Scorpio Gold Drills 2.68 g/t Gold over 11.34 Metres from Surface Along the Zanzibar Trend, at Manhattan, Nevada

Scorpio Gold Corp. announced assay results from five step-out drill holes within its Phase Two diamond drilling program at the Manhattan District Project in Nevada on May 21, 2026. The highlights include Hole 26MN-071 returning 2.68 g/t Au over 11.34 metres from surface (including 6.54 g/t Au over 3.41 metres). These results extend mineralization beyond the current Inferred Resource Constraining Pit (IRCP) along the Zanzibar Trend, hosted in Ordovician Zanzibar Formation limestone. The Phase Two program has completed 84 holes totaling 24,312 metres, with assays reported on 21,652 metres and 2,660 metres pending from nine holes. Management emphasizes that the near-surface nature of this mineralization is meaningful for evaluating broader resource potential.

The May 21 news release represents a continuation of the Phase Two drilling campaign rather than a singular game-changing event. While the intercepts are positive, they align closely with previous announcements from May 5 (455 g/t Au over 0.49 m) and April 28 (2.74 g/t Au over 16.49 m) along the same Zanzibar Trend corridor. The market has been pricing in this exploration success since the August 2025 private placement by Eric Sprott and Ross Beaty, which validated the district-scale thesis. Consequently, while the news confirms geological continuity and adds ounces to the potential resource base, it lacks the unexpected element required for a "Material - Positive" rating. It is an incremental step in a known trend that reinforces the company's exploration model without fundamentally altering the valuation narrative overnight.

Scorpio Gold Corp. operates the Manhattan District Project in Nye County, Nevada, located approximately 15 km south of Kinross’ Round Mountain Gold Mine. The company consolidated four contiguous properties into a single district-scale asset. The flagship project hosts a maiden NI 43-101 inferred mineral resource estimate of 740,000 oz Au at 1.26 g/t (June 2025). Historical resources in the district total approximately 304,000 oz Au at higher grades (5.89 g/t), though these are non-compliant with current standards. The project includes a permitted underground mine (Goldwedge) with a 400 t/d gravity mill and extensive historical drilling data (~140,000 m).