Mr. Christopher van Tienhoven of Patagonia Gold reports

PATAGONIA GOLD ANNOUNCES RETURN OF THE NICO PROPERTIES TO MIRASOL

Patagonia Gold Corp. has returned three of the 14 properties comprising the Nico project to Mirasol Resources Ltd. and has relinquished the remaining 11 properties.

On April 15, 2021, Patagonia entered into a definitive transfer agreement to acquire the Nico properties in Santa Cruz, Argentina, from Mirasol. The transfer agreement with Mirasol provides that Patagonia can relinquish the Nico properties by giving 90-day prior notice to Mirasol, during which notice period Mirasol can elect to keep the properties.

The company has been unable to carry out any exploration work on the properties primarily as a result of the unwillingness of some of the surface landowners to grant access to the property and others to grant such access on reasonable terms. On Dec. 10, 2024, Patagonia notified Mirasol of its intention to abandon the Nico properties. On Feb. 27, 2025, Patagonia was notified by Mirasol that Mirasol intends to keep some of the properties comprising the Nico project, and, on March 13, 2025, after further analysis, Mirasol reported its intention to keep three of the 14 properties. The three Nico properties have been transferred to Mirasol without additional consideration and at Mirasol's expense, while the remaining 11 properties that Mirasol does not intend to keep have been relinquished by Patagonia.

About Patagonia Gold Corp.

Patagonia Gold 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 400 properties in several provinces of Argentina and is one of the largest landholders in the province of Santa Cruz, Argentina.

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