Patagonia Gold Advances Construction at Flagship Calcatreu Project in Rio Negro

Patagonia Gold ( (TSE:PGDC) ) just unveiled an announcement.

Patagonia Gold Corp. reports that construction of its flagship Calcatreu gold-silver project in Rio Negro, Argentina, is advancing toward initial leaching, targeted for the first quarter of 2026, following the start of construction in early 2025. Mining began in August 2025, with blasting initiated in September and mineralized material now stockpiled ahead of placement on the completed first section of the leach pad in January 2026; the project hosts measured and indicated resources of 9.84 million tonnes grading 2.11 g/t gold and 19.8 g/t silver, for an estimated 669,000 ounces of gold and 6.3 million ounces of silver. Key supporting infrastructure—including an explosives magazine, chemical storage facility, power generation via three 1MW diesel generators, and a camp for up to 192 people—is largely in place, while processing facilities are nearing completion, with interim tolling arrangements for loaded carbon until Calcatreu’s downstream plant components are commissioned about six months after start-up. The operation has hired 135 employees, mainly from nearby communities, marking the first precious metals project in Rio Negro and deepening Patagonia Gold’s operational footprint in the province, and an updated NI 43-101 technical report on mineral resources and reserves is being prepared for planned release in the second quarter of 2026.

The most recent analyst rating on (TSE:PGDC) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Patagonia Gold stock, see the TSE:PGDC Stock Forecast page.

Spark’s Take on TSE:PGDC Stock

According to Spark, TipRanks’ AI Analyst, TSE:PGDC is a Neutral.

The score is primarily constrained by weak financial performance (loss-making operations, negative equity, high leverage, and negative operating/free cash flow). Technicals are a near-term positive with strong momentum, but overbought signals add pullback risk. Valuation is difficult to support due to negative earnings and no dividend yield provided.

To see Spark’s full report on TSE:PGDC stock, click here.

More about Patagonia Gold

Patagonia Gold Corp. is a precious metals company focused on the exploration and development of gold and silver projects in Argentina. Its flagship asset is the Calcatreu gold-silver project in the Province of Rio Negro, a low-sulfidation epithermal system with near-surface mineralization that positions the company within the regional gold and silver mining sector.

Average Trading Volume: 129,151

Technical Sentiment Signal: Buy

Current Market Cap: C$183.7M

See more insights into PGDC stock on TipRanks’ Stock Analysis page.