Mr. Christopher van Tienhoven reports

COMMENCEMENT OF NORMAL COURSE ISSUER BID

Patagonia Gold Corp. has received approval from the TSX Venture Exchange of its notice of intention to make a normal course issuer bid (NCIB).

Under the NCIB, the company may purchase for cancellation up to 15 million common shares (representing approximately 3.2 per cent of its 469,069,490 issued and outstanding common shares as of Nov. 27, 2023) over a 12-month period commencing on Dec. 11, 2023. The NCIB will expire no later than Dec. 10, 2024.

Patagonia believes that from time to time, the market price of its Shares may not reflect their underlying value, and that the purchase of its shares may represent an appropriate and desirable use of corporate funds. The company intends to finance the purchases out of available cash.

All purchases made pursuant to the NCIB will be made through the facilities of the TSX-V. The NCIB will be made in accordance with the applicable rules and policies of the TSX-V and applicable Canadian securities laws. The price that Patagonia will pay for shares in open-market transactions will be the market price at the time of purchase. Any shares that are purchased under the NCIB will be cancelled. The actual number of shares that may be purchased and the timing of such purchases will be determined by the company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors.

Patagonia has appointed Canaccord Genuity Corp. to make purchases under the NCIB on its behalf.

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.