Patagonia Gold Announces Return of the Nico Properties to Mirasol

VANCOUVER, British Columbia, April 01, 2025 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV:PGDC) announces that it has returned three of the fourteen properties comprising the Nico project to Mirasol Resources Ltd. (“Mirasol”) and has relinquished the remaining eleven properties.

On 15 April 2021, Patagonia entered into a definitive transfer agreement to acquire the Nico properties in Santa Cruz, Argentina, from Mirasol. The transfer agreement with Mirasol provides that Patagonia can relinquish the Nico properties by giving 90-day prior notice to Mirasol during which notice period Mirasol can elect to keep the properties.

The Company has been unable to carry out any exploration work on the properties primarily as a result of the unwillingness of some of the surface landowners to grant access to the property, and others to grant such access on reasonable terms. On 10 December 2024, Patagonia notified Mirasol of its intention to abandon the Nico properties. On 27 February 2025 Patagonia was notified by Mirasol that Mirasol intends to keep some of the properties comprising the Nico project, and on 13 March 2025, after further analysis, Mirasol reported its intention to keep three of the fourteen properties. The three Nico properties have been transferred to Mirasol without additional consideration and at Mirasol’s expense, while the remaining eleven properties which Mirasol does not intend to keep have been relinquished by Patagonia.

About Patagonia Gold

Patagonia Gold Corp. is a South America focused, publicly traded, mining company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 400 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
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with respect to the intention to relinquish the remaining eleven properties which Mirasol does not intend to keep, advancement and development of gold and silver projects in the Patagonia region of Argentina and the anticipated growth in shareholder value. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.