Patagonia Gold Quarter 1 2026 Financial Results

§ 01 Executive Snapshot

• What: Patagonia Gold Corp. announces its financial results for Q1 2026.
• Who: Patagonia Gold Corp., Donald J. Birak (Qualified Person).
• Why it matters: The transition to operational phase and production results indicate potential for revenue growth in the gold and silver mining sector in Argentina.

§ 02 Key Developments

• Leaching operations commenced on April 15, 2026, at the Calcatreu Project in Rio Negro, Argentina, marking the transition to the operational phase.
• The company produced 390 gold equivalent ounces and sold 432 gold equivalent ounces in Q1 2026 from the Cap Oeste residual operations.
• Generated revenue of US$2.1 million in Q1 2026.
• Approximately US$0.3 million was spent on exploration in the Company’s Santa Cruz projects.

§ 03 Strategic Context

• The Calcatreu Project represents a critical asset for Patagonia Gold, reflecting the company's strategy to expand its operational footprint in the Argentine mining sector.
• The investment in exploration and the commencement of leaching operations signify a commitment to enhancing production capabilities and shareholder value.

§ 04 Strategic Implications

• Immediate implications include increased production capacity and potential revenue growth from the operational phase of the Calcatreu Project.
• Long-term implications may involve enhanced market positioning in the gold and silver mining industry due to increased exploration and production activities.

§ 05 Risks & Constraints

• Potential risks include regulatory challenges in Argentina and fluctuations in gold and silver market prices impacting revenue.
• Execution risks related to operational transitions and exploration success may also pose challenges to achieving projected growth.

§ 06 Watchlist / Forward Signals

• Future milestones to watch include updates on production levels and exploration results from the Santa Cruz projects.
• Changes in the average spot market price for gold and silver and their impact on revenue generation will be critical indicators of success.