Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES COMPLETION OF $5.4 MILLION FIRST TRANCHE OF FINANCING AND UPSIZE OF TOTAL FINANCING TO OVER $7 MILLION

Scorpio Gold Corp. has closed a first tranche of its previously announced financing through the issuance of 67,082,355 common shares at a price of eight cents per share for gross proceeds of $5,366,588, and it intends to increase the total size of the financing from $6-million to up to $7.05-million.

In connection with the first tranche, the company paid finders' fees of $18,248 and issued 230,350 in finders' warrants, each finder's warrant entitling the holder to acquire one common share at an exercise price of eight cents for two years from issuance. All securities issued pursuant to the first tranche are subject to a statutory hold period of four months and one day from the date of issuance. The company intends to use the net proceeds from the financing toward property maintenance and further exploration and development of the Mineral Ridge and Goldwedge Manhattan projects, as well as for general working capital.

The financing included the issuance of an aggregate of 312,500 shares to a director and an officer of the company for gross proceeds of $25,000. Accordingly, the issuance of such securities constituted related-party transactions within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company was exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insider participation in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the insider participation, nor the securities issued in connection therewith exceeded 25 per cent of the company's market capitalization.

The planned close for the second and final tranche of the financing is Tuesday, April 22. The upsize is subject to approval by the TSX Venture Exchange.

About Scorpio Gold Corp.

Scorpio holds a 100-per-cent interest in two past-producing mines, the Manhattan mine and the Mineral Ridge mine, both located in the Walker Lane trend of Nevada, United States. Scorpio's Manhattan district comprises the advanced exploration-stage Goldwedge project, with a 400-ton-per-day gravity mill. Adjacent to Goldwedge is the 4,300-acre Manhattan project, centred on two past-producing pits, acquired from Kinross in 2021. The consolidated Manhattan district presents an exciting late-stage exploration opportunity, with over 100,000-plus metres of historical drilling, with significant resource potential, alongside valuable permitting. Scorpio Gold also holds a 100-per-cent interest in the Mineral Ridge gold project located in Esmeralda county, Nevada. Scorpio produced over 222,440 ounces of gold at Mineral Ridge between 2010 and 2020. With a proven and probable resource, valuable permits, water rights, infrastructure, and the recently acquired adjacent North Star exploration target, Mineral Ridge has significant near-term development potential.

We seek Safe Harbor.