Mr. Christopher van Tienhoven reports

PATAGONIA GOLD ANNOUNCES FIRST DORÉ DISPATCH FROM THE CALCATREU PROJECT

Patagonia Gold Corp. has completed the first dispatch of gold and silver dore from its flagship Calcatreu project in Rio Negro province, Argentina.

The first dore dispatch of 518 gold equivalent ounces to Asahi Refining Ltd. represents an important operational milestone for the project and the commencement of metal recovery activities from the heap leach circuit.

Since commencing leaching operations on April 15, 2026, the company has continued advancing recovery and downstream processing activities, resulting in the production and dispatch of the first dore bars from Calcatreu. The company continues to monitor leach pad performance, solution flow and metallurgical recoveries as operations advance.

Calcatreu contains 669,000 gold ounces and 6,275,000 silver ounces of indicated mineral resources and 348,000 gold ounces and 3,399,000 silver ounces of inferred mineral resources. NCL Ltda. is advancing an updated mineral resource estimate for the project, which will be set out in a technical report prepared in accordance with National Instrument 43-101. The results are expected to be released by the end of Q2 2026.

Calcatreu is the first precious metals operation to be developed in the province of Rio Negro. Patagonia acquired the project from Pan American Silver in 2018 for $15-million (U.S.) and worked diligently with local stakeholders and provincial authorities to obtain the permits required to advance the development of the project, which were granted in November, 2024. Procurement of the processing plant and other long-lead items commenced in December, 2024, construction began in March, 2025, and first gold production was achieved approximately 15 months later.

Christopher van Tienhoven, chief executive officer of the company, stated: "The first dore dispatch from Calcatreu marks a major milestone for Patagonia and reflects the successful advancement of leaching and recovery activities associated with the project. We are very pleased with the progress achieved by the operating team and look forward to continuing the ramp up of operations at Calcatreu."

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 375 properties in several provinces of Argentina and is one of the largest landholders in the province of Santa Cruz, Argentina.

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