Update on Construction of Calcatreu Project
Patagonia Gold Hits Parabolic Strides as Calcatreu Construction Nears Finish Line
The news release dated January 15, 2026, provides an operational update on the construction of the flagship Calcatreu Project in Rio Negro, Argentina. Key developments include: - Construction resumed on January 5, 2026, following a holiday break. - Approximately 40,000 tonnes of mineralized material have been stockpiled from the Veta 49 pit. - 5,200 tonnes are scheduled for stacking on the leach pad in late January following electric leak detection tests. - The carbon-in-column (CIC) circuit is expected to be finalized this month. - The new camp and dining facilities for 140 people are complete and being commissioned. - An updated NI 43-101 technical report is scheduled for release in Q2 2026.
The impact of this news is Routine - Positive. While it confirms that the company is maintaining its timeline for first leaching in Q1 2026 (as projected in the December 29, 2025, release), it does not introduce new material facts that were not already anticipated by the market. - Stockpiling Success: The 40,000-tonne stockpile suggests mining operations (which commenced in August 2025) are scaling effectively. - Execution Consistency: The completion of the CIC circuit and camp facilities demonstrates management is meeting the milestones set in the Q3 2025 financial update. - Valuation Gap: The stock price has moved from $0.20 to $0.88 since late December 2025. This "routine" news is being absorbed by a market that has already priced in a significant portion of the successful transition from developer to producer.
Patagonia Gold is an Argentina-focused gold and silver producer and developer. - Flagship Project: Calcatreu (Rio Negro Province). It is a low-sulfidation epithermal gold-silver deposit. - Resources: 2018 Estimate: 9.8M tonnes at 2.11 g/t Au and 19.8 g/t Ag (669k oz Au, 6.3M oz Ag) in the Indicated category. - Other Assets: Cap Oeste (residual production), Lomada de Leiva, and a large portfolio of exploration properties in Santa Cruz including the Newmont-optioned properties.