Mr. Christopher van Tienhoven reports

PATAGONIA GOLD QUARTER 1 2023 FINANCIAL RESULTS

Patagonia Gold Corp. has released its financial results for the quarter ended March 31, 2023 (Q1 2023). 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 $3-million (U.S.) in Q1 2023;
• Produced 1,304 gold equivalent ounces and sold 1,598 gold equivalent ounces in Q1 2023;
• Completed 2,765 metres of diamond drilling, in 16 HQ diameter core holes, at Monte Leon;
• Incurred exploration expenditures totalling $1.2-million (U.S.).

Christopher van Tienhoven, chief executive officer, commented, "Despite the increase in the gold and silver prices, the overall rise in costs in Argentina due to rising inflation and fixed official exchange rate, present a challenging environment for precious metal producers in Argentina."

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 content of this news release.

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 Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.

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