Patagonia Gold Announces Loan Line Increase, Canadian Business Journal

VANCOUVER, British Columbia, November 11, 2022 (GLOBE NEWSWIRE) — Patagonia Gold Corporation (“Patagonia” or the “Company”) (TSXV: PGDC) has entered into an agreement with Cantomi Uruguay SA (“Cantomi”) to increase the maximum amount of Cantomi Loans (defined below) and change the interest rate We will announce that rate applicable to such loans. In February 2019, Kantomi offered his US$15 million line of credit (the “Kantomi Loan”) with a maturity date of December 31, 2023 and an annual interest rate of 5%. In the contract to amend the Cantomi Loan, the Cantomi Loan was increased from his $15 million to his $20 million and the interest rate was increased to 7.5% per annum. Proceeds from the increased Kantomi Loan will be used for debt relief in Argentina and for general working capital purposes. All other terms of the Kantomi loan remain unchanged, except for the amendments that increase the maximum amount and interest rate of the Kantomi loan.

About Patagonia Gold

Patagonia Gold Corporation is a South American-focused public mining company listed on the TSX Venture Exchange. The Company seeks to increase shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company mainly focuses on the development of the Carcatreu project in Rio Negro and the Cap Oeste underground project. Patagonia owns mining rights to more than 430 assets in several provinces of Argentina and Chile, either indirectly through subsidiaries or under option agreements, and is the largest landowner in Santa Cruz, Argentina. One.

For more information, please contact:

Christopher Van Tienhoven
Chief executive officer
E: [email protected]

Forward-Looking Statements

This news release anticipates the use of funds from the increased Kantomi Loan, the progress and development of gold and silver projects in the Patagonia region of Argentina, and the enhancement of shareholder value. Whenever possible, “could”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “predict” , “believe,” “estimate,” “predict,” or “may,” or negative or other variations of these words, or similar words or phrases, identify these forward-looking statements. is used to These statements reflect management’s current beliefs and are based on information currently available to management as of the date of this document.

Forward-looking statements involve significant risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to differ materially from those discussed or implied by forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this news release are based on what management believes to be reasonable, the Company cautions the reader that its actual results will be consistent with these forward-looking statements. These forward-looking statements are made only as of the date of this news release and the company does not make any statements to reflect new events or circumstances, except as required by law. assumes no obligation to update or correct them.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

CBJ Newsmaker