Mr. Zayn Kalyan reports

SCORPIO GOLD DRILLS 25.02 METRES GRADING 0.76 G/T GOLD, FROM 138.35 METRES ALONG THE RELIANCE TREND AT THE MANHATTAN DISTRICT, NEVADA

Scorpio Gold Corp. has released results from three holes from its 2025 drilling program at the Manhattan district project in Nevada, United States, from the phase 2 program (25MN-034 through 25MN-036). The results are tabulated in Table 1 and discussed below. Scorpio Gold has drilled 38 drill holes to date from its phase 2 diamond drilling program, 25MN-011 through 25MN-045 and 26MN-046 through 26MN-048, for a grand total of 11,906 metres. With the results herein, Scorpio Gold has reported assays on 26 of these (25MN-011 through 25MN-036), totalling 8,584 metres, and assays are pending from 12 holes (25MN-037 through 25MN-045 and 26MN-046 through 26MN-048), totalling 3,322 metres. The pending results will be reported as they come available and the holes are discussed briefly below.

"We have started the year with strong operational momentum, with drilling progressing steadily across the Manhattan district and 12 completed holes currently in the lab awaiting results. Our focus in 2026 is on delivering results to the market in a consistent and disciplined manner while working towards adding inventory to our resource and continuing to advance our geological understanding of the district. In parallel with drilling within the current resource area, we are positioning one of our three active rigs to test targets outside the core resource footprint, beginning with a two-hole program at Black Mammoth commencing the last week of January. This work is designed to evaluate the broader district-scale potential of Manhattan and to identify new zones of mineralization that could support future resource growth," commented Zayn Kalyan, chief executive officer and director of Scorpio Gold.

Two holes were drilled along the Reliance trend (25MN-034 and 25MN-036) and one hole was drilled at the southern end of the West pit (25MN-035). These holes tested laterally and below the inferred resource constraining pit (IRCP), modelled at a gold price of $2,500 (U.S.) with a 0.3-gram-per-tonne-gold-only cut-off grade, along with other inputs, including: mill recovery of 90 per cent, a 50-degree pit-slope angle for in situ rock, mining costs of $3 per tonne for both ore and waste, milling costs of $15 per tonne processed, general administration cost of $3.50 per tonne processed, 2-per-cent royalty costs, and ore loss and dilution not applied. For further details, see "Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada," with an effective date of June 4, 2025, on Scorpio Gold's website.

The mineralization noted in previous and current reported drill holes is consistent with the company's existing geological model. The mineralization controls and geometries are closely related to district-scale structural features and preferred host lithologies. The company started collecting oriented core since mid-2025, and continues to do so on all drilling, which has increased confidence in structural features. Dilatational structures and structural intersections continue to be the primary focus of the mineralizing fluids, with many of the recognized structures hosting low-sulphidation epithermal gold vein assemblages in their hangingwalls.

Completed hole summaries, reported results:

• Hole 25MN-034 contained three intervals, all hosted in fine-grained clastic units, of 19.39 m, 5.49 m and 9.8 m grading 0.51 g/t gold, 0.20 g/t gold and 0.24 g/t gold, respectively. The first two intervals fall within the IRCP and the last intercept is located approximately 47 m below the IRCP.
• Hole 25MN-035 contained one significant interval, hosted in fine-grained clastic units, of 7.01 m grading 0.25 g/t gold, within the IRCP.
• Hole 25MN-036 contained three intervals, all hosted in fine-grained clastic units, of 7.86 m, 25.02 m and 2.16 m grading 0.31 g/t gold, 0.76 g/t gold and 1.20 g/t gold, respectively. All these intervals fall within the IRCP.

Completed hole summaries, assays pending:

• 25MN-037: drilled at the southern end of the historic West pit, 100 m to the north of 25MN-035;
• 25MN-038: drilled at the southern end of the historic West pit, within a structurally complex zone;
• 25MN-039: drilled as a 50-metre stepout to drill hole 25MN-036, to the north-northwest, on the Reliance trend;
• 25MN-040: drilled as a 50-metre stepout on hole 25MN-038, to the east-northeast, in a structurally complex area to the south of the historic West pit.
• 25MN-041: drilled within the Gap zone to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current inferred mineral resource;
• 25MN-042: drilled as a 50-metre stepout on drill hole 25MN-039 to the north-northwest, on the Reliance trend;
• 25MN-043: drilled directly north of the historic East pit, to test for a northerly extension of a westerly mineralized fault splay;
• 25MN-044: drilled near Mustang Hill, to the north, to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current inferred mineral resource;
• 25MN-045: drilled near Mustang Hill, to the north-northeast, to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current inferred mineral resource;
• 26MN-046: drilled directly north of the historic East pit, to test for a northerly extension of a westerly mineralized fault splay; a 50-metre stepout from drill hole 25MN-043;
• 26MN-047: drilled as a 50-metre stepout on drill hole 25MN-042, to the north-northwest, on the Reliance trend;
• 26MN-048: drilled at Goldwedge to test the faulted contact zone between caldera volcanics and older sedimentary units that host the current inferred mineral resource.

Quality assurance/quality control

HQ-sized diamond drill core samples were cut in halves and then bagged and secured with security tags to ensure integrity during transportation to the Reno, Nev., Paragon Geochemical facility for preparation. For quality assurance (QA), unmarked coarse blanks, unmarked certified reference materials and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 10 per cent of the run of samples. Samples were analyzed for gold using method PA-AU02 (approximately 500 grams), a two-cycle PhotonAssay analysis of crushed material (70 per cent passing two millimetres). All Paragon Geochemical facilities comply with ISO 17025:2017.

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. 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 (MRE) 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.

A historical MRE covers the Black Mammoth, April Fool, Hooligan, Keystone and Jumbo areas of Manhattan and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 ounces contained gold. The deposit is interpreted as a low-sulphidation, epithermal, gold-rich system situated adjacent to the Tertiary-aged Manhattan caldera in the Southern Toquima Range of Nevada. A qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has not done sufficient work to make the historical MRE current, and the company is not treating the historical MRE as current.

Qualified person

The scientific and technical information in this news release has been reviewed, verified and approved by Thomas Poitras, PGeo, chief geologist 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 review of collar and downhole survey data. 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, with a 400-ton-per-day-maximum-capacity gravity mill, 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.