Scorpio Gold Announces Receipt of First Deferred Payment from Mineral Ridge Sale
TSXV: SGN
#750-1095 W. Pender St.
Vancouver, BC V6E2M6
WWW.SCORPIOGOLD.COM
Scorpio Gold Announces Receipt of First Deferred Payment from
Mineral Ridge Sale
December 3, 2025 - Vancouver, British Columbia – Scorpio Gold Corp. (TSX-V: SGN, OTCQB: SRCRF,
FSE: RY9) (“Scorpio Gold”, or the “Company”)announces that it has received the first deferred payment from
the previously completed sale of its wholly -owned subsidiary, Mineral Ridge Gold, LLC (“ MRG”), to an arm’s
length purchaser.
As disclosed in Scorpio Gold’s news releases dated July 24, 2025 and August 25, 2025 , the aggregate
consideration for the sale of MRG totalled US$7,500,000, of which US$1,500,000 was placed into escrow as an
indemnification holdback, to be released in two equal tranches on the three-month and nine-month anniversaries
of closing.
The Company confirms that all conditions for the first scheduled release have been satisfied and that
US$750,000, representing 50% of the escrowed funds , has now been released from escrow and paid to
Scorpio Gold.
The remaining US$750,000 is expected to be released on the nine-month anniversary of closing, subject to the
terms of the escrow agreement. Scorpio Gold also expects to receive the final US$1,000,000 payment on the
12-month anniversary of closing, as previously disclosed.
“The initial escrow release from the sale of Mineral Ridge reinforces our balance sheet and further contributes
to Scorpio’salready strong treasury position as we ramp up our currently underway50,000-metre drill program
that aims to step out and expand the scale of the Manhattan District With a fortified treasury and a clear
exploration mandate, we are moving into 2026 with the ability to advance Manhattan aggressively and with
conviction”, said Zayn Kalyan, CEO and Director of Scorpio Gold.
Corporate Secretary Change
The Company also announces that Diana Mark is retiring from her role as Corporate Secretary of Scorpio Gold,
effective December 3, 2025. The Board of Directors extends its sincere appreciation to M rs. Mark for her
dedicated service and meaningful contributions to the Company.
Stephanie Sharma has been appointed Corporate Secretary of Scorpio Gold, effective December 3, 2025.
Ms. Sharma brings extensive corporate governance and public company administration experience, with a
career covering TSX-, CBOE-, TSXV-, and CSE -listed issuers across the mining, technology, and financial
services sectors. She has held progressively senior roles supporting boards of directors, overseeing continuous
disclosure compliance, managing corporate records, and coordinating corpor ate filings across Canadian and
U.S. jurisdictions.
About the Manhattan District
Manhattan, located north of the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately
20 kilometers 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 the project’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 covering the Goldwedge and Manhattan Pit areas of the
project 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.
*Data and results from adjacent or nearby properties, including the Round Mountain Mine, are not necessarily indicative of mineralization
on the Manhattan Project.
**The Company considers this historical estimate relevant , as it demonstrates the presence of significant gold mineralization across
multiple zones within thedistrict; however, its reliability is uncertain because it was prepared prior to the adoption of current CIM Definition
Standards and modern QA/QC practices. The original historical estimate report provides limited disclosure of assumptions, par ameters,
estimation methods, cutoff grades, and QA/QC protocols, and therefore these cannot be fully verifie d by the Company. The categories
used in the historical estimate predate, and are not directly comparable to, current CIM Definition Standards (2014), and theCompany is
not treating the historical estimate as a current mineral resource.
To upgrade and verify the Historical MRE to a current mineral resource, 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 preparation of a
new resource estimate in accordance with CIM Definition Standards and NI 43-101.
1. Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County,
Nevada; Royal Standard Minerals, Inc.
2. Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye
County, Nevada, Scorpio Gold Corp.
3. A. Berry and P. Willard, 1997. "Exploration and Pre-Production Mine Development, Manhattan District Project, Nye County", a
report prepared by New Concept Mining, Inc.
Qualified Person
The scientific and technical information in this news release has been reviewed , verified and approved
by Leo Hathaway, 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 records, 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.
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 (seenews release datedMarch 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.
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, or 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 respecting release
of the second 50% of the escrowed funds, the final US$1,000,000 payment on the 12-month anniversary
of closing, the Company’s anticipated 50,000-metre drill program and the scope and aims of same and
the Company’s ability to advance Manhattan aggressively and with conviction,and other statements that
are not historical facts. 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, performance or achievements
expressed or implied by such forward-looking 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; compliance with
extensive government regulation; domestic and foreign laws and regulations could adversely affect the
Company’s business and results of operations; the stock markets have experienced volatility that often
has been unrelated to the performance of companies and these fluctuations may adversely affect the
price of the Company’s securities, regardless of its operating performance.
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.