Shareholders Approve Calcatreu Financing

VANCOUVER, British Columbia, May 20, 2025 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces the detailed voting results from its Special Meeting of Shareholders held earlier today (the “Meeting”) whereby the Company’s shareholders (the “Shareholders”) have approved the US$40 million investment by Black River Mine Inc. in the Company’s subsidiary, Patagonia Gold Canada Inc., to fund the development of the Company’s Calcatreu project in Rio Negro province, Argentina (the “Calcatreu Financing”).

A total of 133,022,657 common shares were represented at the Meeting, representing 28.6% of the issued and outstanding common shares of the Company at the record date.

The matter put forward before shareholders for consideration and approval, as set out in the Company's management information circular dated April 15, 2025, was approved by the requisite majority of votes cast at the Meeting.

Approval of Calcatreu Financing
The Calcatreu Financing was approved by 99.91% of the votes cast by the Shareholders present or represented by proxy and entitled to vote at the Meeting, excluding the votes cast by such Shareholders that were required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

Detailed voting results for the resolution are as follows:

Approval of the Calcatreu Financing	Votes For	% For	Votes Against	% Against
Disinterested shareholders	132,904,620	99.91	118,037	0.09

Completion of the Calcatreu Financing remains subject to customary closing conditions including final approval of the TSX Venture Exchange (the “TSXV”). If all conditions are satisfied or waived, the Calcatreu Financing is expected to close shortly thereafter.

Mr. Christopher van Tienhoven, Chief Executive Officer of Patagonia, stated: “On behalf of the Board I wish to thank Shareholders for their continued support and approval of this financing, which is key to developing the Calcatreu project, an asset with over one-million-ounce AuEq resources.”

Qualified Person’s Statement
Donald J. Birak, an independent consulting geologist, Registered Member of SME, Fellow of AusIMM, and qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.