Mr. Zayn Kalyan reports

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

Scorpio Gold Corp. has received the second 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, Aug. 25, 2025, and Dec. 3, 2025, the aggregate consideration for the sale of MRG totalled $7.5-million, of which $1.5-million 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 second 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.

With this second release, the $1.5-million (U.S.) indemnification holdback has now been fully released from escrow. Scorpio Gold also expects to receive the final $1-million (U.S.) payment on the 12-month anniversary of closing, as previously disclosed.

"The final escrow release from the sale of Mineral Ridge completes the full return of our indemnification holdback and further strengthens Scorpio's treasury as we continue to advance our ongoing 50,000-metre drill program. The strong results emerging from the Zanzibar trend and Black Mammoth are pointing to multiple growth fronts and district-scale upside at Manhattan, and a well-funded treasury allows us to pursue these opportunities aggressively and with conviction," said Zayn Kalyan, chief executive officer and director of Scorpio Gold.

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 (MRE) covering the Goldwedge and Manhattan pit areas of Manhattan 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 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. 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 downhole 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.

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