Highlights

• Hole 26MN-067 returned:
  • 10.40 g/t gold over 5.67 metres from 34.29 m, including 455.52 g/t gold over 0.49 m from 36.27 m;
  • 1.94 g/t gold over 17.07 m from 55.47 m, including 5.54 g/t gold over 5.12 m from 62.27 m;

12.77 g/t gold over 5.91 m from 134.51 m, including 30.06 g/t gold over 2.50 m from 134.51 m along the Zanzibar Trend.

Scorpio Gold Corp. (TSX-V: SGN) (OTCQB: SRCRF) (FSE: RY9) is pleased to announce results from two step-out holes of the Phase Two drill program at the Manhattan District Project, Nevada, USA: 26MN-067 through 26MN-068, see Figure 1. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 76 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-086, for a grand total of 21,939 m. With the results herein, Scorpio Gold has reported assays on 58 of these (25MN-011 through 25MN-045 and 26MN-046 through 26MN-068), totalling 18,668 m, and assays are pending from 18 holes (26MN-069 through 26MN-086), totalling 3,271 m. The pending results will be reported as they become available.

“These results continue to reinforce both the grade tenor and the emerging structural continuity along the Zanzibar Trend, with high-grade intervals such as 455.52 g/t gold over 0.49 metres within broader mineralized zones highlighting the strength of the system. The presence of multiple high-grade intercepts throughout the hole gives us increasing confidence that we are intersecting a wide and consistently mineralized structure, rather than isolated zones, which is critical as we evaluate the overall scale potential of the trend. With each successive hole, we are building confidence in our geological model and improving our understanding of the controls on mineralization along this system,” said Harrison Pokrandt, VP Exploration for Scorpio Gold. 

 Figure 1. Surface Plan Map of drill results, with highlights noted. Map Inset area shown in Figure 3.

Drill hole 26MN-067 is a 50 m step-out, along the Zanzibar Trend, to the northwest of hole 25MN-045, see news release dated February 19, 2026. Drill hole 26MN-068 is a 100 m step-out, along the Zanzibar Trend, to the north of hole 26MN-067, see Figures 2 and 3. Both drill holes tested beyond the Inferred Resource Constraining Pit, see Figures 6 and 7, targeting uncategorized mineralization in the 2025 MRE block model. 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. Geology Surface Plan Map of Target Areas, with untested strike lengths through the Ordovician Zanzibar Formation associated mineralization noted. Map Inset area shown in Figure 3.

 Figure 3. Inset Surface Plan Map of Zanzibar Trend Target Area, with drill hole traces projected to surface and result highlights noted.

 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.

Zanzibar Trend Results:

26MN-067: This drill hole tested the Ordovician Zanzibar Formation and associated mineralization, as it trends from the southeast of Goldwedge towards Mustang Hill. The drill hole contains three intervals hosted in Ordovician Zanzibar Formation limestone units, including 0.7 g/t gold over 3.38 m from 17.29 m, 10.40 g/t gold over 5.67 m from 34.29 m (70 g/t top-cut applied), including 455.52 g/t gold over 0.49 m from 36.27 m (see Figure 4). Also, directly above and through the Ordovician and Cambrian stratigraphic boundary (at 69.25 m) is 1.94 g/t gold over 17.07 m from 55.47 m (see Figure 5), including 5.54 g/t gold over 5.12 m from 62.27 m.

The drill hole contains five intervals within the Cambrian Gold Hill fine grained clastic and carbonate meta-sedimentary units, including 0.33 g/t gold over 6.86 m from 77.90 m, 0.61 g/t gold over 7.28 m from 89.92 m within the White Caps Limestone, and 1.66 g/t gold over 3.08 m from 123.26 m. Furthermore, 30.06 g/t gold over 2.50 m from 134.51 m directly above the Morning Glory Marble unit, and 0.68 g/t gold over 4.42 m from 186.51 m directly below the Pine Nut Marble unit.

26MN-068: This drill hole also tested the Ordovician Zanzibar Formation and associated mineralization, as it trends from the southeast of Goldwedge towards Mustang Hill. The drill hole contains one significant interval hosted in Ordovician Zanzibar Formation limestone, directly above the Oligocene Volcanics, of 0.43 g/t gold over 14.84 m from surface.

All Zanzibar Trend intervals represent new mineralization outside the current IRCP, see cross-section A to A’ (Figure 6) and cross-section B to B’ (Figure 7).

Figure 4. Drill hole 26MN-067, interval 35.60 m to 38.65 m, displaying Ordovician Zanzibar Formation limestones with oxidized quartz-calcite-adularia epithermal veins.

 Figure 5. Drill hole 26MN-067, sample with Visible Gold occurrences at approximately 66.70 m and 68.30 m depth, within Ordovician Zanzibar Formation limestones. The core photos note gold grains intermixed with pyrite grains within quartz-calcite-adularia epithermal veins.

 Figure 6. Cross-section A-A’, showing gold grades with reported intervals highlighted.

 Figure 7. Long-section B-B’, showing gold grades with reported intervals highlighted.

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 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.