Patagonia Gold Quarter 2 2026 Financial Results
Patagonia’s Calcatreu mine ramped production in Q2, but sales lagged while the company omitted specific costs and cash flow details from its report.
Patagonia Gold Corp. (PGDC) released its second-quarter 2026 financial results for the period ending June 30, 2026. The company reported total production of 2,403 gold equivalent (AuEq) ounces across its operations, with total sales reaching 1,062 AuEq ounces. Revenue for the quarter was US$4.5 million.
At the Calcatreu operations, production totaled 1,960 AuEq ounces, comprising 1,934 gold ounces and 1,780 silver ounces. Sales from Calcatreu amounted to 515 AuEq ounces, consisting of 511 gold ounces and 232 silver ounces. Meanwhile, Cap Oeste residual operations produced 443 AuEq ounces, made up of 214 gold ounces and 14,524 silver ounces. Sales from Cap Oeste were 547 AuEq ounces, consisting of 267 gold ounces and 18,111 silver ounces.
Exploration spending for the quarter was approximately US$0.7 million. This included US$0.2 million capitalized at Calcatreu and US$0.5 million expensed on Santa Cruz projects. The company stated that exploration drilling continues at Calcatreu to expand mineral resources.
The AuEq conversion ratio for Q2 2026 was 62.35:1, compared to 96.11:1 in the prior-year period. The release did not provide updated resource estimates, all-in sustaining costs (AISC), net income, cash flow figures, balance sheet details, or specific production guidance.
Patagonia Gold Corp. (PGDC) released a quarterly financial update that highlights a significant increase in production and revenue, though the company provided limited detail on its financial position. Revenue grew to US$4.5 million from US$2.1 million in Q1 2026, while total production rose to 2,403 AuEq ounces from 390 AuEq ounces in the same period. This production ramp follows prior operational milestones, including the start of leaching in April, the first doré dispatch in June, and the third doré dispatch in August.
The update was sparse on key financial metrics, omitting net loss, AISC, cash costs, capex, cash balance, working capital, and debt. Of the 1,960 AuEq ounces produced, Calcatreu sold only 515 AuEq ounces, a 26% sell-through rate, indicating that the revenue figure understates inventory build and that cash conversion remains delayed. Prior-period context shows Q1 2026 cash was only US$0.27 million and working capital deficit was about US$14 million; this release provides no updated liquidity data.
Stock reaction around the release was muted: the price was US$0.61 on August 31, 2026 versus US$0.60 on August 28, 2026, suggesting the market treated the news as routine.
Patagonia Gold Corp. (PGDC) is a South America-focused gold and silver mining company listed on the TSX Venture Exchange. The company’s primary focus is the Calcatreu project in Rio Negro, Argentina, a low-sulphidation epithermal gold-silver system acquired from Pan American Silver in 2018 for US$15 million. Calcatreu began heap leach operations in 2026, with first leaching in late March/April and first doré dispatch in June 2026.
The company also operates Cap Oeste in Santa Cruz, a residual heap leach operation with an underground development option under review. Additional assets include the Lomada de Leiva heap leach asset, the Martha plant, and a large exploration land package across Santa Cruz, Rio Negro, and Chubut. La Manchuria is now largely controlled by Astra Exploration, which earned an 80% interest, while Patagonia retains a 20% carried interest. The Tornado and Huracán properties are under option to Newmont.