Patagonia Gold begins leaching at Calcatreu project

Executive Summary

• Patagonia Gold Corp. has commenced leaching operations at its flagship Calcatreu project in Rio Negro, Argentina, marking the transition from construction to the operational gold recovery phase.
• The company has successfully completed the construction and commissioning of key infrastructure, including the carbon-in-column (CIC) circuit, and has placed mineralized material on the heap leach pad.
• Over 91,300 tonnes of material from the Veta 49 pit have been processed, with 73,300 tonnes crushed and stockpiled and 18,800 tonnes stacked on the leach pad for leaching.

Key Details

• Operational Milestone: Commencement of leaching activities by applying leach solution to stacked ore, following the completion of construction, commissioning, and regulatory approvals.
• Infrastructure Status: Key processing infrastructure, specifically the carbon-in-column (CIC) circuit, is now operational.
• Material Inventory:
  • Total material from Veta 49 pit: >91,300 tonnes.
  • Crushed and stockpiled: 73,300 tonnes.
  • Stacked on leach pad: 18,800 tonnes.
• Future Operations: Subsequent stages will include loaded carbon processing and dore production as part of normal heap-leach operating cycles.
• Monitoring: Continuous monitoring of solution flow and recovery performance will continue during leaching operations.
• Timeline for Recovery: Timing of gold recovery depends on operational and metallurgical factors typical of heap leach operations.
• Technical Report: NCL Ltda. is progressing an updated National Instrument 43-101 technical report for Calcatreu, expected for release in Q2 2026, which will incorporate updated technical information.

Notable Quotes

• "We are pleased to have reached this important milestone at Calcatreu. The commencement of leaching reflects the dedication and expertise of our team, the strong collaboration with the province of Rio Negro and local stakeholders, and our commitment to responsible and efficient project development." — Christopher van Tienhoven, Chief Executive Officer