Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES RECEIPT OF $7.9 MILLION FROM WARRANT EXERCISES AND EXPIRY OF WARRANTS

Over the past seven months, Scorpio Gold Corp. has received aggregate proceeds of approximately $7,923,500 from the exercise of 39,617,500 common share purchase warrants.

The exercised warrants were issued in connection with the company's February, 2024, financing and carried an exercise price of 20 cents per common share. The company further announces that the remaining 20-cent warrants issued pursuant to that financing have now expired in accordance with their terms.

Following the warrant exercises, Scorpio's balance sheet has been significantly strengthened, providing additional flexibility to advance exploration across its Manhattan district in Nevada.

"On behalf of the board and management team, I would like to thank our shareholders for their continued support and confidence in Scorpio," commented Zayn Kalyan, chief executive officer of Scorpio Gold. "The receipt of $7.9-million in warrant proceeds over the past seven months strengthens our treasury while also simplifying our capital structure through the expiry of the remaining 20-cent warrants. Eliminating this warrant overhang removes a source of dilution uncertainty and positions the company with a cleaner equity profile. With a stronger balance sheet and a focused exploration strategy, we are well positioned to continue expanding mineralization along our 8.5-kilometre structural corridor in the Manhattan district."

The proceeds from the warrant exercises have been allocated toward continued drilling, technical studies and general corporate purposes, as the company advances its exploration programs and resource growth initiatives.

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. The maiden mineral resource estimate (the maiden MRE) covering the Goldwedge and Manhattan pit areas of Manhattan comprised 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 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. 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.

Qualified person

The scientific and technical information in this news release has been reviewed, verified and approved by Thomas Poitras, 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 about 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.