Mr. Christopher van Tienhoven reports

PATAGONIA GOLD ANNOUNCES INCREASE TO LOAN FACILITY

Patagonia Gold Corp. has entered into an agreement with Cantomi Uruguay SA to increase the maximum aggregate amount of the Cantomi loan (as defined below). The original loan facility, which Cantomi provided in February, 2019, for $15-million (U.S.) was subsequently amended and further increased to $33-million (U.S.) with a maturity date of Dec. 31, 2025. The agreement amending the Cantomi loan provides that the maximum aggregate amount of the Cantomi loan is increased to $35-million (U.S.). The funds from the increased Cantomi loan will be used to refinance existing lines of credit to reduce interest costs and for general working capital purposes. Other than the amendment to increase the maximum amount of the Cantomi loan, all other terms of the Cantomi loan remain unchanged.

About Patagonia Gold Corp.

Patagonia is a South America-focused, publicly traded mining company listed on the TSX Venture Exchange. The company seeks to increase 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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