Mr. Christopher van Tienhoven reports

PATAGONIA GOLD 2023 FINANCIAL RESULTS

Patagonia Gold Corp. has released its audited results for the financial year ended Dec. 31, 2023 (YE 2023). The audited consolidated financial statements for YE 2023, 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 $8.2-million (U.S.) in YE 2023.
• Produced 4,498 gold equivalent ounces and sold 4,290 gold equivalent ounces (1).
• Spent $3.7-million (U.S.) on exploration of key projects in Argentina including completion of:
  • 5,500 metres of diamond drilling on the Monte Leon prospect, within the El Tranquilo concession block, which encountered multiple zones of anomalous, precious metal mineralization;
  • 372 metres of reverse circulation (RC) drilling at the Sinter prospect in the La Josefina project;
  • 165 metres of diamond drilling at the April prospect in late 2023.

A total of 714 metres of core drilling has been completed at Abril. Analytical results from this drilling are pending and drilling will continue through 2024.

Notes:

(1) Consisting of 3,412 gold and 91,098 silver ounces of production and 3,275 gold and 83,988 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 the year ended Dec. 31, 2023, was 82.45:1 (2022 -- 82.41:1).

(2) Please refer to news releases issued on March 1 and July 13, 2023 (which are available on the company's website and under the company's profile on SEDAR+), for additional information on drilling at Monte Leon prospect (El Tranquilo project).

Qualified person's statement

Donald J. Birak, an independent, consulting geologist, registered member of SME and fellow of AusIMM and a 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 is one of the largest landholders in the province of Santa Cruz, Argentina.

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