Patagonia Gold Corp. announced receipt of the final analytical results from drilling at the Monte Leon target near its Cap Oeste ("Capo") mine in the Santa Cruz province of southern Argentina. Highlights: Results from samples from 28 new HQ core holes, prepared and analyzed by Alex Stewart International in their Mendoza, Argentina facilities.

To date, a total of 5,601.64 meters in 33, HQ-sized core holes have been completed at MLN. F favorable analyses were received from all but 3 of the 28 new, HQ core holes. Results from 4,678.64 meters of drilling are reported in this news release (MLN-875-D through MLN-902-D).

Gold ("Au") values up to 132.9 g/t and silver ("Ag") values up to 46.7 g/t, within 5 meters grading 45.5 g/t Au and 14 g/t Ag, were reported in samples from core hole MLN-896-D. Prior to this new program of core drilling at MLN, the Company identified gold mineralization in oxidized and brecciated structures at MLN, with 104 trenches and 21 core holes. In addition, Patagonia Gold Plc (the AIM-listed predecessor to the Company), drilled 75 reverse circulation and 21 core holes in the general area surrounding the recent MLN drilling in 2011 and 2015. In addition, 43.9 line-kilometers (''km") of ground-based, induced polarization and resistivity (pole-dipole IP-Res) surveying was completed in 2021, and more than 800 line-km of ground magnetics.

Current Activities: In 2023, Company geologists continued with surface mapping and modeled all the data, including its own IP/Res survey data, and believe MLN mineralization is contained within a diatreme setting that occurs at the SE end of larger NW-SE structural corridor extending from the Capo mine.