or for dissemination in the United States. BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+

Not for distribution to United States newswire services or for dissemination in the United States.

BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE PROSPECTUS SUPPLEMENT WILL BE

ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+

Scorpio Gold Corporation Announces Marketed Public Offering for Gross Proceeds of up to $8

Million

Vancouver, British Columbia – July 15 , 2026 – Scorpio Gold Corporation (TSXV:SGN,

OTCQB:SRCRF, FSE: RY9) (“ Scorpio Gold” or the “Company”) is pleased to announce that it has

entered into an agreement with Velocity Trade Capital Ltd. (“Velocity”) acting as lead agent and

sole bookrunner, on behalf of a syndicate of agents (collectively, the “Agents”), pursuant to which

the Agents have agreed to offer, on a “best efforts” basis, up to 32,000,000 common shares (the

“Offered Shares”) from the treasury of the Company, at a price of $0.25 per Offered Share for

total gross proceeds of up to $8,000,000 (the “Offering”).

In addition, the Company will grant the Agents an option (the “ Agents’ Option”) to purchase up

to an additional 4,800,000 Offered Shares on the same terms exercisable at any time up to 30

days following the closing of the Offering, for market stabilization purposes and to cover over -

allotments, if any.

The net proceeds of the Offering will be used to fund exploration activities at the Company's

Manhattan Property and for general corporate and working capital purposes.

The Offering is expected to close on or about July 23, 2026, or such other date as the Company

and the Agents may agree and is subject to certain conditions including, but not limited to, the

receipt of all necessary regulatory and other approvals includin g the acceptance of the TSX

Venture Exchange (the “TSXV”).

The Offered Shares to be issued under the Offering will be offered by way of a prospectus

supplement (the “ Prospectus Supplement ”) to the Company’s existing short form base shelf

prospectus dated July 6, 2026 (the “ Base Shelf Prospectus ”), to be filed in all of the provinces

of Canada (other than the province of Québec) and some may be sold in the United

States pursuant to exemptions from the registration requirements of the United States Securities

Act of 1933, as amended, and in compliance with applicable state blue-sky laws, and in such other

jurisdictions outside of Canada and the United States as agreed to by the Company, in each case

in accordance with all applicable laws and provided that no prospectus, registration statement or

similar document is required to be filed in such jurisdiction. Access to the Prospectus Supplement,

the Base Shelf Prospectus and any amendment to the documents is provided in accordance with

securities legislation relating to procedures for providing access to a shelf prospectus supplement,

a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus

Supplement will be (within two business days from the date hereof), accessible on SEDAR+ at

www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf

Prospectus, and any amendment to such documents , may be obtained without charge from

Velocity, 100 Yonge Street, Suite 1800, Toronto, Ontario M5C 2W1, by telephone at (416) 323 -

2164 or by email at [email protected] by providing the contact with an email

address or address, as applicable. The Base Shelf Prospectus and the Prospectus S upplement

contain important, detailed information about the Company and the proposed

Offering. Prospective investors should read the Base Shelf Prospectus and the Prospectus

Supplement (when filed) before making an investment decision.

No securities regulatory authority has either approved or disapproved of the contents of this press

release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy

nor shall there be any sale of the securities in an y jurisdiction in which such offer, solicitation or

sale would be unlawful prior to registration or qualification under the securities laws of any such

jurisdiction. This press release does not constitute an offer of securities for sale in the United

States. The securities being offered have not been, nor will they be, registered under the United

States Securities Act of 1933, as amended, and such securities may not be offered or sold within

the United States absent registration under U.S. federal and state securities laws or an applicable

exemption from such U.S. registration requirements.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of

Nevada, USA. Scorpio Gold’s Manhattan District is ~4,780 -hectares and comprises the advanced

exploration-stage Goldwedge Mine, with a 400 ton per day maximum c apacity gravity mill, and

four past-producing pits that were acquired from Kinross in 2021 (see news release dated March

25, 2021 https://scorpiogold.com/news/scorpio-gold-closes-purchase-of-kinross-manhattan-

property-nye-county-nevada/). 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS:

This news release includes information, statements, beliefs and opinions which are forward -

looking, and which reflect current estimates, expectations and projections about future events,

including, but not limited to, the anticipated terms of the Offering, including, but not limited to,

the Agents’ Option, the closing date of the Offering, the use of the net proceeds of the Offering,

the conditions to the closing of the Offering, including acceptance by the TSXV , the filing of a

prospectus supplement with respect to the Offering, the offering jurisdictions of the Offering, and

other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,”

“anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their

negative and words of similar meaning. By its nature, forward -looking information involves a

number of risks, uncertainties and assumptions that could cause actual results or events to differ

materially from those expressed or implied by the forward -looking information. These risks,

uncertainties and assumptions could adversely affect the outcome and finan cial effects of the

plans and events described herein.

A number of factors could cause actual results to differ materially from the results discussed in the

forward-looking statements made in this news release, including, but not limited to, the risk that

terms and closing of the Offering will not be as anticipated, including, but not limited to, that the

Agents’ Option, the closing date of the Offering, the use of the net proceeds of the Offering, the

conditions to the closing of the Offering, including acceptance by the TSXV , the filing of a

prospectus supplement with respect to the Offering, the offering jurisdictions of the Offering, and

the position of Scorpio Gold will not be as anticipated. A more complete discussion of the risks and

uncertainties facing the Company is disclosed under the heading “Risk Factors” in the Company’s

most recent annual information form, as well as the Company’s other continuous disclosure filings

with Canadian securities regulatory authorities available at www.sedarplus.ca.

Although the Company has attempted to identify important factors that could cause actual results

or events to differ materially from those described in forward -looking statements, there may be

other factors that cause results or events not to be as anticipated, estimated or intended. Readers

should not place undue reliance on forward -looking information, which is based on the

information available as of the date of this news release and the Company disclaims any intention

or obligation to update or revise a ny forward-looking information contained in this new release,

whether as a result of new information, future events or otherwise, unless required by applicable

law. The forward -looking information included in this new release is expressly qualified in its

entirety by this cautionary statement.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Zayn Kalyan, Chief Executive Officer and Director

Tel: (604)-252-2672

Email: [email protected]