Patagonia Gold Reports Strong Q2 2024 Financial Performance
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Patagonia Gold Reports Strong Q2 2024 Financial Performance
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) has announced its financial results for the quarter ended June 30, 2024 (“Q2 2024”). The financial statements, along with the management’s discussion and analysis, are available on the Company’s website and under the Company’s profile on SEDAR+.
Financial Highlights of Q2 2024
During Q2 2024, Patagonia Gold showcased remarkable achievements that position the Company for sustainable growth and value creation.
Revenue Generation
The Company generated revenue of US$2.6 million in Q2 2024, highlighting its effective operational strategies and market presence. This significant revenue underscores the Company’s commitment to enhancing its financial standing and providing solid returns to its investors.
Gold Production and Sales
In terms of output, Patagonia produced 761 gold equivalent ounces and sold 1,107 gold equivalent ounces during the same quarter. This production efficiency illustrates the effectiveness of the Company’s operations and the ongoing dedication to optimizing its resource extraction methods.
Exploration and Development Expenditures
Patagonia made substantial investments in exploration during Q2 2024, with exploration expenditures amounting to US$0.7 million. This investment reflects the Company’s strategic focus on discovering new resources and enhancing its existing projects.
Diamond Drilling Program
A key highlight within the exploration efforts was the completion of a diamond drilling program at the Abril target. The program aimed to test the extension of mineralization identified in earlier reverse circulation drill holes. A total of 284.2 meters were drilled, all as HQ-diameter core, and 289 samples were collected. Assay results displayed a significant range in gold values, indicating the potential for further discoveries in the area.
Qualified Technical Review
Donald J. Birak, an independent consulting geologist and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this report. Such independence and expertise lend credibility to the disclosures made by Patagonia Gold.
About Patagonia Gold Corp.
Patagonia Gold Corp. is a publicly traded mining company focused on exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily dedicated to the Calcatreu project and the development of the Cap-Oeste underground project. Through its subsidiaries or option agreements, Patagonia holds mineral rights to over 430 properties across multiple provinces, making it one of the largest landholders in Santa Cruz, Argentina.
Frequently Asked Questions
What were Patagonia Gold's revenues for Q2 2024?
Patagonia Gold generated revenues of US$2.6 million in Q2 2024.
How many gold equivalent ounces did Patagonia produce and sell in Q2 2024?
The Company produced 761 gold equivalent ounces and sold 1,107 gold equivalent ounces in Q2 2024.
What was the exploration expenditure for the quarter?
Patagonia incurred exploration expenditures of US$0.7 million during Q2 2024.
What is the focus of Patagonia Gold's operations?
Patagonia Gold focuses on gold and silver exploration and development projects, primarily in Argentina's Patagonia region.
Who reviewed the technical information for this report?
Donald J. Birak, an independent consulting geologist, reviewed and approved the scientific and technical information.
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