Craven has been succeeded by Carlos Miguens, the deputy chairman of the company, with more board appointments due to be announced over the coming months.
New chairman Miguens thanked Craven for his work for Patagonia over the years.
“On behalf of the board, my family and myself, I would like to express my sincerest appreciation for Sir John Craven´s contribution to Patagonia Gold as chairman,” he said.
“We are deeply grateful for his valuable support and guidance throughout these past years, he was key to building the company we have today.
“Sir John became a close friend and advisor throughout this time and we will miss his presence.”
The company also revealed that it has agreed to grant certain directors options over 14.5mln shares of 1p each yesterday under its share option arrangements.
Miguens will be issued an extra 9mln shares, almost doubling his holding, while Craven’s stake increases too.
The options are exercisable at any time up to the tenth anniversary of the date of the grant at a price of 22.75p per share.
The options are subject to the company achieving certain operational goals.