Mr. Christopher van Tienhoven reports

PATAGONIA GOLD QUARTER 2 2023 FINANCIAL RESULTS

Patagonia Gold Corp. has released its financial results for the quarter ended June 30, 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 $400,000 (U.S.) in Q2 2023;
• Produced 1,169 gold equivalent ounces (1) and sold 195 gold equivalent ounces (1) in Q2 2023;
• Completed 2,736 metres of diamond drilling, in 18 HQ diameter core holes, at Monte Leon;
• Incurred exploration expenditures totalling $1.32-million (U.S.);
• On April 17, 2023, the company suffered a robbery of 520 ounces of gold equivalent (AuEq) which is still under investigation by the local authorities;
• On June 9, 2023, the company delivered a default notice to Mirasol Resources Ltd. under the option agreement entered in April, 2021, in relation to the Homenaje property located in Santa Cruz province, Argentina, due to the occurrence of a default. On July 11, 2023, the company provided notice to Mirasol that the agreement was terminated based on that default.

Note:

(1) Consisting of 901 gold and 22,367 silver ounces of production and 157 gold and 157 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, 2023, was 80.54:1 (2022 -- 83.62:1).

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 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.

We seek Safe Harbor.