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Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV: PGDC,OTC:HGLD) is pleased to announce that the preventive, partial and temporary suspension of certain activities at its flagship Calcatreu Project ("Calcatreu" or the "Project") in Rio Negro Province, Argentina, has been lifted. The suspension was lifted following the execution of an agreement with the Secretariat of Labour of the Province of Rio Negro regarding the hiring and training of local workers.
As a result, the Company has resumed certain activities at Calcatreu and is working to progressively normalize operations. The Company is also evaluating the impact of the temporary suspension on the Project's production levels and its production objectives for the upcoming periods.
The Company is also pleased to announce its third dispatch of gold and silver doré from Calcatreu, containing approximately 996 gold equivalent ounces1 ("AuEq").
The third doré dispatch, which is nearly double the Company's first dispatch of 518 AuEq ounces announced in June 2026, demonstrates the continued progress in leaching, recovery and downstream processing activities at Calcatreu since the commencement of leaching operations on April 15, 2026.
Mr. Christopher van Tienhoven, Chief Executive Officer of the Company, stated:
"We are pleased that the temporary suspension at Calcatreu has been lifted and appreciate the constructive dialogue with the Provincial authorities that led to this resolution. Our immediate focus is on progressively normalizing operations at the Project. The third doré dispatch represents another important operational milestone for Calcatreu and reflects the progress made since leaching operations began in April."
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
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 375 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: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, current expectations, estimates, projections and assumptions about future events and operating performance; the progressive normalization, continued ramp-up and advancement of operations at the Project and the impact of the temporary suspension on the achievement of production objectives; ongoing leaching and recovery activities; the advancement and development of gold and silver projects in the Patagonia region of Argentina; and the anticipated growth in shareholder value. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and 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.
1 Consisting of approximately 980 contained gold ounces and 1,099 contained silver ounces, converted to gold equivalent ounces ("AuEq") using a silver-to-gold ratio of 67.8:1 derived from the LBMA prices for gold and silver as of August 24, 2026.
