Patagonia Gold Intersects High-Grade Gold-Silver Mineralization at Belén West, Calcatreu

Drilling returns 8 metres of 15.71 g/t Au and 476.6 g/t Ag, including 1 metre of 68.3 g/t Au and 3,209 g/t Ag

VANCOUVER, British Columbia, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce significant results from its ongoing exploration drilling program at its flagship Calcatreu Gold-Silver Project (“Calcatreu” or the “Project”), located in Río Negro Province, Argentina.

The results announced today are from drilling completed after the January 14, 2026 effective date of the updated mineral resource estimate (“MRE”) used in the Company’s recently announced Preliminary Economic Assessment (“PEA”) and were therefore not included in the current MRE or PEA. The results provide further evidence of the potential to expand the mineralized system at Calcatreu through continued exploration drilling.

Composited analytical results from core and reverse circulation drilling at Belén and Nelson West are shown in Tables 1 and 2 and drill collar locations are shown in Figure 1. Drilling at Belén West intersected multiple zones of high-grade gold-silver mineralization, highlighted by hole BE-032R, which returned 8 metres grading 15.71 g/t Au and 476.6 g/t Ag, including 5 metres grading 25.45 g/t Au and 808.4 g/t Ag, including 1 metre grading 68.3 g/t Au and 3,209 g/t Ag.

Highlights

• BE-032R – Belén West: 8 metres at 15.71 g/t Au and 476.6 g/t Ag, including 5 metres at 25.45 g/t Au and 808.4 g/t Ag, including 1 metre at 68.3 g/t Au and 3,209 g/t Ag.
• BE-040R – Belén West: 4 metres at 9.8 g/t Au and 12 g/t Ag, including 2 metres at 17.65 g/t Au and 18.5 g/t Ag.
• BE-059R – Belén: 6 metres at 6.59 g/t Au and 19.17 g/t Ag, including 1 metre at 34.1 g/t Au and 31 g/t Ag.
• NLO-033-D – Nelson: 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including 5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and 293 g/t Ag.
  
  

A total of 51 drill holes – 37 at Belén and 14 at Nelson – intersected mineralization grading at or above the 0.3 g/t Au compositing cut-off following the effective date of the current MRE. Belén occurs 450 metres due west and Nelson sits just 100 metres SW of the Veta 49 pit. Both deposits remain open for potential expansion at depth and variably along strike, while additional mineralized structures and exploration targets have been identified across the broader Calcatreu District.

The Company plans approximately 10,000 metres of additional drilling over the next 12 months, targeting extensions to known mineralization and new exploration targets across the Calcatreu District. The Calcatreu property block consists of 55,000 ha and the exploration program is currently focused on less than 3,000 ha. More than 20 km of exposed hydrothermal structures have currently been identified. Of these, only 5.7 km have defined Inferred, Indicated, or Measured Mineral Resources, while the remaining structures have either not been drilled or have been only very sparsely drilled. In terms of exploration targets, approximately 32 targets have been identified to date of which only 7 have defined Mineral Resources; the remainder have either not been drilled or have been insufficiently drilled.

Christopher van Tienhoven, Chief Executive Officer of Patagonia, commented:

“These results highlight the significant exploration potential that remains at Calcatreu beyond the drilling incorporated into our current MRE. The intercept in BE-032R is particularly encouraging, returning exceptional gold and silver grades over meaningful widths at Belén West.

“With Calcatreu now advancing as an operating mine and approximately 10,000 metres of additional drilling planned over the next 12 months, we see a compelling opportunity to grow the mineralized system alongside the development of the existing operation. Importantly, none of the drilling results announced today were included in the current MRE or the recently completed PEA.”

Belén Exploration

Recent drilling at Belén has focused on testing extensions and additional mineralized structures in and around the currently defined deposit. Only 7 of the new holes (Table 1) failed to intersect mineralization above the cutoff grade.

At Belén West, hole BE-032R returned the strongest intercept of the current drilling program, with 8 metres at 15.71 g/t Au and 476.6 g/t Ag from 21 metres down-hole. The intercept contains a higher-grade interval of 5 metres at 25.45 g/t Au and 808.4 g/t Ag from 25 metres, including 1 metre at 68.3 g/t Au and 3,209 g/t Ag from 28 metres.

Additional drilling at Belén West returned 4 metres at 9.8 g/t Au and 12 g/t Ag in BE-040R, including 2 metres at 17.65 g/t Au and 18.5 g/t Ag.

Elsewhere at Belén, BE-059R intersected 6 metres at 6.59 g/t Au and 19.17 g/t Ag, including 1 metre at 34.1 g/t Au and 31 g/t Ag. Finally, a new, ENE striking vein splay, termed Julieta, was discovered at the northern end of Belén.

Nelson Exploration

Drilling at Nelson continues to test the known mineralized system and adjacent structures. Favorable results were reported from samples from all holes (Table 2).

Hole NLO-033-D returned 7.7 metres at 3.24 g/t Au and 55.94 g/t Ag, including 5 metres at 4.8 g/t Au and 85 g/t Ag, including 0.6 metres at 15.2 g/t Au and 293 g/t Ag.

These results support continued exploration of both the Belén and Nelson mineral systems, which remain open for expansion on strike and at depth.

District-wide Exploration Program

Patagonia continues to advance exploration concurrently with mining operations at Calcatreu. The Company recently acquired a Boart Longyear LF90D core drill rig, which is expected to arrive at site by the end of November 2026. Ownership of the drill rig is expected to provide Patagonia with increased flexibility in scheduling exploration programs and based on current estimates, reduced drilling costs relative to contract drilling.

The Company currently plans approximately 10,000 metres of drilling over the next 12 months, focused on expanding known mineralization at Belén and Nelson and testing additional targets across the broader Calcatreu District.

Figure 1. Figure 1. Location of Belén and Nelson exploration drill hole

Composited analytical results from drilling at Belén and Nelson are shown in the following two tables.

Table 1. Belén Assay Composites
RC Hole Data				Mineralized Interval (m)			Analyses (g/t)
Hole ID	Total Depth (m)	Azimuth (degrees)	Inclination (degrees)	From	To	Thickness	Au	Ag
BE-032-R	31	124	-59.5	12	13	1	1.82	16
BE-032-R				17	18	1	6.87	132
BE-032-R				21	29	8	15.71	476.6
incl				24	29	5	25.45	808.4
incl				28	29	1	68.3	3209
BE-033-R	31	141	-60	18	19	1	0.33	3
BE-034-R	32	128	-59.5	1	12	11	0.92	21.7
BE-035-R	30	132	-59.5	19	21	2	1.36	45.5
BE-036-R	33	129	-59.5	12	20	8	0.91	22.4
BE-037-R	30	127	-59	8	13	5	1.9	20
BE-038-R	23	126	-54.5	1	13	12	1.72	19.6
incl				6	9	3	5.91	42
BE-039-R	23	114	-61	4	6	2	0.65	10
BE-040-R	20	116	-60	7	11	4	9.8	12
incl				8	10	2	17.65	18.5
BE-045-R	24	126	-65.5	14	18	4	4.07	44.3
incl				14	16	2	7.14	83
BE-046-R	18	131	-60	6	13	7	1.39	47.1
incl				8	9	1	5.32	191
BE-047-R	25	129	-61	NSR
BE-048-R	20	119	-60.5	12	19	7	5.91	57.6
incl				14	17	3	10.15	59.3
BE-049-R	25	131	-61	1	8	7	4.42	23.7
incl				1	4	3	7.93	29
BE-050-R	20	124	-65	13	15	2	0.83	4.5
BE-051-R	30	132	-59.5	14	21	7	0.8	5.1
BE-052-R	25	131	-66	10	13	3	1.26	15
BE-053-R	36	134	-64	13	18	5	0.82	5.8
BE-054A-R	32	163	-64	10	14	4	5.32	3.5
BE-055A-R	30	163	-65	19	20	1	0.36	2
BE-055-R	29	167146	-65	17	24	7	2.57	3.6
incl				22	23	1	13.9	8
BE-056-R	35	160	-64	NSR
BE-057-R	31	159	-65	NSR
BE-058-R	35	127	-60	23	25	2	0.92	12.5
BE-059-R	34	126	-65.4	11	17	6	6.59	19.2
incl				12	13	1	34.1	31
BE-060-R	33	125	-64.5	10	12	2	0.88	8
BE-060-R				20	23	3	1.55	4.7
BE-061-R	32	127	-59.5	5	7	2	0.61	7
BE-062-R	34	167	-66	NSR
BE-063-R	27	306	-67	NSR
BE-064-R	24	308	-64.5	12	21	9	0.39	10.7
BE-065-R	25	315	-60	5	6	1	0.31	8
BE-065-R				13	14	1	1.61	15
BE-066-R	25	318	-59.5	NSR
BE-067-R	25	315	-59	16	18	2	0.78	7
BE-068-R	25	317	-62	15	16	1	2.2	14
BE-069-R	30	312	-60	21	24	3	3.09	35.3
BE-070-R	25	312	-65	9	17	8	5.3	22.4
incl				13	14	1	36	57
BE-072-R	33	134	-64	8	11	3	0.71	3.7
BE-073-R	35	117	-60	19	20	1	0.4	1
BE-074-R	30	120	-59	21	26	5	0.16	1.2
BE-075-R	25	116	-60	9	15	6	0.72	5.7
BE-076-R	30	119	-58	12	19	7	1.06	24.9
BE-077-R	25	318	-59	3	7	4	0.57	16.5
BE-078-R	30	316	-59	5	11	6	1.57	31.3
BE-079-R	25	314	-59	4	9	5	0.4	8.8
BE-080-R	25	312	-59	12	13	1	0.94	12
BE-081-R	25	314	-58.5	10	11	1	0.31	3
BE-082-R	30	309	-56	NSR

Table 2. Nelson Assay Composites
DDH Data				Mineralized Interval (m)			Analyses (g/t)
Hole ID	Total Depth (m)	Azimuth (degrees)	Inclination (degrees)	From	To	Thickness	Au	Ag
NLO-028-D	35	324	-49.5	22.85	26.4	3.55	3.08	32.2
incl				23.75	25.5	1.75	5.77	59.7
NLO-029-D	76.5	313	-59.5	43.1	47.5	4.4	1.68	16
incl				43.75	46.7	2.95	2.26	21.6
NLO-030-D	64.5	312	-49	32.9	37.35	4.45	3.45	37
incl				35.35	37.35	2	7.2	76.8
NLO-031-D	78	318	-61	48.1	51.1	3	1.36	11.8
and				66.45	69.4	2.95	0.58	3.1
NLO-032-D	60	316	-49	36.6	41	4.4	2.88	32
incl				36.6	38.25	1.65	6.46	60
NLO-033-D	85.5	330	-65	65.8	73.5	7.7	3.24	55.9
incl				65.8	70.8	5	4.8	85
incl				67	67.6	0.6	15.2	293
NLO-034-D	97.5	308	-54	79.5	93.55	14.05	0.27	2.1
NLO-035-D	85.5	315	-54.5	41.3	44	2.7	0.92	16.6
NLO-036-D	70.5	309	-54	38.9	40.7	1.8	3.85	48.5
NLO-037-D	82.5	313	-49	57.4	68.3	10.9	1.33	16.5
incl				60.1	63	2.9	2.83	26.5

Notes to Tables 1 and 2:

1. Reported widths are down-hole lengths. True widths have not yet been determined.
2. “R” denotes reverse circulation drilling; “D” denotes diamond core drilling; “NVS” denotes Nelson Splay. “NSR” means No Significant Results.
3. A cut-off grade of 0.3 g/t Au was used for assay compositing.
4. All analytical work was performed by Alex Stewart International (“ASI”), an ISO 17025 accredited analytical services provider, at its sample preparation and analytical facilities in Mendoza, Argentina.
5. ASI’s analytical methods were Au4-50 and Au4A-50 for gold and gold >10 g/t, respectively, and Ag4A-50 for silver.
6. Results include all holes completed after January 14, 2026, the effective date of the current MRE and PEA.
7. 0.3 g/t cutoff used in compositing and not more than 2 consecutive analytical values less than the cutoff grade were used in compositing.
8. A total of 88 blanks, 69 duplicates and 119 certified reference materials were inserted into the sample stream at a rate of approximately 15 QA/QC samples per 100 drill samples. Only 1 analysis of the certified reference materials did not report within accepted limits.

Qualified Person

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

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 forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the Company’s planned exploration activities at Calcatreu, including the nature, scope, timing and objectives of the approximately 10,000-metre drilling program planned over the next 12 months; the timing of delivery of the Company’s drill rig and the anticipated operational flexibility and cost savings associated with its use; the potential to extend or expand the mineralized systems at Belén and Nelson and to identify or delineate additional mineralization or mineral resources; and the advancement of exploration activities concurrently with mining operations. Forward-looking statements are generally identified by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “should” and “will”, and similar words and expressions.

Forward-looking statements are based on management’s expectations, estimates and assumptions as at the date of this news release, including assumptions regarding geological interpretations and the continuity of mineralization; the accuracy and reliability of drilling, sampling and assay results; the availability of personnel, equipment, contractors, supplies, infrastructure and financing; the timely delivery and successful operation of the Company’s drill rig; access to exploration targets; the receipt and maintenance of required permits and approvals; and the Company’s ability to complete its exploration programs as currently planned and within expected budgets.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, the possibility that exploration programs may be delayed, curtailed or modified; that the Company’s drill rig may not be delivered or perform as anticipated; that anticipated operational efficiencies or cost savings may not be realized; that mineralization may not continue as interpreted; that reported down-hole lengths may not represent true widths; that further drilling may not result in the expansion or delineation of mineral resources; uncertainties inherent in mineral exploration and mineral resource estimates; fluctuations in commodity prices and foreign exchange rates; the availability of financing; permitting, environmental, operational, technical, political, legal, fiscal, title, surface-rights and community-relations risks; and the other risks described in the Company’s public disclosure documents filed under its profile on SEDAR+ at www.sedarplus.ca.

Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, as the Company can give no assurance that they will prove to be correct. Mineralization identified through exploration does not constitute a mineral resource, and there can be no assurance that further exploration will result in the delineation or expansion of a mineral resource. Actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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 news release.