Scorpio Gold begins phase 2 drilling at Manhattan

Executive Summary

• Scorpio Gold Corp. has commenced its Phase 2 drilling program at the Manhattan District in Nevada, targeting a minimum of 50,000 metres of drilling across approximately 200 drill holes.
• The program aims to expand the mineral resource estimate (MRE) northwest of the West pit, delineate near-surface mineralization at Mustang Hill, and convert non-compliant historic resources at the Keystone Jumbo target.
• Completion of the 50,000-metre program is targeted for the end of August 2026, with the goal of establishing a National Instrument 43-101-compliant MRE for a multimillion-ounce gold resource.

Key Details

• Drilling Scope: Phase 2 involves a minimum of 50,000 metres of drilling using diamond core and reverse circulation methods.
• Equipment: Execution utilizes one diamond core drill and one reverse circulation drill currently on site, plus a second diamond core drill being mobilized (three rigs total).
• Timeline: The program targets completion by the end of August 2026.
• Strategic Focus Areas:
  1. Systematically expanding the MRE to the northwest of the West pit, targeting infill and stepout holes to extend continuous mineralization along the Reliance trend.
  2. Delineating strong, near-surface mineralization at Mustang Hill and expanding the MRE to the southwest of the West and East pits.
  3. Converting non-compliant historic resources, specifically at the Keystone Jumbo high-grade target.
• Phase 1 Context: Phase 1 consisted of 12 diamond drill holes totaling 4,216 metres. Results for four remaining Phase 1 holes (1,465 metres) are pending and expected soon; these targeted the Gap zone and Mustang Hill historic underground mines.
• Resource Background: The maiden MRE (announced Sept 11, 2025) comprises 18,343,000 tonnes grading 1.26 g/t for 740,000 ounces contained gold (Inferred). A historical estimate covers additional areas comprising 1,652,325 tonnes grading 5.89 g/t for 303,949 ounces contained gold.
• Marketing Engagement: Effective Oct 21, 2025, the company retained Sideways Frequency LLC (SFLLC) for marketing services.
  • Cost: $150,000 (U.S.) for an initial three-month term.
  • Equity Component: 400,000 stock options granted to SFLLC, exercisable at $0.35 per share for three years, vesting quarterly over one year.
• Upcoming Events:
  • Kinvestor Day Virtual Investor Conference 2025: CEO Zayn Kalyan presenting on Nov 2025 (specific date not in text, implied "today" relative to release).
  • New Orleans Investment Conference: Nov 2-5, 2025. VP Exploration Harrison Pokrandt and CEO Zayn Kalyan available at booth 126. CEO presenting Nov 3 at 9:50 a.m. CDT.
  • Investor Road Shows: Atlanta on Nov 6 with Amvest Capital; London on Nov 18 with Atlantic One Financial.

Notable Quotes

• Zayn Kalyan, CEO: "The launch of phase 2 marks a ramping up of activity for Scorpio Gold as we build directly on the momentum of our recently announced maiden mineral resource estimate. With three rigs actively working on completing a 50,000-metre program, we are accelerating our efforts to expand what we believe has the potential to become a significant multimillion-ounce gold system at Manhattan. This program is designed not only to increase the confidence and scale of the existing resource, but also to begin delivering consistent exploration and development catalysts to the market over the next 12 months."