholly-owned Tornado and Huracán gold/silver properties in the province of Santa Cruz, Argentina. The Properties are located approximately 60 km to the SSE of the community of Perito Moreno in the northwest portion of the province. Together, the two blocks of concessions total 7,900 hectares in size and are situated between the multi-million ounce producing San Jose/Huevos Verdes and Cerro Negro mines operated by Hochschild Mining plc /McEwen Mining Inc. and Newmont Corporation, respectively (please see map herein). The company obtained the properties in 2019 through an application submitted to the Provincial Mining Department. The Properties are 100% owned by the Company and have no royalty obligations other than the Provincial royalties. Historically there has been very little exploration work completed at the Properties, with large parts covered with post mineral rocks and sediments. Geologic trends recognized at Tornado and Huracán are parallel to, and may be extensions of, those reported at the neighboring mines. A total of 3,500 meters of reverse circulation drilling is planned for the initial phase of drilling along with geologic mapping and sampling. The planned drilling will be focused on geologic features and trends recognized and projected into the Properties. Announcement • Dec 30
Patagonia Gold to Resume Exploration At El Tranquilo Patagonia Gold Corp. announced a new drilling campaign at its El Tranquilo gold/silver property in the province of Santa Cruz, Argentina. The property encompasses the Company’s Cap Oeste gold/silver Project, which includes the former surface mine and current heap leach operations (the Capo Project) and Pan American Silver’s COSE (Cap Oeste Sur Este) mine. The initial focus of the program will be on the Monte Leon target followed by other targets defined by the Company’s geological team. Monte Leon is located about 11 km southeast of the Capo Project. Highlights of the El Tranquilo Property and the Monte Leon target: Large, 81,000 hectare property; Host to the Company’s former surface mine at the Capo Project and Pan American’s COSE underground mine; Exploration targets are within Jurassic-aged volcanic host rocks similar to those that host mineralization at the Capo Project and COSE mines; Multiple, NW-trending, low sulfidation mineralized structures, including in the Monte Leon target; Mineralization at Monte Leon occurs as stockworks and structures in breccias with near-surface oxide potential; Monte Leon zone is approximately 500 m long on strike (NW) and over 200 m wide (NE) within a +2 km long NW-trending corridor. Two, main structures defined to date within the breccia – A and B. Prior exploration at Monte Leon was conducted by Patagonia Gold Plc (Patagonia Plc” in 2010 and 2011 and consisted of 16 trenches, 15 core holes and a series of shallow rotary air blast (RAB) holes. Trenches were used to define initial drilling sites. At the time of the exploration, Patagonia Plc was listed on AIM. However, following the reverse takeover of Hunt Mining Corp. in July 2019, it is now a wholly owned subsidiary of the Company. Trench Results: 18 trenches, 4,007 meters total length, with reported assays (07-Apr-2011) ranging from: Trench TR-018-MLN with 28 horizontal meters grading 0.30 g/t Au; Trench TR-016-MLN with 7.5 horizontal meters grading 5.05 g/t Au within 48 meters horizontal meters grading 1.01 g/t Au. Drill Results: 15 core holes, 3,953 meters total length, with reported assays (06-Jun-2011 and 24-Oct-11) ranging from: Hole MLN-004-D with 28 meters grading 0.54 g/t Au and 4 g/t Ag, starting at 18 meters downhole, including 1.5 meters grading 21.21 g/t Au and 321 g/t Ag; Hole MLN-003-D with 74 meters grading 1.07 g/t Au and 107 g/t Ag starting at 22 meters downhole including 7 meters grading 1.44 g/t Au and 1,018 g/t Ag; Hole MLN-014-D with 0.7 meters grading 80.3 g/t Au and 16 g/t Ag starting at 301.2 m downhole. The Company expects to commence drilling of up to 5,000 meters of core in early 2021 with a budget of USD 1.5M. New discoveries at Monte Leon and the greater El Tranquilo area are expected to be synergistic with the Company’s current residual, oxide leaching operations at the Capo Project as well as potential future, higher grade material from the Cose-style mineralization below the surface mine. The Cose-style mineralization is a subset of the current mineral resources at the Capo Project, containing 478,000 tonnes of indicated mineral resources grading 12.62 g/t Au and 472.4 g/t Ag, which the Company is studying for potential to be recovered by underground mining and mill processing. The mineral resource estimate was prepared by Cube Consulting Pty Ltd. with an effective date of December 31, 2018, in the technical report entitled NI 43-101 Technical Report, Mineral Resource Estimate on the Cap Oeste Gold-Silver Project, Santa Cruz Province, Argentina (the Technical Report). Announcement • Nov 25
Patagonia Gold Receives Provisional Permit for the Development of the Cap Oeste Gold/Silver Underground Project Patagonia Gold Corp. (“Patagonia” or the “Company”) announced that it has received a provisional permit to proceed with the development of the Cap-Oeste gold/silver underground project (the “Project” or “Capo”). Development of the Project will focus on a high-grade portion of the current mineral resources, which lie under and peripheral to the depleted surface mine. The intention is to mine the Cap Oeste underground resource and truck the ore approximately 150 kms to the Martha plant where it will be processed to produce a concentrate. Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of AusIMM and the qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical content of this press release.