Formerly named HPD Exploration Plc, the Company was originally incorporated in 2000 as a wholly owned subsidiary of Brancote Holdings Plc in order to hold exploration projects other than its Esquel Gold Project in Argentina. Brancote Holdings Plc proceeded to demerge its subsidiary by way of an offer to shareholders and HPD Exploration Plc traded on OFEX from January 2001. Brancote Holdings Plc was subsequently acquired by Meridian Gold Inc. in July 2002 for US$368 million. HPD Exploration Plc changed its name to Patagonia Gold Plc and took a major step towards development of its holdings by listing on the AIM market of the London Stock Exchange in March 2003.
In 2007, Patagonia Gold acquired Barrick’s properties in the Province of Santa Cruz and in 2011 an agreement was entered into with the provincial mining company, Fomicruz whereby Fomicruz contributed a number of properties to Patagonia Gold in exchange for a 10% participation in the overall portfolio of properties in Santa Cruz.
The Company now holds approximately 350,000 hectares of mining properties in the Province of Santa Cruz, located in the Deseado Massif and approximately 420,000 hectares of mining properties in the Province of Chubut, primarily in the vicinity of Pan American Silver’s Navidad world class silver project and Yamana’s Esquel project. In addition, the Company holds 20,000 hectares of properties in Rio Negro Province and in May 2017 entered into an Option Agreement with Pan American Silver to acquire the Calcatreu gold/silver project, a transaction that was completed in January 2018.
In 2016, Patagonia Gold optioned several mining properties in Uruguay through an agreement with Trilogy Mining Corporation.
Today the Company’s flagship project is its new acquisition, Calcatreu which has a AuEq resource of over one million ounces. Mining has ceased at Lomada de Leiva, a small heap leach operation, as it has come to the end of its life. However, the Company has decided to reprocess the ore on the leach pad as originally it was never crushed and it is estimated that a further 10,000 oz can now be recovered. The Company currently has one producing open pit mine, Cap-Oeste. Below the Cap Oeste open pit sits a high grade resource containing approximately 300,000 ozs AuEq at an average grade of 20 g/t.
In addition, the Company has a pipeline of other projects and exploration targets which should provide the foundation for its growth into the next decade.