Scorpio Gold Announces Receipt of $7.9 Million from Warrant Exercises and Expiry of Warrants
TSXV: SGN
#750-1095 W. Pender St.
Vancouver, BC V6E2M6
WWW.SCORPIOGOLD.COM
Scorpio Gold Announces Receipt of $7.9 Million from Warrant Exercises and
Expiry of Warrants
February 24, 2026 - Vancouver, British Columbia – Scorpio Gold Corp. (TSX-V: SGN, OTCQB: SRCRF,
FSE: RY9) (“Scorpio Gold”, or the “Company”) is pleased to announce that, over the past seven months, it has
received aggregate proceeds of approximately $ 7,923,500 from the exercise of 39,617,500 common share
purchase warrants.
The exercised warrants were issued in connection with the Company’s February 2024 financing and carried an
exercise price of $0.20 per common share. The Company further announces that the remaining $0.20 warrants
issued pursuant to that financing have now expired in accordance with their terms.
Following the warrant exercises, Scorpio’s balance sheet has been significantly strengthened , providing
additional flexibility to advance exploration across its Manhattan District in Nevada.
“On behalf of the Board and management team, I would like to thank our shareholders for their continued support
and confidence in Scorpio,” commented Zayn Kalyan, CEO of Scorpio Gold. “The receipt of $ 7.9 million in
warrant proceeds over the past seven months strengthens our treasury while also simplifying our capital structure
through the expiry of the remaining $0.20 warrants. Eliminating this warrant overhang removes a source of
dilution uncertainty and positions the Company with a cleaner equity profile. With a stronger balance sheet and
a focused exploration strategy, we are well positioned to continue expanding mineralization along our 8.5 -
kilometre structural corridor in the Manhattan District.”
The proceeds from the warrant exercises have been allocated toward continued drilling, technical studies, and
general corporate purposes, as the Company advances its exploration programs and resource growth initiatives.
About the Manhattan District
Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20
kilometers south of the operating Round Mountain Gold Mine
(https://www.kinross.com/operations/default.aspx#americas-roundmountain), 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.¹ The maiden mineral resource estimate (the “Maiden MRE”) covering the Goldwedge
and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of
740,000 oz contained gold in the inferred category.²
A historical mineral resource estimate (the “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 oz contained gold.³ The deposit is interpreted as a low-sulfidation, 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 (“NI 43-101”)
has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical
MRE as current.
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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 a ny
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 to, 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 to 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 Maiden MRE
contained in this news release is derived from the Technical Report dated October 23, 2025 (with an effective date of June 4, 2025)
titled “Mineral Resource Estimate and NI 43-101 Technical Report” (the “Technical Report”) prepared by Matthew R. Dumala, P.Eng
(BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, L G
(WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) 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 securit ies
regulators and is available under the Company’s profile on www.sedarplus.ca.
• Historical MRE: A Qualified Person has not done sufficient work to make the Historical MRE current, and the Company is not treating
the Historical MRE as current.
The Company considers the Historical MRE relevant as it demonstrates the presence of significant gold mineralization across multiple
zones within Manhattan; however, its reliability is uncertain because it was prepared prior to the adoption of the current CIM Definition
Standards and current QA/QC practices. The Historical MRE provides limited disclosure of assumptions, parameters, estimation
methods, cutoff grades, and QA/QC protocols, and therefore these cannot be fully verified by the Company. The categories used in
the historical estimate predate, and are not directly comparable to, current CIM Definition Standards, and the Company is not treating
the Historical MRE as a current Mineral Resource Estimate. To upgrade and verify the Historical MRE in order to make it a current
Mineral Resource Estimate, the Company would be required to undertake confirmatory drilling, modern QA/QC sampling, validation
and digitization of historical datasets and updated geological modeling followed by the preparation of a new Mineral Re source
Estimate in accordance with CIM Definition Standards and NI 43-101. The Company encourages readers to exercise appropriate
caution when evaluating the Historical MRE.
All scientific and technical information relating to Manhattan pertaining to the Historical MRE contained in this news release is derived
from the Technical Report dated May 1997 titled “Exploration and Pre -Production Mine Development, Manhattan District Project,
Nye County” (the “Historical Technical Report”) prepared by New Concept Mining, Inc. The information contained herein in respect
of the Historical MRE is subject to all the assumptions, qualifications and procedures set out in the Historical Technical Report and
reference should be made to the full text of the Historical Technical Report.
• References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye
County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P.,
2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for
Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025); and (3) Berry, A., and Willard, P.,
1997: "Expl oration and Pre -Production Mine Development, Manhattan District Project, Nye County". Report prepared for New
Concept Mining, Inc. and dated May 1997.
Qualified Person
The scientific and technical information in this news release has been reviewed, verified and approved by
Thomas Poitras, P. Geo., 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 r ecords, inspection of blank/standard/duplicate
performance, and review of collar and down-hole survey data. No limitations or failures to verify were identified.
About Scorpio Gold Corp.
1377-7839-7212, v. 1
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 capacity 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.
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:
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To register for investor updates please visit: scorpiogold.com
TSXV: SGN | OTC: SRCRF | FSE: RY9
Forward-Looking Statements
This news release contains statements that constitute “forward -looking statements.” Such forward looking
statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s
actual results, performance or achievements, o r developments to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward -looking statements. Forward looking
statements are statements that are not historical facts and are generally, but not always, identified by the words
“expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions,
or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this
news release include, among others, statements relating to additional flexibility to advance exploration across
the Company's Manhattan District in Nevada as a result of the warrant exercises; the Company continuing to
expand mineralization along its 8.5-kilometre structural corridor in the Manhattan District ; the intended use of
proceeds from the exercise of the warrants; the resource potential of the Manhattan District; and other statements
that are not historical facts.
The forward-looking statements contained in this news release are based on certain assumptions, including, but
not limited to the Company's ability to obtain any necessary financing on acceptable terms to fund its exploration
and development activities; th e accuracy of the Company's geological and technical interpretations regarding
the Manhattan District, including the potential for resource expansion along the 8.5-kilometre structural corridor;
favourable gold prices and currency exchange rates; the Company's ability to obtain and maintain all necessary
permits, licences and regulatory approvals required for its exploration programs; the continued availability of
qualified personnel, contractors, equipment and supplies on acceptable terms; the accuracy of historical data
and technical reports referenced herein, including the Maiden MRE and Historical MRE; and general economic,
market and business conditions remaining favourable to the mining industry.
By their nature, forward -looking statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other future events, to be materially
different from any future results, perfor mance or achievements expressed or implied by such forward -looking
1377-7839-7212, v. 1
statements. Such factors and risks include, among others: the Company may require additional financing from
time to time in order to continue its operations which may not be available when needed or on acceptable terms
and conditions acceptable; uncertainties inherent in mineral exploration, including interpretation of drilling results
and geology; the risk that the Manhattan District's resource potential may not be realised ; compliance with
extensive government regulation; changes in domestic and foreign laws and regulations; risks related to g old
price and currency exchange rate fluctuations ; stock market volatility ; o perational risks (equipment failures,
labour disputes, supply chain disruptions, environmental hazards); and such other risks contained in the public
filings of the Company filed with Canadian securities regulators and available under the Company's profile on
SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents the expectations of the Company as
of the date of this news release and, accordingly, is subject to change after such date. Readers should not place
undue importance on forward-looking information and should not rely upon this information as of any other date.
The Company undertakes no obligation to update these forward -looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change , unless required by applicable
securities laws.