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Consolidated Mineral Resources for Patagonia Gold Corp
(100% Basis)

Cap-Oeste (Santa Cruz, AR) – Cube Consulting Dec 2018; 1 and 2
Classification Tonnes (k) Average Grades (g/t) Contained Ounces (k)
Gold Silver Gold Equivalent Gold Silver Gold Equivalent
Measured 3.4 2.92 46.7 3.59 0.3 5.3 0.4
Indicated 10,554.0 2.07 63.2 2.99 704.0 2,1448.0 1,013.0
Meas+Ind 10,557.4 2.07 63.2 2.99 704.3 21,453.3 1,013.4
Inferred 4,895.0 1.37 34.7 1.87 215.0 5,467.0 294.0
Calcatreu (Rio Negro, AR) – Cube Consulting Dec 2018;  3 and 4
Classification Tonnes (k) Average Grades (g/t) Contained Ounces (k)
Gold Silver Gold Equivalent Gold Silver Gold Equivalent
Measured
Indicated 9,841.0 2.11 19.8 2.36 669.0 6,275.0 746.0
Meas+Ind 9,841.0 2.11 19.8 2.36 669.0 6,275.0 746.0
Inferred 8,078.0 1.34 13.1 1.50 348.0 3,399.0 390.0
La Manchuria (Santa Cruz, AR) – Micon 2019;  5 and 6
Classification Tonnes (k) Average Grades (g/t) Contained Ounces (k)
Gold Silver Gold Equivalent Gold Silver Gold Equivalent
Measured
Indicated 474.0 2.59 129.0 3.53 39.5 1,969.0 53.9
Meas+Ind 474.0 2.59 129.0 3.53 39.5 1,969.0 53.9
Inferred 1,836.0 1.30 40.0 1.56 76.5 2,375.0 92.4
“k” = thousands, “g/t” = grams per tonne
Rounding may affect sums and weighted averages
Mineral resources that are not mineral reserves have not demonstrated economic viability
100% basis; Fomicruz has a 5% interest in all Santa Cruz Province mineral interests.
Cutoff grades and Au Equivalent formulas:
1. Cap Oeste 0.5 g/t AuEq cutoff
2. Cap Oeste AuEq = Au + (Ag * 69.4)
3. Calcatreu 0.5 g/t AuEq cutoff
4. Calcatreu AuEq = Au + (Ag * 81.25)
5. La Manchuria 0.55 AuEq cutoff
6. La Manchuria AuEq = (Au +Ag)/(Au price * 0.32151)

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