Patagonia Gold Corp. provided an update on project and exploration activities on its large portfolio of properties in Argentina. Calcatreu – Rio Negro Province: The Company has been active at Calcatreu, one of its two, advanced-stage projects, on both exploration and development fronts.

On the permitting front, the Company held a series of outreach meetings with local communities, authorities and unions to present an update on the Company's activities and plans and to seek input from those groups and others which will form a vital part of the permitting process for this important project. In addition, the Company purchased surface rights covering a major portion of the current mineral resources at Calcatreu. Cap Oeste – Santa Cruz Province: The Cap Oeste project in the 66,215 hectare sized El Tranquilo concession block, is the Company's second advanced-stage project where the recovery of gold and silver continues.

Plans for the project envision development and production from a higher-grade portion, “Cose-style” zone, of the Cap Oeste measured and indicated mineral resource amounting to 478,000 tonnes grading 12.62 g/t Au and 472.4 g/t Ag for 194,000 contained Au ounces and 7.3 million contained Ag ounces. For additional information, refer to the technical report entitled “NI 43-101 Technical Report, Mineral Resource Estimate on the Cap Oeste Gold-Silver Project, Santa Cruz Province, Argentina” dated December 31, 2018, which is on the Company's website and under its profile on SEDAR at www.sedar.com. The zone consists of Au and Ag mineralization hosted in dark-colored, silicified breccia within the main Bonanza structural feature – a northwest-striking, southwest-dipping regional-scale structure.

As part of its on-going evaluation of the Cose-style zone, the Company recently commenced core twin drilling to validate key parts of the mineral resource and collect fresh samples for metallurgical testing. All assays are from down-hole core samples, ranging from 0.59 to 1.5 m in length (0.9 m average). Core was cut with a diamond saw and half was delivered to the laboratory.

No grade capping was employed. Holes were drilled from the hanging wall to cut the Bonanza structure. True widths range from 90 to 98% of the drilled widths.

Both twin holes deviated up from their planned intersections - CO-413A-D by about 17 m and CO-418B-D by about 7 m – but both confirmed the mineral resource block grades. Monte Leon – Santa Cruz Province: Monte Leon is situated about 12 km southeast and on the same mineral trends that encompass the Cap Oeste mineralization. RC drilling recommenced this quarter at Monte Leon as a continuation of the program announced in July 2021 (please refer to the Company's press release dated July 27, 2021).

The goal of this program is to further define the limits of the near surface mineralization identified with the 2021 RAB drilling and to identify sites for deeper drilling with core. A total of 2,032.6 meters, in 84 shallow RC drilling, has been completed this year. Assays are pending.

Core drilling will start this quarter to test for extension of the shallow, near surface mineralization. Abril – Santa Cruz Province: Abril borders the Company's Martha property on the south, just 2.5 km south of the Martha mill and flotation plant. Company geologists have been mapping and conducting ground magnetic survey over Abril to help establish targets for a first pass of reverse circulation drilling, which is planned to be followed by core drilling.

Mineralization identified with historic and Company work has identified mineralized trends similar to those at the Martha project in 12 new trenches. Grades from trench samples ranged from 2 g/t Ag up to 615 g/t Ag. All samples were collected with a portable diamond saw over variable lengths based on geologic characteristics but generally about 1 meter in horizontal length.

Given the geologic similarities to veins exposed and mined at the Martha property, the Company believes there is a reasonable expectation for processing any Abril mineralization at the Martha mill and flotation plant. Elisa – Santa Cruz Province: The property is located about 15 km north of the Company's La Valenciana property. Work by Company geologists included cutting of 38 trenches perpendicular to the main, north-south striking vein structure.

The main vein is exposed on surface over a length of more than 4 km and has never been drilled. It consists of epithermal, banded quartz with scattered iron oxide minerals which formed after primary sulfides. A total 505 rock chip samples have been collected from the trenches using the same methods as employed at Abril.

Assays from the first 281 trench samples have been received and returned values ranging from 0.005 Au g/t and 2 Ag g/t up to 1.16 g/t Au and 180.4 g/t Ag. The Company is also collecting new ground magnetic data to help define a first pass of reverse circulation drill holes.