Patagonia Gold Announces Astra's Exercise of Earn-In Option at La Manchuria

Astra Exploration Inc. (ASTR) has released the initial assay results from the first batch of its Phase III drill program at the La Manchuria Gold and Silver Project in Argentina. The company completed eight diamond drill holes (DDH) totaling 5,176 metres between April and June 2026.

Key intercepts from the program include 80.54 g/t gold over 2 metres at the Basalto Zone, as well as wide disseminated intervals such as 56 metres grading 0.50 g/t AuEq and 21 metres grading 0.87 g/t AuEq. These results confirm high-grade mineralization expanding into new areas between the Main and Eastern Zones, at the northwest extension of the Main Zone, and at the Basalto Zone.

Concurrently, Astra exercised its First Earn-In option to acquire an 80% undivided interest in the La Manchuria Mining Properties from Patagonia Gold, which retains a 20% interest. Astra holds an option to increase ownership to 90% by paying $5 million in cash by August 2028. Patagonia's interest is carried until a NI 43-101 compliant resource of at least 1 million ounces of gold equivalent (indicated plus inferred) is published.

Remaining assay results for the final eight holes from Phase III are pending.

Astra Exploration Inc. (ASTR) announced drill results that validate its geological model and expand the footprint of its epithermal system. The company also exercised the First Earn-In, a corporate milestone that secures majority control and reduces counterparty risk. This move advances the project toward a joint venture structure, under which Patagonia’s carry ends upon hitting the 1M oz AuEq resource milestone.

The news is incremental to previously announced exploration plans and a pre-announced earn-in agreement. The high-grade intercepts are narrow and require conversion into a defined resource to impact valuation meaningfully. The company remains pre-revenue, burning cash, and relies entirely on equity markets for funding. The positive exploration data does not alter the fundamental capital intensity or dilution risk profile.

Astra Exploration Inc. (ASTR) is a pre-revenue exploration company focused on gold and silver projects in Argentina and Chile. Its flagship asset is the La Manchuria Gold and Silver Project, located in the Deseado Massif of Santa Cruz Province, Argentina. The project covers over 5,600 hectares and hosts a low-sulphidation epithermal system with multiple parallel vein sets.

Development at La Manchuria has progressed through three phases. Phase I in May 2025 identified a larger-than-expected vein system. Phase II in late 2025 expanded the system along strike. Phase III, scheduled for April to June 2026, will target deeper converging structures and new zones. The company is currently transitioning to a joint venture structure with Patagonia Gold.

Astra also holds the Don Mario project in Chile's Maricunga belt, which is undergoing surface targeting and geophysical surveys.