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PGDC.V ·

Patagonia GOLD Announces Change of Auditor

Regulatory & Compliance

LEGAL*48858721.3

PATAGONIA GOLD ANNOUNCES CHANGE OF AUDITOR

December 27, 2019 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the “Company”)

(TSXV: PGDC) announced today that effective December 26, 2019, Davidson & Company

LLP (“Davidson”) has tendered its resignation at th e request of the Company and Grant

Thornton LLP (“Grant Thornton”) has been appointed as the successor auditor.

In accordance with National Instrument 51-102 – Continuous Disclosure Obligations (“ NI

51-102 ”), the Company has filed a Notice of Change of Aud itor. To the Company’s

knowledge, there were no “reportable events” as suc h term is defined in NI 51-102

between the Company and Davidson.

About Patagonia Gold

Patagonia Gold Corp. is a mining and development com pany listed on the TSX Venture

Exchange. The Company seeks to grow shareholder val ue through exploration and

development of gold and silver projects in the Pata gonia 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, i ndirectly through its subsidiaries or

under option agreements, has mineral rights to over 350 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

E: [email protected]

Christopher van Tienhoven, Chief Executive Officer

Patagonia Gold Corp

T: +54 11 5278 6950

E: [email protected]

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited

to, statements about the Company’s focus on growing shareholder value and the

development of the Cap Oeste underground project, a dvancement of the Calcatreu

project, preparation of the Calcatreu feasibility study and the Company’s future plans and

intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”,

“plan”, “intend”, “anticipate”, “believe”, “estimat e”, “predict” or “potential” or the

negative or other variations of these words, or similar words or phrases, have been used

to identify these forward-looking statements. These statements reflect management’s

LEGAL*48858721.3

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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 plac e 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 statemen ts 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 release.