Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES CLOSING OF PUBLIC OFFERING FOR GROSS PROCEEDS OF $10,800,000

Scorpio Gold Corp. has closed its previously announced upsized best efforts public offering of common shares of the company at a price of 25 cents per offered share for aggregate gross proceeds of $10.8-million. Velocity Capital Partners, as sole bookrunner, and Raymond James Ltd. acted as co-lead agents in connection with the offering.

Pursuant to the offering, the company issued a total of 43.2 million offered shares, including 3.2 million offered shares issued pursuant to the partial exercise of the agents' overallotment option.

In consideration for the services provided by the agents in connection with the offering, the company paid the agents an aggregate cash commission of $613,500. As additional consideration, the agents were also issued an aggregate of 2,454,000 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one common share of the company at a price of 25 cents per share for a period of 24 months from the date of issuance.

The net proceeds from the offering will be used to finance exploration activities at the company's Manhattan property and for general corporate and working capital purposes.

The offered shares were offered by way of a prospectus supplement filed in all of the provinces of Canada (other than the province of Quebec) and dated July 17, 2026, that supplemented the company's short form base shelf prospectus dated July 6, 2026. The offering remains subject to the final acceptance of the TSX Venture Exchange.

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.