Mr. Christopher van Tienhoven reports

PATAGONIA GOLD QUARTER 1 2024 FINANCIAL RESULTS

Patagonia Gold Corp. has released its financial results for the quarter ended March 31, 2024. The financial statements, together with the related management's discussion and analysis, are available on the company's website and under the company's profile on SEDAR+.

Highlights:

• Generated revenue of $1.8-million (U.S.) in first quarter 2024;
• Produced 636 gold equivalent ounces and sold 850 gold equivalent ounces in Q1 2024;
• Incurred exploration expenditures of $800,000 (U.S.) in Q1 2024, including completion of:
  • Mapping and sampling on La Valencia project and a total of 384 line kilometres of ground magnetics surveying to the east of Veta principal (the main structure on the project);
  • A diamond drilling program on the Abril project to test the extension of mineralization identified in previous reverse circulation drill holes; a total of 426.8 metres were drilled, all as HQ-diameter core, and 363 samples were collected; the assays results varied significantly, with gold values ranging from 0.005 to 4.87 grams per tonne and silver values ranging from one to 219 g/t; the drilling program is scheduled to continue through second quarter 2024.

Analytical results from two core holes are pending. There has not been sufficient drilling completed to date at Abril to estimate mineral resource, and the company is reviewing the new data to determine its next steps.

Qualified person statement

Donald J. Birak, an independent consulting geologist, registered member of SME, fellow of AusIMM, qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Patagonia Gold Corp.

Patagonia is a South America-focused, publicly traded mining company listed on the TSX Venture Exchange. The company seeks to increase 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.

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