Highlights

• Hole 26MN-066 returned 1.89 g/t gold over 6.31 metres (“m”) from 0 m and 2.74 g/t gold over 16.49 m from 45.45 m along the Zanzibar Trend.
• Hole 26MN-065 returned 0.54 g/t gold over 22.49 m from 41.64 m and 4.39 g/t gold over 5.67 m from 121.07 m at the Gap Zone.

Scorpio Gold Corp. (TSX-V: SGN) (OTCQB: SRCRF) (FSE: RY9) is pleased to announce results from three step-out holes of the Phase Two drill program at the Manhattan District Project, Nevada, USA: 26MN-064 through 26MN-066, see Figure 1. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 75 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-085, for a grand total of 21,706 m. With the results herein, Scorpio Gold has reported assays on 56 of these (25MN-011 through 25MN-045 and 26MN-046 through 26MN-066), totalling 18,231 m, and assays are pending from 15 holes (26MN-067 through 26MN-085), totalling 3,475 m. The pending results will be reported as they become available.

“These results continue to strengthen our understanding of the geologic controls underpinning mineralization along the Zanzibar Trend and its relationship to the broader Reliance corridor. With each successive hole, we are building a more cohesive interpretation of the system, and there is a growing belief that the same combination of lithology and structure that controls mineralization along the Zanzibar Trend may extend northwest through Goldwedge and potentially towards Black Mammoth. Additionally, the same prospective lithologic units are found at the historic April Fool target which lies along strike of the developing Zanzibar Trend to the southeast, defining a much larger potentially mineralized corridor than previously recognized. Hole 26MN-066 delivered a standout intercept of 2.74 g/t gold over 16.49 metres from 45.45 metres, proximally downhole from an additional 1.89 g/t gold over 6.31 metres from surface, confirming the strength of mineralization along this emerging trend. Together with hole 26MN-064, these 50-metre step-outs are establishing meaningful continuity along the greater than 300-metre, largely untested strike corridor identified earlier this year. The grade tenor and emerging structural continuity we are seeing are particularly encouraging, and we remain optimistic that we are in the process of unlocking a significant new structural corridor adjacent to, and potentially linking with, the main Reliance Trend. With one of our three active rigs continuing to advance the Zanzibar Trend, we look forward to building on these results in the weeks ahead,” stated Harrison Pokrandt, VP Exploration of Scorpio Gold.

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

Drill holes 26MN-064 and 26MN-066 were drilled along the Zanzibar Trend as approximately 50 m step-outs at depth and to the east of hole 26MN-063, see news release dated April 16, 2026, see Figure 2. Drill hole 26MN-065 is a 50 m step-out to the north, within the Gap Zone, to hole 25MN-041, see news release dated February 11, 2026. All the drill holes tested beyond the Inferred Resource Constraining Pit, see Figures 4 through 6. Step-out drill holes targeted 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. 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-064: 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 one interval hosted in Ordovician Zanzibar Formation limestones, 2.10 g/t gold over 3.66 m from 0 m. A second interval sits directly below the Ordovician-Cambrian stratigraphic boundary, 0.41 g/t gold over 7.92 m from 44.20 m. Two further intervals are within the Cambrian Gold Hill Formation fine grained clastic and carbonate meta-sedimentary units, including 0.51 g/t gold over 7.92 m from 56.69 m, including 1.12 g/t gold over 1.4 m from 60.96 m, and 0.42 g/t gold over 5.61 m from 157.7 m, including 2.47 g/t gold over 0.73 m from 157.71 m. All intervals represent new mineralization outside the current IRCP, see cross-section A to A’ (Figure 4) and cross-section B to B’ (Figure 5).

26MN-066: 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 two intervals hosted in Ordovician Zanzibar Formation limestones and fine grained meta-sedimentary units, including 1.89 g/t gold over 6.31 m from 0 m, including 10.98 g/t gold over 1.04 m from 3.04 m, and 6.29 g/t gold over 0.91 m from 23.65 m. The drill hole’s headline interval, of 2.74 g/t gold over 16.49 m from 45.45 m, including 7.45 g/t gold over 4.15 m from 54.55 m, sits at and below the Ordovician-Cambrian stratigraphic boundary, see Figure 3. The drill hole also contains two intervals hosted in Cambrian Gold Hill Formation fine grained clastic and carbonate meta-sedimentary units, including 0.47 g/t gold over 20.06 m from 123.6 m and 0.49 g/t gold over 8.2 m from 153.95 m. All intervals represent new mineralization outside the current IRCP, see cross-section A to A’ (Figure 4) and cross-section B to B’ (Figure 5).

Figure 3. Drill hole 26MN-066, interval 55.11 m to 58.22 m, displaying Cambrian Gold Hill Formation fine grained meta-silt and mudstones with oxidized quartz-calcite-adularia epithermal veins.

 Figure 4. Cross-section A-A’, showing gold grades with reported intervals highlighted.

 Figure 5. Long-section B-B’, showing gold grades with reported intervals highlighted.

Gap Zone Results:

26MN-065: contains seven intervals hosted in the Cambrian Gold Hill Formation along the Reliance Trend where it meets with Goldwedge, within the Gap Zone. These intervals are hosted in fine grained meta-sedimentary clastic and carbonate units, including 0.54 g/t gold over 22.49 m from 41.64 m, 4.39 g/t gold over 5.67 m from 121.07 m, including 25.66 g/t gold over 0.85 m from 125.89 m, and 1.2 g/t gold over 11.31 m from 152.31 m, including 6.07 g/t gold over 1.37 m from 157.37 m. Other intervals are noted in Table 1. All intervals represent new mineralization outside the current IRCP, see cross-section C to C’ (Figure 6).

Figure 6. Cross-section C-C’, 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 (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 (“NI 43-101“) 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.