# Patagonia Gold Announces Positive Preliminary Economic Assessment for the Calcatreu Gold-Silver Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029 Original source: https://orestocks.com/company/PGDC.V/press-releases/7601955767948484 Publisher: orestocks Original announcement: 2026-09-28T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T17:36:58.871Z Atlas analysis updated: 2026-09-29T17:36:58.871Z - Company: Patagonia Gold Corp. - Ticker: PGDC.V - Exchange: Unavailable - Region: Río Negro Province, Argentina - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Other - Extracted: 2026-09-29 17:36:59 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Patagonia Gold announced positive results from an updated Preliminary Economic Assessment \(PEA\) for its Calcatreu Gold-Silver Project in Argentina, outlining a 16-year mine life with an after-tax NPV \(10%\) of US$334 million and an IRR of 282%. The PEA is supported by an updated Mineral Resource Estimate \(MRE\) comprising 1.50 Mt Measured at 3.03 g/t Au and 23.1 g/t Ag, 5.28 Mt Indicated at 2.39 g/t Au and 23.1 g/t Ag, and 6.44 Mt Inferred at 1.54 g/t Au and 15.5 g/t Ag. Notably, 84% of the initial plant feed is sourced from Measured and Indicated resources, indicating a de-risked project with further exploration potential. Reasoning: The updated PEA outlines robust economics for the Calcatreu Gold-Silver Project, supported by a substantial MRE with a high percentage of Measured and Indicated resources feeding the initial mine plan, indicating a de-risked project with further exploration upside. - Positive factor: Strong PEA economics \(NPV, IRR, payback\) - Positive factor: High percentage of Measured and Indicated resources for initial mine life - Positive factor: NI 43-101 compliant and QP signed - Positive factor: Significant exploration potential identified - Negative factor: Significant portion of total resource is Inferred - Negative factor: PEA is preliminary in nature Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 54 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces the results of an 'updated independent Preliminary Economic Assessment \(“PEA”\) for its flagship Calcatreu Gold-Silver Project' which incorporates an 'updated Mineral Resource Estimate \(“MRE”\)'. Evidence · text > Patagonia Gold Announces Positive Preliminary Economic Assessment for the Calcatreu Gold-Silver Project \*2026-09-28T07:00:00-04:00\* Patagonia Gold Announces Positive Preliminary Economic Assessment for the Calcatreu Gold-Silver Project \#\# PEA outlines US$334 million after-tax NPV \(10%\), 282% IRR and a 16-year mine life, with additional exploration potential across the broader Calcatreu District VANCOUVER, British Columbia, Sept. 28, 2026 \(GLOBE NEWSWIRE\) -- Patagonia Gold Corp. \(“Patagonia” or the “Company”\) \(TSXV: PGDC\) is pleased to announce the results of an updated independent Preliminary Economic Assessment \(“PEA”\) for its flagship Calcatreu Gold-Silver Project \(“Calcatreu” or the “Project”\), located in Río Negro Province, Argentina. Prepared in accordance with National Instrument 43-101 \(“NI 43-101”\) by NCL Ingeniería y Construcción SpA \(“NCL”\), the PEA incorporates an updated Mineral Resource Estimate \(“MRE”\) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and MRE were 'Prepared in accordance with National Instrument 43-101 \(“NI 43-101”\)'. Evidence · text > Prepared in accordance with National Instrument 43-101 \(“NI 43-101”\) by NCL Ingeniería y Construcción SpA \(“NCL”\), the PEA incorporates an updated Mineral Resource Estimate \(“MRE”\) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The news release explicitly names 'Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission' as Qualified Persons who have reviewed and approved the technical information. Evidence · text > Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission; and the other applicable Qualified Person\(s\) identified in the final Technical Report, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release for which they are responsible. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade for the mineral resource estimation is explicitly stated as '0.5 g/t gold equivalent \(“AuEq”\)'. Evidence · text > The cutoff grade, in g/t, for the mineral resource estimation was 0.5 g/t gold equivalent \(“AuEq”\) **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The MRE includes a significant portion of Indicated mineral resources, totaling 5.28 million tonnes. Evidence · text > 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The MRE includes a Measured mineral resource of 1.50 million tonnes. Evidence · text > 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23/1 g/t of silver **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Approximately 84% of the plant feed during the first five years is sourced from Measured and Indicated mineral resources, indicating a high confidence level for initial production. Evidence · text > Approximately 84% of plant feed during the first five years is sourced from Measured and Indicated mineral resources. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The MRE includes a substantial Inferred mineral resource of 6.44 million tonnes, which is considered speculative. Evidence · text > 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is explicitly stated to be supporting a Preliminary Economic Assessment \(PEA\). Evidence · text > The PEA incorporates an updated Mineral Resource Estimate \(“MRE”\) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. ## Extracted facts Stored fact records: 54. Some facts used in scoring do not have a stored record. ## Resource Estimates (54) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-0) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6495dd8fb12feb6470fa - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1087000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 126 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured resource for Veta 49 shows a strong gold grade and contributes significantly to the high-confidence portion of the project's initial mine plan. - Positive factor: High confidence Measured category - Positive factor: Strong gold grade for open pit - Positive factor: Contributes to initial mine plan Evidence · table > 3.60 Context: 1,087 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-1) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6495dd8fb12feb6470fa - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1087000 - Grade: 25.3 - Grade Unit: g/t - Contained Metal: 883 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured silver resource for Veta 49 provides a substantial byproduct credit, enhancing the overall project economics. - Positive factor: High confidence Measured category - Positive factor: Significant silver contribution as a byproduct Evidence · table > 25.3 Context: 1,087 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-2) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e4d1338d6cd8ee0b2b09 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 247000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured gold resource for Nelson Sur adds to the high-confidence portion of the project's initial mine plan, albeit at a lower grade than Veta 49. - Positive factor: High confidence Measured category - Positive factor: Contributes to initial mine plan Evidence · table > 1.40 Context: 247 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-3) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e4d1338d6cd8ee0b2b09 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 247000 - Grade: 18 - Grade Unit: g/t - Contained Metal: 143 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured silver resource for Nelson Sur provides additional byproduct credits, supporting the project's overall economics. - Positive factor: High confidence Measured category - Positive factor: Adds to byproduct silver production Evidence · table > 18.0 Context: 247 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-4) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:16ceb2331c310debabee - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 107000 - Grade: 1.69 - Grade Unit: g/t - Contained Metal: 6 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured gold resource for Nelson West adds to the high-confidence portion of the project's initial mine plan. - Positive factor: High confidence Measured category - Positive factor: Contributes to initial mine plan Evidence · table > 1.69 Context: 107 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-5) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:16ceb2331c310debabee - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 107000 - Grade: 15.1 - Grade Unit: g/t - Contained Metal: 52 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured silver resource for Nelson West provides additional byproduct credits. - Positive factor: High confidence Measured category - Positive factor: Adds to byproduct silver production Evidence · table > 15.1 Context: 107 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-6) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:d2354b9230c3d61ad8b7 - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 29000 - Grade: 1.65 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured gold resource for Nelson Norte is a small but high-confidence component of the overall resource. - Positive factor: High confidence Measured category Evidence · table > 1.65 Context: 29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-7) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:d2354b9230c3d61ad8b7 - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 29000 - Grade: 11 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured silver resource for Nelson Norte is a small but high-confidence component of the overall resource. - Positive factor: High confidence Measured category Evidence · table > 11.0 Context: 29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-8) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:fbbda09553041e99df80 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 29000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured gold resource for Piche Sur is a small but high-confidence component of the overall resource. - Positive factor: High confidence Measured category Evidence · table > 1.80 Context: 29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-9) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:fbbda09553041e99df80 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 29000 - Grade: 24.8 - Grade Unit: g/t - Contained Metal: 23 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured silver resource for Piche Sur is a small but high-confidence component of the overall resource. - Positive factor: High confidence Measured category Evidence · table > 24.8 Context: 29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-10) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:eb61a17cc787d979ab7b - Deposit or zone: Total Measured - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1499000 - Grade: 3.03 - Grade Unit: g/t - Contained Metal: 146 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Measured gold resource represents a high-confidence, significant portion of the project's initial mine plan, with a strong average grade. - Positive factor: Significant Measured resource tonnage and grade - Positive factor: High confidence category - Positive factor: Contributes to initial mine plan Evidence · table > 3.03 Context: 1,499 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-11) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:eb61a17cc787d979ab7b - Deposit or zone: Total Measured - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1499000 - Grade: 23.1 - Grade Unit: g/t - Contained Metal: 1111 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Measured silver resource provides a substantial, high-confidence byproduct credit, enhancing the project's overall economics. - Positive factor: Significant Measured resource contained silver - Positive factor: High confidence category - Positive factor: Provides substantial byproduct credit Evidence · table > 23.1 Context: 1,499 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-12) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:50e40f2d71fc6aca5d93 - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 4129000 - Grade: 2.61 - Grade Unit: g/t - Contained Metal: 346 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Veta 49 represents a large, high-confidence component of the project's initial mine plan, with a good average grade. - Positive factor: Large Indicated resource tonnage - Positive factor: Good gold grade for open pit - Positive factor: Contributes significantly to initial mine plan Evidence · table > 2.61 Context: 4,129 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-13) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:50e40f2d71fc6aca5d93 - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 4129000 - Grade: 25.2 - Grade Unit: g/t - Contained Metal: 3344 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Veta 49 provides a very substantial byproduct credit, significantly enhancing the project's overall economics. - Positive factor: Large Indicated resource contained silver - Positive factor: Provides substantial byproduct credit Evidence · table > 25.2 Context: 4,129 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-14) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:537e493dfddf6b060038 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 464000 - Grade: 1.44 - Grade Unit: g/t - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Nelson Sur adds to the high-confidence portion of the project's initial mine plan, at a moderate grade. - Positive factor: Indicated resource category - Positive factor: Contributes to initial mine plan Evidence · table > 1.44 Context: 464 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-15) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:537e493dfddf6b060038 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 464000 - Grade: 16.2 - Grade Unit: g/t - Contained Metal: 241 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Nelson Sur provides additional byproduct credits, supporting the project's overall economics. - Positive factor: Indicated resource category - Positive factor: Adds to byproduct silver production Evidence · table > 16.2 Context: 464 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-16) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:845dab6a0be2aaab7212 - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 397000 - Grade: 1.57 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Nelson West adds to the high-confidence portion of the project's initial mine plan. - Positive factor: Indicated resource category - Positive factor: Contributes to initial mine plan Evidence · table > 1.57 Context: 397 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-17) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:845dab6a0be2aaab7212 - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 397000 - Grade: 13.9 - Grade Unit: g/t - Contained Metal: 177 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Nelson West provides additional byproduct credits. - Positive factor: Indicated resource category - Positive factor: Adds to byproduct silver production Evidence · table > 13.9 Context: 397 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-18) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:3f8beac140271b466c1a - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 186000 - Grade: 1.75 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Nelson Norte is a small but high-confidence component of the overall resource. - Positive factor: Indicated resource category Evidence · table > 1.75 Context: 186 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-19) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:3f8beac140271b466c1a - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 186000 - Grade: 10.8 - Grade Unit: g/t - Contained Metal: 64 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Nelson Norte is a small but high-confidence component of the overall resource. - Positive factor: Indicated resource category Evidence · table > 10.8 Context: 186 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-20) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6021f1d1612d1a5e66e8 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 91000 - Grade: 2.24 - Grade Unit: g/t - Contained Metal: 7 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Piche Sur is a small but high-confidence component of the overall resource, with a good grade. - Positive factor: Indicated resource category Evidence · table > 2.24 Context: 91 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-21) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6021f1d1612d1a5e66e8 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 91000 - Grade: 29.1 - Grade Unit: g/t - Contained Metal: 85 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Piche Sur provides additional byproduct credits at a good grade. - Positive factor: Indicated resource category - Positive factor: Good silver grade Evidence · table > 29.1 Context: 91 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-22) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:8608e24fd5945dfc7d6d - Deposit or zone: Nelson Central - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9000 - Grade: 2.08 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Nelson Central is a very small but high-confidence component of the overall resource. - Positive factor: Indicated resource category Evidence · table > 2.08 Context: 9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-23) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:8608e24fd5945dfc7d6d - Deposit or zone: Nelson Central - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9000 - Grade: 18.6 - Grade Unit: g/t - Contained Metal: 5 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated silver resource for Nelson Central is a very small but high-confidence component of the overall resource. - Positive factor: Indicated resource category Evidence · table > 18.6 Context: 9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-24) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e6047957b7de4b272907 - Deposit or zone: Total Indicated - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 5276000 - Grade: 2.39 - Grade Unit: g/t - Contained Metal: 406 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Indicated gold resource represents a large, high-confidence portion of the project's initial mine plan, with a good average grade. - Positive factor: Significant Indicated resource tonnage and grade - Positive factor: High confidence category - Positive factor: Contributes significantly to initial mine plan Evidence · table > 2.39 Context: 5,276 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-25) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e6047957b7de4b272907 - Deposit or zone: Total Indicated - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 5276000 - Grade: 23.1 - Grade Unit: g/t - Contained Metal: 3917 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Indicated silver resource provides a very substantial, high-confidence byproduct credit, significantly enhancing the project's overall economics. - Positive factor: Significant Indicated resource contained silver - Positive factor: High confidence category - Positive factor: Provides substantial byproduct credit Evidence · table > 23.1 Context: 5,276 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-26) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6e5474b9e2a0d79a606c - Deposit or zone: Total Measured + Indicated - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 6774000 - Grade: 2.53 - Grade Unit: g/t - Contained Metal: 552 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The combined Measured and Indicated gold resource represents a very substantial and high-confidence base for the project's initial mine plan, with a strong average grade. - Positive factor: Very significant Measured and Indicated resource tonnage and grade - Positive factor: High confidence category - Positive factor: Forms the basis for the initial mine plan Evidence · table > 2.53 Context: 6,774 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-27) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:6e5474b9e2a0d79a606c - Deposit or zone: Total Measured + Indicated - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 6774000 - Grade: 23.1 - Grade Unit: g/t - Contained Metal: 5028 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The combined Measured and Indicated silver resource provides a very substantial, high-confidence byproduct credit, significantly enhancing the project's overall economics and initial mine plan. - Positive factor: Very significant Measured and Indicated contained silver - Positive factor: High confidence category - Positive factor: Provides substantial byproduct credit for the initial mine plan Evidence · table > 23.1 Context: 6,774 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-28) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:37539c432be7dc26a2ea - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 1966000 - Grade: 1.74 - Grade Unit: g/t - Contained Metal: 110 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred gold resource for Veta 49 adds significant tonnage and contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Significant Inferred resource tonnage - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 1.74 Context: 1,966 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-29) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:37539c432be7dc26a2ea - Deposit or zone: Veta 49 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 1966000 - Grade: 15.4 - Grade Unit: g/t - Contained Metal: 975 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred silver resource for Veta 49 adds significant contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Significant Inferred contained silver - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 15.4 Context: 1,966 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-30) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:3d88adfb8cb0d01e0464 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27000 - Grade: 1.16 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred gold resource for Nelson Sur adds minor tonnage at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 1.16 Context: 27 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-31) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:3d88adfb8cb0d01e0464 - Deposit or zone: Nelson Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27000 - Grade: 15.4 - Grade Unit: g/t - Contained Metal: 13 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred silver resource for Nelson Sur adds minor contained metal at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 15.4 Context: 27 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-32) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e24aeac9bf4be01cd718 - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 188000 - Grade: 1.48 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred gold resource for Nelson West adds moderate tonnage at a lower confidence level. - Negative factor: Lower confidence Inferred category Evidence · table > 1.48 Context: 188 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-33) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e24aeac9bf4be01cd718 - Deposit or zone: Nelson West - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 188000 - Grade: 11.9 - Grade Unit: g/t - Contained Metal: 72 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred silver resource for Nelson West adds moderate contained metal at a lower confidence level. - Negative factor: Lower confidence Inferred category Evidence · table > 11.9 Context: 188 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-34) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:b0b80428f9f0b39aaca7 - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 60000 - Grade: 1.71 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred gold resource for Nelson Norte adds minor tonnage at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 1.71 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-35) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:b0b80428f9f0b39aaca7 - Deposit or zone: Nelson Norte - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 60000 - Grade: 11.6 - Grade Unit: g/t - Contained Metal: 22 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred silver resource for Nelson Norte adds minor contained metal at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 11.6 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-36) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:67ab7070b1b27d96a8c1 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 20000 - Grade: 2.37 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred gold resource for Piche Sur adds minor tonnage at a good grade, but at a lower confidence level. - Positive factor: Good gold grade - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 2.37 Context: 20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-37) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:67ab7070b1b27d96a8c1 - Deposit or zone: Piche Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 20000 - Grade: 31 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This small Inferred silver resource for Piche Sur adds minor contained metal at a good grade, but at a lower confidence level. - Positive factor: Good silver grade - Negative factor: Lower confidence Inferred category - Negative factor: Small tonnage Evidence · table > 31.0 Context: 20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-38) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:90e0fe9f048631045d2b - Deposit or zone: Nelson Central - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 11000 - Grade: 1.26 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This very small Inferred gold resource for Nelson Central adds negligible tonnage at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Very small tonnage Evidence · table > 1.26 Context: 11 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-39) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:90e0fe9f048631045d2b - Deposit or zone: Nelson Central - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 11000 - Grade: 9 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This very small Inferred silver resource for Nelson Central adds negligible contained metal at a lower confidence level. - Negative factor: Lower confidence Inferred category - Negative factor: Very small tonnage Evidence · table > 9.0 Context: 11 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-40) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:16c1f80fdd557bbdfc53 - Deposit or zone: Belén - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 479000 - Grade: 1.73 - Grade Unit: g/t - Contained Metal: 27 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred gold resource for Belén adds significant tonnage and contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Significant Inferred resource tonnage - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 1.73 Context: 479 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-41) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:16c1f80fdd557bbdfc53 - Deposit or zone: Belén - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 479000 - Grade: 26 - Grade Unit: g/t - Contained Metal: 401 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred silver resource for Belén adds significant contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Significant Inferred contained silver - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 26.0 Context: 479 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-42) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:15a76fb18848853a8115 - Deposit or zone: Castro Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3691000 - Grade: 1.41 - Grade Unit: g/t - Contained Metal: 167 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This large Inferred gold resource for Castro Sur adds substantial tonnage and contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Large Inferred resource tonnage - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 1.41 Context: 3,691 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-43) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:15a76fb18848853a8115 - Deposit or zone: Castro Sur - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3691000 - Grade: 14.3 - Grade Unit: g/t - Contained Metal: 1702 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This large Inferred silver resource for Castro Sur adds substantial contained metal, representing good exploration potential, though at a lower confidence level. - Positive factor: Large Inferred contained silver - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 14.3 Context: 3,691 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-44) Calcatreu Gold-Silver Project · gold #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:0c93069de91fc3f4a08c - Deposit or zone: Total Inferred - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6441000 - Grade: 1.54 - Grade Unit: g/t - Contained Metal: 319 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Inferred gold resource represents a very large component of the project's overall potential, offering significant exploration upside, but at a lower confidence level. - Positive factor: Very large Inferred resource tonnage and contained metal - Positive factor: Significant exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 1.54 Context: 6,441 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-45) Calcatreu Gold-Silver Project · silver #### Identity - Project: Calcatreu Gold-Silver Project - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:0c93069de91fc3f4a08c - Deposit or zone: Total Inferred - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6441000 - Grade: 15.5 - Grade Unit: g/t - Contained Metal: 3208 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The total Inferred silver resource represents a very large component of the project's overall potential, offering significant exploration upside, but at a lower confidence level. - Positive factor: Very large Inferred contained silver - Positive factor: Significant exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 15.5 Context: 6,441 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-46) Calcatreu · gold #### Identity - Project: Calcatreu - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:ae4a662f26f9a70d84ff - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1499 - Grade: 146 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured resource for Veta 49 shows a strong gold grade and contributes significantly to the high-confidence portion of the project's initial mine plan. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category - Positive factor: Strong gold grade for open pit - Positive factor: Contributes to initial mine plan Evidence · table > 146 Context: 1,499 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-47) Calcatreu · silver #### Identity - Project: Calcatreu - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:ae4a662f26f9a70d84ff - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1499 - Grade: 1111 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Measured resource for Veta 49 shows a strong gold grade and contributes significantly to the high-confidence portion of the project's initial mine plan. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence Measured category - Positive factor: Strong gold grade for open pit - Positive factor: Contributes to initial mine plan Evidence · table > 1,111 Context: 1,499 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-48) Calcatreu · gold #### Identity - Project: Calcatreu - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:1d2aa38bc5266ed9f5d6 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 5276 - Grade: 406 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Veta 49 represents a large, high-confidence component of the project's initial mine plan, with a good average grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large Indicated resource tonnage - Positive factor: Good gold grade for open pit - Positive factor: Contributes significantly to initial mine plan Evidence · table > 406 Context: 5,276 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-49) Calcatreu · silver #### Identity - Project: Calcatreu - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:1d2aa38bc5266ed9f5d6 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 5276 - Grade: 3917 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Veta 49 represents a large, high-confidence component of the project's initial mine plan, with a good average grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large Indicated resource tonnage - Positive factor: Good gold grade for open pit - Positive factor: Contributes significantly to initial mine plan Evidence · table > 3,917 Context: 5,276 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-50) Calcatreu · gold #### Identity - Project: Calcatreu - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:cfbcfcae67a98bc85438 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 6774 - Grade: 552 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Veta 49 represents a large, high-confidence component of the project's initial mine plan, with a good average grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large Indicated resource tonnage - Positive factor: Good gold grade for open pit - Positive factor: Contributes significantly to initial mine plan Evidence · table > 552 Context: 6,774 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-51) Calcatreu · silver #### Identity - Project: Calcatreu - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:cfbcfcae67a98bc85438 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 6774 - Grade: 5028 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Indicated gold resource for Veta 49 represents a large, high-confidence component of the project's initial mine plan, with a good average grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large Indicated resource tonnage - Positive factor: Good gold grade for open pit - Positive factor: Contributes significantly to initial mine plan Evidence · table > 5,028 Context: 6,774 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-52) Calcatreu · gold #### Identity - Project: Calcatreu - Commodity: gold - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e529b64609f9cfe422af - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6441 - Grade: 319 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred gold resource for Veta 49 adds significant tonnage and contained metal, representing good exploration potential, though at a lower confidence level. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Inferred resource tonnage - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 319 Context: 6,441 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-announces-positive-preliminary-economic-assessment-for-the-calcat--2e2b7f17-d820-44a5-813d-5dc459255029#fact-resource-facts-53) Calcatreu · silver #### Identity - Project: Calcatreu - Commodity: silver - Region: argentina - Reported Region: Río Negro Province, Argentina - Ticker: PGDC.V #### Resource scope - Estimate type: resource - Effective date: 2026-01-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán, Luis Oviedo - Resource group id: resource:e529b64609f9cfe422af - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6441 - Grade: 3208 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-01-14 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This Inferred gold resource for Veta 49 adds significant tonnage and contained metal, representing good exploration potential, though at a lower confidence level. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Inferred resource tonnage - Positive factor: Good exploration potential - Negative factor: Lower confidence Inferred category Evidence · table > 3,208 Context: 6,441 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.