Patagonia Gold Quarter 1 2026 Financial Results

• Patagonia Gold Corp. announced financial results for the quarter ended March 31, 2026 (Q1 2026).
• Revenue generated was US$2.1 million during Q1 2026 from Cap Oeste residual operations.
• Production totaled 390 gold equivalent ounces (AuEq) produced and 432 AuEq ounces sold.
• Metal breakdown included 173 gold ounces and 11,836 silver ounces produced.
• Leaching operations officially commenced at the flagship Calcatreu Project in Rio Negro Province on April 15, 2026.
• Exploration spend was approximately US$0.3 million within Santa Cruz projects during Q1 2026.
• Gold equivalent conversion ratio improved to 53.67:1 compared to 90.05:1 in the prior year period (2025).

• The commencement of leaching at Calcatreu was previously announced on March 31, 2026; this Q1 report confirms execution without significant deviation from expectations.
• Revenue of $2.1 million is consistent with previous quarterly performance from Cap Oeste residual operations ($3M in Q2/Q3 2025), indicating stable cash flow during the transition phase.
• The improvement in the gold-to-silver conversion ratio (53.67:1 vs 90.05:1) suggests a higher silver contribution to revenue, which is positive given current market conditions but does not represent a fundamental change in asset quality.
• As Calcatreu leaching commenced April 15 (end of Q1), full production impact on the income statement will likely materialize in subsequent quarters; thus, this news validates operational progress rather than immediate financial upside.
• The stock price has corrected from its March 2026 peak ($1.33) to current levels ($0.74), suggesting the market had already priced in the leaching commencement milestone announced in late March.

• Company: Patagonia Gold Corp., focused on gold and silver projects in Argentina.
• Flagship Project: Calcatreu Project (Rio Negro Province).
  • Status: Transitioning from construction to heap-leach production phase.
  • Resources: 9.84 Mt Measured & Indicated at 2.11 g/t Au and 19.8 g/t Ag (approx. 669 koz Au, 6.3 Moz Ag).
  • Infrastructure: Carbon-in-column circuit operational; leach pad commissioned with 91,300 ft of mineralized material stacked.
• Secondary Operations: Cap Oeste Project (Santa Cruz Province) providing residual cash flow during Calcatreu ramp-up.
• Exploration Portfolio: Includes Gran Esperanza, La Josefina, and other properties in the Deseado Massif region.