{"success":true,"data":{"pressRelease":{"id":"167256","rtpr_id":"nGNXtZ4kq-20261013","ticker":"PGDC","exchange":"","all_tickers":["PGDC"],"title":"Patagonia Gold Intersects High-Grade Gold-Silver Mineralization at Belén West, Calcatreu","author":"Globe Newswire","published_at":"2026-10-13T11:00:01.998Z","article_body":"VANCOUVER, British Columbia, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Patagonia Gold\nCorp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to\nannounce significant results from its ongoing exploration drilling program at\nits flagship Calcatreu Gold-Silver Project (“Calcatreu” or the\n“Project”), located in Río Negro Province, Argentina.\n\nThe results announced today are from drilling completed after the January 14,\n2026 effective date of the updated mineral resource estimate (“MRE”) used\nin the Company’s recently announced Preliminary Economic Assessment\n(“PEA”) and were therefore not included in the current MRE or PEA. The\nresults provide further evidence of the potential to expand the mineralized\nsystem at Calcatreu through continued exploration drilling.\n\nComposited analytical results from core and reverse circulation drilling at\nBelén and Nelson West are shown in Tables 1 and 2 and drill collar locations\nare shown in Figure 1. Drilling at Belén West intersected multiple zones of\nhigh-grade gold-silver mineralization, highlighted by hole BE-032R, which\nreturned 8 metres grading 15.71 g/t Au and 476.6 g/t Ag, including 5 metres\ngrading 25.45 g/t Au and 808.4 g/t Ag, including 1 metre grading 68.3 g/t Au\nand 3,209 g/t Ag.\n\nHighlights\n* BE-032R – Belén West: 8 metres at 15.71 g/t Au and 476.6 g/t Ag,\nincluding 5 metres at 25.45 g/t Au and 808.4 g/t Ag, including 1 metre at 68.3\ng/t Au and 3,209 g/t Ag.\n* BE-040R – Belén West: 4 metres at 9.8 g/t Au and 12 g/t Ag, including 2\nmetres at 17.65 g/t Au and 18.5 g/t Ag.\n* BE-059R – Belén: 6 metres at 6.59 g/t Au and 19.17 g/t Ag, including 1\nmetre at 34.1 g/t Au and 31 g/t Ag.\n* NLO-033-D – Nelson: 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including\n5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and\n293 g/t Ag.\nA total of 51 drill holes – 37 at Belén and 14 at Nelson – intersected\nmineralization grading at or above the 0.3 g/t Au compositing cut-off\nfollowing the effective date of the current MRE. Belén occurs 450 metres due\nwest and Nelson sits just 100 metres SW of the Veta 49 pit. Both deposits\nremain open for potential expansion at depth and variably along strike, while\nadditional mineralized structures and exploration targets have been identified\nacross the broader Calcatreu District.\n\nThe Company plans approximately 10,000 metres of additional drilling over the\nnext 12 months, targeting extensions to known mineralization and new\nexploration targets across the Calcatreu District. The Calcatreu property\nblock consists of 55,000 ha and the exploration program is currently focused\non less than 3,000 ha. More than 20 km of exposed hydrothermal structures have\ncurrently been identified. Of these, only 5.7 km have defined Inferred,\nIndicated, or Measured Mineral Resources, while the remaining structures have\neither not been drilled or have been only very sparsely drilled. In terms of\nexploration targets, approximately 32 targets have been identified to date of\nwhich only 7 have defined Mineral Resources; the remainder have either not\nbeen drilled or have been insufficiently drilled.\n\nChristopher van Tienhoven, Chief Executive Officer of Patagonia, commented:\n\n“These results highlight the significant exploration potential that remains\nat Calcatreu beyond the drilling incorporated into our current MRE. The\nintercept in BE-032R is particularly encouraging, returning exceptional gold\nand silver grades over meaningful widths at Belén West.\n\n“With Calcatreu now advancing as an operating mine and approximately 10,000\nmetres of additional drilling planned over the next 12 months, we see a\ncompelling opportunity to grow the mineralized system alongside the\ndevelopment of the existing operation. Importantly, none of the drilling\nresults announced today were included in the current MRE or the recently\ncompleted PEA.”\n\nBelén Exploration\n\nRecent drilling at Belén has focused on testing extensions and additional\nmineralized structures in and around the currently defined deposit. Only 7 of\nthe new holes (Table 1) failed to intersect mineralization above the cutoff\ngrade.\n\nAt Belén West, hole BE-032R returned the strongest intercept of the current\ndrilling program, with 8 metres at 15.71 g/t Au and 476.6 g/t Ag from 21\nmetres down-hole. The intercept contains a higher-grade interval of 5 metres\nat 25.45 g/t Au and 808.4 g/t Ag from 25 metres, including 1 metre at 68.3 g/t\nAu and 3,209 g/t Ag from 28 metres.\n\nAdditional drilling at Belén West returned 4 metres at 9.8 g/t Au and 12 g/t\nAg in BE-040R, including 2 metres at 17.65 g/t Au and 18.5 g/t Ag.\n\nElsewhere at Belén, BE-059R intersected 6 metres at 6.59 g/t Au and 19.17 g/t\nAg, including 1 metre at 34.1 g/t Au and 31 g/t Ag. Finally, a new, ENE\nstriking vein splay, termed Julieta, was discovered at the northern end of\nBelén.\n\nNelson Exploration\n\nDrilling at Nelson continues to test the known mineralized system and adjacent\nstructures. Favorable results were reported from samples from all holes (Table\n2).\n\nHole NLO-033-D returned 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including\n5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and\n293 g/t Ag.\n\nThese results support continued exploration of both the Belén and Nelson\nmineral systems, which remain open for expansion on strike and at depth.\n\nDistrict-wide Exploration Program\n\nPatagonia continues to advance exploration concurrently with mining operations\nat Calcatreu. The Company recently acquired a Boart Longyear LF90D core drill\nrig, which is expected to arrive at site by the end of November 2026.\nOwnership of the drill rig is expected to provide Patagonia with increased\nflexibility in scheduling exploration programs and based on current estimates,\nreduced drilling costs relative to contract drilling.\n\nThe Company currently plans approximately 10,000 metres of drilling over the\nnext 12 months, focused on expanding known mineralization at Belén and Nelson\nand testing additional targets across the broader Calcatreu District.\n\n\nFigure 1. Figure 1. Location of Belén and Nelson exploration drill hole\n\nComposited analytical results from drilling at Belén and Nelson are shown in\nthe following two tables.\n\n Table 1. Belén Assay Composites \n RC Hole Data Mineralized Interval (m) Analyses ( g/t ) \n Hole ID Total Depth Azimuth Inclination From To Thickness Au Ag \n (m ) (degrees) (degrees) \n \n BE-032-R 31 124 -59.5 12 13 1 1.82 16 \n BE-032-R 17 18 1 6.87 132 \n BE-032-R 21 29 8 15.71 476.6 \n incl 24 29 5 25.45 808.4 \n incl 28 29 1 68.3 3209 \n BE-033-R 31 141 -60 18 19 1 0.33 3 \n BE-034-R 32 128 -59.5 1 12 11 0.92 21.7 \n BE-035-R 30 132 -59.5 19 21 2 1.36 45.5 \n BE-036-R 33 129 -59.5 12 20 8 0.91 22.4 \n BE-037-R 30 127 -59 8 13 5 1.9 20 \n BE-038-R 23 126 -54.5 1 13 12 1.72 19.6 \n incl 6 9 3 5.91 42 \n BE-039-R 23 114 -61 4 6 2 0.65 10 \n BE-040-R 20 116 -60 7 11 4 9.8 12 \n incl 8 10 2 17.65 18.5 \n BE-045-R 24 126 -65.5 14 18 4 4.07 44.3 \n incl 14 16 2 7.14 83 \n BE-046-R 18 131 -60 6 13 7 1.39 47.1 \n incl 8 9 1 5.32 191 \n BE-047-R 25 129 -61 NSR \n BE-048-R 20 119 -60.5 12 19 7 5.91 57.6 \n incl 14 17 3 10.15 59.3 \n BE-049-R 25 131 -61 1 8 7 4.42 23.7 \n incl 1 4 3 7.93 29 \n BE-050-R 20 124 -65 13 15 2 0.83 4.5 \n BE-051-R 30 132 -59.5 14 21 7 0.8 5.1 \n BE-052-R 25 131 -66 10 13 3 1.26 15 \n BE-053-R 36 134 -64 13 18 5 0.82 5.8 \n BE-054A-R 32 163 -64 10 14 4 5.32 3.5 \n BE-055A-R 30 163 -65 19 20 1 0.36 2 \n BE-055-R 29 167146 -65 17 24 7 2.57 3.6 \n incl 22 23 1 13.9 8 \n BE-056-R 35 160 -64 NSR \n BE-057-R 31 159 -65 NSR \n BE-058-R 35 127 -60 23 25 2 0.92 12.5 \n BE-059-R 34 126 -65.4 11 17 6 6.59 19.2 \n incl 12 13 1 34.1 31 \n BE-060-R 33 125 -64.5 10 12 2 0.88 8 \n BE-060-R 20 23 3 1.55 4.7 \n BE-061-R 32 127 -59.5 5 7 2 0.61 7 \n BE-062-R 34 167 -66 NSR \n BE-063-R 27 306 -67 NSR \n BE-064-R 24 308 -64.5 12 21 9 0.39 10.7 \n BE-065-R 25 315 -60 5 6 1 0.31 8 \n BE-065-R 13 14 1 1.61 15 \n BE-066-R 25 318 -59.5 NSR \n BE-067-R 25 315 -59 16 18 2 0.78 7 \n BE-068-R 25 317 -62 15 16 1 2.2 14 \n BE-069-R 30 312 -60 21 24 3 3.09 35.3 \n BE-070-R 25 312 -65 9 17 8 5.3 22.4 \n incl 13 14 1 36 57 \n BE-072-R 33 134 -64 8 11 3 0.71 3.7 \n BE-073-R 35 117 -60 19 20 1 0.4 1 \n BE-074-R 30 120 -59 21 26 5 0.16 1.2 \n BE-075-R 25 116 -60 9 15 6 0.72 5.7 \n BE-076-R 30 119 -58 12 19 7 1.06 24.9 \n BE-077-R 25 318 -59 3 7 4 0.57 16.5 \n BE-078-R 30 316 -59 5 11 6 1.57 31.3 \n BE-079-R 25 314 -59 4 9 5 0.4 8.8 \n BE-080-R 25 312 -59 12 13 1 0.94 12 \n BE-081-R 25 314 -58.5 10 11 1 0.31 3 \n BE-082-R 30 309 -56 NSR \n\n\n\n\n\n Table 2. Nelson Assay Composites \n DDH Data Mineralized Interval (m) Analyses ( g/t ) \n Hole ID Total Depth Azimuth Inclination From To Thickness Au Ag \n (m ) (degrees) (degrees) \n \n NLO-028-D 35 324 -49.5 22.85 26.4 3.55 3.08 32.2 \n incl 23.75 25.5 1.75 5.77 59.7 \n NLO-029-D 76.5 313 -59.5 43.1 47.5 4.4 1.68 16 \n incl 43.75 46.7 2.95 2.26 21.6 \n NLO-030-D 64.5 312 -49 32.9 37.35 4.45 3.45 37 \n incl 35.35 37.35 2 7.2 76.8 \n NLO-031-D 78 318 -61 48.1 51.1 3 1.36 11.8 \n and 66.45 69.4 2.95 0.58 3.1 \n NLO-032-D 60 316 -49 36.6 41 4.4 2.88 32 \n incl 36.6 38.25 1.65 6.46 60 \n NLO-033-D 85.5 330 -65 65.8 73.5 7.7 3.24 55.9 \n incl 65.8 70.8 5 4.8 85 \n incl 67 67.6 0.6 15.2 293 \n NLO-034-D 97.5 308 -54 79.5 93.55 14.05 0.27 2.1 \n NLO-035-D 85.5 315 -54.5 41.3 44 2.7 0.92 16.6 \n NLO-036-D 70.5 309 -54 38.9 40.7 1.8 3.85 48.5 \n NLO-037-D 82.5 313 -49 57.4 68.3 10.9 1.33 16.5 \n incl 60.1 63 2.9 2.83 26.5 \n\nNotes to Tables 1 and 2:\n\n1. Reported widths are down-hole lengths. True widths have not yet been\ndetermined.\n2. “R” denotes reverse circulation drilling; “D” denotes diamond core\ndrilling; “NVS” denotes Nelson Splay. “NSR” means No Significant\nResults.\n3. A cut-off grade of 0.3 g/t Au was used for assay compositing.\n4. All analytical work was performed by Alex Stewart International\n(“ASI”), an ISO 17025 accredited analytical services provider, at its\nsample preparation and analytical facilities in Mendoza, Argentina.\n5. ASI’s analytical methods were Au4-50 and Au4A-50 for gold and gold >10\ng/t, respectively, and Ag4A-50 for silver.\n6. Results include all holes completed after January 14, 2026, the effective\ndate of the current MRE and PEA.\n7. 0.3 g/t cutoff used in compositing and not more than 2 consecutive\nanalytical values less than the cutoff grade were used in compositing.\n8. A total of 88 blanks, 69 duplicates and 119 certified reference materials\nwere inserted into the sample stream at a rate of approximately 15 QA/QC\nsamples per 100 drill samples. Only 1 analysis of the certified reference\nmaterials did not report within accepted limits.\n\nQualified Person\n\nDonald J. Birak, an independent consulting geologist, Registered Member of SME\nand Fellow of AusIMM, is the Qualified Person as defined by National\nInstrument 43-101 and has reviewed and approved the scientific and technical\ninformation contained in this news release.\n\nFor more information, please contact:\n\nChristopher van Tienhoven, Chief Executive Officer\nPatagonia Gold Corp.\nT: +54 11 5278 6950\nE: cvantienhoven@patagoniagold.com\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements within the meaning of\napplicable Canadian securities laws. Forward-looking statements include, but\nare not limited to, statements regarding the Company’s planned exploration\nactivities at Calcatreu, including the nature, scope, timing and objectives of\nthe approximately 10,000-metre drilling program planned over the next 12\nmonths; the timing of delivery of the Company’s drill rig and the\nanticipated operational flexibility and cost savings associated with its use;\nthe potential to extend or expand the mineralized systems at Belén and Nelson\nand to identify or delineate additional mineralization or mineral resources;\nand the advancement of exploration activities concurrently with mining\noperations. Forward-looking statements are generally identified by words such\nas “anticipate”, “believe”, “estimate”, “expect”,\n“intend”, “may”, “plan”, “potential”, “should” and\n“will”, and similar words and expressions.\n\nForward-looking statements are based on management’s expectations, estimates\nand assumptions as at the date of this news release, including assumptions\nregarding geological interpretations and the continuity of mineralization; the\naccuracy and reliability of drilling, sampling and assay results; the\navailability of personnel, equipment, contractors, supplies, infrastructure\nand financing; the timely delivery and successful operation of the Company’s\ndrill rig; access to exploration targets; the receipt and maintenance of\nrequired permits and approvals; and the Company’s ability to complete its\nexploration programs as currently planned and within expected budgets.\n\nForward-looking statements are subject to known and unknown risks,\nuncertainties and other factors that may cause actual results to differ\nmaterially from those expressed or implied by such statements. These risks and\nuncertainties include, among others, the possibility that exploration programs\nmay be delayed, curtailed or modified; that the Company’s drill rig may not\nbe delivered or perform as anticipated; that anticipated operational\nefficiencies or cost savings may not be realized; that mineralization may not\ncontinue as interpreted; that reported down-hole lengths may not represent\ntrue widths; that further drilling may not result in the expansion or\ndelineation of mineral resources; uncertainties inherent in mineral\nexploration and mineral resource estimates; fluctuations in commodity prices\nand foreign exchange rates; the availability of financing; permitting,\nenvironmental, operational, technical, political, legal, fiscal, title,\nsurface-rights and community-relations risks; and the other risks described in\nthe Company’s public disclosure documents filed under its profile on SEDAR+\nat www.sedarplus.ca.\n\nAlthough the Company believes that the expectations and assumptions reflected\nin such forward-looking statements are reasonable, undue reliance should not\nbe placed on forward-looking statements, as the Company can give no assurance\nthat they will prove to be correct. Mineralization identified through\nexploration does not constitute a mineral resource, and there can be no\nassurance that further exploration will result in the delineation or expansion\nof a mineral resource. Actual results and future events could differ\nmaterially from those anticipated in such statements. The forward-looking\nstatements contained in this news release are made as of the date hereof, and\nthe Company disclaims any intention or obligation to update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by applicable securities laws.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/88704999-4210-456a-977c-56d693ca3135)\nFigure 1. \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6f5cc910-be19-4c2d-96b2-7e44b7d6e132/en)\nFigure 1. Location of Belén and Nelson exploration drill hole\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXtZ4kq-20261013","title":"Patagonia Gold Intersects High-Grade Gold-Silver Mineralization at Belén West, Calcatreu","author":"Globe Newswire","ticker":"PGDC","created":"2026-10-13T11:00:01.998Z","tickers":["PGDC"],"exchange":"","article_body":"VANCOUVER, British Columbia, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Patagonia Gold\nCorp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to\nannounce significant results from its ongoing exploration drilling program at\nits flagship Calcatreu Gold-Silver Project (“Calcatreu” or the\n“Project”), located in Río Negro Province, Argentina.\n\nThe results announced today are from drilling completed after the January 14,\n2026 effective date of the updated mineral resource estimate (“MRE”) used\nin the Company’s recently announced Preliminary Economic Assessment\n(“PEA”) and were therefore not included in the current MRE or PEA. The\nresults provide further evidence of the potential to expand the mineralized\nsystem at Calcatreu through continued exploration drilling.\n\nComposited analytical results from core and reverse circulation drilling at\nBelén and Nelson West are shown in Tables 1 and 2 and drill collar locations\nare shown in Figure 1. Drilling at Belén West intersected multiple zones of\nhigh-grade gold-silver mineralization, highlighted by hole BE-032R, which\nreturned 8 metres grading 15.71 g/t Au and 476.6 g/t Ag, including 5 metres\ngrading 25.45 g/t Au and 808.4 g/t Ag, including 1 metre grading 68.3 g/t Au\nand 3,209 g/t Ag.\n\nHighlights\n* BE-032R – Belén West: 8 metres at 15.71 g/t Au and 476.6 g/t Ag,\nincluding 5 metres at 25.45 g/t Au and 808.4 g/t Ag, including 1 metre at 68.3\ng/t Au and 3,209 g/t Ag.\n* BE-040R – Belén West: 4 metres at 9.8 g/t Au and 12 g/t Ag, including 2\nmetres at 17.65 g/t Au and 18.5 g/t Ag.\n* BE-059R – Belén: 6 metres at 6.59 g/t Au and 19.17 g/t Ag, including 1\nmetre at 34.1 g/t Au and 31 g/t Ag.\n* NLO-033-D – Nelson: 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including\n5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and\n293 g/t Ag.\nA total of 51 drill holes – 37 at Belén and 14 at Nelson – intersected\nmineralization grading at or above the 0.3 g/t Au compositing cut-off\nfollowing the effective date of the current MRE. Belén occurs 450 metres due\nwest and Nelson sits just 100 metres SW of the Veta 49 pit. Both deposits\nremain open for potential expansion at depth and variably along strike, while\nadditional mineralized structures and exploration targets have been identified\nacross the broader Calcatreu District.\n\nThe Company plans approximately 10,000 metres of additional drilling over the\nnext 12 months, targeting extensions to known mineralization and new\nexploration targets across the Calcatreu District. The Calcatreu property\nblock consists of 55,000 ha and the exploration program is currently focused\non less than 3,000 ha. More than 20 km of exposed hydrothermal structures have\ncurrently been identified. Of these, only 5.7 km have defined Inferred,\nIndicated, or Measured Mineral Resources, while the remaining structures have\neither not been drilled or have been only very sparsely drilled. In terms of\nexploration targets, approximately 32 targets have been identified to date of\nwhich only 7 have defined Mineral Resources; the remainder have either not\nbeen drilled or have been insufficiently drilled.\n\nChristopher van Tienhoven, Chief Executive Officer of Patagonia, commented:\n\n“These results highlight the significant exploration potential that remains\nat Calcatreu beyond the drilling incorporated into our current MRE. The\nintercept in BE-032R is particularly encouraging, returning exceptional gold\nand silver grades over meaningful widths at Belén West.\n\n“With Calcatreu now advancing as an operating mine and approximately 10,000\nmetres of additional drilling planned over the next 12 months, we see a\ncompelling opportunity to grow the mineralized system alongside the\ndevelopment of the existing operation. Importantly, none of the drilling\nresults announced today were included in the current MRE or the recently\ncompleted PEA.”\n\nBelén Exploration\n\nRecent drilling at Belén has focused on testing extensions and additional\nmineralized structures in and around the currently defined deposit. Only 7 of\nthe new holes (Table 1) failed to intersect mineralization above the cutoff\ngrade.\n\nAt Belén West, hole BE-032R returned the strongest intercept of the current\ndrilling program, with 8 metres at 15.71 g/t Au and 476.6 g/t Ag from 21\nmetres down-hole. The intercept contains a higher-grade interval of 5 metres\nat 25.45 g/t Au and 808.4 g/t Ag from 25 metres, including 1 metre at 68.3 g/t\nAu and 3,209 g/t Ag from 28 metres.\n\nAdditional drilling at Belén West returned 4 metres at 9.8 g/t Au and 12 g/t\nAg in BE-040R, including 2 metres at 17.65 g/t Au and 18.5 g/t Ag.\n\nElsewhere at Belén, BE-059R intersected 6 metres at 6.59 g/t Au and 19.17 g/t\nAg, including 1 metre at 34.1 g/t Au and 31 g/t Ag. Finally, a new, ENE\nstriking vein splay, termed Julieta, was discovered at the northern end of\nBelén.\n\nNelson Exploration\n\nDrilling at Nelson continues to test the known mineralized system and adjacent\nstructures. Favorable results were reported from samples from all holes (Table\n2).\n\nHole NLO-033-D returned 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including\n5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and\n293 g/t Ag.\n\nThese results support continued exploration of both the Belén and Nelson\nmineral systems, which remain open for expansion on strike and at depth.\n\nDistrict-wide Exploration Program\n\nPatagonia continues to advance exploration concurrently with mining operations\nat Calcatreu. The Company recently acquired a Boart Longyear LF90D core drill\nrig, which is expected to arrive at site by the end of November 2026.\nOwnership of the drill rig is expected to provide Patagonia with increased\nflexibility in scheduling exploration programs and based on current estimates,\nreduced drilling costs relative to contract drilling.\n\nThe Company currently plans approximately 10,000 metres of drilling over the\nnext 12 months, focused on expanding known mineralization at Belén and Nelson\nand testing additional targets across the broader Calcatreu District.\n\n\nFigure 1. Figure 1. Location of Belén and Nelson exploration drill hole\n\nComposited analytical results from drilling at Belén and Nelson are shown in\nthe following two tables.\n\n Table 1. Belén Assay Composites \n RC Hole Data Mineralized Interval (m) Analyses ( g/t ) \n Hole ID Total Depth Azimuth Inclination From To Thickness Au Ag \n (m ) (degrees) (degrees) \n \n BE-032-R 31 124 -59.5 12 13 1 1.82 16 \n BE-032-R 17 18 1 6.87 132 \n BE-032-R 21 29 8 15.71 476.6 \n incl 24 29 5 25.45 808.4 \n incl 28 29 1 68.3 3209 \n BE-033-R 31 141 -60 18 19 1 0.33 3 \n BE-034-R 32 128 -59.5 1 12 11 0.92 21.7 \n BE-035-R 30 132 -59.5 19 21 2 1.36 45.5 \n BE-036-R 33 129 -59.5 12 20 8 0.91 22.4 \n BE-037-R 30 127 -59 8 13 5 1.9 20 \n BE-038-R 23 126 -54.5 1 13 12 1.72 19.6 \n incl 6 9 3 5.91 42 \n BE-039-R 23 114 -61 4 6 2 0.65 10 \n BE-040-R 20 116 -60 7 11 4 9.8 12 \n incl 8 10 2 17.65 18.5 \n BE-045-R 24 126 -65.5 14 18 4 4.07 44.3 \n incl 14 16 2 7.14 83 \n BE-046-R 18 131 -60 6 13 7 1.39 47.1 \n incl 8 9 1 5.32 191 \n BE-047-R 25 129 -61 NSR \n BE-048-R 20 119 -60.5 12 19 7 5.91 57.6 \n incl 14 17 3 10.15 59.3 \n BE-049-R 25 131 -61 1 8 7 4.42 23.7 \n incl 1 4 3 7.93 29 \n BE-050-R 20 124 -65 13 15 2 0.83 4.5 \n BE-051-R 30 132 -59.5 14 21 7 0.8 5.1 \n BE-052-R 25 131 -66 10 13 3 1.26 15 \n BE-053-R 36 134 -64 13 18 5 0.82 5.8 \n BE-054A-R 32 163 -64 10 14 4 5.32 3.5 \n BE-055A-R 30 163 -65 19 20 1 0.36 2 \n BE-055-R 29 167146 -65 17 24 7 2.57 3.6 \n incl 22 23 1 13.9 8 \n BE-056-R 35 160 -64 NSR \n BE-057-R 31 159 -65 NSR \n BE-058-R 35 127 -60 23 25 2 0.92 12.5 \n BE-059-R 34 126 -65.4 11 17 6 6.59 19.2 \n incl 12 13 1 34.1 31 \n BE-060-R 33 125 -64.5 10 12 2 0.88 8 \n BE-060-R 20 23 3 1.55 4.7 \n BE-061-R 32 127 -59.5 5 7 2 0.61 7 \n BE-062-R 34 167 -66 NSR \n BE-063-R 27 306 -67 NSR \n BE-064-R 24 308 -64.5 12 21 9 0.39 10.7 \n BE-065-R 25 315 -60 5 6 1 0.31 8 \n BE-065-R 13 14 1 1.61 15 \n BE-066-R 25 318 -59.5 NSR \n BE-067-R 25 315 -59 16 18 2 0.78 7 \n BE-068-R 25 317 -62 15 16 1 2.2 14 \n BE-069-R 30 312 -60 21 24 3 3.09 35.3 \n BE-070-R 25 312 -65 9 17 8 5.3 22.4 \n incl 13 14 1 36 57 \n BE-072-R 33 134 -64 8 11 3 0.71 3.7 \n BE-073-R 35 117 -60 19 20 1 0.4 1 \n BE-074-R 30 120 -59 21 26 5 0.16 1.2 \n BE-075-R 25 116 -60 9 15 6 0.72 5.7 \n BE-076-R 30 119 -58 12 19 7 1.06 24.9 \n BE-077-R 25 318 -59 3 7 4 0.57 16.5 \n BE-078-R 30 316 -59 5 11 6 1.57 31.3 \n BE-079-R 25 314 -59 4 9 5 0.4 8.8 \n BE-080-R 25 312 -59 12 13 1 0.94 12 \n BE-081-R 25 314 -58.5 10 11 1 0.31 3 \n BE-082-R 30 309 -56 NSR \n\n\n\n\n\n Table 2. Nelson Assay Composites \n DDH Data Mineralized Interval (m) Analyses ( g/t ) \n Hole ID Total Depth Azimuth Inclination From To Thickness Au Ag \n (m ) (degrees) (degrees) \n \n NLO-028-D 35 324 -49.5 22.85 26.4 3.55 3.08 32.2 \n incl 23.75 25.5 1.75 5.77 59.7 \n NLO-029-D 76.5 313 -59.5 43.1 47.5 4.4 1.68 16 \n incl 43.75 46.7 2.95 2.26 21.6 \n NLO-030-D 64.5 312 -49 32.9 37.35 4.45 3.45 37 \n incl 35.35 37.35 2 7.2 76.8 \n NLO-031-D 78 318 -61 48.1 51.1 3 1.36 11.8 \n and 66.45 69.4 2.95 0.58 3.1 \n NLO-032-D 60 316 -49 36.6 41 4.4 2.88 32 \n incl 36.6 38.25 1.65 6.46 60 \n NLO-033-D 85.5 330 -65 65.8 73.5 7.7 3.24 55.9 \n incl 65.8 70.8 5 4.8 85 \n incl 67 67.6 0.6 15.2 293 \n NLO-034-D 97.5 308 -54 79.5 93.55 14.05 0.27 2.1 \n NLO-035-D 85.5 315 -54.5 41.3 44 2.7 0.92 16.6 \n NLO-036-D 70.5 309 -54 38.9 40.7 1.8 3.85 48.5 \n NLO-037-D 82.5 313 -49 57.4 68.3 10.9 1.33 16.5 \n incl 60.1 63 2.9 2.83 26.5 \n\nNotes to Tables 1 and 2:\n\n1. Reported widths are down-hole lengths. True widths have not yet been\ndetermined.\n2. “R” denotes reverse circulation drilling; “D” denotes diamond core\ndrilling; “NVS” denotes Nelson Splay. “NSR” means No Significant\nResults.\n3. A cut-off grade of 0.3 g/t Au was used for assay compositing.\n4. All analytical work was performed by Alex Stewart International\n(“ASI”), an ISO 17025 accredited analytical services provider, at its\nsample preparation and analytical facilities in Mendoza, Argentina.\n5. ASI’s analytical methods were Au4-50 and Au4A-50 for gold and gold >10\ng/t, respectively, and Ag4A-50 for silver.\n6. Results include all holes completed after January 14, 2026, the effective\ndate of the current MRE and PEA.\n7. 0.3 g/t cutoff used in compositing and not more than 2 consecutive\nanalytical values less than the cutoff grade were used in compositing.\n8. A total of 88 blanks, 69 duplicates and 119 certified reference materials\nwere inserted into the sample stream at a rate of approximately 15 QA/QC\nsamples per 100 drill samples. Only 1 analysis of the certified reference\nmaterials did not report within accepted limits.\n\nQualified Person\n\nDonald J. Birak, an independent consulting geologist, Registered Member of SME\nand Fellow of AusIMM, is the Qualified Person as defined by National\nInstrument 43-101 and has reviewed and approved the scientific and technical\ninformation contained in this news release.\n\nFor more information, please contact:\n\nChristopher van Tienhoven, Chief Executive Officer\nPatagonia Gold Corp.\nT: +54 11 5278 6950\nE: cvantienhoven@patagoniagold.com\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements within the meaning of\napplicable Canadian securities laws. Forward-looking statements include, but\nare not limited to, statements regarding the Company’s planned exploration\nactivities at Calcatreu, including the nature, scope, timing and objectives of\nthe approximately 10,000-metre drilling program planned over the next 12\nmonths; the timing of delivery of the Company’s drill rig and the\nanticipated operational flexibility and cost savings associated with its use;\nthe potential to extend or expand the mineralized systems at Belén and Nelson\nand to identify or delineate additional mineralization or mineral resources;\nand the advancement of exploration activities concurrently with mining\noperations. Forward-looking statements are generally identified by words such\nas “anticipate”, “believe”, “estimate”, “expect”,\n“intend”, “may”, “plan”, “potential”, “should” and\n“will”, and similar words and expressions.\n\nForward-looking statements are based on management’s expectations, estimates\nand assumptions as at the date of this news release, including assumptions\nregarding geological interpretations and the continuity of mineralization; the\naccuracy and reliability of drilling, sampling and assay results; the\navailability of personnel, equipment, contractors, supplies, infrastructure\nand financing; the timely delivery and successful operation of the Company’s\ndrill rig; access to exploration targets; the receipt and maintenance of\nrequired permits and approvals; and the Company’s ability to complete its\nexploration programs as currently planned and within expected budgets.\n\nForward-looking statements are subject to known and unknown risks,\nuncertainties and other factors that may cause actual results to differ\nmaterially from those expressed or implied by such statements. These risks and\nuncertainties include, among others, the possibility that exploration programs\nmay be delayed, curtailed or modified; that the Company’s drill rig may not\nbe delivered or perform as anticipated; that anticipated operational\nefficiencies or cost savings may not be realized; that mineralization may not\ncontinue as interpreted; that reported down-hole lengths may not represent\ntrue widths; that further drilling may not result in the expansion or\ndelineation of mineral resources; uncertainties inherent in mineral\nexploration and mineral resource estimates; fluctuations in commodity prices\nand foreign exchange rates; the availability of financing; permitting,\nenvironmental, operational, technical, political, legal, fiscal, title,\nsurface-rights and community-relations risks; and the other risks described in\nthe Company’s public disclosure documents filed under its profile on SEDAR+\nat www.sedarplus.ca.\n\nAlthough the Company believes that the expectations and assumptions reflected\nin such forward-looking statements are reasonable, undue reliance should not\nbe placed on forward-looking statements, as the Company can give no assurance\nthat they will prove to be correct. Mineralization identified through\nexploration does not constitute a mineral resource, and there can be no\nassurance that further exploration will result in the delineation or expansion\nof a mineral resource. Actual results and future events could differ\nmaterially from those anticipated in such statements. The forward-looking\nstatements contained in this news release are made as of the date hereof, and\nthe Company disclaims any intention or obligation to update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by applicable securities laws.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/88704999-4210-456a-977c-56d693ca3135)\nFigure 1. \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6f5cc910-be19-4c2d-96b2-7e44b7d6e132/en)\nFigure 1. Location of Belén and Nelson exploration drill hole\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-13T11:00:02.23442413Z","server_sent_at_ms":1791889202234},"received_at":"2026-10-13T11:00:02.406Z","source_url":null},"analysis":{"id":"155570","press_release_id":"167256","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Reported widths are down-hole lengths; true widths not yet determined","Results not yet incorporated into MRE or PEA — no resource impact yet","Junior miner with ongoing financing/permitting risks in Argentina typical of the sector"],"eventType":"operations_update","narrative":"Patagonia Gold reported high-grade gold-silver drill results at Belén West and Nelson at its flagship Calcatreu project in Río Negro, Argentina, headlined by hole BE-032R with 8 metres at 15.71 g/t Au and 476.6 g/t Ag, including 1 metre at 68.3 g/t Au and 3,209 g/t Ag.\n\nA total of 51 drill holes completed after the January 14, 2026 MRE effective date intersected mineralization above the 0.3 g/t Au cutoff, meaning none of the results are reflected in the current mineral resource estimate or recent PEA.\n\nDeposits remain open at depth and along strike near the Veta 49 pit, with roughly 10,000 metres of additional drilling planned over the next 12 months and a newly purchased owned drill rig arriving by end of November 2026.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"High-grade step-out intercepts outside the current MRE hint at resource growth at Calcatreu alongside the ramp-up of the operating mine."},"keyFigures":{"drugName":"","customDimensions":{"best_intercept":"8m at 15.71 g/t Au and 476.6 g/t Ag (BE-032R, Belén West), including 1m at 68.3 g/t Au and 3,209 g/t Ag","property_size_ha":55000,"qaqc_failure_rate":"1 certified reference material out of 119 outside accepted limits","identified_targets":32,"planned_drilling_m":10000,"drill_holes_after_mre":51}},"quotedText":"The intercept in BE-032R is particularly encouraging, returning exceptional gold and silver grades over meaningful widths at Belén West.","namedEntities":{"people":[{"name":"Christopher van Tienhoven","role":"CEO"},{"name":"Donald J. Birak","role":"Qualified Person / independent consulting geologist"}],"products":["Calcatreu Gold-Silver Project","Boart Longyear LF90D core drill rig","Julieta vein"],"companies":[{"name":"Patagonia Gold Corp.","ticker":"PGDC","relationship":"filer"},{"name":"Boart Longyear","relationship":"supplier"},{"name":"Alex Stewart International","relationship":"assay lab"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"High-grade drill intercepts at the flagship Calcatreu project, including 8m at 15.71 g/t Au and 476.6 g/t Ag, support resource growth potential. However, these are exploration results not included in the current MRE/PEA — encouraging but not immediately market-moving for a junior TSXV issuer."},"tickerRelevance":{"others":[],"primary":"PGDC"},"globalImportance":22,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap-junior-miner","eventGravity":"exploration-drill-results","resourceImpact":"not-in-current-MRE","retailFavoriteBoost":false}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Patagonia Gold reported high-grade gold-silver drill results at Belén West and Nelson at its flagship Calcatreu project in Río Negro, Argentina, headlined by hole BE-032R with 8 metres at 15.71 g/t Au and 476.6 g/t Ag, including 1 metre at 68.3 g/t Au and 3,209 g/t Ag.\n\nA total of 51 drill holes completed after the January 14, 2026 MRE effective date intersected mineralization above the 0.3 g/t Au cutoff, meaning none of the results are reflected in the current mineral resource estimate or recent PEA.\n\nDeposits remain open at depth and along strike near the Veta 49 pit, with roughly 10,000 metres of additional drilling planned over the next 12 months and a newly purchased owned drill rig arriving by end of November 2026.","key_figures":{"drugName":"","customDimensions":{"best_intercept":"8m at 15.71 g/t Au and 476.6 g/t Ag (BE-032R, Belén West), including 1m at 68.3 g/t Au and 3,209 g/t Ag","property_size_ha":55000,"qaqc_failure_rate":"1 certified reference material out of 119 outside accepted limits","identified_targets":32,"planned_drilling_m":10000,"drill_holes_after_mre":51}},"named_entities":{"people":[{"name":"Christopher van Tienhoven","role":"CEO"},{"name":"Donald J. Birak","role":"Qualified Person / independent consulting geologist"}],"products":["Calcatreu Gold-Silver Project","Boart Longyear LF90D core drill rig","Julieta vein"],"companies":[{"name":"Patagonia Gold Corp.","ticker":"PGDC","relationship":"filer"},{"name":"Boart Longyear","relationship":"supplier"},{"name":"Alex Stewart International","relationship":"assay lab"}],"dollarAmounts":[]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-13T11:00:20.526Z","global_importance":22,"audience_relevance":15,"importance_components":{"tickerTier":"micro-cap-junior-miner","eventGravity":"exploration-drill-results","resourceImpact":"not-in-current-MRE","retailFavoriteBoost":false}},"durationMs":6495,"modelName":"glm-5.3-flashx"}}