Closing of Conversion of Director Fees

VANCOUVER, Jan. 25, 2023 - Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV: PGDC) announces the closing of the conversion of the director fees (the "Director Fee Conversion") previously announced on January 10, 2023. Pursuant to the Director Fee Conversion, the Company converted an aggregate of US$50,408 of debt owed to certain former directors of the Company and issued 4,495,049 common shares (the "Settlement Shares") to the former directors at price of $0.0150 per share. The Settlement Shares are subject to a four month and a day hold period, expiring May 25, 2023.

About Patagonia Gold

Patagonia Gold Corp. is a South America focused, publicly traded mining company listed on the TSXV. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 430 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.