Highlights

• Hole 25MN-057 returned 1.02 g/t gold over 40.23 metres (“m”) from 195.68 m, including 2.09 g/t gold over 13.26 m from 209.09 m; 0.63 g/t gold over 11.34 m from 262.74 m; and 0.78 g/t gold over 12.92 m from 293.71 m at Black Mammoth.
• Hole 25MN-056 returned 2.13 g/t gold over 4.91 m from 41.72 m at Iron Queen.
• Hole 25MN-058 returned 4.29 g/t gold over 3.55 m from 64 m; 21.8 g/t gold over 1.05 m from 91.44 m; and 0.82 g/t gold over 7.28 m from 150.91 m at Iron Queen.

Scorpio Gold Corp. (TSX-V: SGN) (OTCQB: SRCRF) (FSE: RY9) is pleased to announce results from three step-out holes and one exploration hole of the Phase Two drill program at the Manhattan District Project, Nevada, USA: 26MN-055 through 26MN-058, see Figure 1. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 59 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-066, 26MN-068 through 26MN-070, for a grand total of 19,025 m. With the results herein, Scorpio Gold has reported assays on 48 of these (25MN-011 through 25MN-058), totalling 15,967 m, and assays are pending from 11 holes (26MN-059 through 26MN-070), totalling 3,058 m. The pending results will be reported as they become available.

“The Black Mammoth Mine is one of several historic workings in the Manhattan District and has been a priority target given its proximity to the current resource area. Hole 26MN-057, returning 1.02 g/t over 40.23 metres, reinforces the continuity we are seeing through step-out drilling while extending mineralization along strike from Goldwedge. Located approximately 250 metres from the current MRE area, Black Mammoth continues to demonstrate its potential to contribute meaningfully to the broader district-scale gold inventory.

“The geometry we are seeing — multiple stacked intervals, continuity across step-outs, and favorable host rocks — suggests the potential to define a sizable, mineralized body that could ultimately integrate with, or significantly expand, the existing Goldwedge resource. While additional drilling is required, we see clear parallels to the scale required to support a million-ounce target footprint along this margin,” stated Harrison Pokrandt, VP Exploration of Scorpio Gold.

“The proximity of the Black Mammoth target to our permitted underground workings at Goldwedge creates a compelling opportunity not only to continue expanding this zone from surface, but also to evaluate potential underground access that could accelerate delineation and development. From a resource growth and development standpoint, this represents exactly the type of target that can be highly additive as we continue to advance the Manhattan District,” stated Zayn Kalyan, CEO and Director of Scorpio Gold.

Figure 1. Surface Plan Map of drill results, with highlights noted. Map Inset area shown in Figure 2.

Drill hole 26MN-057 was drilled at Black Mammoth as a 70-metre step-out from drill hole 26MN-053, see news release dated March 19, 2026. Both holes are 250 m exploratory step-outs from Goldwedge. Drill hole 26MN-057 tested the Zanzibar Formation meta-sedimentary units and associated faulting, see Figure 2 and 3. Two drill holes stepped out at Iron Queen, drill holes 26MN-056 and 26MN-058, to the southeast of the East Pit. Drill hole 26MN-055 was drilled along the Reliance Trend, as a 50 m step-out to the northwest from drill hole 26MN-052, see news release dated March 19, 2026. All the drill holes tested beyond the Inferred Resource Constraining Pit, see Figure 5. Step-out drill holes targeted non-pit constrained inferred category mineralization and uncategorized mineralization. For further details see “Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada” with an effective date of June 4, 2025, on Scorpio Gold’s website at https://wp-scorpiogold-2025.s3.ca-central-1.amazonaws.com/media/2025/10/Scorpio-Gold-Manhattan-Mineral-Resource-Estimate-43-101-FINAL-2025-10-23.pdf.

Figure 2. Inset Surface Plan Map of Black Mammoth Target Area, with drill hole traces projected to surface and result highlights noted.

 Figure 3. Annotated photo of Black Mammoth. Photo is taken from Point A, noted on Figure 1, looking to the northwest. Note the drill hole collars indicated are located behind the hill in the background.

Table 1. Results from the current batch of drill holes. Note: There is insufficient geological information to estimate a true width for the drill intercepts reported.

Black Mammoth Results:

26MN-057: This drill hole tested the Zanzibar Formation and the Black Mammoth Fault and associated mineralization, as it trends to the NW from Goldwedge. The drill hole contains five intervals hosted in Ordovician Zanzibar Formation limestones and fine grained meta-sedimentary units, including 0.23 g/t gold over 18.9 m from 106.8 m, 1.02 g/t gold over 40.23 m from 195.68 m (see Figure 4), including 2.09 g/t gold over 13.26 m from 209.09 m, 0.63 g/t gold over 11.34 m from 262.74 m, 0.78 g/t gold over 12.92 m from 293.71 m, including 1.12 g/t gold over 5.33 m from 298.25 m, and 0.66 g/t gold over 4.82 m from 320.8 m. All intervals represent new mineralization, and the intervals noted are approximately 70 m to the southwest of drill hole 26MN-053, see cross-section A to A’ (Figure 5), and 250 m to the northwest of the edge of the IRCP, see long-section B to B’ (Figure 6).

Figure 4. Drill hole 26MN-057, interval 195.68 to 200.56 m, displaying Ordovician Zanzibar Formation limestones with quartz-calcite-adularia epithermal veins.

 Figure 5. Cross-section A-A’, showing gold grades with reported intervals highlighted.

 Figure 6. Long-section B-B’, showing gold grades with reported intervals highlighted.

Iron Queen Results:

26MN-056: contains one interval hosted in the Cambrian Gold Hill Formation to the southeast of the East Pit at Iron Queen. This interval is hosted in fine grained meta-sedimentary clastic units containing 2.13 g/t gold over 4.91 m from 41.72 m. See cross-section C to C’, Figure 7.

26MN-058: contains five intervals hosted in the Cambrian Gold Hill Formation to the southeast of the East Pit at Iron Queen. These intervals are hosted in fine grained meta-sedimentary clastic units, including 4.29 g/t gold over 3.55 m from 64 m, 21.8 g/t gold over 1.05 m from 91.44 m, 0.35 g/t gold over 4.08 m from 99.7 m, 0.23 g/t gold over 7.62 m from 139.9 m, and 0.82 g/t gold over 7.28 m from 150.91 m. See cross-section C to C’, Figure 7.

Figure 7. Cross-section C-C’, showing gold grades with reported intervals highlighted.

Reliance Trend Results:

26MN-055: contains three intervals hosted in the Cambrian Gold Hill Formation along the Reliance Trend to the north of the West Pit. These intervals are hosted in fine grained meta-sedimentary clastic and carbonate units, including 1.78 g/t gold over 1.34 m from 178.92 m, 0.37 g/t gold over 8.18 m from 289.56 m, and 1.94 g/t gold over 1.89 m from 426.05 m.

Marketing Update

Scorpio is pleased to announce that it has engaged Investor Insights Systems Inc. to provide digital marketing and advertising services pursuant to a marketing services agreement dated March 31, 2026.

Under the terms of the Agreement, IIS will provide digital marketing services, including digital content creation, distribution, search engine marketing, pay-per-click advertising and market awareness campaigns. The initial term of the engagement is three months commencing April 27, 2026. Pursuant to the Agreement, the Company will pay IIS a fee of USD $125,000 for the initial three-month term. The Company may extend the engagement and increase the budget beyond the initial term, up to an additional USD $125,000. In addition, the Company has agreed to grant IIS 200,000 options to acquire common shares of the Company, which are exercisable at a price of $0.39 per share. The Options will vest over a twelve-month period, with one-quarter vesting every three months from the date of grant.

IIS is an arm’s length service provider to the Company and, to the Company’s knowledge, neither IIS nor its principals have any direct or indirect interest in the Company or its securities, nor any right or intent to acquire such an interest, other than pursuant to the Agreement. The engagement of IIS remains subject to final approval of the TSX Venture Exchange.

QA/QC

HQ sized diamond drill core samples were cut in halves, then bagged and secured with security tags to ensure integrity during transportation to the Reno, NV, Paragon Geochemical facility for preparation. For quality assurance, unmarked coarse blanks, unmarked certified reference materials, and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 10% of the run of samples. Samples were analyzed for gold using method PA-AU02 (~500 g), a two-cycle PhotonAssay^TM analysis of crushed material (70% passing 2 mm). All Paragon Geochemical facilities comply with ISO 17025:2017.

About the Manhattan District

Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine (https://www.kinross.com/operations/default.aspx#americas-roundmountain), 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.¹ The maiden mineral resource estimate (the “Maiden MRE“) covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.²

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.³ The deposit is interpreted as a low-sulfidation, 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.

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 to 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 (MRE): All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated October 23, 2025 (with an effective date of June 4, 2025) titled “Mineral Resource Estimate and NI 43-101 Technical Report” (the “Technical Report“) prepared by Matthew R. Dumala, P.Eng (BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) 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 www.sedarplus.ca.

• 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 CIM Definition Standards and current QA/QC practices. The Historical MRE provides limited disclosure of assumptions, parameters, estimation methods, cutoff 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 to, 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 in order 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 datasets and updated geological modeling followed by the preparation of a new Mineral Resource Estimate in accordance with CIM Definition Standards and NI 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 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.

• References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025); and (3) Berry, A., and Willard, P., 1997: “Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County”. Report prepared for New Concept Mining, Inc. and dated May 1997.

Qualified Person

The scientific and technical information in this news release has been reviewed, verified and approved by Thomas Poitras, P. Geo., 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% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold’s Manhattan District is ~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 https://scorpiogold.com/news/scorpio-gold-closes-purchase-of-kinross-manhattan-property-nye-county-nevada/). 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.