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$Patagonia Gold Announces Further Advances in Calcatreu Permitting
September 03 2024


Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: $PGDC) ($HGLD) is pleased to announce the progress of the Calcatreu permitting process.
The Calcatreu permitting process continues to advance positively and has reached the final stage of approval.

Largely unexplored ~7,900 ha property located between the
multi-million ounce San José and Newmont's Cerro Negro mines;



https://operations.newmont.com/latac/cerro-negro-argentina

? Newmont’s Cerro Negro mine is forecast to produce 270K oz Au in
2021. 2019 resource of 4.9M oz Au at 7.14 g/t Au and 33.6M oz Ag
at 49.3 g/t Ag
• Covers multiple geological structures that are parallel or
extensions of those at San Jose and Cerro Negro



? Hochschild/McEwen Mining’s San José mine produced 65K oz Au
and 4.1M ozAg in 2020. 2019 resource of 945K oz Au at 6.79 g/t Au
and 53.8M oz Ag at 423 g/t Au

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 projec
t 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 flagship 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.

Qualified Person’s Statement

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.

Additional information about the project and the mineral resources referred to in this news release are available in the technical report prepared in accordance
with National Instrument 43-101, entitled “NI 43-101 Technical Report, Mineral Resource Estimate, Calcatreu Gold-Silver Project, Rio Negro Province,
Argentina,”
dated effective December 31, 2018 (the “Technical Report”), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

About Patagonia Gold

Patagonia Gold Corp. is a South America focused, publicly traded, mining company listed on the TSX Venture Exchange.
The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina.
The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project.
Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 430 properties in several provinces of Argentina
and is one of the largest landholders in the province of Santa Cruz, Argentina.

For more information, please contact:

Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: [phone]
E: [e-mail]

https://patagoniagold.com/investors/photo-gallery/

https://patagoniagold.com

https://ih.advfn.com/stock-market/TSXV/PGDC/stock-news/94480803/patagonia-gold-announces-further-advances-in-calca

https://patagoniagold.com/wp-content/uploads/2022/10/Patagonia-Gold-Corporate-Presentation-Q4-2022-.pdf


FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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