# Patagonia Gold Corrects Cost Metrics and Economic Results for the Calcatreu PEA Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/patagonia-gold-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1359-tsx-venture/pgdc/212360-patagonia-gold-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea.html Publisher: jmn Original announcement: 2026-10-06T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-06T13:35:13.799Z Atlas analysis updated: 2026-10-06T13:35:13.799Z - Company: Patagonia Gold Corp. - Ticker: PGDC - Exchange: TSXV - Region: Río Negro Province, Argentina - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Other, Resource update - Extracted: 2026-10-06 13:35:14 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Patagonia Gold Corp. has corrected previously reported economic metrics for its Calcatreu Gold-Silver Project Preliminary Economic Assessment \(PEA\). The revisions, which include excluding estimated income tax from Cash Cost and AISC and correcting a regional development tax calculation, have resulted in a higher after-tax NPV of US$370 million, an increased after-tax IRR of 315%, and a shorter payback period of 0.5 years. The company also clarified that the silver recovery assumption used in the economic model was 45%, not 30% as initially reported. Reasoning: Patagonia Gold Corp. corrected errors in its Calcatreu PEA, leading to significantly improved after-tax NPV, IRR, and cost metrics, making the project more economically attractive. The silver recovery assumption was also clarified. - Positive factor: improved\_npv - Positive factor: improved\_irr - Positive factor: reduced\_costs - Positive factor: shorter\_payback - Positive factor: clarified\_recovery\_assumption - Negative factor: initial\_reporting\_error Facts used in scoring: 12 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report is being prepared in accordance with National Instrument 43-101. Evidence · text > The technical report being prepared in accordance with National Instrument 43-101 \(“NI 43-101”\) **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: Donald J. Birak and Carlos Guzmán, both Qualified Persons as defined by NI 43-101, have reviewed and approved the scientific and technical information. Evidence · text > Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM and Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release. **PEA Update** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document announces corrections to the Preliminary Economic Assessment \(PEA\) for the Calcatreu project. Evidence · text > Patagonia Gold Corrects Cost Metrics and Economic Results for the Calcatreu PEA **NPV Increase** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The revised after-tax NPV increased from $334 million to $370 million. Evidence · table > $370 Context: Revised **IRR Increase** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The revised after-tax IRR increased from 282% to 315%. Evidence · table > 315% Context: 315% **Payback Period Reduction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The revised after-tax payback period shortened from 0.6 years to 0.5 years. Evidence · table > 0.5 Context: 0.5 **Cost Reduction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The revised Cash Cost decreased from $2,139/oz Au to $1,332/oz Au and AISC decreased from $2,246/oz Au to $1,439/oz Au. Evidence · table > $1,332 Context: $1,332 **Reporting Error Corrected** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The news release explicitly states corrections to previously reported figures due to inadvertent errors in tax calculation and silver recovery assumption disclosure. Evidence · text > Patagonia Gold Corrects Cost Metrics and Economic Results for the Calcatreu PEA **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The updated Mineral Resource Estimate includes 6.44 million tonnes of inferred mineral resources. Evidence · text > 6.44 million tonnes of inferred mineral resources **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 updated Mineral Resource Estimate includes 1.50 million tonnes of measured mineral resources. Evidence · text > 1.50 million tonnes of measured mineral resources **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The updated Mineral Resource Estimate includes 5.28 million tonnes of indicated mineral resources. Evidence · text > 5.28 million tonnes of indicated mineral resources **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The PEA incorporates an updated Mineral Resource Estimate. Evidence · text > The PEA incorporates an updated Mineral Resource Estimate \(“MRE”\) **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not disclose the cut-off grade used for the updated Mineral Resource Estimate. Evidence · text > The PEA incorporates an updated Mineral Resource Estimate \(“MRE”\), which contains approximately: 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23.1 g/t of silver; 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver; and 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/patagonia-gold-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:2ed84c9898a95d697716 #### Resource Data - Category: measured - Tonnes: 1500000 - Grade: 3.03 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured gold resource provides high confidence for a portion of the project, but the cut-off grade for the estimate is not disclosed. - Positive factor: measured\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:2ed84c9898a95d697716 #### Resource Data - Category: measured - Tonnes: 1500000 - Grade: 23.1 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured silver resource provides high confidence for a portion of the project, but the cut-off grade for the estimate is not disclosed. - Positive factor: measured\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 23.1 g/t of silver Context: 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23.1 g/t of silver #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:4bc361809e33f3db89d6 #### Resource Data - Category: indicated - Tonnes: 5280000 - Grade: 2.39 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated gold resource provides reasonable confidence, but the cut-off grade for the estimate is not disclosed. - Positive factor: indicated\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:4bc361809e33f3db89d6 #### Resource Data - Category: indicated - Tonnes: 5280000 - Grade: 23.1 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated silver resource provides reasonable confidence, but the cut-off grade for the estimate is not disclosed. - Positive factor: indicated\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 23.1 g/t of silver Context: 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:82f7a03b5f5813235fce #### Resource Data - Category: inferred - Tonnes: 6440000 - Grade: 1.54 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred gold resource is speculative and cannot support economic studies, and the cut-off grade for the estimate is not disclosed. - Negative factor: inferred\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-corrects-cost-metrics-and-economic-results-for-the-calcatreu-pea--30cabac4-288f-4af5-84da-d1273b83131b#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 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Donald J. Birak, Carlos Guzmán - Resource group id: resource:82f7a03b5f5813235fce #### Resource Data - Category: inferred - Tonnes: 6440000 - Grade: 15.5 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred silver resource is speculative and cannot support economic studies, and the cut-off grade for the estimate is not disclosed. - Negative factor: inferred\_resource - Negative factor: cut\_off\_undisclosed Evidence · text > 15.5 g/t Ag Context: 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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.