Patagonia Gold resumes construction work at Calcatreu

Executive Summary

• Patagonia Gold Corp. provides an operational update on the Calcatreu project in Argentina, confirming the resumption of construction activities following the holiday period.
• Approximately 40,000 tonnes of mineralized material from the Veta 49 pit have been stockpiled, with 5,200 tonnes expected to be stacked on the leach pad later this month pending electric leak detection tests.
• The carbon-in-column (CIC) circuit construction is nearing completion, and a new camp with dining facilities for 140 people has been commissioned to support operational capacity.

Key Details

• Stockpiling Progress: Approximately 40,000 tonnes of mineralized material extracted from the new Veta 49 pit have been stockpiled.
• Leach Pad Preparation: 5,200 tonnes of mineralized material are expected to be stacked on the leach pad later this month, contingent on the completion of electric leak detection tests.
• Processing Circuit: Construction of the carbon-in-column (CIC) circuit resumed and is expected to be finalized this month.
• Metal Handling: Resulting metal doré from leaching and processing will be shipped to Asahi Refining Canada in Ontario, Canada.
• Camp Infrastructure: A new project camp is being commissioned, and dining facilities capable of serving 140 people have been recently completed.
• Technical Report: NCL Ingenieria y Construccion Ltda. is advancing a National Instrument 43-101 technical report, which is expected to be released in Q2 2026 to provide an updated technical basis for the project.
• Qualified Person: Donald J. Birak, an independent consulting geologist and qualified person under NI 43-101, reviewed and approved the scientific and technical information. His most recent site visit was in October 2025.

Notable Quotes

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