Patagonia GOLD 2020 Financial Results
PATAGONIA GOLD 2020 FINANCIAL RESULTS
April 28, 2021 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the “Company” )
(TSXV: PGDC) announces its audited results for the fiscal year ended December 31, 2020
(“YE 2020”). The financial statements together with the related management’s discussion
and analysis (“MD&A”) are available on the Company’s website and under the Company’s
profile on SEDAR at www.sedar.com.
Highlights
Generated revenue of US$19.8 million and gross profit of US$6.6 million in 2020.
Produced 10,233 gold equivalent ounces (1) and sold 11,174 gold equivalent ounces
(1) .
Obtained the provisional permit for the development of the Cap-Oeste gold/silver
underground project.
Converted US $10.0 million of debt to common shares at $0.30.
Advanced the Calcatreu environmental base line studies and pre-feasibility work on
schedule.
Signed a definitive agreement to acquire 100% inter est in the Mina Angela Project
located in Chubut Province, Argentina.
Merged its wholly owned subsidiaries Patagonia Gold SA and Cerro Cazador SA into
one legal entity achieving cost efficiencies.
(1) Gold equivalent ounces include 191,152 silver ounc es produced, and 193,476 silver ounces sold
converted to a gold equivalent based on a ratio of the average spot market price for the commodities each
period. The ratio for year ended December 31, 2020 was 85.99:1 (2019 – 85.29:1).
Christopher van Tienhoven, CEO of the Company comme nted: “Despite the COVID-19
pandemic that has impacted economic activities around the world, Patagonia has safely
advanced its development strategy for exploration, development and mining operations
in Argentina. With the completion of a $9.3 million equity financing and continued
accumulation of precious metals projects in South A merica, we believe we are well
positioned to benefit from Company’s significant asset portfolio.”
Qualified Person’s Statement
Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of
AusIMM, is the qualified person as defined by National Instrument 43-101, has reviewed
and approved the scientific and technical content of this news release.
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About Patagonia Gold
Patagonia Gold Corp. is a South America focused, pub licly traded mining company listed
on the TSX Venture Exchange. The Company seeks to g row shareholder value through
exploration and development of gold and silver proj ects in the Patagonia region of
Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and
the development of the Cap-Oeste underground project . Patagonia, indirectly through
its subsidiaries or under option agreements, has mineral rights to over 420 properties in
several provinces of Argentina and Chile and is one of the largest landholders in the
province of Santa Cruz, Argentina.
For more information, please contact:
Dean Stuart
T: 403 617 7609
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited
to, statements with respect to, among other things, the anticipated increase in interest in
the Argentina mining sector, advancement and development of gold and silver projects in
the Patagonia region of Argentina and the anticipat ed growth in shareholder value.
Wherever possible, words such as “may”, “will”, “sh ould”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “pre dict” or “potential” or the negative or
other variations of these words, or similar words o r phrases, have been used to identify
these forward-looking statements. These statements reflect management’s current beliefs
and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many
factors could cause actual results, performance or achievements to differ materially from
the results discussed or implied in the forward-loo king statements. These factors should
be considered carefully, and readers should not pla ce undue reliance on the forward-
looking statements. Although the forward-looking st atements contained in this news
release are based upon what management believes to be reasonable assumptions, the
Company cannot assure readers that actual results will be consistent with these forward-
looking statements. These forward-looking statement s are made as of the date of this
news release, and the Company assumes no obligation to update or revise them to reflect
new events or circumstances, except as required by law.
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.