Patagonia Gold Corp. has released its financial results for the third quarter of 2024, showing promising developments for the year. The Vancouver-based company reported revenue of $2.4 million for the quarter ending September 30, 2024. During this period, Patagonia produced 796 gold equivalent ounces and sold 955 gold equivalent ounces.
A significant milestone for the company was reached on November 6, when it received the final permit to commence construction and development of the Calcatreu project, which is a key focus area for the firm. Additionally, exploration expenditures were recorded at $0.9 million for Q3 2024, supporting further growth and potential in the region.
In an important acquisition aimed at expanding its portfolio, Patagonia entered an agreement on October 9 with Compañía Inversora de Minas SAU to acquire four mineral properties, thereby consolidating the Mina Angela property block located in Chubut.
Patagonia Gold is strategically positioned as one of the largest landholders in the Santa Cruz province of Argentina, holding mineral rights to over 430 properties. The company’s primary focus remains on the development of both the Calcatreu project and the Cap-Oeste underground project, aiming to enhance shareholder value through its exploration and development efforts.
This quarterly report highlights Patagonia Gold’s commitment to growth and its proactive approach in navigating the mining industry. With ongoing projects and new permits in place, the company is poised for potential success and expansion in the competitive mining landscape.
Overall, the results reflect a solid foundation and a forward momentum for Patagonia Gold Corp, bolstering investor confidence in their future endeavors. The successful completion of the Calcatreu project’s permitting process is particularly encouraging, showcasing the company’s ability to advance its projects effectively.