Patagonia Gold Corp. announced that the Company's gold room at its Cap-Oeste Project, located in the Santa Cruz province of Argentina, was the target of a theft in the early morning of April 17, 2023. The thieves gained access to the site and escape with dor containing approximately 500 ounces of gold equivalent (AuEq), which represents approximately one month of production from Lomada and Cap-Oeste Projects.

No employees were fatal injured during the theft, although three suffered minor injuries. The theft has been reported to the appropriate Argentine officials and the Company is working with the authorities to investigate the incident. The Company has suspended production while it investigates the incident and determines how to implement additional security measures to reduce the likelihood of such an incident reoccurring in the future.