Scorpio Gold Corp. (TSX-V: SGN) (OTCQB: SRCRF) (FSE: RY9) is pleased to announce the commencement of its Phase 2 Drilling Program at the Manhattan District Project, Nevada, USA.

The Phase 2 drilling program is planned to achieve a minimum of 50,000 metres of drilling, through diamond core and reverse circulation drilling. Phase 2 will build upon the recently completed Phase 1 diamond drilling program, which consisted of 12 diamond drill holes totalling 4,216 m, and the recently announced maiden Mineral Resource Estimate (see the Company’s news release dated September 11, 2025).

This next phase will be executed using one diamond core drill and one reverse circulation drill, which are already drilling at site, along with a second diamond core drill, which is being mobilized. Three drills will enable a more aggressive pace towards completing a minimum of 50,000 metres of drilling in approximately 200 drill holes by the end of August 2026. This phase will primarily focus on systematically expanding the Mineral Resource Estimate to the northwest of the West Pit, targeting both infill and step-out holes to extend the continuous mineralization along the Reliance Trend (see Figure 1). The second focus is to continue delineating strong near-surface mineralization at Mustang Hill and expanding the MRE to the southwest of the West and East Pits. The third focus is to convert non-compliant Historic Resources, notably at the Keystone Jumbo high-grade target (see news release dated September 11, 2025). Phase 2 is designed to establish an all-encompassing compliant NI 43-101 MRE for the Manhattan District and advancing Scorpio Gold’s near-term objective of defining a multi-million-ounce gold resource.

Scorpio Gold’s CEO, Zayn Kalyan, commented, “The launch of Phase 2 marks a ramping up of activity for Scorpio Gold as we build directly on the momentum of our recently announced maiden Mineral Resource Estimate. With three rigs actively working on completing a 50,000 metre program, we are accelerating our efforts to expand what we believe has the potential to become a significant multi-million-ounce gold system at Manhattan. This program is designed not only to increase the confidence and scale of the existing resource, but also to begin delivering consistent exploration and development catalysts to the market over the next 12 months. Phase 2 is the next logical step in our strategy to unlock the full value of the Manhattan District, and we are well-positioned to execute aggressively and effectively.”

Further drilling results are pending for the four remaining Phase 1 drill holes, totalling 1,465 m, which add to previous results announced in news releases dated August 25, 2025 and October 14, 2025. These drill holes targeted (1) the Gap Zone, located between the historic Goldwedge and West Pit mines, along approximately 200 m of unexplored strike length of the Reliance Trend, and (2) Mustang Hill’s historic underground mines (see news release dated June 19, 2025). The remaining Phase 1 drilling results are expected to be released soon.

Figure 1: Map of the Manhattan District with completed Phase 1 drill holes, significant gold intercepts, and planned Phase 2 drill hole collars.

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, which has produced more than 15 million ounces of gold. For the first time, the Company has consolidated the district’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 (Goldwedge Project Technical Report, 2005). The June 4, 2025, Maiden MRE for the Goldwedge & Manhattan Pit areas of the Project 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. Concurrently, a historical mineral resource estimate (the “Historical Estimate“) covers the Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo areas of the Project and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 oz contained gold (see news release dated September 11, 2025). 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.

The Historical Estimate is not considered current under NI 43-101, the Company is not treating the Historical Estimate as current mineral resources, and a Qualified Person has not done sufficient work to classify the estimate as current. The Historical Estimate should not be relied upon.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Thomas Poitras, P. Geo., Chief Geologist of Scorpio Gold and a “Qualified Person”, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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 March 25, 2021 news release). 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.