Patagonia Gold Corp. Overview
Patagonia Gold Corp. is an Argentina-focused, TSX Venture-listed gold-silver junior that has just crossed from explorer to producer. Its flagship Calcatreu heap-leach operation in Río Negro Province — the first precious-metals mine developed in that province — began leaching in April 2026 and shipped its first doré to Asahi Refining in June 2026. A September 2026 PEA by NCL Ingeniería y Construcción outlines a ~16-year mine life, US$334 million after-tax NPV(10%) and 282% IRR at US$3,500/oz gold. Behind Calcatreu sits one of the largest land positions in Santa Cruz's Deseado Massif (approximately 375 mineral properties), including the Cap-Oeste underground opportunity, the idle 480 tpd Martha flotation mill, and partner-funded exploration with Newmont (Tornado-Huracán) and Astra Exploration (La Manchuria). The investment case is a leveraged, high-beta bet on gold prices, Calcatreu ramp-up execution and Argentine jurisdictional stability, offset by a stretched balance sheet dependent on a related-party lender and a minority preferred-equity partner.
Company's own description
In its 2025–2026 disclosure the company describes itself as a South America-focused, publicly traded mining company that seeks to grow shareholder value through exploration and development of gold and silver projects in Argentina's Patagonia region, primarily focused on Calcatreu (Río Negro) and the development of the Cap-Oeste underground project, holding mineral rights to over 375 properties and ranking among the largest landholders in Santa Cruz Province (FY25 PR; 21 August 2026 PR). The Q2-26 MD&A defines the company as a mineral exploration and production company engaged in exploration and exploitation of mineral resources and reserves in the Santa Cruz, Río Negro and Chubut provinces of Argentina.
A critical self-characterisation in the MD&A: on some properties, production and sales of gold and silver occur without established mineral reserves, the economic viability of the operations has not been established, and the projects therefore remain classified as exploration-stage despite generating revenue (Q2-26 MD&A).
Business model
| Dimension | Characterisation |
|---|---|
| Revenue model | 100% product sales — gold and silver doré (and historically concentrate from Martha until April 2020). No services, subscriptions or licensing |
| Revenue mix (H1 2026) | Calcatreu 32.5% / Cap-Oeste residual leaching 67.5% of US$6.611M revenue (derived from Q2-26 MD&A segment data) |
| Value-chain position | Upstream: exploration → permitting → open-pit mining → crushing/heap leach → carbon-in-column (CIC) → doré. Refining outsourced (Asahi Refining Canada, Ontario) |
| Customers | Refiners/bullion purchasers; at 30 June 2026 and 31 December 2025, two customers made up the entire trade receivables balance (Q2-26 MD&A) |
| End-market | Global gold and silver bullion markets (investment, central bank, jewellery and industrial demand), accessed at spot without hedging (company does not use derivatives to hedge metal prices — Q2-26 MD&A) |
| Secondary value levers | Farm-outs/options of non-core ground to majors and juniors (Newmont, Astra, earlier Monte León partner) generating cash option payments, carried interests and NSR royalties |
Independent characterisation
Patagonia Gold is best characterised as a single-asset emerging producer with a large optionality portfolio. Economically, the business through 2025 was a "harvest" operation — residual leaching of depleted Cap-Oeste heaps producing ~2,200 AuEq oz per year at cash costs that, by H1 2026, exceeded the realised gold price (US$4,621/oz cash cost vs US$4,560/oz realised — Q2-26 MD&A). The equity story has now fully pivoted to Calcatreu, which turns the company from a cash-consuming explorer into a potential ~30,000 oz/yr-scale producer (483 koz Au over ~16 years per PEA, i.e. ~30 koz/yr average — derived). The capital structure is unusual: the controlling family (Miguens) has funded the company through a US$50M related-party loan facility (Cantomi) and a US$40M preferred-equity investment at the Calcatreu holding-company level (Black River Mine Inc.), giving the controlling shareholder senior economic claims on Calcatreu cash flows ahead of public common shareholders.
Strategy
Stated strategy themes (paraphrased from company disclosure)
-
Grow shareholder value through exploration and development of gold and silver in Argentine Patagonia (all PRs, 2025–2026).
-
Primary focus on Calcatreu (Río Negro) and the Cap-Oeste underground project (FY25 PR).
-
Capital-management objectives (Q2-26 MD&A): ensure going-concern ability; fund projects preferably from equity placements rather than long-term borrowings (in practice, the opposite has occurred); increase asset value; deliver returns when assets reach production — "either with partners or by the Company's means".
-
Portfolio rationalisation: ranking and prioritising the ~375-property portfolio (Riveros appointment PR, 15 Jun 2026); farming out non-core assets (Astra, Newmont) to focus on material projects (Q2-26 MD&A).
Strategic initiatives — last 24 months
| Initiative | Date | Description | Status |
|---|---|---|---|
| Calcatreu construction & ramp-up | Q4 2024 – 2026 | Heap leach pad, CIC plant (relocated from Lomada), camp; first leaching Apr 2026; first doré Jun 2026 | Ramp-up; elution/EW/doré furnace circuits targeted early Q4 2026 |
| Calcatreu financing (BRM) | Apr–May 2025 | US$40M preferred shares in PGI | Closed 30 May 2025 |
| Cantomi facility expansions | Dec 2024 – Dec 2025 | US$35M→40M→45M→50M; maturity extended to 31 Dec 2027 | In place; US$53.5M owed at 30 Jun 2026 |
| Calcatreu PEA & MRE update (NCL) | Engaged Q3 2025; released 28 Sep 2026 | ~16-yr LOM, NPV10 US$334M | Technical report due on SEDAR+ within 45 days |
| Calcatreu near-mine exploration | 2025–2026 | Belén, Nelson West, NVS, Piche Sur/Norte, Laguna; Q2 2026 intercepts incl. 10 m @ 10.7 g/t Au (BEL-032-R) | Ongoing |
| International Cyanide Code | Q1 2026 | First ICC auditor review of compliance steps | In progress |
| Cap-Oeste underground evaluation | Ongoing since 2020 | IP geophysics (12 + 8 lines) Q1–Q2 2026 between Cap-Oeste and COSE | Study stage |
| Portfolio farm-outs | 2024–2025 | Astra (La Manchuria), Newmont (Tornado-Huracán) | Astra earned 80%; Newmont option active |
| Chubut consolidation | Oct 2024; 2026 | Gastrenor Block acquisition; Sahuel prospecting EIA approved | Early-stage |
| Exploration team strengthening | Jun 2026 | Principal Geologist appointment | Done |
Guidance / targets
The company does not publish formal production or cost guidance. Forward-looking items disclosed: completion of elution, electrowinning and doré furnace circuits in early Q4 2026; Lomada closure finalisation in Q4 2026; filing of the NI 43-101 PEA technical report within 45 days of 28 Sept 2026 (Q2-26 MD&A; PEA PR). The PEA projects LOM cash costs of US$2,139/oz and AISC of US$2,246/oz. Third-party (non-company) figures attributed to provincial/industry sources include cumulative Calcatreu exports of ~US$1.8bn between 2026 and 2033 and ~256,700 oz of gold over five years (iProfesional, June 2026) — unconfirmed by the company and inconsistent with the PEA's 16-year, 483 koz LOM; treat with caution.
Products & Services
For a mining issuer the "product catalog" is the portfolio of mineral assets and the metals they yield. Products: gold-silver doré (Calcatreu, Cap-Oeste); historically gold-silver concentrate (Martha). Pricing is spot-linked, unhedged.
Producing / near-producing assets
| Asset | Province | Status | Key specifications | Mineral resources / economics | Royalties / encumbrances |
|---|---|---|---|---|---|
| Calcatreu (flagship) | Río Negro | Producing (leaching since April 2026; first doré June 2026) | Low-sulphidation epithermal Au-Ag; open pit (Veta 49 first pit) → crushing → heap leach → CIC → doré; elution/electrowinning/doré furnace circuits estimated complete early Q4 2026; property ~62,900 ha, >100,000 ha held along the Gastre belt | 2026 MRE: M+I 6.774 Mt @ 2.53 g/t Au, 23.1 g/t Ag (552 koz Au, 5.03 Moz Ag); Inferred 6.441 Mt @ 1.54 g/t Au, 15.5 g/t Ag (319 koz Au, 3.21 Moz Ag). PEA: ~16-yr LOM, 483 koz Au + 3.25 Moz Ag recovered | Effective 60% to Patagonia via PGI; BRM preferred waterfall (see §6, §11) |
| Cap-Oeste | Santa Cruz (El Tranquilo block) | Residual heap leaching; open pit depleted; care & maintenance since Feb 2019 | 1.2 km delineated strike within 6 km NW structural corridor; definitive underground environmental permit (Mar 2021); underground "COSE-style" high-grade portion under evaluation, possibly trucked ~100 km to Martha mill | CUBE Dec 2018: M+I 10.557 Mt @ 2.07 g/t Au, 63.2 g/t Ag (1.013 Moz AuEq); Inferred 4.895 Mt (294 koz AuEq). Website cites ~300 koz AuEq underground at nearly 20 g/t AuEq | Fomicruz 5% interest in Santa Cruz assets |
Processing infrastructure
| Asset | Description | Status |
|---|---|---|
| Martha mine & mill | ~7,850 ha concessions plus ~35,700 ha surface ranch access; 480 tpd (maximum) crushing-grinding-flotation plant, tailings facility, camp; acquired from Coeur Mining 2016 | Care & maintenance since April 2020; intended hub for Cap-Oeste underground, Martha, La Josefina feed. Royal Gold 2% NSR; provincial 3% pit-head royalty |
| Calcatreu CIC plant | Relocated and refurbished from Lomada de Leiva | Installed; operating |
| Calcatreu camp | Dining for 140 people commissioned (Jan 2026) | Operating |
Closure assets
| Asset | Status | Reclamation obligation (30 Jun 2026) |
|---|---|---|
| Lomada de Leiva | Mine closed May 2016; closure activities from 2024; heap rinsed; field work suspended for winter May 2026, to be finalised Q4 2026 | US$0.29M |
Exploration portfolio (project by project)
| Project | Province | Area / scope | Stage & latest work | Commercial arrangement |
|---|---|---|---|---|
| La Manchuria | Santa Cruz | ~2,000 ha mapped; Micon 2019 MRE: Ind. 474 kt @ 2.59 g/t Au, 129 g/t Ag (53.9 koz AuEq); Inf. 1.836 Mt (92.4 koz AuEq) | Astra Phase III (16 holes, 5,176 m) complete; assays expected Q3 2026 | Astra earned 80% post-30 Jun 2026; Patagonia 20% carried until ≥1 Moz AuEq resource; retains 28,200 ha Manchuria Sur |
| La Josefina | Santa Cruz | 52,800 ha | 225 surface samples Q2 2026 (North Vein window); infill RC 2023 up to 18.2 g/t Au | Fomicruz Dec-2021 agreement; 5% NSR to Fomicruz; US$5M two-year exploration commitment |
| La Valenciana | Santa Cruz | ~29,600 ha; 5.7 km mapped veins | 15 IP-Res lines (9,800 m) programmed Q2 2026 | Fomicruz 5% NSR |
| Abril | Santa Cruz | ~2,000 ha south of Martha; ~8 line-km of structures | RC (2022) up to 880 g/t Ag; DDH 2023–24 | Fomicruz 2% NSR |
| Sarita | Santa Cruz | >12 km vein system, ~10 km NW of Martha | Rock chips up to 83.4 g/t Au and 15,444 g/t Ag; no work in H1 2026 | — |
| Monte León (El Tranquilo) | Santa Cruz | ~12 km S of Cap-Oeste | 34 DDH (5,500.67 m) in 2023 under farm-in | Farm-in partner (private, arm's length) up to 50% |
| Don Pancho (El Tranquilo) | Santa Cruz | — | 2024 RC drilling concluded insufficient resources for mining | — |
| Las Mellizas – La Esperanza | Santa Cruz | ~30,000 ha | Ground magnetics 2025–Q1 2026; 225 reconnaissance samples | 1.5% NSR to Newmont |
| Tornado & Huracán (+ El Diablo) | Santa Cruz | NW Deseado Massif near San José and Cerro Negro | Newmont AMT survey Q2 2026; drill targets for 2027 | Newmont option: US$1.5M over 6 yrs; exercise US$1M + sliding NSR 1–2% to Patagonia |
| Bajo Pobre | Santa Cruz | 3,190 ha | No significant results (2020) | — |
| El Gateado | Santa Cruz | 4,000 ha | Inactive | — |
| Wendy | Santa Cruz | 5,213 ha | Inactive | — |
| Mina Angela / Sahuel / Gastrenor | Chubut | >52,000 ha incl. Gastrenor 15,494 ha | EIA for prospecting approved Q1 2026; 40 samples; DM Sahuel 1 & 2 filed | Latin Metals 1.25% NSR (half buyable for US$1M); Ciminas 1% + third party 0.25% NSR; deferred payments contingent on Chubut allowing mining |
| Co. Blanco–La Suerte, Tamariscos, El Morro, Laguna, Barda de la Lechuza | Río Negro | Regional | ~9 km hydrothermal system with up to 9.79 g/t Au and 337 g/t Ag at Co. Blanco–La Suerte (Q1 2026) | — |
| San José | Uruguay | — | Included in corporate segment | — |
Financial Narrative
Data provenance: FY2023–FY2025 revenue, net loss and balance sheet totals are from the company's Selected Annual Information (Q2-26 MD&A). Line items not in that table (gross profit, operating income, cash flow, debt split) are from S&P Global Market Intelligence via StockAnalysis.com and should be treated as standardised aggregator data. All figures US$ millions unless stated.
Income statement
Sources: S&P/StockAnalysis (income statement lines); EPS derived by dividing attributable net loss by period-end shares (~465–467M). Company-reported FY2025 quarterly loss per share summed to US$(0.015). EBITDA is a lower-bound add-back because additional depreciation sits within cost of sales (cash-flow D&A was 5.21/3.16/2.04/1.76 for FY2021–FY2024).
Company-reported net loss (total, including non-controlling interest):
Source: Q2-26 MD&A, Selected Annual Information. The difference vs. S&P attributable figures reflects non-controlling interests.
Margins and growth
Revenue CAGR FY2021→FY2025: -16.0% per year (derived: (9.01/18.10)^(1/4) − 1).
Commentary. The five-year income statement is the profile of a mine in run-off. Revenue halved from FY2021 to FY2023 as Cap-Oeste and Lomada heap-leach pads depleted, and the gross line turned negative in FY2022–FY2023 as fixed site costs were spread over shrinking ounces. The FY2024–FY2025 stabilisation (revenue ~US$9M) owes almost everything to price, not volume: gold rose sharply while production stayed at roughly 2,200 AuEq oz in FY2025 (FY25 PR). FY2025 gross margin recovery to 18.5% is therefore price-driven and fragile — by H1 2026, Cap-Oeste cash costs (US$4,621/oz) exceeded its realised price (US$4,560/oz). The other striking trend is the steady rise in interest expense (US$1.4M in FY2021 to US$3.5M in FY2025) as the Cantomi facility expanded, so even an operating break-even would leave the company loss-making below the line. Exploration spending was cut by ~65% from FY2022 to FY2025 as cash was redirected to Calcatreu construction. The inflection is FY2026: H1 2026 revenue was US$6.611M (+57% YoY) with Calcatreu contributing from June.
Quarterly trajectory
TTM to 30 June 2026 (derived): revenue US$11.39M; net loss US$10.00M.
Production (gold-equivalent ounces)
Sources: quarterly PRs (Q1–Q3 2025), FY25 PR (FY2025 totals 2,172 produced / 2,678 sold), Q2-26 MD&A (Q2 and H1 2026). Q4-2025 and Q1-2026 derived by subtraction. FY2025 production comprised 1,265 oz Au and 80,798 oz Ag; Au:Ag ratio 85.25:1 (FY25 PR).
H1 2026 Calcatreu production: 1,960 AuEq oz (1,934 oz Au; 1,780 oz Ag) at cash cost US$2,494/oz (US$2,842/oz incl. depreciation); sold 515 AuEq oz at US$4,169/oz (Q2-26 MD&A).
Balance sheet
Sources: S&P/StockAnalysis; FY2023–FY2025 total equity and working capital match company Selected Annual Information (Q2-26 MD&A).
Commentary. The balance sheet transformed in FY2025: total assets nearly doubled (US$51M → US$94M) as the BRM US$40M preferred investment funded Calcatreu construction, and equity swung from a deficit of US$4.9M to US$29.2M — but US$9.8M of that FY2025 equity is non-controlling interest (S&P), i.e. belongs to BRM rather than common shareholders. Liquidity deteriorated sharply in H1 2026: cash fell to US$257K, current debt jumped to US$15.8M (pre-export financing from Argentine banks), and the working-capital deficit widened to US$17.6M. Goodwill (US$4.0M) and intangibles (~US$15.5M) are largely legacy RTO/mineral-right balances.
Cash flow
Source: S&P/StockAnalysis.
Commentary. The company has not generated positive free cash flow in any of the last five reported years; cumulative FCF FY2021–FY2024 was approximately −US$24.9M (derived), funded overwhelmingly by the controlling shareholder's loan facility and, in 2025, by BRM preferred equity. H1 2026 operating outflow widened as gold-on-carbon inventory built up at Calcatreu (inventories +US$4.9M) — a working-capital investment that should reverse as elution/electrowinning circuits complete in early Q4 2026.
Ratios
All ratios derived from S&P/StockAnalysis data. FY2024 debt/equity is negative because equity was in deficit; ROE for FY2024 is not meaningful. ROIC and net debt/EBITDA are not meaningful (negative operating profit and EBITDA in every year). Cash conversion cycle is not meaningful for a doré seller with two refiner customers and is not disclosed. 30 June 2026 current ratio: 0.36x (derived: 9.846/27.415).
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View Subscription PlansFinancial Detail
Group Entities
| Entity | Jurisdiction | Ownership | Functional currency | Purpose |
|---|---|---|---|---|
Patagonia Gold S.A. (PGSA) | Argentina | 95% (Fomicruz minority) | US$ | Production & exploration (Santa Cruz) |
Minera Minamalu S.A. | Argentina | 100% | US$ | Exploration |
Huemules S.A. | Argentina | 100% | US$ | Exploration (holds Gastrenor Block) |
Leleque Exploración S.A. | Argentina | 100% | US$ | Exploration |
Patagonia Gold Limited (formerly Patagonia Gold Plc) | UK | 100% | GBP | Holding |
Patagonia Gold Canada Inc. (PGI) | Canada | 60% (BRM holds 40% via preferred shares) | CAD | Holding company for Calcatreu |
Minera Calcatreu S.A.U. (formerly Minera Aquiline S.A.U.) | Argentina | 60% effective (100% of PGI) | US$ | Production & exploration (Calcatreu) |
Patagonia Gold Chile S.C.M. | Chile | 100% — dissolved 31 Dec 2025 | CLP | Exploration |
Ganadera Patagonia S.R.L. | Argentina | 100% | US$ | Land holding |
1272680 B.C. Ltd. (formerly 1494716 Alberta Ltd.) | Canada | 100% | CAD | Nominee shareholder |
Segment Overview
| Segment | Contents | Revenue-generating? |
|---|---|---|
Calcatreu Project | Calcatreu heap leach operation, Río Negro; exploration on Calcatreu district | Yes (from June 2026 first sale) |
Cap-Oeste | Residual heap leaching at Cap-Oeste (El Tranquilo block, Santa Cruz); underground evaluation; Monte León/El Tranquilo exploration | Yes |
Lomada de Leiva | Closed mine undergoing closure/remediation | No (no further residual production expected) |
Martha and La Josefina | Martha mine and 480 tpd flotation mill on care & maintenance; La Josefina exploration | No |
Argentina, Uruguay and Chile | Monte León, Tornado & Huracán, San José (Uruguay) and general corporate | No |
United Kingdom | Patagonia Gold Limited holding company | No |
North America | Patagonia Gold Corp., Patagonia Gold Canada Inc., 1272680 B.C. Ltd. | No |
Revenue by Segment
| Segment | H1 2025 | H1 2026 |
|---|---|---|
Calcatreu revenue (USD Mn) | 0 | 2.147 |
Cap-Oeste revenue (USD Mn) | 4.224 | 4.464 |
Total revenue (USD Mn) | 4.224 | 6.611 |
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View Subscription PlansRevenue by Segment and Segment Margins & Growth (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Calcatreu cost of sales (USD Mn) | 0 | 1.817 |
Calcatreu gross margin (%) | 0 | 15.4 |
Calcatreu admin expense (USD Mn) | 0.273 | 1.765 |
Cap-Oeste cost of sales (USD Mn) | 3.608 | 4.098 |
Cap-Oeste gross margin (%) | 14.6 | 8.2 |
Cap-Oeste cash cost (USD per AuEq oz) | 2,614 | 4,621 |
Calcatreu cash cost (USD per AuEq oz) | 0 | 2,494 |
Revenue by Segment and Segment Margins & Growth (%) (Annual)
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Consolidated revenue (USD Mn) | 8.220 | 8.831 | 9.006 |
YoY growth (%) | -33.4 | 7.4 | 2.0 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 18.10 | 12.34 | 8.22 | 8.83 | 9.01 |
Cost of revenue (USD Mn) | 13.56 | 14.64 | 9.90 | 8.61 | 7.34 |
Gross profit (USD Mn) | 4.55 | -2.30 | -1.68 | 0.22 | 1.67 |
SG&A (USD Mn) | 4.98 | 5.84 | 5.00 | 3.74 | 5.00 |
Exploration expense (USD Mn) | 4.60 | 5.37 | 3.74 | 3.00 | 1.89 |
Operating income (USD Mn) | -9.00 | -15.92 | -11.64 | -8.95 | -6.27 |
D&A in operating expenses (USD Mn) | 1.81 | 1.90 | 0.50 | 0.40 | 0.27 |
EBITDA, derived = operating income + operating D&A line (USD Mn) | -7.19 | -14.02 | -11.14 | -8.55 | -6.00 |
Interest expense (USD Mn) | 1.44 | 3.40 | 2.79 | 3.43 | 3.48 |
Pre-tax income (USD Mn) | -11.44 | -6.29 | -8.06 | -11.78 | -8.77 |
Net income attributable to shareholders (USD Mn) | -11.17 | -4.22 | -6.30 | -11.55 | -6.38 |
EPS basic, derived (USD) | -0.024 | -0.009 | -0.014 | -0.025 | -0.014 |
EPS diluted, derived (USD) | -0.024 | -0.009 | -0.014 | -0.025 | -0.014 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Key Financials
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net loss for the year (USD Mn) | -6.407 | -11.913 | -7.064 |
Comprehensive loss (USD Mn) | -5.681 | -12.175 | -6.162 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth (%) | -8.8 | -31.8 | -33.4 | 7.4 | 2.0 |
Gross margin (%) | 25.1 | -18.6 | -20.4 | 2.5 | 18.5 |
Operating margin (%) | -49.7 | -129.0 | -141.6 | -101.4 | -69.6 |
EBITDA margin, derived (%) | -39.7 | -113.6 | -135.5 | -96.8 | -66.6 |
Net margin (%) | -61.7 | -34.2 | -76.6 | -130.8 | -70.8 |
Income Statement
| Metric | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 |
|---|---|---|---|---|---|---|---|---|
Revenue (USD Mn) | 2.357 | 2.046 | 1.183 | 3.041 | 3.014 | 1.768 | 2.066 | 4.545 |
Net loss (USD Mn) | -2.982 | -3.790 | -2.592 | -1.454 | -0.128 | -2.890 | -4.514 | -2.466 |
Comprehensive loss (USD Mn) | -2.512 | -4.378 | -2.386 | -0.677 | -0.874 | -2.225 | -5.345 | -3.208 |
Financial Analysis
| Metric | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 |
|---|---|---|---|---|---|---|
AuEq oz produced | 613 | 642 | 482 | 435 | 390 | 2,403 |
AuEq oz sold | 418 | 942 | 707 | 611 | 432 | 1,062 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 57.74 | 54.29 | 49.57 | 50.96 | 93.68 |
Cash & equivalents (USD Mn) | 0.29 | 0.23 | 0.19 | 0.95 | 2.86 |
Short-term debt incl. current LTD and leases (USD Mn) | 7.23 | 9.34 | 0.75 | 3.00 | 2.22 |
Long-term debt incl. leases (USD Mn) | 15.76 | 20.02 | 36.26 | 44.75 | 50.47 |
Total debt (USD Mn) | 22.99 | 29.35 | 37.01 | 47.75 | 52.70 |
Net debt (USD Mn) | 22.69 | 29.12 | 36.83 | 46.80 | 49.84 |
Shareholders' equity incl. NCI (USD Mn) | 17.70 | 12.80 | 7.26 | -4.93 | 29.24 |
Common equity attributable (USD Mn) | 19.09 | 14.30 | 8.87 | -2.96 | 19.39 |
Goodwill + intangibles (USD Mn) | 21.16 | 20.17 | 20.37 | 19.23 | 19.72 |
Working capital (USD Mn) | -7.73 | -8.66 | 2.10 | -4.38 | -3.36 |
Financial Analysis (Annual)
| Item | 31 Dec 2025 (USD Mn) | 30 Jun 2026 (USD Mn) |
|---|---|---|
Cash and cash equivalents | 2.858 | 0.257 |
of which ring-fenced in PGI/Minera Calcatreu | 2.216 | 0.126 |
Inventories | 3.216 | 8.066 |
PP&E | 34.858 | 39.138 |
Non-current receivables (mainly VAT) | 5.769 | 8.028 |
Bank indebtedness | 0 | 0.529 |
Loan payable & current portion of LTD | 2.224 | 15.767 |
Long-term debt (non-current) | 50.474 | 54.207 |
Cantomi facility principal + interest | 50.051 | 53.527 |
Current assets | 7.280 | 9.846 |
Current liabilities | 10.640 | 27.415 |
Working capital deficit | -3.360 | -17.569 |
Total shareholders' equity | 29.238 | 21.175 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Operating cash flow (USD Mn) | -0.59 | -5.33 | -5.74 | -5.15 |
Capital expenditures (USD Mn) | -4.23 | -0.31 | -0.45 | -3.11 |
Free cash flow (USD Mn) | -4.82 | -5.64 | -6.19 | -8.26 |
Net debt issued (USD Mn) | -3.20 | 5.58 | 5.60 | 8.23 |
Common stock issued (USD Mn) | 7.41 | 0 | 0 | 0 |
Dividends paid (USD Mn) | 0 | 0 | 0 | 0 |
Buybacks (USD Mn) | -0.02 | 0 | -0.04 | -0.03 |
Cash Flow (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Operating cash flow (USD Mn) | -4.578 | -5.356 |
Investing cash flow (USD Mn) | -11.969 | -12.544 |
Financing cash flow (USD Mn) | 40.711 | 16.399 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROA, net income / total assets (%) | -19.3 | -7.8 | -12.7 | -22.7 | -6.8 |
Current ratio (x) | 0.46 | 0.44 | 1.81 | 0.56 | 0.68 |
Total debt / total equity (x) | 1.30 | 2.29 | 5.10 | -9.69 | 1.80 |
Interest coverage, operating income / interest (x) | -6.25 | -4.68 | -4.17 | -2.61 | -1.80 |
Asset turnover, revenue / total assets (x) | 0.31 | 0.23 | 0.17 | 0.17 | 0.10 |
Returns & Leverage Ratios (%)
| Ratio (years with positive equity only) | FY2021 | FY2022 | FY2023 | FY2025 |
|---|---|---|---|---|
ROE, net income / year-end total equity (%) | -63.1 | -33.0 | -86.8 | -21.8 |
Revenue by Region
| Region (by mine origin) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Argentina revenue (USD Mn) | 8.220 | 8.831 | 9.006 |
Rest of world revenue (USD Mn) | 0 | 0 | 0 |
Revenue by Region (Half-Yearly)
| Province / segment | H1 2025 | H1 2026 |
|---|---|---|
Santa Cruz — Cap-Oeste (USD Mn) | 4.224 | 4.464 |
Río Negro — Calcatreu (USD Mn) | 0 | 2.147 |
Share Price & Returns
| Date | Close (CAD) | Source |
|---|---|---|
29 May 2025 | 0.055 | Stockwatch |
29 Aug 2025 | 0.065 | Stockwatch |
27 Nov 2025 | 0.15 | Stockwatch |
19 Dec 2025 | 0.20 | StockAnalysis |
30 Mar 2026 | 0.83 | Stockwatch |
29 Apr 2026 | 0.80 | Stockwatch |
8 Jun 2026 | 0.69 | Stockwatch |
16 Jul 2026 | 0.458 | Stockwatch |
20 Aug 2026 | 0.56 | Stockwatch |
4 Sep 2026 | 0.58 | StockAnalysis |
Metric | Value | — |
1-year market-cap change (to Sept 2026) | +736.9% (StockAnalysis) | — |
52-week range | C$0.07 – C$1.34 | — |
Beta (5Y monthly) | ~3.45 (Yahoo Finance) | — |
Valuation Multiples
| Multiple | Value / comment |
|---|---|
Market capitalisation | ~C$272.5M |
Net debt (30 Jun 2026) | ~US$70.2M (bank 0.53 + current loans 15.77 + LT debt 54.21 − cash 0.26; derived) |
Additional senior claim | BRM US$40M preferred at PGI level (in NCI) |
P/E | Not meaningful (losses) |
EV/EBITDA | Not meaningful (negative EBITDA) |
EV/Sales | Very high: EV of ~C$272M equity plus ~US$70M net debt against TTM revenue of US$11.4M |
P/B |
|
P/NAV (indicative) | PEA NPV10 US$334M is on a 100% project basis; Patagonia's 60% common interest is subordinated to BRM's 80% preferred distribution until US$40M is repaid, then to its own US$60M catch-up; corporate net debt must also be deducted. Attributable NAV is therefore materially below headline NPV |
Capital Markets
| Item | Detail |
|---|---|
Analyst coverage / consensus | None identified ("Analysts: n/a" — StockAnalysis) |
Dividend history & policy | No dividends paid; none expected given losses and debt |
Buybacks | Immaterial repurchases (≤US$0.04M/yr, S&P); no authorisation identified |
Credit ratings (Moody's/S&P/Fitch) | Not rated |
Recent equity issuance | 4,699,996 option exercises at C$0.035 (proceeds ~US$120K) in 2026 |
Capital Instruments
| Instrument | Amount (USD Mn) | Rate | Maturity |
|---|---|---|---|
Cantomi loan facility (principal + interest) | 53.527 | 7.5% | 31 Dec 2027 |
Loan payable & current portion of LTD (incl. Argentine bank pre-export financing) | 15.767 | Variable / not disclosed | Within 12 months |
Bank indebtedness (credit lines) | 0.529 | Variable | On demand / short-term |
Facility limit (Cantomi) | 50.000 | — | Fully drawn on a principal-plus-interest basis |
Analyst Conclusions
Management guidance
No formal production or cost guidance is issued. Near-term operational milestones: completion of elution, electrowinning and doré-furnace circuits (early Q4 2026); continued ramp-up and normalisation after the August suspension; Lomada closure (Q4 2026); filing of the PEA technical report (by ~mid-November 2026); 2027 drilling at Tornado-Huracán by Newmont.
Consensus
No sell-side consensus exists.
Bull case
-
Price leverage: with spot gold ~22% above the PEA's US$3,500/oz base case and a PEA AISC of US$2,246/oz, Calcatreu's all-in margin at spot would be roughly US$2,000/oz versus ~US$1,250/oz in the PEA (derived) — implying substantial upside to the headline NPV.
-
Capital already sunk: ~58% of initial capex (US$30.7M of US$52.5M) was spent in 2025, so free cash flow can turn positive quickly once circuits are complete and the gold-on-carbon inventory (US$8.1M at 30 June 2026) converts to sales.
-
District and portfolio optionality: high-grade near-mine intercepts (Belén W 10 m @ 10.7 g/t Au), the permitted Cap-Oeste underground and the idle Martha mill offer growth without new jurisdictions.
Bear case
-
Liquidity may force dilution: a US$17.6M working-capital deficit with only US$257K cash leaves almost no buffer against another regulatory or operational interruption.
-
Common equity is structurally junior: BRM's preferred waterfall, Cantomi's US$53.5M claim and ring-fenced Calcatreu cash mean public shareholders may see little Calcatreu cash for years even if the mine performs.
-
Execution and jurisdiction: heap-leach recoveries of 63% Au / 30% Ag, a first-of-its-kind provincial operation already suspended once, Argentine inflation and a control transition after Carlos Miguens' death combine into an elevated risk stack.
Key catalysts & monitorables (next 12 months)
| Catalyst / monitorable | Expected timing |
|---|---|
| Completion of elution/EW/doré furnace circuits | Early Q4 2026 |
| NI 43-101 PEA technical report filing | By ~mid-Nov 2026 |
| Q3 2026 results (first full Calcatreu quarter) | ~Late Nov 2026 |
| Monthly doré dispatch cadence and size | Ongoing |
| Refinancing / extension of current Argentine bank debt; any equity raise | Q4 2026 – H1 2027 |
| Miguens estate disposition of 42.73% stake, BRM and Cantomi | Ongoing |
| Compliance with Río Negro 80/20 labour rules | Ongoing |
| Astra Phase III assays at La Manchuria | Q3–Q4 2026 |
| FY2026 audited results | ~Apr 2027 |
| Cantomi maturity planning | Before 31 Dec 2027 |
Analyst verdict
Patagonia Gold has done the hard part that most juniors never achieve: it has permitted, financed, built and started producing from a new mine in a new mining province. Calcatreu's first three doré shipments, the August doubling of dispatch size and a PEA showing a US$334 million after-tax NPV at a conservative US$3,500/oz gold price confirm that the asset is real and, at current prices, potentially highly profitable. The re-rating of the shares — from roughly C$0.06 in mid-2025 to the C$0.55–0.83 range in 2026 — reflects that transition from explorer to producer.
The difficulty is that the equity sits at the bottom of a heavily layered capital structure. Common shareholders own 60% of the Calcatreu holding company, but BRM takes 80% of distributable cash until it recovers its US$40 million, and Patagonia's own share must then service a US$53.5 million related-party loan and US$16 million of short-term Argentine bank debt. Mid-2026 liquidity was precarious, with a quarter-million dollars of cash against a US$17.6 million working-capital deficit, and the company had already lost several days of operations to a provincial labour suspension. The death of Carlos Miguens, who stood behind the shareholder base, the lender and the preferred investor, removes the funding backstop's guarantor of intent and introduces succession uncertainty.
Our assessment: speculative, high-beta, execution-dependent. The stock is effectively a leveraged option on the gold price and on a clean Calcatreu ramp-up through Q4 2026. Investors should require evidence of (1) completed recovery circuits and steady monthly output, (2) positive operating cash flow by Q1 2027, and (3) a clear funding and governance plan from the Miguens estate before treating the PEA NPV as accessible value. Until then, attributable NAV is materially below the headline figure and the dilution risk is substantial.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles | Education | Age |
|---|---|---|---|---|---|
Christopher van Tienhoven | Chief Executive Officer (also listed as Chairman on company website) | Patagonia Gold board since 10 Jun 2015; Patagonia Gold Corp. director since 18 Feb 2020; CEO since July 2019 (per aggregator) | ~25 years in mining; majority of career with Anglo American group, culminating as Country Manager and President of AngloGold Ashanti's Cerro Vanguardia mine; Country Manager & VP Argentina at Andean Resources (2008–2010) through sale of Cerro Negro to Goldcorp; Latin American junior-mining M&A | Economics degree, Wharton School, University of Pennsylvania | 57 (Simply Wall St) |
Cristián López Saubidet | Chief Financial Officer (independent contractor, ~50% of time) | With Patagonia since 2008 (VP of Patagonia Gold S.A. and subsidiaries) | VP Strategy & Analytics, HSBC Consumer Lending (US) 2005–08; McKinsey & Co. 1998–2005; board member of Central Puerto SA and San Miguel S.A. | MBA, UCLA Anderson; Industrial Engineering, ITBA | — |
César Riveros | Principal Geologist | Effective 1 Jul 2026 | Not detailed in reviewed sources | — | — |
Donald J. Birak | Independent Qualified Person (consultant) | — | Independent consulting geologist; RM-SME, FAusIMM | — | — |
“—” = not publicly disclosed.
Board of Directors
| Name | Role | Background | Independence |
|---|---|---|---|
Christopher van Tienhoven | Chairman and CEO | As above | Executive (not independent) |
Tim Hunt | Non-executive director | Founder and president of Huntwood Industries (US building products; >US$2bn cumulative sales); founder of Hunt Mining; >30 years in mining sector | — |
Alexander (Sandy) Harper | Non-executive director | Began at Merrill Lynch London in 1970s; independent international commodity trader, investor and consultant; based in Argentina; educated at Winchester College | — |
Directors' Remuneration
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
CEO salary (USD K) | 250 | 300 | 300 |
CEO total compensation (USD K) | 429 | 483 | 380 |
Major Shareholders
| Holder | Stake | Notes | Source |
|---|---|---|---|
Carlos J. Miguens (estate) | 42.73% of common shares | Also controlled BRM (40% of PGI via preferred) and is linked to lender Cantomi; holdings expected to pass to heirs | Q2-26 MD&A |
Christopher van Tienhoven | ~0.55% | Net seller over last 12 months (e.g., ~300K shares sold 4 Jun 2026; ~133K shares 9 Jun 2026) | Simply Wall St |
Institutional holders (top 10) | Not publicly disclosed / negligible | No meaningful institutional register identified; disinterested shareholder vote on the BRM financing totalled ~133M shares | GlobeNewswire (20 May 2025) |
Competitive Landscape
Key Competitors
| Competitor | Relevant asset(s) | Relative positioning vs. Patagonia Gold |
|---|---|---|
Newmont | Cerro Negro (Santa Cruz) | Global major; also Patagonia's option partner on Tornado-Huracán |
AngloGold Ashanti (with Fomicruz) | Cerro Vanguardia (Santa Cruz) | Large long-life producer; CEO's former operation |
Pan American Silver | Cerro Moro, Manantial Espejo, COSE/Joaquín (Santa Cruz); Navidad (Chubut) | Major; seller of Calcatreu; Navidad equally constrained by Chubut law |
Hochschild Mining (with McEwen) | San José (Santa Cruz) | Mid-tier producer adjacent to Tornado area |
Cerrado Gold | Minera Don Nicolás (Santa Cruz heap leach) | Closest analogue: small-scale Santa Cruz heap-leach producer |
McEwen Mining | San José JV interest; Los Azules (copper) | Diversified mid-tier |
Mirasol Resources | Santa Cruz exploration (Homenaje, Nico) | Prospect generator; former counterparty |
Astra Exploration | La Manchuria | Partner and junior peer |
Latin Metals | Prospect generator (Argentina) | Counterparty on Mina Angela |
Other Argentine gold juniors | Various Deseado/Somuncura projects | Compete for capital and contractors |
Competitor Detail
| Metric | Patagonia Gold |
|---|---|
Latest annual revenue | US$9.0M (FY2025) |
Revenue growth | +2.0% (FY2025) |
Gross margin | 18.5% (FY2025) |
Exploration intensity | 21% of revenue (FY2025) |
Recent Developments
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