Update on the construction of the Calcatreu project

Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC,OTC:HGLD) is pleased to provide this update on the construction of the Calcatreu Project (“Calcatreu” or the “Project”), in Rio Negro Province, Argentina (see our previous update dated December 29, 2025 at https:patagoniagold.cominvestorsnews-releases).

Construction work resumed on January 5, 2026, after a short break during the holiday period. Approximately 40,000 tonnes of mineralized material extracted from the new Veta 49 well has been stockpiled and 5,200 tonnes of that mineralized material is expected to be stacked on the leach platform after electrical leak detection tests are conducted later this month. This represents a significant milestone as the project moves closer to beginning leaching operations.

Construction of the plant’s carbon-in-column (“CIC”) circuit has resumed and is also expected to be completed this month. Once leaching and processing of the stored material begins, the resulting metal doré is shipped to Asahi Refining Canada in Ontario, Canada.

The new camp for the Project is being commissioned and dining facilities for 140 people have recently been completed – both of which strengthen the operational capacity of the Project.

NCL Ingenieria y Construccion Ltda continues to prepare a technical report prepared in accordance with National Instrument 43-101 on the project, which is expected to be released in the second quarter of 2026 and will provide the market with an updated technical basis for the project.

Statement from a qualified person

Donald J. Birak, an Independent Consulting Geologist, Registered Member of SME, Fellow of AusIMM, and Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release. Mr Birak’s most recent visit took place in October 2025.

About Patagonia gold

Patagonia Gold Corp. is a South America-focused, publicly traded mining company listed on the TSX Venture Exchange. The company aims to increase shareholder value through the exploration and development of gold and silver projects in the Patagonia region of Argentina. The company focuses mainly on Calcatreu and the development of the Cap-Oeste underground project in Santa Cruz. Patagonia, indirectly through its subsidiaries or under option agreements, holds mineral rights to more than 375 properties in several provinces of Argentina and is one of the largest landowners in Santa Cruz Province, Argentina.

For more information please contact:

Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including, but not limited to, statements regarding, among other things, the expected timing for completion of electrical leak detection testing; commencement of leaching work; completion of the CIC circuit; plans for shipping the resulting metal doré; timing for completing an updated technical report on the project; the promotion and development of gold and silver projects in the Patagonia region of Argentina; and the expected growth in shareholder value. Where possible, words such as “may”, “will”, “could”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of the date of publication.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking statements. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.