Scorpio Gold Announces Receipt of First Deferred Payment from Mineral Ridge Sale
None
The most recent news, dated 2025-12-03, announces that Scorpio Gold has received the first deferred payment from the sale of its Mineral Ridge project. This payment amounts to $750,000 USD, representing 50% of the initial escrow holdback established as part of the total $7.5 million USD sale agreement. The company expects the second escrow release of $750,000 USD on the nine-month anniversary of the closing (May 25, 2026), and a final payment of $1,000,000 USD on the 12-month anniversary (August 25, 2026).
Concurrently, the company states it is ramping up its currently underway 50,000-meter drill program at the Manhattan District. The program aims to step out and expand the scale of the Manhattan District, reinforcing Scorpio's treasury and ability to aggressively advance the project into 2026.
Additionally, the company announced the appointment of Stephanie Sharma as Corporate Secretary, effective immediately, following the retirement of Diana Mark.
The receipt of the $750,000 USD payment is a positive event for Scorpio Gold, further bolstering its balance sheet and cash position. However, this payment was an anticipated installment as per the terms of the Mineral Ridge sale, which was announced on 2025-08-26. Therefore, while beneficial for cash flow and reinforcing the company's financial stability, it does not represent new or unexpected material information that would significantly alter the company's valuation or outlook beyond what was already projected.
The statement about ramping up the 50,000-meter drill program at Manhattan is a reiteration of an existing, previously announced, and significant operational initiative. The Phase 2 drilling program commenced on 2025-10-22, so "ramping up" indicates continuation and execution of the stated plan rather than a new development or an acceleration beyond prior expectations.
The change in Corporate Secretary is an administrative matter and is not considered to have a material impact on the company's operations or stock price.
Overall, this news demonstrates the company's continued execution on its strategic plan, particularly regarding its finances and its flagship Manhattan project. It is a positive update confirming anticipated events, but not a game-changer.
Scorpio Gold Corp. (TSXV: SGN) is a Canadian gold exploration company primarily focused on its 100%-owned Manhattan District Project in Nevada, USA. The company has recently shifted its strategic focus entirely to Manhattan following the divestiture of its Mineral Ridge asset.
Manhattan District Project: * Location & Ownership: Located in Nevada, USA, covering 4,780 hectares, and is 100% owned by Scorpio Gold. It's a consolidated district with a history of past-producing mines, including Goldwedge. * Geology: Characterized by a low-sulfidation, epithermal, gold-rich system. Historically, the district has produced approximately 700,000 ounces of gold. * Infrastructure: Includes the Goldwedge property and a 400-ton-per-day gravity mill, as well as valuable permitting and water rights. * Maiden Mineral Resource Estimate (MRE): On September 11, 2025, Scorpio Gold reported a maiden Inferred MRE for the Manhattan District (effective June 4, 2025). This estimate identifies 18,343,000 tonnes grading 1.26 g/t gold, for a total of 740,000 contained ounces of gold (at a 0.3 g/t gold cut-off). Importantly, this initial MRE does not incorporate any of the 2025 drilling results. The MRE was calculated using a gold price of $2,500/ounce. * Exploration & Development: The company is currently executing an aggressive 50,000-meter Phase 2 diamond drilling program, which commenced on October 22, 2025. This program aims to expand the existing resource, test new high-potential targets (19 identified), and gather material for metallurgical testing. Phase 1 drilling (4,216m in 12 holes) was concluded prior to Phase 2. * Objectives: The primary objective is to define a multi-million-ounce, high-grade gold resource at Manhattan.
Previous Asset (Divested): Mineral Ridge Gold LLC: * Scorpio Gold successfully sold its Mineral Ridge Gold LLC project in Esmeralda County, Nevada, for an aggregate cash purchase price of $7.5 million USD. The sale was announced on August 26, 2025, and provided non-dilutive capital, allowing the company to eliminate ongoing holding costs and focus entirely on the Manhattan project. Payments are staggered, with the latest news confirming the first deferred escrow payment.