09:08 AM EDT, 05/30/2025 (MT Newswires) -- Patagonia Gold ( HGLD ) on Friday reported a lower first-quarter loss and said the statement assumes the company will continue as a going concern.

The company reported a net loss of US$2.6 million for the three months ended March 31, compared with US$2.3 million a year earlier. Revenue decreased to US$1.2 million compared with US$1.8 million, a year-ago.

Patagonia said its unaudited condensed interim financial statement was prepared assuming the company will continue as a going concern and contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at March 31, the company had negative working capital of $2,797 and had an accumulated deficit of $226,289.

It also added that the completion of construction of its Calcatreu heap leach facility in Rio Negro is targeted for Q4 2025 with first leaching before the end of 2025.

Shares of the company closed unchanged at $0.055 on Thursday on the TSX Venture Exchange.