#1& PATAGONIA GOLD Investor Presentation November 2021 Near-term production with unparalleled exploration potential in Argentina#2Cautionary & Forward-Looking Statements TSXV:PGDC This document has been prepared by Patagonia Gold Corp. ("Patagonia Gold" or, the "Company") for evaluation of the Company by the recipient. The information contained in this presentation is derived from estimates made by the Company, information that has been provided to the Company by other parties, and otherwise publicly available information concerning the Company and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. No person has been authorized to give any information or make any representations other than those contained in this presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. In furnishing this presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. The contents of this presentation are not to be construed as legal, financial or tax advice. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented. This presentation is for informational purposes only and does not constitute an offer or a solicitation of an offer to purchase the securities referred to herein. The information and opinions contained in this presentation are provided as at the date of this presentation. This presentation may not be reproduced, further distributed or published in whole or in part by any other person. This presentation may include certain "forward-looking statements". Forward-looking statements include, but are not limited to: estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur; expectations regarding yielding significant cash flow and the Company's ability to advance additional projects in South America and provide favourable returns; the anticipated processing capacity of the Martha plant; plans for the acquisition of the additional projects; completion of the Calcatreu gold and silver project feasibility study; the ability to develop projects for future production; plans for future drilling; and expectations with respect to processing future high grade underground material from the Cap Oeste project. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward- looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward- looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this presentation includes, but is not limited to, the Company's objectives, goals or future plans, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, the inability to predict or counteract the potential impact of the COVID-19 coronavirus on factors relevant to the Company's business, including short-term and long-term effects of the COVID-19 coronavirus on supply chains, labour market and capital markets, delays in obtaining or failures to obtain required governmental, environmental or other project approvals including delays caused by the measures to counteract the spread and consequences of the COVID-19 coronavirus, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, including changes related to the impact of the COVID-19 coronavirus, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this presentation are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this presentation, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Readers are advised to study and consider risk factors set forth under the heading "Risk Factors and Uncertainties" in the Company's Annual Report on Form 10-K for the period ended December 31, 2019. The scientific and technical information in this document was reviewed and approved by Donald J. Birak, an independent consulting geologist and a qualified person as defined by Canadian National Instrument 43-101. patagoniagold.com 2 & PATAGONIA GOLD#3. Emerging Gold Producer with Massive Exploration Upside TSXV:PGDC 7736 Restarting High-Grade Gold Operations Generating cash flow from residual leaching of two mines on care-and- maintenance 2020 6M 2021 Production Cash Cost oz AuEq US$/oz AuEq 10,809 4,690 $684 $1033 Lomada: open pit, heap leach operation restarted in December 2020. At peak, produced 3,900 oz AuEq per month Cap-Oeste: evaluating underground development of COSE-style resource (298K oz AuEq at 19.42 g/t AuEq) • Large Resource Base with Growth Potential - - Four projects with a large global resource base M&I: 1.9M oz AuEq at 2.28 g/t AuEq Inf: 763K oz AuEq at 1.60 g/t AuEq Calcatreu: high-grade, near-surface resource within a massive potential epithermal vein system M&I: 746K oz AuEq at 2.36 g/t AuEq Inf.: 390K oz AuEq at 1.50 g/t AuEq . Massive Property Portfolio Across Latin America Amongst the largest landholders across Latin America's largest precious metal regions (Deseado Massif and Somuncura Massif) Over 420 property interests in Argentina, Chile and Uruguay >400,000 ha of properties in mining- friendly Santa Cruz and Rio Negro provinces in Argentina Majority of property holdings of key projects are unexplored Identified 11 significant vein systems - Large drill program planned for 2020 . Unparalleled discovery potential - Aim for feasibility study in 2021 Low Valuation with Substantial Upside Trades at an EV/resource multiple of only C$28/oz AuEq - 66% discount to the average of companies advancing epithermal precious metals deposits in the Americas Amongst a small number of developers with a permitted mill and the potential to advance to production in 2021 Massive re-rating potential as the Company transitions to a high-growth gold producer Experienced management and exploration team with the expertise and relationships to realize the potential of this exciting project portfolio in Argentina patagoniagold.com 3 & PATAGONIA GOLD#4Mission, Vision & Values Mission Increase shareholder value through the acquisition, exploration and development of gold and silver projects patagoniagold.com TSXV:PGDC Vision Values To become an intermediate mining producer, utilizing community and social focus and our operating 1) 2) People - People are our main asset. We value and respect all individuals. Community Interaction - Our involvement with public and private stakeholders is paramount to our combined successes. We provide transparent, honest and regular dialogue with them. and exploration 3) Environmental, Health & Safety Stewardship - We are committed to environmental sustainability and to the safety and health of our people. experience in Argentina to 4) Responsibility and accountability for a legacy - We are responsible and achieve our goals accountable to "do no harm”, to pursue local development with the aim of leaving social positive impacts for the day after the mine and a local engagement to continuous and sustained development within the communities we work with. 4 & PATAGONIA GOLD#5Management & Directors TSXV:PGDC Christopher van Tienhoven Chief Executive Officer and Director Jorge Sanguin Chief Operating Officer Cristián López Saubidet Chief Financial Officer and Director Carlos J. Miguens Chairman and Director Tim Hunt Non-Executive Director Alexander (Sandy) Harper Director David Jarvis Director • • . . . Previously worked for the Anglo American Group in various countries, culminating as Country Manager and President of AngloGold Ashanti's Cerro Vanguardia mine. As well, he worked for Andean Resources Limited as Country Manager and Vice President for Argentina until 2010, when its main project Cerro Negro was sold to Goldcorp Inc. Before joining Patagonia, he had been dedicated to merger and acquisition opportunities in the junior mining sector in Latin America Held senior key positions in a number of mining operations in Argentina, including until February 2019 General Manager of Cerro Moro (Yamana Gold Inc.), Mining Manager at Manantial Espejo (Pan American Silver Corporation) and previously President and General Manager of Cerro Vanguardia (AngloGold Ashanti Limited) Involved with Patagonia since 2008, as Vice President of Patagonia Gold S.A. and other subsidiaries of Patagonia with 18 years of experience in Finance and Strategy Ex-VP Strategy and Analytics in HSBC's Consumer Lending Division and a Management Consultant for McKinsey & Co. Serves on the Boards of Central Puerto SA and San Miguel S.A., both listed companies on the Buenos Aires Stock Exchange Previously, President of Cerveceria & Malteria Quilmes, one of Argentina's largest brewing companies for 11 years, until its sale to Ambev President of MB Holding S.A. and a Director of a number of other companies. Mr. Miguens is a co-founder and Vice-President of Asociación Empresaria Argentina Founder and President of Huntwood Industries. Led the development of Huntwood Industries for the past three decades, taking the business from a start-up venture to a significant middle-market enterprise responsible for over $2B in sales. Previously spent time as an investment broker, cultivating lasting alliances in the mining and investment communities and has been involved in the mining sector for over 30 years, including those as founder of Hunt Mining, which has been active in Argentina for 14 years Started out at Merrill Lynch in London in the 1970s. He has since successfully been an independent international commodity trader, investor and consultant with long experience of doing business in the UK, Europe, USA, Latin America and West Africa. Mr. Harper is currently based in Argentina. Leon Hardy Director • • patagoniagold.com Mining operations executive with broad experience in the Americas and East and Central Asia. Worked as Superintendent, Mine Water Management for Newmont Gold, Mine Manager for Kumtor Operating Co., Centerra Gold, Kyrgyzstan, Production Manager, Nome Alaska for NovaGold Resources Inc., and Vice-President and General Manager for Coeur Mexicana, SA de C.V. Former COO and Senior Vice-President for Coeur Mining Inc. and has +40 years of technical and operational experience which includes 12 years in Latin America Registered professional engineer. He resided in Argentina for 5 years, while being the general manager of the Martha Mine and was instrumental from the initial start-up thru the 240 TPD Mill construction and subsequent full-scale operations 5 & PATAGONIA GOLD#6Capital Markets Profile Capital Structure Ticker Share Price (as of October 28, 2021) 52-Week High/Low Basic Shares Outstanding TSXV:PGCD C$0.05 C$0.045 C$0.195 - 467.1M Options 17.3M1 FD Shares Outstanding 484.4M Market Capitalization (Basic) C$23.4M Net Working Capital Deficit US$3.7M Long-Term Debt US$15.2M C$58.4M Share Price (Last 12 Months) Frequency: DAILY ....... il ... ...... Dec 2020 Feb 2021 Apr 2021 Jun 2021 Nov '20 I. ... Jan '21 Mar 21 May 21 Jul-21 Enterprise Value (Basic) 1. Includes 7,650,000 options with an exercise price of C$0.065/share expiring on September 25, 2024 and 9,600,000 options with an exercise price of C$0.16/share expiring on August 14, 2023 Share Ownership Management and Insiders Retail and Other patagoniagold.com 6 TSXV:PGDC Aug 2021 Sep 21 ון Oct 2021 65.5% 34.5% 0.15 0.1 0.05 1 000k Price Volume quotemedia & PATAGONIA GOLD#7Massive Property Portfolio across a Prolific Mineral Belt TSXV:PGDC Perito Moreno Bajo Caracoles Argentina Lomada de Leiva 40 LA PALOMA PROJECT Cose & CapOeste TRANQUILO PROJECT 43 Huevos Verdes-. TORNADO PROJECT Cerro Negro SAN AGUSTIN PROJECT LAS LAJAS PROJECT LAS MELLIZAS PROJECT SARITA PROJECT Las Heras BAJO POBRE PROJECT LOS TOLDOS LA ESPERANZA PROJECT LA VALENCIANA PROJECT PROJECT Pico Truncado Deseado Massif LA JOSEFINA PROJECT MANCHURIA PROJECT SANTA CATALINA PROJECT Gdor Gregores Mina Martha Manantial Espejo patagoniagold.com PRNEOS PROJECT Cerro Vanguardia Caleta Oliva MANCHA BLANCA PROJECT Las Calandrias Don Nicolas Puerto Deseado Tres Cerros Puerto San Julian Cerro Moro Atlantic Ocean 7 10.000 kms PATAGONIA GOLD PGSA-FOMICRUZ Amongst the largest landholders in one of the world's largest mineral regions (Deseado Massif) • Over 420 property interests in Argentina, Chile and Uruguay ⚫ Mineral rights to 67 property interests in Santa Cruz Province covering ~190,000 ha - Held by the Company's 95% owned Argentinian subsidiary, Patagonia Gold S.A. Patagonia is partnered with Fomicruz, whereby Fomicruz owns up to a 5% interest in certain projects and properties • 90 property interests covering ~215,000 ha outside of Santa Cruz Province - Held by its wholly owned Argentinian subsidiary Minera Minamalu S.A. Management and exploration team that is highly skilled in evaluating, exploring and developing projects in South America, with specific focus in Argentina & PATAGONIA GOLD#8Calcatreu Project • 41,800 ha property (100% interest) located ~80 km southwest of the town of Jacobacci in south central Rio Negro Province Easily accessible through highway with access to key regional infrastructure (rail, power and skilled labour) ⚫ Lies on the Somuncura Massif along the Gastre Fault System, a highly prospective NW-SE-oriented belt hosting many precious metal deposits across Chubut and Rio Negro Company has recently acquired over 100,000 ha along this belt High-grade, low sulphidation, epithermal gold-silver system Gold-silver mineralization outcrops from surface and is contained in quartz and calcite veins and stockwork between 1 m to 5 m in width At least 11 significant vein systems across the property • Vein 49, Nelson and Belen zones contained within a 2.5 km by 500 m area. Castro Sur contained within an area of 1.7 km by 100 m Most advanced is the Vein 49/Nelson system, which has been delineated over a 2.5 km strike with widths of up to 20 m Mineralization extends to depth of at least 370 m • Identified new epithermal veins less than 0.5 km from Calcatreu's current mineral resources • Advancing towards feasibility study in 2021. patagoniagold.com 8 TSXV:PGDC NI 43-101 Resource Estimate (December 2018) Category Ing. Jacobacci CANCE VETA 49 Calcatreu Project Zone Grade Indicated Inferred Vein 49 Nelson Castro Sur Total Vein 49 1.58 2.36 Tonnes 000s g/t Au g/t Ag g/t AuEq 000 oz Au 000 oz Ag 000 oz AuEq 6,447 2.45 21.01 2.71 1,383 1.51 16.94 1.72 2,010 1.40 14.77 9,841 2.11 19.83 Contained Metals 512 4,568 568 67 753 76 90 954 102 669 6,275 746 2,863 1.48 13.38 1.64 136 1,231 151 Nelson 1,448 1.42 14.66 Belen 681 1.61 23.32 Castro Sur 3,086 1.12 9.81 1.60 66 682 74 1.90 35 511 42 1.24 111 974 123 Total 348 3,399 390 8,078 1.34 13.09 1.50 Resource estimate prepared by Cube Consulting Pty Ltd. in a technical report with an effective date of December 31, 2018. Resource estimate shown is based on a cut-off grade of 0.5 g/t AuEq (using a US$1,300/oz gold price and US$16/oz silver price) AuEq values calculated using a 81.25 silver:gold ratio PATAGONIA GOLD#9Cap-Oeste Project • 81,000 ha property (95% interest) located in the Department of Rio Chico in the central portion of Santa Cruz Province Easily accessible via National Highway 40 and gravel roads Located in the western margin of the prolific Deseado Massif within a 6 km long structural corridor - Cap-Oeste deposit has been delineated over a 2 km strike to a maximum depth of 450 m Past-producing open pit, heap leach operation Since commercial production in Q4 2016 to Q1 2020, the open pit mine produced ~78K oz AuEq Open pit mining was suspending in July 2018 and placed on care- and-maintenance in February 2019 Continuing to extract gold from the leach pad. Over first 6 months of 2021, produced 3,573 oz AuEq at a cash cost of US$642/oz AuEq On November 23, 2020, received a provisional permit to proceed with underground mine development, in March 2021 received definitive environmental permit Initiated pre-feasibility studies on the mining of the high- grade, COSE-style mineralization below the current pit Expecting to utilize the Martha plant located ~100 km to the southeast. Achieved strong recoveries from bulk metallurgical tests - patagoniagold.com 9 TSXV:PGDC Potential underground development of COSE-style resource of 298K oz AuEq at 19.42 g/t AuEq NI 43-101 Resource Estimate (December 2018) Category Domain Tonnes Contained Metals Grade 000s g/t Au g/t Ag Indicated Oxide 1,963 1.06 32.7 COSE 478 12.62 472.4 67 g/t AuEq 000 oz Au 000 oz Ag 000 oz AuEq 1.53 2,063 97 19.42 194 7,257 298 Fresh 8,117 1.70 46.5 2.37 444 12,132 618 Inferred Oxide Total 10,558 2.07 528 63.2 2.99 704 21,453 1,013 0.68 23.1 1.01 11 393 17 Fresh 4,367 1.45 36.1 1.97 204 5,074 277 Total 4,895 1.37 34.7 1.87 215 5,467 294 Resource estimate prepared by Cube Consulting Pty Ltd. in a technical report with an effective date of December 31, 2018. Resource estimate shown is based on a cut-off grade of 0.5 g/t AuEq (using a US$1,100/oz gold price and US$16/oz silver price). AuEq values calculated using a 69.4:1 silver:gold ratio & PATAGONIA GOLD#10TSXV:PGDC Lomada de Leiva Project • Part of the 59,200 ha La Paloma property (95% ownership) located in Santa Cruz Province Recently announced plans to restart mining operations Commenced commercial production in 2013. Mine was closed in May 2016, while production from heap leach has continued - - Total of 1.9M tonnes of ore grading 1.97 g/t Au (121,100 oz Au) has - - been placed on the heap leach, with ~98, 100 oz recovered to date During peak production, Lomada produced -3,900 oz Au per month Company continues to recover ~300 oz Au per month from leaching Over the first 6 months of 2021, Lomada produced 1,117 oz Au at a cash cost of US$2,283/oz Au ⚫ Low sulphidation, epithermal gold system hosted in a NNE- striking, steeply ESE-dipping structure (Main Breccia) • Previous mining occurred from a portion of the Main Breccia over a 600 m strike, up to 20 m width and more than 150 m in depth Received a preliminary Environmental Permit for mining and leaching operations on October 8, 2020 • Mining operations restarted in December 2020. Announced restart of this high-grade, open-pit heap leach gold operation Image of the Lomada de Leiva mineral system, existing mine limits and potential new mineralization 2380900X 4797800 23810 4797900 23811 479800 + 23812 10 2381 100 m 100 m 47982x 4798300 Y N 238060 Current Lomada Pits Limits 4798400 Y Extension of the Main Breccia-hosted Mineralization Proposed Pit Lay-back & PATAGONIA GOLD patagoniagold.com 10#11TSXV:PGDC SAN JOSE MINE Ayelen Korpi Huevos Verdes TORNADO HURACAN Tornado & Huracán Gold Properties • Located ~60 km southeast of the town of Perito Moreno in the northwestern portion of the province of Santa Cruz, Argentina • • Largely unexplored ~7,900 ha property located between the multi-million ounce San José and Cerro Negro mines - Hochschild/McEwen Mining's San José mine produced 65K oz Au and 4.1M oz Ag in 2020. 2019 resource of 945K oz Au at 6.79 g/t Au and 53.8M oz Ag at 423 g/t Au Newmont's Cerro Negro mine is forecast to produce 270K oz Au in 2021. 2019 resource of 4.9M oz Au at 7.14 g/t Au and 33.6M oz Ag at 49.3 g/t Ag Covers multiple geological structures that are parallel or extensions of those at San Jose and Cerro Negro Initial 3,500 m drill program planned for Q4 2021/Q1 2022 (budget of US$1.5M) Drilling to focus on known geological features and trends that extend to the nearby mines Location of the Tornado and Huracán Properties in Santa Cruz province Chile Pto Moreno Argentina A Huevos Verdes A Cerro Negro Lomada de Leiva patagoniagold.com 11 5 Km San Marcos Mariana Camino COpalo-Guanaca Sole CERRO NEGRO PROJECT Vein Zone Bajo Negro Patagonia Gold Corp Newmont Goldcorp Minera Santa Cruz & PATAGONIA GOLD#12• Martha Mill and Project 7,850 ha property located ~50 km to the southwest of the city of Gregores in the province of Santa Cruz, Argentina - Access to surrounding lands totaling 35,700 ha - 100% owned and subject to a 2% NSR royalty to Royal Gold • 240 tpd (max capacity of 480 tpd) processing facility that includes • . • crushing, grinding and flotation plant - On-site infrastructure includes tailing facility, stockpiles, water tanks, diesel storage and generators, offices and employee living facilities Historic high-grade open pit and underground mine previously operated by Coeur, Yamana and Hunt Mining - From 2000 to 2012, the mine produced 31.4K oz Au and 24.2M oz Ag from 532K tonnes of ore (average grade of 1,418 g/t Ag and 1.84 g/t Au) In 2017, Hunt mined 26,000 tonnes at 771 g/t Ag and 1.01 g/t Au High-grade silver and gold hosted in quartz veins, veinlets and vein breccias across an extensive intermediate epithermal system Many high-grade vein targets within 5 km of the mill Intersected 1 m of 7,700 g/t Ag from the Veta del Medio system Conducted a 65-hole, 1,397.4 m RAB drill program in late 2019 over many near- surface (within 25 m) drill targets patagoniagold.com 12 TSXV:PGDC 240 tpd mill to process high-grade ore from the Cap Oeste project Historic Resource Estimate (year-end 2012) Category Tonnes 000s Grade M&I 51.8 g/t Au g/t Ag 0.6 465.3 Contained Metals oz Au 000 oz Ag 995 775 Inferred 185.2 0.16 162.8 963 969 Resource estimate prepared by Coeur Mining using a cut-off grade of 350 g/t AgEq & PATAGONIA GOLD#13Mina Angela Project . Largely unexplored 20,000 ha property in Chubut province, Argentina • Option to earn up to 100% (US$750K in remaining payments) . Part of the Somuncura Massif within the Gastre Fault System Ing. Jacobacci • • 48 km southeast of Calcatreu and 45 km northwest of the Navidad silver deposit (largest undeveloped silver project in the world) - - - Similar geological characteristics as Calcatreu Produced ~1.6M oz Ag from only two veins between 1978 and 1992 Mined 1.04M tonnes at 4.0 g/t Au, 48.4 g/t Ag, 2.0% Pb, 0.4% Cu and 4.6% Zn • Bonanza grade veins intersected in a 16-hole, 3,443 m drill program. completed in 1997/98 - Program drilled over a over a 4 km by 5 km area Intersected 1.36 m at 40.65 g/t Au, 1,773 g/t Ag, 1.79% Pb, 0.23% Cu and 10.06% Zn at a vertical depth of 65 m at the Sahuel vein system - Another hole ~65 m to west intersected 2.02 m at 6.69 g/t Au, 240 g/t Ag, 0.52% Pb, 0.04% Cu and 2.19% Zn Calcatreu Project Gastre Distance Angela Mine Calcatreu 48 kms patagoniagold.com 13 TSXV:PGDC Angela Mine RIO NEGRO CHUBUT Navidad Project Gan Gan Navidad 45.5 kms Patagonia Gold Corp. & PATAGONIA GOLD Distance Calcatreu-Angela Angela - Navidad 10 20 Km & PATAGONIA GOLD#14Other Projects La Manchuria • 50 km southeast of the Cap Oeste deposit · 5,594 ha • Santa Cruz province • 95% . ownership • La Josefina • 52,800 ha Santa Cruz province • 81% owned under JV with Fomicruz La Valencia • • • . . 29,600 ha • Santa Cruz • province JV between the Company and Fomicruz Sarita • 7,890 ha • Santa Cruz province September 2019 NI 43-101 resource estimate (based on 149 drill holes/22,200 m): - Indicated: 474K tonnes at 2.59 g/t Au and 129 g/t Ag containing 39.5K oz Au and 2.0M oz Ag Inferred: 1,836K tonnes at 1.30 g/t Au and 40 g/t Ag containing 76.5K oz Au and 2.4M oz Ag Cyanide leach tests indicate recoveries of up to 93% Au and 85% Ag Strong potential to expand resource along strike and at depth. There has been no drilling beyond resource areas September 2010 NI 43-101 resource estimate (based on 240 drill holes/37,499 m): - - M&I: 6,525K tonnes at 0.74 g/t Au and 13.1 g/t Ag containing 156K oz Au and 2.8M oz Ag Inferred: 452K tonnes at 0.45 g/t Au and 1.2 g/t Ag containing 6.5K oz Au and 18K oz Ag Four near-surface, low sulphidation, epithermal vein systems (remains open along strike and at depth) - - - Noreste: 28 km² area host to 3 zones. Past drilling focused on 1,300 m x 500 m area with avg. depth of 54 m Veta Norte: 1,500 m long and up to 3 m wide fissure vein system. Largest target is 300 m long, 2-3 m thick and 120 m deep Central: 8 vein-veinlet systems over 2 km². Veins are up to 3.5 m wide, 220 to 660 m long and drilled to depth of only 40 m Piedra Labrada: 2.5 x 5.0 km area host to zones that are up to 15 m wide and a few hundred metres long Located in the Deseado Massif and contiguous to the east of La Josefina Low-sulphidation, epithermal system containing gold, silver and base metals Gold and silver contained in quartz veins, stockworks and breccias 42 completed drill holes (~3,000 m) on four targets: Veta Principal; Stockwork La Valenciana; Veta Rosario and Stockwork La Florentina Subsequent exploration programs identified additional targets over 5.7 km of strike • Limited exploration to date, with majority of the property unexplored • • Located in the silver-rich, SW domain of the Deseado Massif, ~10 km NW of the Company's Martha mine and mill Widespread system (>10 km within a 4 km wide corridor) of banded, low sulphidation Au-Ag veins, encompassing a small rhyolitic dome complex - Gold and silver traced in outcropping quartz veins and vein breccias with widths of up to 3 m 100% - Similar geology and structures as the Martha Project ownership High grade gold (up to 83 g/t) and silver (15,444 g/t) from surface sampling patagoniagold.com 14 TSXV:PGDC G PATAGONIA GOLD#15Key Objectives for 2021/2022 Restart operations at Lomada de Leiva Drill 3,500 m at the Tornado & Huracán gold properties Complete Feasibility Study for the Calcatreu Project Continue with the closure of the Cap Oeste heap leach operations with residual production Drill Monte Leon target at Cap Oeste • Seek M&A opportunities in Argentina to expand the resource base. patagoniagold.com W#16SilverCrest $246 Compelling Value • TSXV:PGDC Patagonia trades at an EV/resource multiple of only C$28/oz AuEq, which is a 66% discount to the average of companies advancing epithermal precious metals deposits in the Americas Patagonia is amongst a small number of developers with a permitted mill that is forecast to achieve commercial production in 2021 EV/resource multiples of companies advancing epithermal precious metal deposits in the Americas (C$/oz AuEq) $931 $351 $234 $210 $183 $152 $150 $138 $130 $113 $110 $105 $99 $89 $81 $69 Candelari a Golden Minerals Silver Tiger AbraPlata GS Λ Note: gold equivalent resources calculated using spot metal prices as of January 29, 2021 of US$1,846/oz Au and US$27.02/oz Ag Source: company reports and Capital IQ for market data. As of January 29, 2021 patagoniagold.com 16 $60 $55 $51 $50 Weighted average = C$81 $39 $37 $36 $35 $33 $32 $30 $28 $26 $20 $16 $14 $8 Monarca Silver One West Vault Stroud Timberline Integra Southern Silver Aftermath Condor Defianc e Kootenay Getchell Patagonia Almaden Golden Tag Gunpoint Revival Paramount & PATAGONIA GOLD#17Contact Christopher van Tienhoven Chief Executive Officer T: +54 11 5278 6950 E: [email protected] Dean Stuart Investor Relations T: 403 617 7609 E: [email protected] PATAGONIA GOLD#18Global Resources TSXV:PGDC Company Project Ownership Cut-Off |Category | Tonnes 100% Basis Attributable Grade Contained Metals Contained Metals g/t AuEq 000s g/t Au g/t Ag g/t AuEq 000 oz Au 000 oz Ag 000 oz AuEq 000 oz Au 000 oz Ag 000 oz AuEq Calcatreu1 100% 0.50 Indicated 9,841 2.11 19.8 2.36 669 6,275 746 669 6,275 746 Inferred 8,078 1.34 13.1 1.50 348 3,399 390 348 3,399 390 Cap-Oeste² 95% 0.50 Indicated 10,558 2.07 63.2 2.99 704 21,453 1,013 669 20,380 962 Inferred 4,895 1.37 34.7 1.87 215 5,467 294 204 5,194 279 La Manchuria³ 95% 0.55 Indicated 474 2.59 129.2 3.53 40 1,969 54 38 1,871 51 Inferred 1,836 1.30 40.2 1.56 77 2,375 92 73 2,256 88 La Josefina4 81% 0.20 M&I 6,525 0.74 13.1 0.94 156 2,757 197 126 2,233 160 Inferred 452 0.45 1.2 0.46 7 18 7 5 14 5 Combined M&I Inferred 27,398 15,261 1.78 1.32 36.8 22.9 2.28 1.60 1,569 646 32,454 11,259 2,010 1,502 30,759 1,919 783 630 10,863 763 1. Resource estimate prepared by Cube Consulting Pty Ltd. in a technical report with an effective date of December 31, 2018. Resource estimate shown is based on a cut-off grade of 0.5 g/t AuEq (using a US$1,300/oz gold price and US$16/oz silver price) AuEq values calculated using an 81.25 silver:gold ratio 2. Resource estimate prepared by Cube Consulting Pty Ltd. in a technical report with an effective date of December 31, 2018. Resource estimate shown is based on a cut-off grade of 0.5 g/t AuEq (using a US$1,100/oz gold price and US$16/oz silver price) AuEq values calculated using a 69.4:1 silver:gold ratio 3. Resource estimate prepared by Mican International in a technical report dated September 27, 2019. Resource estimate shown is based on a cut-off grade of 0.55 g/t AuEq using a gold price of US$1,300/oz, silver price of US$18/oz and assumed recoveries of 95% Au and 60% Ag. AuEq values calculated using a 72.2:1 silver:gold ratio 4. Resource estimate prepared by UAKO Consultora Geológica in a technical report dated September 9, 2010. Resource estimate shown is based on a cut-off grade of 0.2 g/t AuEq. AuEq values calculated using a 66.7:1 silver:gold ratio patagoniagold.com 19 & PATAGONIA GOLD