Mr. Zayn Kalyan reports

SCORPIO GOLD DRILLS 9.4 G/T GOLD OVER 13.05 METRES FROM 78.63 METRES AT APRIL FOOL, A MODERN DISCOVERY HOLE AND AN 850 M STEP-OUT FROM CORE MANHATTAN RESOURCE AREA

Scorpio Gold Corp. has released results from one drill hole of the phase 2 drill program at the Manhattan district project in Nevada, United States: diamond drill hole 26MN-133 at the April Fool target. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 125 drill holes to date from its phase 2 diamond drilling program, 25MN-011 through 25MN-045 and 26MN-046 through 26MN-135, for a grand total of 37,174 metres. With the results herein, Scorpio Gold has reported assays on 116 of these (25MN-011 through 25MN-045, 26MN-046 through 26MN-125 and 26MN-133), totalling 33,891 metres, and assays are pending from nine holes (26MN-126 through 26MN-132, 26MN-134 and 26MN-135), totalling 3,283 metres. The pending results will be reported as they become available.

Highlights:

• Drill hole 26MN-133 returned:
  • 9.4 grams per tonne gold over 13.05 metres from 78.63 m;
  • Including 16.03 g/t gold over 2.44 m from 80.01 m;
  • And 19.83 g/t gold over 4.11 m from 84.34 m;
• Targeting concept developed by mapping and sampling is confirmed by drill hole results; faulted contact zone of Paleozoic metasediment package and Manhattan caldera volcanics is strongly mineralized with gold in quartz/sulphide hydrothermal breccias;
• 0.33 g/t gold over 45.57 m from 235.85 m in strongly altered metamudstones crosscut by molybdenite-bearing aplitic dikes and granitic intrusions;
• Modern discovery at April Fool, with first drill hole containing an intercept of 122.67 gram-metres gold.

"April Fool is the first stepout of magnitude from the Manhattan resource. It sits approximately 850 metres from the core corridor that has carried our drilling to date, and the first modern hole has returned 9.4 g/t gold over 13.05 metres. What makes this result so important is the setting. Our mapping identified April Fool as a direct analogue of the Zanzibar trend, and 26MN-133 has confirmed it: a mineralized feeder structure on the contact between the caldera volcanics and the Paleozoic metasediments, the same control that has delivered repeated intercepts on the Zanzibar trend throughout 2026. That opens the potential to extend the mineralized system well beyond the current resource footprint. This is a modern discovery hole outside the main resource corridor on one of the five historic resource areas at Manhattan, and we believe systematically drilling each of those areas is how we will demonstrate the true district-scale potential of the Manhattan district," commented Zayn Kalyan, chief executive officer and director of Scorpio Gold.

"The results of this first modern drill hole at April Fool demonstrate that Scorpio's geological team understands mineralization controls at the many showings across the property and can target exploration drilling effectively. This is one of a series of target areas that have seen no modern drilling, and we will systematically test them all. Keystone Jumbo is another target we feel confident of success at, and this is the next target scheduled for modern drill testing. Scorpio views this pipeline of targets as areas of focused mineralization within a district-scale hydrothermal system of impressive extent and endowment, which further drilling will be required to define," commented Leo Hathaway, executive technical director of Scorpio Gold.

Since May, 2026, continuing fieldwork across the company's claim package has improved the geological and mineralization control understanding of the Manhattan district and advanced several target areas and produced a structural reinterpretation of this historic and prolific gold mining district. At the April Fool target, selective grab and rock chip samples collected during the 2026 mapping program returned high-grade gold (see news release dated Oct. 1, 2026). Mapping also showed that the geological setting of the April Fool target area is analogous to that of the Zanzibar trend target, which has returned multiple significant drill intercepts throughout 2026.

April Fool and the Manhattan district model

The target is the site of the April, 1905, discovery of free gold by John C. Humphrey that founded the Manhattan gold mining camp (Ferguson, 1924, U.S. Geological Survey Bulletin 723). Early mining at April Fool was focused on shallow, high-grade veins and vugs within the Zanzibar formation. Ferguson also recorded lower-grade gold mineralization in tunnels approximately 100 feet below surface that was not considered ore at the time. In the more than 120 years since, the only drilling that has occurred around the April Fool target was approximately 1,830 metres of reverse circulation drilling that formed the basis of a historical resource estimate by New Concept Mining Inc. in 1997. No detailed records of this drilling have survived, so the precise collar co-ordinates, drill logs and assay records are unknown at this time (Berry and Willard, 1997; see technical report, Section 6.4). Drill hole 26MN-133 is the first deep diamond core hole, and the first hole of a systematic drill program, ever completed on the target (see news release dated Oct. 1, 2026).

The company interprets Manhattan to lie on a regional scale, dextral northwest-southeast shear comprising multiple primary faults and secondary accommodation structures. Hydrothermal fluids flowed along these structures, mineralizing them and the adjacent damaged wallrock with high-grade gold. Commonly, the mineralized and brecciated bodies occur at intersections of the primary and secondary structures with prospective lithological units or at splays and jogs of the main structures where local zones of dilation can channel the fluids, such as at the Goldwedge mine. The faulted contact of Caldera volcanics, against older metasediments, appears to be a particularly productive conduit. Prospective stratigraphic horizons, such as the Zanzibar limestone as well as lithological contacts between units with a strong rheological contrast, can be receptive to mineralizing fluids where they intersect the feeder structures and can form significant blowout zones. Drill hole 26MN-133 confirms that the setting is mineralized approximately 850 m from the core resource area. The large, interpreted fault corridor separating April Fool from the core resource area projects southeast toward the Keystone-Jumbo target, the next target scheduled for drilling.

In late September, one diamond drill was mobilized to April Fool to follow up on the mapping and sampling results. The first modern drill hole at the target was designed to test the major structural boundary between the Oligocene Manhattan caldera volcanics and the Cambro-Ordovician metasedimentary package that abuts it.

26MN-133: This drill hole confirms the exploration concept developed by Scorpio geologists: Significant gold mineralization occurs within and proximal to the feeder zone structure that defines the contact between the Manhattan caldera volcanics and the Cambro-Ordovician metasedimentary units. The upper interval of highest-grade gold mineralization is hosted in silicified hydrothermal breccia with fine-grained sulphides, with drusy quartz lining fractures and void spaces. Mineralization within the fault zone includes:

• 9.40 g/t gold over 13.05 m from 78.63 m;
• Including 16.03 g/t gold over 2.44 m from 80.01 m;
• And 19.83 g/t gold over 4.11 m from 84.34 m.

Below this, a second structural zone assumed to be related to the main fault zone was encountered, which contained altered metamudstones of the Cambrian Gold Hill formation, as well as gouge-filled damage zones and minor intervals of intermediate intrusive dike, which is a distinct phase from the granodiorite and aplite phases encountered deeper in the drill hole. It contained:

• 0.58 g/t gold over 6.74 m from 124.99 m.

The lower, third significant interval of gold mineralization in drill hole 26MN-133 is found in a complex zone of alternating Cambrian Gold Hill metamudstones, metasandstones and crosscutting molybdenite-bearing aplite dikes in the contact zone above a deeper granodiorite intrusion, possibly of Cretaceous age. The age, orientation, extent and overall geological implications of the intrusive rocks are unknown at this time as they have not been observed at surface or in any previous drill holes executed by Scorpio. The lower intercept returned:

• 0.33 g/t gold over 45.57 m from 235.85 m.

Quality assurance/quality control

HQ-sized diamond drill core samples were cut in halves, then bagged and secured with security tags to ensure integrity during transportation to MSALABS' Elko, Nev., facility for preparation. For quality assurance. unmarked coarse blanks, unmarked certified reference materials and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 10 per cent of the run of samples. Samples were analyzed for gold using a two-cycle PhotonAssay analysis method (approximately 500 grams) of crushed material (70 per cent passing two millimetres) at Elko. All MSALABS facilities are independent and comply with ISO 17025:2017. All QA/QC results fall within acceptable limits.

About the Manhattan district

Manhattan, located in the Walker Lane trend of Nevada, United States, is road accessible and lies approximately 20 kilometres south of the operating Round Mountain gold mine, which has produced more than 15 million ounces of gold (past production is cited solely for geological context, see note below). For the first time, the company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s. The maiden mineral resource estimate (the maiden MRE) covering the Goldwedge and Manhattan Pit areas of Manhattan comprises 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 ounces contained gold in the inferred category. Inferred resources have a significant amount of uncertainty as to their existence and as to their economic feasibility. It cannot be assumed that all or any part will be upgraded to a higher category. They are not mineral reserves and have not demonstrated economic viability.

Notes

Adjacent properties: The company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain gold mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the company's properties.

Historical data: This news release includes historical information that has been reviewed by the company's qualified person. The company's review of the historical records and information reasonably substantiates the validity of the information presented in this news release. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Third party mineral projects: These deposits are cited solely for geological context. The company cautions that these properties are not necessarily adjacent to its property, nor does the company have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable to these deposits will be discovered on any of the company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the company. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Mineral resource estimate (MRE): All scientific and technical information relating to Manhattan pertaining to the maiden MRE contained in this news release is derived from the technical report dated April 23, 2026 (with an effective date of June 4, 2025), titled "Mineral Resource Estimate and NI 43-101 Technical Report" prepared by Matthew R. Dumala, PEng (British Columbia) of Archer Cathro Geological (U.S.) Ltd., Patrick Loury, MSc, CPG (AIPG), of Daniel Kunz & Associates, Annaliese Miller, LG (WA), of Geosyntec Consultants Inc. and Dr. Art Ibrado, PhD, PE (AZ), of Fort Lowell Consulting PPLC. The information contained herein in respect of the maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the technical report and reference should be made to the full text of the technical report, a copy of which has been filed with the applicable securities regulators and is available under the company's profile on SEDAR+.

Qualified person

The scientific and technical information in this news release has been reviewed, verified and approved by Leo Hathaway, PGeo, executive technical director of Scorpio Gold, a qualified person, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and sample nature and location. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100-per-cent interest in the Manhattan district located in the Walker Lane trend of Nevada, United States. Scorpio Gold's Manhattan district is approximately 4,780 hectares and comprises the advanced-exploration-stage Goldwedge mine and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021). The consolidated Manhattan district presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

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