Mr. Christopher van Tienhoven reports

PATAGONIA GOLD ANNOUNCES INCREASE TO LOAN FACILITY AND EXTENSION OF ITS MATURITY DATE

Patagonia Gold Corp. has entered into an agreement with Cantomi Capital Ltd. to increase the maximum aggregate amount of the Cantomi loan (as defined below) to $40-million (U.S.) and to extend its maturity.

The original loan facility, which Cantomi provided in February, 2019, for $15-million (U.S.), and with a maturity date of Dec. 31, 2025, was subsequently amended and further increased to $40-million (U.S.) with a maturity date of Dec. 31, 2026. The agreement amending the Cantomi loan provides that the maximum aggregate amount of the Cantomi loan is increased to $40-million (U.S.). The funds from the increased Cantomi loan will be utilized primarily to make down payments for long lead items for the development of the Calcatreu project until financing is secured and in addition for general working capital purposes.

Other than the amendment to increase the maximum amount of the Cantomi loan and its maturity date, all other terms of the Cantomi loan remain unchanged.

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

We seek Safe Harbor.