Spot gold nears $3,500, challenges record high

Spot gold nears $3,500, challenges record high

VANCOUVER, British Columbia, Aug. 29, 2025 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) has announced its financial results for the quarter ended June 30, 2025 (“Q2 2025”). The company generated US$3 million in revenue during the quarter, driven by the continued production from the Cap Oeste project.

The company also completed a significant investment of US$40 million in its subsidiary, Patagonia Gold Canada Inc., to advance the development of the Calcatreu project. During Q2 2025, the company produced and sold a total of 642 gold equivalent ounces and incurred exploration expenditures of US$0.3 million, including drilling and trench excavation activities at the Calcatreu site.

Notably, Patagonia has commenced the construction of its Calcatreu heap leach facility in Rio Negro. As of the end of Q2 2025, the access road, camp, explosives magazine, fuel storage tanks, and power generation plant had been completed, with work on the heap leach pad well advanced. The company has also refurbished the CIC plant from Lomada de Leiva and purchased elution and foundry circuits from FL Smidth for installation at Calcatreu.

The company has executed an agreement with Newmont in relation to the Tornado and Huracan properties immediately north of their Cerro Negro mine. Additionally, a total of 697.55 meters of drilling and 161.1 meters of trench excavation were completed at Calcatreu, with 131.95 line-kilometers of ground magnetics surveying conducted at La Josefina and the Final Geological Report (IGF) of the El Llano property presented.

Patagonia Gold Corp. is a South America-focused mining company listed on the TSX Venture Exchange. The company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia 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, at +54 11 5278 6950 or cvantienhoven@patagoniagold.com.

Reference List:
[1] https://www.globenewswire.com/news-release/2025/08/29/3141815/0/en/Patagonia-Gold-Quarter-2-2-2025-Financial-Results.html