Patagonia Gold Corp. announces results from exploration activities at its Abril property (“Abril”), in the Santa Cruz province of Argentina. This program is the first drilling on Abril conducted by the Company and the first since a small amount of core drilling conducted by the private company Minera Piuquenes in 2006.

Assays up to 880 g/Ag from reverse circulation (“RC”) drilling in Fourth Quarter 2022. Abril borders the Company’s Martha property on the south and was optioned from Fomicruz on December 7, 2021. 1,384 meters of shallow, RC drilling completed in the areas of mineralized channel samples.

53 RC holes completed and 1,368 samples collected. Mineralization encountered in 28 of the 53 RC holes. Company exploration teams completed mapping, trenching and channel sampling of +12 km (strike length) of exposed epithermal veins and inferred extensions under post-mineral cover .

Epithermal veins exposed on surface and in trenches are hosted in Chon Aike Formation (Jurassic age) volcanic rocks: similar to mineralization at the Company’s Martha property. Over 240 meters continuous, channel samples collected, from 12 new tranches, with a portable diamond saw. Samples were collected from RC drilling on a nominal one-meter interval.

Mineralized intervals are down-hole lengths. True widths are not yet known. 20 g/t Ag minimum grade was used in compositing; grades were not capped.

All analyses were performed by Alex Stewart International, a certified, independent analytical services provider, in their Mendoza, AR facilities using fire assaying for Au and four-acid digestion, ICP-MS for Ag. For QAQC purposes, a total of 46 blanks, 45 duplicates and 62 Certified Reference Material standards were inserted into the primary, drill sample stream by Company personnel at a ratio of one QAQC sample to nine primary samples. All QAQC results were within acceptable limits.

The analytical results are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.