Patagonia Gold Corp. has reported its financial results for the third quarter of 2024, revealing substantial progress in revenue and production. For the quarter ended September 30, 2024, the company generated revenue totaling US$2.4 million. During this period, Patagonia produced 796 gold equivalent ounces and sold 955 ounces.
A significant highlight for the company was receiving the final permit necessary to move forward with the construction and development of the Calcatreu project, which is set to enhance its operations. Exploration expenditures for the quarter were recorded at US$0.9 million. Furthermore, on October 9th, Patagonia 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, strengthening its portfolio in the region.
In terms of production specifics, the company’s output consisted of 526 gold ounces and 22,683 silver ounces, with sales amounting to 625 gold ounces and 27,109 silver ounces. The gold equivalent calculations for these figures utilized an average market price ratio of 82.49 to 1 during the quarter.
Patagonia Gold prioritizes its growth through exploration and development of gold and silver projects, notably in the Patagonia region of Argentina. With mineral rights to over 430 properties across various provinces, it is now one of the largest landholders in Santa Cruz, Argentina.
These financial results reflect a positive trajectory for Patagonia Gold, indicating strong operational capabilities and potential for growth moving forward. The company’s ongoing efforts in construction, exploration, and acquisitions paint a hopeful picture for its impact on the local economy and the mining sector in Argentina.
In summary, Patagonia Gold Corp. is well-positioned for growth following a successful third quarter, marked by increased production, significant revenue, and strategic acquisitions, signaling a robust outlook for the future.