Mr. Chris Zerga reports

SCORPIO GOLD ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT

Scorpio Gold Corp. has closed the second tranche of its non-brokered private placement described in the press release dated Jan. 13, 2024, by the issuance of 6,384,966 units of the company at a price of 15 cents per unit for gross proceeds to the company of $957,745. Each unit was composed of 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 Jan. 22, 2026. To date, the company has issued an aggregate of 9,584,966 units in the private placement for aggregate gross proceeds of $1,437,745.

The company paid aggregate cash finders' fees of $7,920 and granted 52,800 non-transferable compensation warrants of the company to arm's-length finders of the company in connection with the second tranche. Each compensation warrant entitles the holder thereof to purchase one common share of the company at an exercise price of 20 cents until Jan. 22, 2026.

The company intends to use the proceeds from the second tranche for general working capital purposes. The securities issued in the second tranche will be subject to a four-month hold period ending on May 23, 2024, in accordance with applicable securities laws. The company intends to complete the rest of the private placement by the end of January, 2024.

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

We seek Safe Harbor.