Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES RECEIPT OF FIRST DEFERRED PAYMENT FROM MINERAL RIDGE SALE

Scorpio Gold Corp. has received the first deferred payment from the previously completed sale of its wholly owned subsidiary, Mineral Ridge Gold LLC (MRG), to an arm's-length purchaser.

As disclosed in Scorpio Gold's news releases dated July 24, 2025, and Aug. 25, 2025, the aggregate consideration for the sale of MRG totalled $7.5-million (U.S.), of which $1.5-million (U.S.) was placed into escrow as an indemnification holdback, to be released in two equal tranches on the three-month and nine-month anniversaries of closing.

The company confirms that all conditions for the first scheduled release have been satisfied and that $750,000 (U.S.), representing 50 per cent of the escrowed funds, has now been released from escrow and paid to Scorpio Gold.

The remaining $750,000 (U.S.) is expected to be released on the nine-month anniversary of closing, subject to the terms of the escrow agreement. Scorpio Gold also expects to receive the final $1-million (U.S.) payment on the 12-month anniversary of closing, as previously disclosed.

"The initial escrow release from the sale of Mineral Ridge reinforces our balance sheet and further contributes to Scorpio's already strong treasury position as we ramp up our currently under way 50,000-metre drill program that aims to step out and expand the scale of the Manhattan district. With a fortified treasury and a clear exploration mandate, we are moving into 2026 with the ability to advance Manhattan aggressively and with conviction," said Zayn Kalyan, chief executive officer and director of Scorpio Gold.

Corporate secretary change

The company also announces that Diana Mark is retiring from her role as corporate secretary of Scorpio Gold, effective Dec. 3, 2025. The board of directors extends its sincere appreciation to Ms. Mark for her dedicated service and meaningful contributions to the company.

Stephanie Sharma has been appointed corporate secretary of Scorpio Gold, effective Dec. 3, 2025.

Ms. Sharma brings extensive corporate governance and public company administration experience, with a career covering Toronto Stock Exchange-, Cboe-, TSX Venture Exchange- and Canadian Securities Exchange-listed issuers across the mining, technology and financial services sectors. She has held progressively senior roles supporting boards of directors, overseeing continuous disclosure compliance, managing corporate records, and co-ordinating corporate filings across Canadian and United States jurisdictions.

About the Manhattan district

Manhattan, located north of the Walker Lane trend of Nevada, U.S., 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 project'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 covering the Goldwedge and Manhattan Pit areas of the project comprises 18,343,000 tonnes grading 1.26 grams per tonne gold, for a total of 740,000 ounces contained gold in the inferred category.

A historical mineral resource estimate (the historical MRE) covers the Black Mammoth, April Fool, Hooligan, Keystone and Jumbo areas of Manhattan, and comprises 1,652,325 tonnes grading 5.89 g/t gold, for a total of 303,949 oz contained gold. 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.

Qualified person

The scientific and technical information in this news release has been reviewed, verified and approved by Leo Hathaway, PGeo, chief geologist 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 review of collar and down-hole survey data. 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, with a 400-ton-per-day maximum capacity gravity mill, 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.

We seek Safe Harbor.