Scorpio Gold Drills 28.35 Metres Grading 1.25 g/t Gold, from 124.75 Metres Extending Mineralization Along Caldera Within Goldwedge, Manhattan District, Nevada

The most recent news (Feb 27, 2026) reports significant drill results from the Phase Two program at the Manhattan District Project, Nevada. Hole 26MN-048 returned 1.25 g/t gold over 28.35 meters and 0.62 g/t over 32.13 meters, extending mineralization along the caldera margin beyond the current Inferred Resource Constraining Pit (IRCP). This follows a Feb 24 announcement that the company received $7.92 million from the exercise of 39.6 million warrants at $0.20, significantly boosting the treasury. Earlier February results included high-grade intercepts of 5.22 g/t over 36.82 meters (Feb 11) and 3.14 g/t over 49.62 meters (Feb 19).

The news is Routine - Positive. While the drill results are technically strong and demonstrate resource expansion potential, they are incremental results within a massive 50,000-meter program that the market has been expecting. The $7.9M warrant exercise is a material liquidity event, but since the warrants were already "in the money" and their expiry was known, the cash inflow was largely anticipated. - Operational Impact: The results confirm that mineralization extends beyond the 740,000 oz Inferred Resource pit shell, supporting management's goal of reaching a multi-million-ounce deposit. - Financial Impact: The $7.9M inflow, combined with the $7.5M Mineral Ridge sale proceeds (staged), provides a robust cash runway for the remainder of the 2026 drill program without immediate need for dilutive equity raises at these prices.

Scorpio Gold holds a 100% interest in the Manhattan District in Nevada. The project includes the Goldwedge and Manhattan Pit areas. The flagship project currently hosts a maiden Inferred Resource of 740,000 oz gold (18.3M tonnes @ 1.26 g/t). The district is characterized by high-grade epithermal mineralization and is located near Kinross’s Round Mountain mine.