Mr. Zayn Kalyan reports

SCORPIO GOLD COMMENCES 50,000 METRE PHASE 2 DRILLING PROGRAM AT THE MANHATTAN DISTRICT, NEVADA

Scorpio Gold Corp. has commenced its phase 2 drilling program at the Manhattan district project in Nevada, United States.

The phase 2 drilling program is planned to achieve a minimum of 50,000 metres of drilling through diamond core and reverse circulation drilling. Phase 2 will build upon the recently completed phase 1 diamond drilling program, which consisted of 12 diamond drill holes totalling 4,216 metres, and the recently announced maiden mineral resource estimate (see the company's news release dated Sept. 11, 2025).

This next phase will be executed using one diamond core drill and one reverse circulation drill, which are already drilling at site, along with a second diamond core drill, which is being mobilized. Three drills will enable a more aggressive pace toward completing a minimum of 50,000 metres of drilling in approximately 200 drill holes by the end of August, 2026. This phase will primarily focus on systematically expanding the mineral resource estimate (MRE) to the northwest of the West pit, targeting both infill and stepout holes to extend the continuous mineralization along the Reliance trend. The second focus is to continue delineating strong, near-surface mineralization at Mustang Hill and expanding the MRE to the southwest of the West and East pits. The third focus is to convert non-compliant Historic resources, notably at the Keystone Jumbo high-grade target (see news release dated Sept. 11, 2025). Phase 2 is designed to establish an all-encompassing National Instrument 43-101-compliant MRE for the Manhattan district and advancing Scorpio Gold's near-term objective of defining a multimillion-ounce gold resource.

Scorpio Gold's chief executive officer, Zayn Kalyan, commented: "The launch of phase 2 marks a ramping up of activity for Scorpio Gold as we build directly on the momentum of our recently announced maiden mineral resource estimate. With three rigs actively working on completing a 50,000-metre program, we are accelerating our efforts to expand what we believe has the potential to become a significant multimillion-ounce gold system at Manhattan. This program is designed not only to increase the confidence and scale of the existing resource, but also to begin delivering consistent exploration and development catalysts to the market over the next 12 months. Phase 2 is the next logical step in our strategy to unlock the full value of the Manhattan district, and we are well positioned to execute aggressively and effectively."

Further drilling results are pending for the four remaining phase 1 drill holes, totalling 1,465 metres, which add to previous results announced in news releases dated Aug. 25, 2025, and Oct. 14, 2025. These drill holes targeted: (1) the Gap zone, located between the historic Goldwedge and West pit mines, along approximately 200 metres of unexplored strike length of the Reliance trend; and (2) Mustang Hill's historic underground mines (see news release dated June 19, 2025). The remaining phase 1 drilling results are expected to be released soon.

Marketing update

Chief executive officer and director Zayn Kalyan will be presenting in today's Kinvestor Day Virtual Investor Conference 2025 at 11:40 a.m. PT to provide a corporate update about the phase 1 drill program of the Manhattan district and the recently announced maiden resource estimate. Investors are encouraged to review the updated corporate presentation on-line.

From Nov. 2 to Nov. 5, 2025, Harrison Pokrandt, vice-president, exploration, and Mr. Kalyan will be participating in the New Orleans Investment Conference and will be available for meetings at booth No. 126. Mr. Kalyan will be presenting at 9:50 a.m. CDT on Nov. 3 in Presentation Area 1 of the exhibit hall.

Following New Orleans, Scorpio Gold will be hosting a couple of investor road shows starting in Atlanta on Nov. 6 with Amvest Capital and on Nov. 18 in London with Atlantic One Financial.

The company looks forward to updating shareholders and meeting new investors at these events. Check out Scorpio Gold's coming marketing activities by visiting its website.

The company also announces that, effective Oct. 21, 2025, it has retained Sideways Frequency LLC (SFLLC) to provide certain marketing and investor awareness services to the company in accordance with the policies of the TSX Venture Exchange. The marketing services will include, but are not limited to, e-mail campaigns, native advertising, display ads, lead generation, creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns. Under the agreement, the company will pay SFLLC $150,000 (U.S.) for an initial three-month term and grant to SFLLC 400,000 stock options exercisable at a price of 35 cents per share for a period of three years. The options vest quarterly over a period of one year. Aside from this engagement, the company does not have any relationship with SFLLC or Wesley De Souza, chief executive officer of SFLLC.

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. For the first time, the company has consolidated the district'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 (Goldwedge project technical report, 2005). The June 4, 2025, maiden MRE for the Goldwedge and Manhattan pit areas of the project comprises 18,343,000 tonnes grading 1.26 grams per tonne for a total of 740,000 ounces contained gold in the inferred category. Concurrently, a historical mineral resource estimate covers the Black Mammoth, April Fool, Hooligan, Keystone and Jumbo areas of the project and comprises 1,652,325 tonnes grading 5.89 grams per tonne gold for a total of 303,949 ounces contained gold (see news release dated Sept. 11, 2025). The deposit is interpreted as a low-sulphidation, epithermal, gold-rich system situated adjacent to the Tertiary-aged Manhattan caldera in the Southern Toquima Range of Nevada.

The historical estimate is not considered current under NI 43-101, the company is not treating the historical estimate as current mineral resources, and a qualified person has not done sufficient work to classify the estimate as current. The historical estimate should not be relied upon.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Thomas Poitras, PGeo, chief geologist of Scorpio Gold and a qualified person, as defined under NI 43-101, Standards of Disclosure for Mineral Projects.

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, with a 400-ton-per-day-maximum-capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021 (see March 25, 2021, news release). 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.

We seek Safe Harbor.