Patagonia Gold Announces Q3 2024 Financial Results

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  • Generated US$2.4 million in revenue for Q3 2024.
  • Produced 796 gold equivalent ounces and sold 955 gold equivalent ounces.
  • Received final permit for the Calcatreu project’s construction and development.
  • Incurred exploration expenditures of US$0.9 million in Q3 2024.
  • Acquired four mineral properties, consolidating the Mina Angela property block.

Patagonia Gold Q3 2024 Performance Highlights

Patagonia Gold Corp. (TSXV: PGDC) has announced its financial results for the third quarter of 2024 (Q3 2024), showcasing continued growth and strategic advances in its operations. The company generated a total of US$2.4 million in revenue for the quarter, driven by solid gold production and sales.

Gold Production and Sales

For Q3 2024, Patagonia Gold produced a total of 796 gold equivalent ounces, which consisted of 526 gold ounces and 22,683 silver ounces. In terms of sales, the company sold 955 gold equivalent ounces, which included 625 gold ounces and 27,109 silver ounces. The production-to-sales ratio showed strong demand for the company's output during the period.

Calcatreu Project Update

One of the major milestones for Patagonia Gold in Q3 2024 was the receipt of the final permit for the construction and development of the Calcatreu project on November 6th. This marks a significant step forward in the company’s efforts to expand its gold mining operations in the Patagonia region of Argentina.

Exploration and Acquisitions

During the quarter, Patagonia Gold invested US$0.9 million in exploration expenditures, furthering its commitment to growing its resource base. Additionally, on October 9th, the company entered into a definitive agreement with Compañía Inversora de Minas SAU, acquiring four mineral properties. This strategic acquisition consolidates the Mina Angela property block in Chubut, which is expected to enhance the company’s overall resource portfolio.

About Patagonia Gold

Patagonia Gold Corp. is a South America-focused mining company listed on the TSX Venture Exchange. The company is dedicated to the exploration and development of gold and silver projects, primarily in the Patagonia region of Argentina. Key projects include the Calcatreu project in Rio Negro and the Cap-Oeste underground project. Patagonia Gold holds mineral rights to over 430 properties across Argentina, making it one of the largest landholders in Santa Cruz province.

For more information, please contact:

Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

Forward-Looking Statements

This news release contains certain forward-looking statements, including those related to the advancement of gold and silver projects and anticipated growth in shareholder value. These statements are based on management's current beliefs and assumptions, but actual results may differ due to various risks and uncertainties. Readers are advised not to place undue reliance on these forward-looking statements.

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