Mr. Zayn Kalyan reports

SCORPIO GOLD TO PARTICIPATE AT THE METALS INVESTOR FORUM AND HOSTS OPEN HOUSE

Scorpio Gold Corp. will participate in the coming Metals Investor Forum in Vancouver on Friday, Jan. 23, and Saturday, Jan. 24, at the Fairmont Pacific Rim. Chief executive officer and director Zayn Kalyan will be giving a 10-minute corporate presentation on Friday at 11:30 a.m. PT, followed by a short question and answer. Scorpio Gold will be presenting as part of newsletter writer Jeff Clark's panel of companies. Vice-president, exploration, Harrison Pokrandt, will also be available to meet with investors at the company's booth. The conference agenda can be found on-line. The company welcomes the opportunity for attendees to reach out to management with any questions and review its updated corporate presentation.

Scorpio Gold will also be hosting an open house at its office in Vancouver, B.C., during the AME Round Up and the Vancouver Resource Investment Conference on Jan. 26, 2026, from 1 to 3 p.m. PT. Welcoming shareholders and the investment community to meet with management, ask questions about the company's Manhattan district, preview the company's drill core and more. To learn more about the event or to RSVP (by Jan. 23, 2026), please e-mail ir@scorpiogold.com.

Stock options

Scorpio Gold also announces that it has issued 6,465,000 incentive stock options under the company's stock option plan to directors, officers and consultants of the company. The options are exercisable at a price of 37 cents per share with an expiry date of Jan. 16, 2031. A total of 6,065,000 of the options are to vest as to 25 per cent every six months, and a total of 400,000 options are to vest as to 50 per cent in four months and 50 per cent in six months from the grant date.

A total of 2.9 million options were granted to officers and directors of the company, and, accordingly, such grants were considered related-party transactions under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Such grants were exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, given neither the fair market value of the securities issued nor the consideration provided therefor exceeded 25 per cent of the company's market capitalization.

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 Manhattan'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.

A historical mineral resource estimate covers the Black Mammoth, April Fool, Hooligan, Keystone and Jumbo areas of Manhattan, and comprises 1,652,325 tonnes grading 5.89 grams per tonne gold for a total of 303,949 ounces contained gold. A qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) has not done sufficient work to make the historical MRE current, and the company is not treating the historical MRE as current.

Notes

Adjacent properties: The company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain gold mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the company's properties.

Historical data: This news release includes historical information that has been reviewed by the company's qualified person. The company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Third party mineral projects: These deposits are cited solely for geological context. The company cautions that these properties are not necessarily adjacent to, nor does the company or have any interest in or control over, them. Although certain geological features may be similar, there is no assurance that mineralization comparable with these deposits will be discovered on any of the company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable, but has not been independently verified by the company. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Mineral resource estimate: All scientific and technical information relating to Manhattan pertaining to the maiden MRE contained in this news release is derived from the technical report dated Oct. 23, 2025 (with an effective date of June 4, 2025), titled "Mineral Resource Estimate and NI 43-101 Technical Report" prepared by Matthew R. Dumala, PEng (British Columbia), of Archer Cathro Geological (U.S.) Ltd., Patrick Loury, MSc, CPG (AIPG), of Daniel Kunz & Associates, Annaliese Miller, LG (Washington), of Geosyntec Consultants Inc., and Art Ibrado, PhD, PE (Arizona), of Fort Lowell Consulting PPLC. The information contained herein in respect of the maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the technical report, and reference should be made to the full text of the technical report, a copy of which has been filed with the applicable securities regulators and is available under the company's profile on SEDAR+.

Historical MRE: A qualified person has not done sufficient work to make the historical MRE current, and the company is not treating the historical MRE as current.

The company considers the historical MRE relevant as it demonstrates the presence of significant gold mineralization across multiple zones within Manhattan; however, its reliability is uncertain because it was prepared prior to the adoption of the current Canadian Institute of Mining, Metallurgy and Petroleum definition standards and current quality assurance/quality control practices. The historical MRE provides limited disclosure of assumptions, estimation methods, cut-off grades and QA/QC protocols, and, therefore, these cannot be fully verified by the company. The categories used in the historical estimate predate, and are not directly comparable with, current CIM definition standards, and the company is not treating the historical MRE as a current mineral resource estimate. To upgrade and verify the historical MRE to make it a current mineral resource estimate, the company would be required to undertake confirmatory drilling, modern QA/QC sampling, validation and digitization of historical data sets, and updated geological modelling followed by the preparation of a new mineral resource estimate in accordance with CIM definition standards and National Instrument 43-101. The company encourages readers to exercise appropriate caution when evaluating the historical MRE.

All scientific and technical information relating to Manhattan pertaining to the historical MRE contained in this news release is derived from the technical report dated May, 1997, titled "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County," prepared by New Concept Mining Inc. The information contained herein in respect of the historical MRE is subject to all of the assumptions, qualifications and procedures set out in the historical technical report, and reference should be made to the full text of the historical technical report.

About Scorpio Gold Corp.

Scorpio Gold holds a 100-per-cent interest in two past-producing projects, the Manhattan district and the Mineral Ridge mine, both 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 100,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

We seek Safe Harbor.