Mr. Chris Zerga reports

SCORPIO GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Scorpio Gold Corp. has closed the first tranche of its non-brokered private placement, as described in the news release dated Dec. 1, 2023, by raising gross proceeds to the company of $480,000 by the issuance of 3.2 million units of the company at a price of 15 per cents unit. Each unit comprised one common share of the company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the company at an exercise price of 20 cents until Dec. 13, 2025.

The company paid aggregate cash finders' fees of $6,000 and granted 40,000 non-transferable compensation warrants of the company to arm's-length finders of the company in connection with the first tranche. Each compensation warrant entitles the holder thereof to purchase one common share of the company at an exercise price of 20 cents until Dec. 13, 2025.

The company intends to use the proceeds from the first tranche for general working capital purposes. The securities issued in the first tranche will be subject to a four-month hold period ending on April 14, 2024, in accordance with applicable securities laws. The company intends to complete the remainder of the private placement by the end of 2023.

The private placement is subject to the final approval of the TSX Venture Exchange.

We seek Safe Harbor.