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-092 and 26MN-096, see Figure 1. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 96 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-108, for a grand total of 27,712 m. With the results herein, Scorpio Gold has reported assays on 79 of these (25MN-011 through 25MN-045, 26MN-046 through 26MN-086, 26MN-088 through 26MN-089, 26MN-091 through 26MN-092), totalling 22,974 m, and assays are pending from 19 holes (26MN-087, 26MN-090, 26MN-093 through 26MN-095, and 26MN-097 through 26MN-108), totalling 4,738 m. The pending results will be reported as they become available.

Highlights

• Hole 26MN-096 returned, at Black Mammoth:
  • 2.56 g/t gold over 13.38 metres from 293.28 m, including 8.38 g/t gold over 3.84 m from 298.95 mwithin Manhattan Caldera volcanics.
• Significant mineralization, found in multiple holes, including 26MN-096, is hosted within volcanics of the Manhattan Caldera – like the setting at the Round Mountain Gold Mine, where broad zones of gold mineralization occur within volcanic units¹:
  • 0.75 g/t gold over 24.69 m from 230.12 m (26MN-053)
  • 0.62 g/t gold over 62.21 m from 230.43 m (26MN-069)
  • 0.58 g/t gold over 18.04 m from 311.05 m (26MN-078)
  • 6.95 g/t gold over 11.98 m from 242.99 m (26MN-091)
• Hole 26MN-092 returned, at Black Mammoth:
  • 0.57 g/t gold over 17.98 m from 157.28 m; 0.83 g/t gold over 18.01 m from 277.68 m, including 1.26 g/t gold over 9.91 m from 284.98 m; and 8.10 g/t gold over 1.52 m from 450.35 m at Black Mammoth.

“These two step-out holes underscore the value of a second, volcanic-hosted mineralized corridor taking shape within the Manhattan Caldera. Hole 26MN-096 returned 2.56 g/t gold over 13.38 metres – including 8.38 g/t gold over 3.84 metres – hosted entirely within caldera volcanics, building on the caldera-hosted mineralization we have now intersected in holes 26MN-053, -069, -078 and -091. This is the same broad, volcanic-hosted style of mineralization that characterizes the nearby Round Mountain system, and we are increasingly confident it represents a distinct corridor running alongside, and complementary to, the sediment-hosted mineralization at Black Mammoth.

“At the same time, hole 26MN-092 reflects our continued success along the Zanzibar Trend, with multiple stacked intervals hosted in Zanzibar Formation limestones, including 0.83 g/t gold over 18.01 metres and a high-grade 5.80 g/t gold over 1.37 metres. Importantly, both holes were drilled more than 230 metres beyond the current resource-constraining pit, demonstrating that mineralization at Manhattan remains open well outside the 2025 block model – across two separate host lithologies – and giving us multiple high-priority vectors to continue testing in the current phase of drilling,” 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.

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Drill hole 26MN-092 is a 50 m step-out, at Black Mammoth, to the southwest of hole 26MN-057, see news release dated April 1, 2026. Drill hole 26MN-096 is a 50 m step-out, also at Black Mammoth, to the east of hole 26MN-069, see news release dated May 7, 2026. Both drill holes tested greater than 230 metres beyond the Inferred Resource Constraining Pit, targeting new mineralization outside of the 2025 MRE block model, see Figures 2 and 7. 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/SGN_Manhattan_Mineral_Resource_Estimate_-_Amended_43-101.pdf.

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

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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-092: This drill hole tested mineralization in the Black Mammoth area, to the northwest of Goldwedge. The drill hole contains five intervals hosted in Ordovician Zanzibar Formation limestone and carbonaceous meta-mudstone units; 0.20 g/t gold over 8.02 m from 139.20 m; 0.57 g/t gold over 17.98 m from 157.28 m; 0.86 g/t gold over 8.69 mfrom 178.30 m; 1.30 g/t gold over 5.18 m from 181.81 m (see Figure 3), including 5.80 g/t gold over 1.37 m from 190.81 m; and 0.83 g/t gold over 18.01 m from 277.68 m. One interval of 1.26 g/t gold over 9.91 m from 284.98 m, begins in Ordovician Zanzibar Formation limestones and ends in Cambrian Gold Hill Formation fine grained meta-sediments, with the contact at 309.68 m. The drill hole contains two intervals hosted in the Cambrian Gold Hil Formation; 0.23 g/t gold over 6.46 m from 319.98 m (clastic meta-mudstone) and 8.10 g/t gold over 1.52 m from 450.35 m (interbedded clastic and carbonate meta-mudstones).

26MN-096: This drill hole also tested mineralization in the Black Mammoth area, to the northwest of Goldwedge, along the Manhattan Caldera margin. The drill hole contains two significant intervals hosted entirely within Oligocene Round Rock Formation ash and lapilli tuff volcanic units with vein-hosted mineralization hosted; 0.17 g/t gold over 12.98 m from 262.80 m and 2.56 g/t gold over 13.38 m from 293.28 m, including 8.38 g/t gold over 3.84 m from 298.95 m (see Figure 4). One interval of 0.30 g/t gold over 25.18 m from 360.39 m (see Figure 5), begins in Manhattan Caldera volcanics and ends in Cambrian Gold Hill Formation brecciated fine grained clastic meta-sediments, with the contact at 374.93 m.

These Black Mammoth 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 3. Drill hole 26MN-092, interval 181.81 m to 184.34 m, displaying Ordovician Zanzibar Formation limestones with quartz-calcite-pyrite epithermal veins.

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Figure 4. Drill hole 26MN-096, interval 298.12 m to 302.79 m, displaying mineralized volcanic tuff units within the Oligocene Round Rock Formation.

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Figure 5. Drill hole 26MN-096, interval 365.44 m to 370.92 m, displaying mineralized volcanic tuff units within the Oligocene Round Rock Formation.

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

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Figure 7. Cross-section B-B”, showing gold grades with reported intervals highlighted.

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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: All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated April 23, 2026 (with an effective date of June 4, 2025) titled “Mineral Resource Estimate and NI 43-101 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.

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