What Patagonia Gold does

Patagonia Gold Corp is a precious metals mining and exploration company focused on gold and silver projects in southern Argentina, with corporate headquarters in Vancouver, British Columbia (2200 HSBC Building, 885 West Georgia Street) and listed on the TSX Venture Exchange under ticker PGDC. The company holds approximately 375 mining properties across roughly 895,500 hectares in Santa Cruz, Chubut, and Rio Negro provinces, making it one of the largest landholders in the prospective Deseado Massif region. Operating assets include the flagship Calcatreu project in Rio Negro (which commenced leaching operations in March 2026 and dispatched its first doré in June 2026), the Cap-Oeste and Lomada de Leiva heap leach mines in Santa Cruz, and the Martha Mill flotation facility. The company is led by Chairman/CEO Christopher van Tienhoven (25 years mining experience, formerly of Anglo American and Andean Resources) and CFO Cristián López Saubidet.

The company's technology stack is built on conventional extractive metallurgy: heap leaching with carbon-in-column gold recovery at Calcatreu, Cap-Oeste, and Lomada de Leiva, complemented by a 480 tonne-per-day crushing-grinding-flotation plant at Martha Mill. Exploration targets low-sulfidation epithermal gold-silver vein systems, with a substantial proprietary drilling database exceeding 225,000 meters across key projects. The business model is purely transactional commodity production — doré bars are sold directly to refiners (Asahi Refining Ltd. is the named refiner for Calcatreu output) at prevailing spot prices, with no proprietary pricing power and full exposure to precious metals price cycles. Capital allocation is dominated by long-cycle mine development (US$250M invested at Calcatreu), exploration expenditure (~US$2M in 2025), and acquisition-driven portfolio consolidation, including the 2018 Calcatreu purchase from Pan American Silver for US$15M and the 2019 reverse takeover of Hunt Mining Corp.

Name

Patagonia Gold

Legal name

Patagonia Gold Corp

Website

https://patagoniagold.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Patagonia Gold Corp is a precious metals mining company in southern Argentina producing gold and silver doré for refiners. The company holds approximately 375 mining properties across three Argentine provinces, with its flagship Calcatreu project commencing production in 2026.

Ownership category

akta.pro rank

Product category

Gold and Silver Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Mining (except Oil and Gas) (212)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Silver Mining (IMAKAEAB)

Keywords

• Gold mining operations
• Silver mining operations
• Precious metals exploration
• Mineral resource development
• Heap leach processing

Headquarters

HQ city

Buenos Aires

HQ country

Argentina

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Gold and Silver Production Sales: Patagonia Gold generates revenue primarily through the production and sale of gold and silver. The company produces gold equivalent ounces from its operating mines (Cap-Oeste, Lomada de Leiva) and its flagship Calcatreu project which commenced production in 2026. Doré bars are sold to refiners. Q1 2026 revenue was US$2.1 million from Cap Oeste residual operations.
2. Exploration and Development: The company invests in exploration to grow its mineral resource base. While not a direct revenue stream, successful exploration leads to development of new production sources. The company spent approximately US$2 million on exploration across Santa Cruz and Rio Negro provinces in 2025.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Patagonia Gold is a mining and exploration company focused on the acquisition, exploration, development, and production of gold and silver projects in southern Argentina. The company extracts precious metals from multiple mine properties in Santa Cruz, Chubut, and Rio Negro provinces using heap leaching and flotation processing, and sells the resulting gold and silver doré bars directly to refiners.

Product overview

Patagonia Gold Corp is a mining and exploration company focused on gold and silver projects in southern Argentina. The company operates multiple mining properties including the flagship Calcatreu Project (development stage, Rio Negro Province) and producing assets such as Cap-Oeste, Lomada de Leiva, and Martha Mill (Santa Cruz Province). The portfolio also includes advanced exploration projects like La Manchuria, La Josefina, Mina Angela, and various other exploration properties in the prospective Deseado Massif region. The company's operations utilize heap leaching and flotation processing technologies for precious metal recovery.

Differentiator

Problem solved

Functional benefit

Products and services

• Calcatreu Project Flagship development-stage gold and silver project in Rio Negro Province, Argentina, with indicated mineral resources of 669,000 gold ounces and 6.275 million silver ounces. Processed via heap leaching with carbon-in-column gold recovery. First doré dispatch (518 gold equivalent ounces) sent to Asahi Refining Ltd. in June 2026.
• Cap-Oeste Mine Operating gold and silver mine in Santa Cruz Province producing via heap leaching, with approximately 80,000 gold equivalent ounces produced since inception. Includes focus on evaluating the higher-grade COSE-Style zone containing approximately 300,000 oz AuEq at 19 g/t AuEq amenable to cyanide extraction.
• Lomada de Leiva Mine Operating gold mine in Santa Cruz Province featuring a classic low-sulfidation epithermal mineral system. Approximately 98,100 ounces of gold have been recovered by heap leaching from 1,914,400 tonnes of mined material since inception.
• Martha Mill and Property Silver and gold mine and processing facility in Santa Cruz Province featuring a 480 tonne per day crushing, grinding, and flotation plant. Acquired through the 2019 Reverse Takeover of Hunt Mining Corp.
• La Manchuria Project Advanced gold and silver project in central-west Deseado Massif, Santa Cruz Province, featuring classic low-sulfidation epithermal Au-Ag mineralization with localized bonanza grades. 100% owned by Patagonia Gold S.A., 33,000 hectare land package, with over 22,200m of historical drilling.
• La Josefina Project Joint venture project between Cerro Cazador S.A. (wholly owned subsidiary of Patagonia Gold) and Fomicruz S.E. in Santa Cruz Province. Covers 528 sq. km of mineral concessions with low to intermediate sulfidation epithermal gold and silver vein systems, with 62,500m and 540 holes of historical drilling.
• Mina Angela Property Historic mine property in Chubut Province, Argentina, located along the same mineralized corridor between Navidad and Calcatreu deposits. Precious and base metal mineralization occurs within low to intermediate sulfidation veins.
• La Valenciana Property 296 square-kilometer exploration property in Deseado Massif bordering Newmont's Las Mellizas Project and Pan American Silver's Joaquin Project, featuring epithermal gold and silver vein systems.
• Bajo Pobre Property

Quantifiable outcome

• Calcatreu achieved first gold production approximately 15 months after receiving permits in November 2024
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Asahi Refining Ltd.coreTechnology or Integration · 8 June 2026Asahi Refining Ltd. is the refinery that processes gold and silver doré produced from Patagonia Gold's Calcatreu project. The first doré dispatch of 518 gold equivalent ounces was sent to Asahi Refining following commencement of leaching operations.
• Fomicruz S.E.coreStrategic or Co-development PartnerFomicruz S.E. is the Santa Cruz provincial mining company and joint venture partner with Patagonia Gold. In 2011, Fomicruz contributed properties to Patagonia Gold in exchange for a 10% participation in the overall portfolio. Fomicruz holds a 5% interest in all Santa Cruz Province mineral interests and a 90% interest in La Manchuria Sur joint venture.
• Latin Metals Inc.minorStrategic or Co-development PartnerPatagonia Gold entered into an option agreement with Latin Metals to acquire Mina Angela located in the northern part of Chubut Province. In March 2021, the company exercised its option subject to certain terms. Mina Angela is an historic mine along the same mineralized corridor between Navidad and Calcatreu.
• Pan American Silver Corp.minorStrategic or Co-development PartnerPatagonia Gold acquired the Calcatreu gold-silver project from Pan American Silver in January 2018 for US$15 million. The project provides the opportunity to develop a larger, longer life asset in a new, prospective jurisdiction.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Pan American Silver Corp. Major silver and gold producer with operating mines across Latin America, including the Joaquin project in Santa Cruz province directly adjacent to Patagonia Gold's La Valenciana property. Sold the Calcatreu project to Patagonia in 2018 for US$15M, making it both a strategic partner and the most directly comparable Argentine operator by virtue of overlapping geological footprint.
• Newmont Corporation: Largest gold mining company globally with operations including the Las Mellizas project in the Deseado Massif, which borders Patagonia Gold's La Valenciana property. Provides a reference point for senior large-scale epithermal gold/silver producers operating in the same Argentine geological terrane as Patagonia.
• Hochschild Mining PLC: London-listed precious metals miner with significant underground silver-gold operations in South America, including the San José mine in Argentina (now under joint venture). Comparable as a senior Latin American precious-metals operator with heap-leach and underground mining experience relevant to Patagonia's portfolio.
• Fortuna Silver Mines Inc. Mid-tier silver and gold producer with Latin American operations including the Lindero mine in Argentina. Comparable given diversified precious-metals production model across multiple jurisdictions and a meaningful Argentine operating footprint that overlaps with Patagonia's regional knowledge base.
• Yamana Gold Inc. (now part of Agnico Eagle / Pan American Silver): Was a senior gold producer with significant Argentine assets (now divested following 2022–2023 transactions). Historical relevance as a mid-tier precious metals operator active in the same Deseado Massif / southern Argentina region, providing a comparable scale and operating model benchmark.
• Eldorado Gold Corporation: Mid-tier gold producer with operations across Europe, Brazil, and Turkey. Comparable as a precious-metals miner of similar scale that has historically pursued development-stage projects, though with limited Argentine exposure; serves as a useful benchmark for development-stage gold producer economics.
• SSR Mining (formerly Silver Standard Resources): Mid-tier precious metals producer operating gold and silver mines across the Americas, including the Puna operations in Argentina. Comparable given the multi-asset precious metals model with both production and development exposure in jurisdictions similar to Patagonia's footprint.

Direct peers

• Austral Gold: Australian-listed precious metals producer focused on the Deseado Massif in Santa Cruz province, Argentina, with operating mines including the Casposo-Manantiales complex. Direct peer given the shared low-sulfidation epithermal gold/silver geology, similar asset scale, and overlapping Santa Cruz operating jurisdiction.
• McEwen Mining Inc. Mid-tier gold and silver producer with operations including the San José mine in Santa Cruz province, Argentina. Highly comparable given parallel focus on epithermal precious metals in the same province, similar market cap scale (TSX/NYSE American-listed), and shared offtake economics via dore sales to refiners.

Emerging players

• Latin Metals Inc. Junior exploration company with mineral rights in Argentina and South America. Comparable given shared Argentine exploration focus, with a direct transactional relationship (Patagonia Gold exercised its option to acquire the Mina Angela property from Latin Metals in March 2021).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/patagoniagold
• LinkedInlinkedin.com/company/patagonia-gold-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Patagonia Gold