(Formerly Hunt Mining Corp.) Announces Effective Date of Scheme of Arrangement and Name Change

PATAGONIA GOLD CORP.

(FORMERLY HUNT MINING CORP.)

ANNOUNCES EFFECTIVE DATE OF SCHEME OF ARRANGEMENT AND NAME CHANGE

July 22, 2019 – Patagonia Gold Corp. (formerly Hunt Mining Corp.) (“Patagonia” or the “Company”) (HMX.V) is pleased to announce that, further to the Company’s news release dated July 12, 2019, the Scheme in connection with the share for share exchange offer by the Company for the entire issued and to be issued ordinary share capital of Patagonia Gold Plc, has now become effective in accordance with its terms. In connection therewith, the Company has changed its name to “Patagonia Gold Corp.”, and expects to be listed under its new name and trading symbol “PGDC” effective on July 24, 2019 with trading to remain halted until the Exchange issues its final bulletin accepting the transaction. The Company expects that trading will resume on or about July 26, 2019.

For more information, please contact:

Christopher van Tienhoven Chief Executive Officer T: (+54 11) 5278 6950 E: [email protected]

Cautionary Statements and Forward Looking Information

Completion of the transaction is subject to a number of conditions, including but not limited to, final Exchange acceptance.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Patagonia Gold Corp. should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements relating to the Proposed Transaction that are not historical facts. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Assumptions, risks and uncertainties include, among other things, the risk that the Proposed Transaction will not be completed or that the necessary approvals and/or

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exemptions are not obtained or some other condition to the closing of the Proposed Transaction will not be satisfied, the risk that closing of the Proposed Transaction could be delayed if Patagonia is not able to obtain the necessary approvals on the timelines planned, the risk that the timing of obtaining required approvals, closing conditions for the Proposed Transaction, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of Patagonia will not occur in a timely manner, if at all, and may cause actual results, performance or achievements to be materially different from those implied by such assumptions, risks and uncertainties.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Patagonia disclaims any intention and assume no 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 law. Additionally, Patagonia undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.