Patagonia Gold 2022 Financial Results

VANCOUVER, April 28, 2023 - Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV: PGDC) announces its audited results for the financial year ended December 31, 2022 ("YE 2022"). The audited consolidated financial statements for YE 2022, 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.sedar.com.

Highlights

• Generated revenue of US$12.3 million in YE 2022.
• Produced 6,490 gold equivalent ounces ⁽¹⁾ and sold 6,782 gold equivalent ounces ⁽¹⁾.
• Spent US$5.4 million for the exploration of key projects in Argentina.
• In August 2022, the Company presented the Environmental Impact Study for the development of the Calcatreu project (the "EIA"). In March 2023, the Rio Negro provincial Mining Department provided a favorable opinion on the EIA. The EIA is currently being reviewed by the provincial Environmental Department and it continues to progress within the administrative framework established by the applicable authorities for review and approval of such studies.
• Completed a 3,102-meter diamond drill program at Tornado/Huracán in the province of Santa Cruz, Argentina, which encountered anomalous, precious metal mineralization ⁽²⁾.
• Completed a 728.2-meter diamond drilling program at Cap-Oeste, in the province of Santa Cruz, to obtain samples for metallurgical testing and for mineral resource block model confirmation ⁽²⁾.
• Completed 1,384 meters of RC drilling at the Abril Project, in the province of Santa Cruz, Argentina ⁽²⁾, which encountered anomalous, precious metal mineralization.
  

Notes:

Qualified Person's Statement

Donald J. Birak, an independent, consulting geologist, Registered Member of SME and Fellow of AusIMM and a 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 430 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, the review and approval of the EIS, 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.