Scorpio Gold closes Mineral Ridge sale for $7.5M (U.S.)

Executive Summary

• Scorpio Gold Corp.’s subsidiary completed the sale of its Mineral Ridge project for a total cash consideration of $7.5 million.
• The transaction provides immediate non‑dilutive capital ($5 M received) and future payments totaling $2.5 M, strengthening the company’s balance sheet and eliminating ongoing holding costs.
• Proceeds will be used to fund advancement of Scorpio Gold’s flagship Manhattan district project in Nevada.

Key Details

• Buyer: Arm’s‑length third party (unnamed).
• Asset Sold: All membership interests in Mineral Ridge Gold LLC and associated unpatented mining claims covering the Mineral Ridge project, Esmeralda County, NV.
• Purchase Price: $7.5 million cash total.
• $5 M paid upfront to Scorpio Gold.
• $1.5 M placed in escrow as indemnification holdback; 50% released on 2025‑11‑25 and remaining 50% on 2026‑05‑25.
• Additional $1 M scheduled for payment on 2026‑08‑25.
• Reclamation Bond: Purchaser assumed all reclamation bond obligations related to the project.
• Retained Assets: Certain project assets were retained and transferred to Scorpio U.S., a subsidiary, prior to closing.
• Finder’s Fee: No finder’s fee was paid.
• Strategic Rationale: Divestiture of non‑core asset to reduce holding costs, improve liquidity, and fund the Manhattan district exploration program.

Notable Quotes

“The successful closing of the Mineral Ridge sale marks a pivotal milestone for Scorpio Gold. By divesting this non‑core asset, we have significantly strengthened our balance sheet, eliminated ongoing holding costs and secured meaningful, non‑dilutive capital to advance our flagship Manhattan district project.” – Zayn Kalyan, CEO, Scorpio Gold Corp.