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-046, 26MN-047 and  26MN-048. The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 47 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-056, and 26MN-048, for a grand total of 15,280 m. With the results herein, Scorpio Gold has reported assays on 38 of these (25MN-011 through 25MN-045 and 26MN-046 through 26MN-048), totalling 11,907 m, and assays are pending from 9 holes (26MN-049 through 26MN-056 and 26MN-058), totalling 3,373 m. The pending results will be reported as they become available.

“Hole 26MN-048 is a pivotal step-out at Goldwedge that confirms strong gold mineralization along the caldera margin, beyond the current Inferred Resource Constraining Pit. The 28.35 metre interval grading 1.25 g/t gold from 124.75 metres, along with the broader 49.23 metre interval higher in the hole, demonstrates vertical continuity within the Zanzibar Formation and validates our structural model targeting the faulted contact between caldera volcanics and sedimentary units. Importantly, the deeper intervals convert previously uncategorized mineralization, extends the system down-dip, reinforces the openness along strike of the faulted caldera contact, and the prospective nature of the caldera-hosted corridor for further resource expansion”, stated Harrison Pokrandt, VP Exploration of Scorpio Gold.

“These drill results continue to reflect our disciplined approach to advancing Manhattan and delivering meaningful updates to the market on a consistent cadence. With 47 holes completed in Phase Two and assays pending from additional step-outs, we remain committed to generating steady, high-quality technical results as we expand mineralization beyond the current resource footprint. Our objective is clear: build scale methodically and keep shareholders informed with regular, data-driven progress”, commented Zayn Kalyan, CEO and Director of Scorpio Gold.

Figure 1. Surface Plan Map of drill results, with highlights noted.

Drill hole 26MN-048 was drilled at Goldwedge to test the faulted contact zone between caldera volcanics and Zanzibar Formation sedimentary units that host the June 2025 Inferred Mineral Resource Estimate. Drill hole 26MN-047 was drilled along the Reliance Trend, a 50 m step-out to the northwest of hole 25MN-042, see news release dated February 11, 2026. Drill hole 26MN-046 was drilled to the north of the historic East Pit as a 50 m vertical step-out from drill hole 25MN-043. This drill hole was testing a northerly extension of a mineralized west trending fault splay and confirmed the mineralization exists to the east of this drill hole. All three holes tested beyond the Inferred Resource Constraining Pit, see Figure 1. 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.

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.

Completed hole summaries and reported results:

26MN-048: contains four intervals hosted in the Ordovician Zanzibar Formation, within limestones and fine grained meta-sedimentary units, see Figure 2. Intervals include 0.77 g/t gold over 7.53 m from 5.12 m, 0.59 g/t gold over 49.23 m from 31.69 m, 1.25 g/t gold over 28.35 m from 124.75 m, and 0.62 g/t gold over 32.13 m from 162.12 m. The latter two intervals convert uncategorized mineralization from the June 2025 Inferred Mineral Resource Estimate. Mineralization beyond the 176 m length of this drill hole sits outside of the IRCP. See Figure 3, section A to A’.

26MN-047: contains four intervals hosted in the Cambrian Gold Hill Formation. The Pine Nut Member limestone unit notes 2.60 g/t gold over 6.64 m from 53.04 m. Three intervals are within fine grained meta-sedimentary clastic and other limestone units. Intervals include 10.36 g/t gold over 1.68 m from 129.23 m, including 22.49 g/t gold over 0.76 m from 130.15 m, 0.28 g/t gold over 11.09 m from 137.35 m, and 0.55 g/t gold over 14.45 m from 167.64 m. See Figure 4, section B to B’.

26MN-046: contains one interval hosted in Cambrian Gold Hill Formation fine to medium grained meta-sedimentary clastic units, of 0.20 g/t gold over 12.04 m from 21.49 m.

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 October 23, 2025 (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.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Zayn Kalyan, Chief Executive Officer and Director
Tel: (604)-252-2672
Email: zayn@scorpiogold.com

Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: SGN@kincommunications.com

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