Mr. Christopher van Tienhoven reports

PATAGONIA GOLD REACQUIRED THE COSE PROPERTY FROM PAN AMERICAN SILVER

Patagonia Gold Corp. has closed the transaction to reacquire the Cose property from Pan American Silver Corp. (PAAS).

As announced on Feb. 27, 2024, Patagonia entered into an agreement with PAAS to reacquire the Cose property, that was closed by PAAS in 2022, in exchange for assuming PAAS's liabilities in relation to Cose and the remaining closure costs of Cose, which are mainly related to continuing environmental monitoring.

By reacquiring Cose, the company consolidates its holding in the El Tranquilo concession block, which holds the company's Cap Oeste project, together with several other prospects and mineral occurrences. The El Tranquilo block is composed of 26 individual concessions totalling 66,255 hectares.

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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