SGLD.V · 2024-11-01 12:00:00

Scorpio Announces Appointment of Jeff Lindstrom as VP Operations

Management Changes

TSXV: SGN

#750-1095 W. Pender St.

Vancouver, BC V6E2M6

WWW.SCORPIOGOLD.COM

Scorpio Announces Appointment of Jeff Lindstrom as VP Operations

November 1, 2024 - Vancouver, British Columbia – Scorpio Gold Corporation (TSX-V: SGN, OTCQB:

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

Lindstrom as the Company’s VP of Operations. Mr. Lindstrom will be responsible for day-to-day management of

Scorpio’s two mines in the Walker Lane trend of Nevada, Manhattan and Mineral Ridge. Mr. Lindstrom is an

associate with Daniel Kunz and Ass ociates (“DKA”) and has worked with Scorpio over the past months as the

Company works with DKA towards a compliant resource at Manhattan.

Mr. Lindstrom has spent his career in the mining industry with over 30 years of experience. He began as a mine

engineer with Pegasus Gold Corporation, including working at the Black Pine gold project currently under

development by Liberty Gold. Jeff was Operations Manager for Atlanta Gold Corp. and worked on a development

strategy for Atlanta to move from bulk mining and cyanide heap leaching plans to a combined shallow open- pit

and underground operation with on- site milling without cyanide. As Engineering Manager for ISR Capital and

Owyhee Gold he worked on several open pit and underground mineral projects in Idaho and Montana. With

Gold Torrent, Inc. he worked on the high-grade, underground Lucky Shot gold project in Alaska. His work with

Daniel Kunz & Associates, as Senior Mine Engineer, includes engineering activities for a high-grade gold-silver

exploration in Mexico, services to Scorpio Gold related to the Company’s Manhattan gold project, and supporting

various DKA project due diligence. He holds degrees from Boise State University and Phoenix Institute of

Technology. He has significant work experience in project design, modelling, construction, and material

processing with his more recent work in project assessment and development.

The Company also announces that Christopher Zerga is no longer serving as the Company’s Chief Operating

Officer and Diane Zerga is no longer serving as the Company’s Vice-President Operations. Mr. Zerga remains

a director of the Company.

Equity Issuances

The Company also announces it has granted the following (the “ Equity Award Grants”) to consultants and

employees of the Company:

(i) 4,300,000 stock options, exercisable at $0.135, vesting immediately and having a four-year term;

(ii) 350,000 stock options, exercisable at $0.15, vesting in 25% tranches each six months from the

grant date, and having a four-year term; and

(iii) 900,000 restricted share units (the “RSUs”), vesting 100% twelve months from the grant date.

250,000 of the RSUs were granted to an officer of the Company and, accordingly, such grant was considered a

related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special

Transactions ("MI 61-101"). Such grant was exempt from the formal valuation and minority shareholder approval

requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, given neither the fair market

1396-3698-8944, v. 1

value of the securities issued nor the consideration provided therefor exceeded 25% of the Company's market

capitalization.

The Company is authorized to grant a total of 13,026,824 stock options and 9,000,000 restricted share units

pursuant to its equity incentive plan, of which 9,134,432 stock options and 900,000 RSUs are now outstanding

following the Equity Award Grants.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in two past producing mines, the Manhattan Mine and the Mineral Ridge

Mine, both located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District comprises the

advanced exploration-stage Goldwedge Project, with a 400 ton per day gravity mill. Adjacent to Goldwedge is

the ~4,780-hectare Manhattan Project, centered on two past-producing pits, acquired from Kinross in 2021. The

consolidated Manhattan District presents an exciting late -stage exploration oppor tunity, with over 100,000 +

meters of historical drilling, with significant resource potential, alongside valuable permitting. Scorpio Gold also

holds a 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada. Scorpio Gold

produced over 222,440 oz of gold at Mineral Ridge between 2010 and 2020. With a proven and probable

resource, valuable permits, water rights, infrastructure, and the recently acquired adjacent North Star exploration

target, Mineral Ridge has significant near-term development potential.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Zayn Kalyan, Chief Executive Officer and Director

Tel: (604)-252-2672

Email: [email protected]

Investor Relations Contact:

Kin Communications Inc.

Tel: (604) 684-6730

Email: [email protected]

Connect with Scorpio Gold:

To register for investor updates please visit: scorpiogold.com

TSXV: SGN | OTC: SRCRF | FSE: RY9

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.

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