Mr. Zayn Kalyan reports

SCORPIO GOLD ANNOUNCES COMMENCEMENT OF DRILLING AT APRIL FOOL; TARGET GRAB SAMPLES RETURN UP TO 59 G/T GOLD

Results from geological mapping and rock-chip sampling have advanced the April Fool target to drill-ready status, with a diamond core drill having commenced drilling earlier this week.

Highlights:

• Mapping and sampling complete -- drill commenced this week to April Fool target;
• Selective grab sample 616795 at April Fool target returned 59 grams per tonne gold;
• Three selective grab samples returned greater than 40 grams per tonne gold;
• 30 selective grab samples returned greater than one gram per tonne gold;
• Total 48 selective rock-chip and grab samples;
• Geological setting analogous to the Zanzibar trend, where 2026 drilling has returned 3.14 grams per tonne gold over 49.62 metres (25MN-044) and 12.78 grams per tonne gold over 5.91 metres (26MN-067).

Zayn Kalyan, president, chief executive officer and director, commented: "Since drilling resumed in May, 2025, our focus has been squarely on resource expansion along the core 1.8 kilometres of strike, with Black Mammoth as our first stepout onto one of Manhattan's five historical resource areas. April Fool marks the next step: a second of those five and one that has never been systematically drilled. Each of these areas is an opportunity to demonstrate the true district-scale potential of Manhattan, and April Fool is also where the district began. John Humphrey's 1905 discovery on this hill founded the camp, and, in the more than 120 years since, the only drilling here has been a handful of widely spaced historical holes, with no modern, systematic drill program ever completed. Our 2026 mapping and sampling program has now shown why we should: 48 selective grab samples averaging 6.14 g/t gold, all but one with detectable gold, three above 40 g/t and a peak of 59 g/t, all hosted in the same Zanzibar limestone and caldera-margin fault setting that has delivered our most consistent drill results this year along the Zanzibar trend. We have spent 2026 demonstrating that a structural reinterpretation of this district translates into high-grade, continuous drill intercepts, and April Fool is the next test of that model. With a rig mobilized this week and first assays expected by the end of October, we have a clear, near-term catalyst that could open an entirely new growth front at Manhattan."

Leo Hathaway, executive technical director, commented: "April Fool is one of the best underdrilled gold prospects I have visited in my career. The surface expression is textbook low-sulphidation epithermal: bedding-parallel dissolution vugs in the Zanzibar limestone lined with boiling-textured quartz-carbonate, cut by steep faults carrying the same veining, all sitting against the caldera-margin fault that we interpret as the principal fluid conduit. It is the same architecture that controls mineralization along the Zanzibar trend, where we now have a full season of drilling to calibrate against. Ferguson's 1924 account of lower-grade gold roughly 100 feet below the historic high-grade pockets is also instructive, because material that was not considered ore in 1905 is exactly what a modern exploration program should be targeting. The Manhattan geological team has built a well-constrained model of the mineralization controls here, and the first holes are designed to test the vertical extent and continuity of what we see at surface."

Continuing fieldwork across the entirety of the company's claim package since May of this year has thus far resulted in enhanced geological understanding of the Manhattan Central area of the Manhattan project, advancement of several target areas, and a robust structural reinterpretation of this historic and prolific gold mining district. Most recently, selective rock-chip and grab samples returned high-grade gold from the historically underdrilled April Fool target as well as an updated interpretation of the geological setting of the target that is similar to that of the Zanzibar trend target, which has produced a significant number of exciting drill hole results throughout 2026.

Geological mapping and rock-chip sampling

Geological mapping and sampling around the April Fool target commenced in August, 2026. The visual indicators of strong epithermal gold mineralization are abundant across the target area, including bedding parallel dissolution vugs lined with boiling textured quartz/carbonate mineralization in the prospective Zanzibar limestone formation, vertical faulting crosscutting the beds that also contains the same quartz/carbonate veining, proximal to the contact fault between the Paleozoic sedimentary package and the Oligocene-aged Manhattan caldera volcanic group. Rock-chip and grab sampling of the outcrops and mine dumps within and around the historic workings has produced encouraging results pointing to the high-grade potential of the April Fool target, with several samples assaying greater than 40 grams per tonne gold and one reaching 59 grams per tonne gold. Forty-eight samples were taken, of which all but one reported detectable gold (Table 1). Rock-chip and grab samples are selected from mineralization judged to be of interest and are not necessarily representative of the grade, width or continuity of mineralization on the property; for that reason, no average grade is reported. Quality assurance and quality control procedures applicable to these samples, and their limitations, are described under QA/QC below.

Geological comparison with the Zanzibar trend

Results of the mapping and sampling of the April Fool target area have shown that the geological setting is remarkably similar to that of the Zanzibar trend, which has been systematically drilled by Scorpio Gold in 2026 following a reinterpretation of mineralization controls in that area. That reinterpretation opened several hundred metres of strike length proximal to the maiden mineral resource estimate that had been largely overlooked by previous operators. At April Fool, similar to the Zanzibar trend, the prospective unit of Zanzibar limestone sits just above the Gold Hill mudstones, all variably dipping to the north-northwest at approximately 35 to 50 degrees. The bedding is truncated in both target areas by a large-scale fault zone separating the Paleozoic sedimentary package from the Oligocene-aged volcanic rocks of the Manhattan caldera. It is believed that in both locations these large strike-slip faults provide the plumbing system capable of tapping the source fluids at depth, bringing them closer to the surface and allowing them to interact with the prospective and receptive host rocks of the Gold Hill and Zanzibar formations. Intersections of steeply dipping faults and bedding planes act to focus the gold deposition, with gold-bearing fluid flowing both along the bedding as well as along the fault planes and surrounding damage zones.

The Zanzibar trend illustrates what this geological setting can deliver once it is systematically drilled. Through 2026, successive 50-metre stepout holes along the trend have returned consistently high and continuous gold grades from surface to more than 200 metres downhole, including 3.14 g/t gold over 49.62 m from 59.95 m, including 22.81 g/t gold over 4.24 m, in hole 25MN-044 (see news release dated Feb. 19, 2026); 2.10 g/t gold over 22.25 m from 34.14 m in hole 26MN-063 (April 16, 2026); 2.74 g/t gold over 16.49 m from 45.45 m in hole 26MN-066 (April 28, 2026); 12.78 g/t gold over 5.91 m from 134.51 m, including 30.06 g/t gold over 2.50 m, in hole 26MN-067 (May 5, 2026); 2.68 g/t gold over 11.34 m from 0.76 m, effectively from surface, in hole 26MN-071 (May 21, 2026); 2.77 g/t gold over 12.68 m from 58.64 m, including 20.93 g/t gold over 1.58 m, in hole 26MN-080 (May 28, 2026); 15.28 g/t gold over 2.56 m from 94.27 m and 0.98 g/t gold over 23.20 m from 112.13 m in hole 26MN-114 (Aug. 10, 2026); and 0.93 g/t gold over 22.16 m from 95.71 m and 0.84 g/t gold over 25.05 m from 205.07 m in hole 26MN-116 (Sept. 2, 2026). Reported intervals are downhole lengths; there is insufficient geological information to estimate true widths, and intervals contain no more than three continuous metres grading less than 0.1 g/t gold. At April Fool, the same Zanzibar limestone host, the same bedding attitude and the same caldera-margin fault architecture are present, and the drill program described below is designed to test whether this combination of controls has produced comparable continuity of gold mineralization beneath the historic workings.

Next steps

With these exciting results in hand, drill holes have been designed to test the multiple apparent controls on mineralization at April Fool, including bedding parallel and fault-controlled mineralization, as well as the intersection of the two. One diamond drill is scheduled to mobilize this week to perform the first diamond core drilling and the first systematic drill test of the April Fool target, with assay results expected within four weeks of drill hole completion.

History of the April Fool target

The April Fool target is the site of the April, 1905, discovery of free gold by John C. Humphrey that founded the Manhattan mining camp (Ferguson, 1924, U.S. Geological Survey bulletin No. 723, pages 7 to 8, 154). Early mining focused on shallow, high-grade pockets, including one that assayed over $8,000 per ton (approximately 13,000 g/t gold, converted at the historical gold price of $20.67 (U.S.) per ounce; p. 155). Mr. Ferguson also documented lower-grade gold mineralization in tunnels approximately 100 feet below the outcrop, including material reported to grade about $4 per ton (approximately 6.6 g/t gold), which was not considered ore at the time (pages 93, 155 to 156). The company believes that gold mineralization not targeted by historical miners may remain in the area, and this concept will be tested by drilling. Historical drilling at April Fool was limited to a small number of widely spaced holes completed by previous operators prior to 1997, which, together with sampling of the historic underground workings, formed part of the basis of a historical estimate for the area prepared by New Concept Mining Inc. (Berry and Willard, 1997; see technical report, Section 6.4). No diamond core drilling and no systematic drill program have previously been completed on the target. These figures are historical and are derived from a public government report. They have not been independently verified by the company's qualified person as the original sampling methods, locations and assay procedures are unknown. They are provided for historical context only, do not represent current exploration results or the grade of any mineralized body, and should not be relied upon.

Quality assurance/quality control

Surface samples were bagged and secured with security tags to ensure integrity during transportation to the MSALABS facility in Elko, Nev., for preparation. For quality assurance, a single unmarked coarse blank was inserted into the sample sequence submitted with these samples and returned a gold value below the analytical detection limit. The company's standard protocol is to insert unmarked coarse blanks, unmarked certified reference materials and duplicates at a rate of approximately 10 per cent of each sample run. That protocol was not fully applied to the batches containing the samples reported herein; company-inserted control samples were limited to a single unmarked coarse blank. The accuracy and precision of the reported assays have therefore not been independently checked by the company through blind control samples. The qualified person considers the results adequate for target generation and drill planning only, and they should not be relied upon for any other purpose. Samples were analyzed for gold using a two-cycle PhotonAssay analysis method (approximately 500 g) of crushed material (70 per cent passing two millimetres). All MSALABS facilities comply with ISO 17025:2017.

Marketing update

The company also announces that, effective Sept. 22, 2026, it has extended its engagement with Sideways Frequency LLC (SFLLC) to provide certain marketing and investor awareness services to the company in accordance with the policies of the TSX Venture Exchange. The initial engagement was for a three-month term that commenced Oct. 8, 2025. The marketing services will include, but are not limited to, e-mail campaigns, native advertising, display ads, lead generation, creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns. Under the agreement, the company will pay SFLLC $200,000 (U.S.) for an initial three-month term. Aside from this engagement, the company does not have any relationship with SFLLC or Wesley De Souza, chief executive officer of SFLLC.

About the Manhattan district

Manhattan, located in the Walker Lane trend of Nevada, United States, is road accessible and lies approximately 20 kilometres south of the operating Round Mountain gold mine, which has produced more than 15 million ounces of gold (past production is cited solely for geological context). For the first time, the company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s. The maiden mineral resource estimate covering the Goldwedge and Manhattan pit areas of Manhattan comprises 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 ounces contained gold in the inferred category. Inferred resources have a significant amount of uncertainty as to their existence and as to their economic feasibility. It cannot be assumed that all or any part will be upgraded to a higher category. They are not mineral reserves and have not demonstrated economic viability.

Notes

Adjacent properties: The company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain gold mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the company's properties.

Historical data: This news release includes historical information that has been reviewed by the company's qualified person. The company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Third party mineral projects: These deposits are cited solely for geological context. The company cautions that these properties are not necessarily adjacent, nor does the company or have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable with these deposits will be discovered on any of the company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the company. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Mineral resource estimate (MRE): All scientific and technical information relating to Manhattan pertaining to the maiden MRE contained in this news release is derived from the technical report dated June 4, 2025 (with an effective date of June 4, 2025), titled "Mineral Resource Estimate and NI 43-101 Technical Report" prepared by Matthew R. Dumala, PEng (British Columbia) of Archer Cathro Geological (U.S.) Ltd., Patrick Loury, MSc, CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (Washington) of Geosyntec Consultants Inc. and Dr. Art Ibrado, PhD, PE (Arizona) of Fort Lowell Consulting PPLC. The information contained herein in respect of the maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the technical report and reference should be made to the full text of the technical report, a copy of which has been filed with the applicable securities regulators and is available under the company's profile on SEDAR+.

Qualified person

The scientific and technical information in this news release has been reviewed, verified and approved by Leo Hathaway, PGeo, executive technical director of Scorpio Gold, a qualified person, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and sample nature and location. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100-per-cent interest in the Manhattan district located in the Walker Lane trend of Nevada, United States. Scorpio Gold's Manhattan district is approximately 4,780 hectares and comprises the advanced exploration-stage Goldwedge mine and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021). The consolidated Manhattan district presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

We seek Safe Harbor.