Scorpio Gold Corporation (TSX-V: SGN) (OTCQB: SRCRF) (FSE: RY9) is pleased to announce, further to its news release dated August 29, 2025, that it has closed a non-brokered private placement through the issuance of 32,000,000 common shares of the Company at a price of $0.25 per Share, for gross proceeds of $8,000,000. The Financing was subscribed to by Ross Beaty ($4,400,000), Eric Sprott ($3,000,000), and four members of the Lumina Group ($600,000).

The Company paid $90,000 in cash finder’s fees.

The closing of the Financing is subject to final approval of the TSX Venture Exchange.

The Company intends to use the net proceeds from the Financing to advance exploration and development activities at its flagship Manhattan District Project in Nevada, as well as for general corporate purposes. All securities issued in connection with the Financing are subject to a four-month plus one-day hold period in accordance with Canadian securities laws.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Scorpio Gold Corporation

Scorpio holds a 100% interest in the Manhattan Mine, a past producing mine, located in the Walker Lane Trend of Nevada, USA. 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, centered on two past-producing pits, acquired from Kinross in 2021. The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000m+ of historical drilling, with significant resource potential, alongside valuable permitting.