10:46 AM EST, 12/29/2025 (MT Newswires) -- Patagonia Gold ( HGLD ) shares rose 8.9% on Monday after it said that construction of the Calcatreu project, its flagship project in the Province of Rio Negro, Argentina, started in the first quarter of 2025 and is advancing toward first leaching, which it expects to start during Q1 of 2026.

The company said mining activities started in August 2025 with the removal of topsoil and the first blast was made in September 2025. Mineralized material is being stockpiled in the crushing area and processing will start soon with a view to placing the material on the leach pad during January 2026.

It said that the total measured and indicated mineral resources are estimated at 9.84 million tonnes at an average grade 2.11 grams per tonne (g/t) gold and 19.8 g/t silver, yielding 669 thousand ounces of gold and 6.3 million ounces of silver. The first section of the leach pad, necessary to start leaching, has been completed and during January 2026, electric leak location tests will be performed.

The chemical storage facility, with capacity to hold 120 tonnes of product, was completed in December 2025, and on Dec. 23, 80 tonnes arrived on site and is being stored on the project premises. The company intends to certify the project with the Cyanide Code and a visit by one of their auditors is planned for early January 2026.

Shares of the company were last seen up $0.035 at $0.43 on the TSX Venture Exchange.

Price: 0.43, Change: +0.04, Percent Change: +8.86