Recent Insider Transactions • Jun 15
Chairman & CEO recently sold €55k worth of stock On the 9th of June, Christopher van Tienhoven sold around 133k shares on-market at roughly €0.41 per share. This transaction amounted to 5.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €130k. Christopher has been a net seller over the last 12 months, reducing personal holdings by €450k. Recent Insider Transactions • Jun 11
Chairman & CEO recently sold €130k worth of stock On the 4th of June, Christopher van Tienhoven sold around 300k shares on-market at roughly €0.43 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 €395k. New Risk • Jun 11
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: €198k 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). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (€198k sold). 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 31
First quarter 2026 earnings released: US$0.008 loss per share (vs US$0.005 loss in 1Q 2025) First quarter 2026 results: US$0.008 loss per share (further deteriorated from US$0.005 loss in 1Q 2025). Revenue: US$2.07m (up 75% from 1Q 2025). Net loss: US$3.70m (loss widened 48% from 1Q 2025). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Chairman & CEO Chris van Tienhoven was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 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. 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. 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. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Chairman & CEO Chris van Tienhoven was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
