Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES $8 MILLION PRIVATE PLACEMENT WITH SOLE ORDERS FROM ROSS BEATY AND ERIC SPROTT

Scorpio Gold Corp. has arranged a non-brokered private placement financing of up to 32 million common shares at a price of 25 cents per share to raise gross proceeds of up to $8-million.

The offering consists of sole orders from Ross Beaty, who has committed to subscribe for $5-million, and Eric Sprott, who has committed to subscribe for $3-million.

Private placement details

The offering is expected to close in one tranche on or before Sept. 2, 2025, subject to customary approvals, including that of the TSX Venture Exchange. All securities issued will be subject to a four-month hold period in accordance with applicable Canadian securities laws. No finders' fees are expected to be paid in connection with the offering.

The closing of the financing is subject to final approval of the TSX Venture Exchange.

The company intends to use the proceeds from the offering to advance exploration and development activities at Scorpio Gold's flagship Manhattan district project in Nevada, as well as for general corporate purposes.

About Scorpio Gold Corp.

Scorpio Gold holds a 100-per-cent interest in the Manhattan district project, a past-producing project located in the Walker Lane trend of Nevada. Scorpio Gold's Manhattan district is approximately 4,780 hectares and comprises the advanced exploration-stage Goldwedge mine, with a 400-ton-per-day-maximum-capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021 (see the March 25, 2021, news release). The consolidated Manhattan district presents an exciting late-stage exploration opportunity, with over 100,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

We seek Safe Harbor.