VANCOUVER, British Columbia, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV: PGDC) announces its financial results for the quarter ended June 30, 2025 ("Q2 2025"). The financial statements together with the related management's discussion and analysis are available on the Company's website and under the Company's profile on SEDAR+ at www.sedarplus.ca.
Highlights
-- Generated revenue of US$3 million in Q2 2025.
-- On May 30, 2025, the Company completed the US$40 million investment in
its subsidiary, Patagonia Gold Canada Inc., to advance the development of
the Company's Calcatreu project.
-- Residual production from Cap Oeste yielded 642 gold equivalent ounces(1)
produced and 942 gold equivalent ounces(1) sold in Q2 2025.
-- Incurred exploration expenditures of US$0.3 million in Q2 2025, including
completion of:
-- A total of 697.55 meters drilled in 12 diamond drill holes at
Calcatreu, focused on Belén target.
-- A total of 161.1 meters of trench excavated in the Belén
zone.
-- A total of 131.95 line-kilometers of ground magnetics surveying at
La Josefina and the Final Geological Report $(IGF)$ of the El Llano
property has been presented and a reactivation plan has been
presented at the Ana property.
-- Executed an agreement with Newmont in relation to the Tornado and Huracan
properties immediately north of their Cerro Negro mine. (For further
reference, please see our April 2 press release available at the
following link on our website
https://patagoniagold.com/investors/news-releases/ and under
the Company's profile on SEDAR+).
-- Construction of the Company's Calcatreu heap leach facility in Rio Negro
has commenced. As of the end of Q2 2025, the access road, camp,
explosives magazine, fuel storage tanks, and power generation plant had
been completed. Work on the heap leach pad has commenced and is well
advanced, with earthworks in progress. The CIC (carbon in columns) plant
from Lomada de Leiva (this mine was operated by the Company and is
completing its closure process) has been refurbished and is ready to be
moved and installed at Calcatreu, while the elution and foundry circuits
purchased from FL Smidth are scheduled for delivery during the first
quarter of 2026. Hiring and training of personnel for the mining
activities has commenced and it is expected that first blasts will take
place during the end of third quarter of 2025.
Notes:
(1) Consisting of 393 gold and 24,035 silver ounces of
production and 598 gold and 33,159 silver ounces sold,
converted to a gold equivalent using a ratio of the
average spot market price for the commodities each
period. The ratio for three months ended June 30,
2025, was 96.11:1 (2024 -- 79.23:1).
Qualified Person's Statement
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 in this news release.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused, publicly traded, mining company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 375 properties in several provinces of Argentina and is one of the largest landholders in the province of Santa Cruz, 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 news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, plans for reactivation at the Ana property; timing for completion of the heap leach facility and commencement of leaching; expected timing for completion of the first blasts; the advancement and development of gold and silver projects in the Patagonia region of Argentina; and the anticipated growth in shareholder value. Wherever possible, words such as "may", "will", "should", "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 at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon 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 news release, and the Company assumes 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 news release.
(END) Dow Jones Newswires
August 29, 2025 17:07 ET (21:07 GMT)