Vancouver, British Columbia – Patagonia Gold Corp. has released its financial results for the third quarter ending September 30, 2024, highlighting a successful period for the company. During this quarter, Patagonia generated revenue of $2.4 million and produced 796 gold equivalent ounces while selling 955 ounces. Notably, on November 6, the company secured the final permit needed to move forward with the construction and development of the Calcatreu project.
In terms of investment in exploration, Patagonia incurred expenditures totaling $0.9 million during Q3 2024. Additionally, on October 9, the company entered into a definitive agreement with Compañía Inversora de Minas SAU to acquire four mineral properties and consolidate the Mina Angela property block in Chubut.
The production figures were detailed as comprising 526 gold ounces and 22,683 silver ounces mined, with sales consisting of 625 gold ounces and 27,109 silver ounces. These amounts were converted to gold equivalent based on an average spot market price ratio, which for the recent quarter was 82.49:1.
Patagonia Gold Corp. remains focused on enhancing shareholder value through the exploration and development of gold and silver projects concentrated in Argentina’s Patagonia region. The company’s primary targets include the Calcatreu project in Rio Negro and the Cap-Oeste underground project. Patagonia has mineral rights on over 430 properties across various provinces in Argentina, positioning it as one of the largest landholders in Santa Cruz.
As a hopeful perspective, the recent advancements and earned permits suggest the company is on a promising path for sustainable growth and development in the mining sector, which is crucial for strengthening local economies and contributing to technological advancements in resource extraction.
For inquiries, please contact Christopher van Tienhoven, CEO of Patagonia Gold Corp.
Overall, these results demonstrate Patagonia Gold’s strategic efforts in the mining industry, promising a bright future as construction on their projects commences and exploration activities continue to unfold.