Calcatreu is Patagonia Gold’s flagship development gold and silver project.  The Company has, through open dialog at the local, provincial and federal levels, worked to develop strong community support for current and future operations.

LOCATION

The project is located within the Rio Negro Province of southern Argentina, approximately 80 km south of the community of Ing. Jacobacci with easy access by daily flights from Buenos Aires to Bariloche and then 203 km by road to Ing. Jacobacci. The Company controls 70,268 hectares of concessions surrounding Calcatreu and an additional 169,368 hectares in southern Rio Negro and northern Chubut.

Geology and MineraliZation

Calcatreu is located in the northern part of the Somuncurá Massif, a Jurassic-aged, volcanic plateau, approximately 15,000 square km in size. The massif consists of a basement of Cambro-Ordovician rocks covered younger metamorphic and igneous rocks, including a thick sequence of the Jurassic-aged Marifil Volcanic Complex. The Marifil Complex hosts all the epithermal, precious and base metal mineral deposits, including the Company’s Calcatreu and Mina Angela properties in Rio Negro and Chubut provinces, respectively. Mineralization is hosted in low sulfidation, epithermal quartz-calcite veins, veins swarms and breccias and occurs in 3 NE-SW oriented clusters.

Banded, epithermal quartz from Piche core hole PS-005 grading 7.93 g/t gold and 162 g/t silver

Calcatreu hosts 690,000 ounces of gold in indicated mineral resources and 343,000 ounces of inferred (Table 1.) The Company believes there is potential to expand the current mineral resources on strike and depth and, on the greater +70,200-hectare land position, there are untested or sparsely-tested prospects such as the +1,400 meter-long, NE-striking Epu Peñi quartz and calcite structure.

Table 1: Calcatreu Mineral Resources

Please refer to the technical report on www.patagoniagold.com and www.sedarplus.ca.

PLANNED PROCESSING

The Company is proceeding with plans for processing of near-surface, oxidized material by heap leaching.  The first material to be leached is expected to come from Veta 49 followed by Nelson.  Future processing from Castro Sur and and Viuda de Castro – together with other less oxidized and deeper mineralization – is being evaluated. In 2024, the Company completed 402 meters in 8 core holes for geotechnical leach pad foundation studies.  Exploration drilling to identify further resources is also ongoing.

PERMITTING

All permitting for exploration and conceptual future operations is the responsibility of the Province of Rio Negro. The Company has maintained open dialog with the local communities – notably Ing. Jacobacci – during its exploration and development activities.  In November of 2024, the Company received final permits for construction of a mine and heap leach processing.  Leaching will start with material to be mined from the outcropping Veta 49 deposit.