Mr. Christopher van Tienhoven reports

PATAGONIA GOLD QUARTER 2 2024 FINANCIAL RESULTS

Patagonia Gold Corp. has released its financial results for the quarter ended June 30, 2024 (Q2 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 $2.6-million (U.S.) in Q2 2024;
• Produced 761 gold equivalent ounces (1) and sold 1,107 gold equivalent ounces (1) in Q2 2024;
• Incurred exploration expenditures of $700,000 (U.S.) in Q2 2024 including completion of:
  • A diamond drilling program in the Abril target to test the extension of mineralization identified in previous reverse circulation drill holes. A total of 284.2 metres were drilled, all as HQ-diameter core, and 289 samples were collected (2). The assays results varied significantly, with Au (gold) values ranging from 0.005 to 0.23 gram per ton (g/t) and silver (Ag) values ranging from one to 25 g/t (grams per tonne) (3).

Notes:

(1) Consisting of 488 gold and 21,624 silver ounces of production and 779 gold and 26,503 silver ounces sold, converted to a gold equivalent using a ratio of the average spot market price for the commodities each period. The ratio for three months ended June 30, 2024, was 79.23:1 (2023 -- 80.54:1).

(2) Includes 18 samples submitted for QA/QC purposes. All QA/QC (quality assurance/quality control) samples were within expected analytical limits.

(3) Assays were performed at Alex Stewart International, a certified, independent, commercial laboratory with sample preparation and analytical facilities in Mendoza, Argentina. Gold values were determined by fire assay techniques and silver values were determined by four-acid digestion and ICP-MS.

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.

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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