Scorpio Gold Unveils 19 High Potential Gold Exploration Targets at the Manhattan District, Nevada

On November 11, 2025, Scorpio Gold provided an exploration update for its 100%-owned Manhattan District project in Nevada. The company has identified 19 high-potential gold targets for follow-up work.

The release confirms that the Phase 1 diamond drilling program, consisting of 4,216 metres in 12 holes, is complete. The significantly larger Phase 2 program, which will involve a minimum of 50,000 metres in approximately 200 holes, is now underway. To date, 2,078 metres across 6 holes of the Phase 2 program have been completed, with the full program expected to be finished by the end of 2026. The company also announced upcoming investor relations roadshows in Zurich, London, and Dubai.

This news is a routine operational update that confirms the company is executing its previously announced exploration strategy. While positive, as it demonstrates progress, the information is not materially new to the market. The commencement of the 50,000-metre Phase 2 drilling program was already announced on October 22, 2025. The identification of 19 targets is an expected outcome for a district-scale exploration project.

The true material events for Scorpio Gold occurred in August and September 2025: the sale of the non-core Mineral Ridge asset for non-dilutive capital, the $8 million financing at $0.25 per share backed by renowned investors Ross Beaty and Eric Sprott, and the release of a maiden NI 43-101 compliant Mineral Resource Estimate (MRE) of 740,000 inferred ounces at 1.26 g/t Au.

Today's announcement reinforces that the company is well-capitalized and actively working to expand upon that initial resource. However, it contains no new drill results or changes to the MRE, which would be required for a material re-rating. The stock has been consolidating since its peak in September following the MRE release, and this news is unlikely to act as a major catalyst on its own. It serves to maintain investor awareness and confirm that the exploration plan is on track.

Scorpio Gold Corporation is a Canadian-based gold exploration company focused on advancing its 100%-owned flagship Manhattan District project in Nevada. The company successfully consolidated this historically producing district and, in September 2025, announced a maiden NI 43-101 compliant Inferred Mineral Resource of 740,000 ounces of gold at an average grade of 1.26 g/t. The company's stated objective is to aggressively explore the district-scale property to define a multi-million-ounce gold deposit.