SGLD.V · 2023-11-10 12:00:00

Scorpio Gold Prices Private Placement at $0.02 per Unit

Financings

TSXV:SGN

c/o Suite 910 – 800 West Pender Street,

Vancouver, BC V6C 2V6

www.scorpiogold.com

News Release No. 338

Scorpio Gold Prices Private Placement at $0.02 per Unit

Vancouver, November 10, 2023 – Scorpio Gold Corporation (TSX-V: SGN) (“ Scorpio Gold ” or the “ Company”)

announces that the initial financing (the “Private Placement”) announced in its press release dated November 8,

2023 will consist of the issuance of up to 10,000,000 units (each a “Unit”) at a price of $0.02 per Unit, to raise gross

proceeds of up to $200,000. Each Unit will be comprised of one common share of the Company and one common

share purchase warrant of the Company, with each warrant exercisable to acquire one common share of the

Company at an exercise price of $0.05 for a period of two years. The Company intends to use the proceeds of the

Private Placement for general working capital purposes. The securities issued in the Private Placement will be subject

to a four-month hold period from the date of issuance in accordance with applicable securities laws. The completion

of the Private Placement is subject to the approval of the TSX Venture Exchange (the “ Exchange”).

The securities described herein have not been, and will not be, registered under the United States Securities Act of

1933, as amended (the “ 1933 Act”) or any state securities laws, and accordingly, may not be offered or sold within

the United States except in compliance with the registration requirements of the 1933 Act and applicable state

securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell

or a solicitation to buy any securities in any jurisdiction.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Chris Zerga, President

Scorpio Gold Contact

Chris Zerga, President and CEO

Tel: (819) 825-7618

Neither the 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 StatementsThe Company relies on litigation protection for forward-looking statements. This news

release contains forward-looking statements that are based on the Company’s current expectations and estimates.

Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”,

“believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events

or conditions “may” or “will” occur, and include, without limitation, statements regarding the completion and

anticipated use of proceeds of the Private Placement. There is significant risk that the forward-looking statements will

not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ

materially from such forward-looking statements. Such forward-looking statements involve known and unknown risks,

uncertainties and other factors that could cause actual events or results to differ materially from estimated or

anticipated events or results implied or expressed in such forward-looking statements, including financial markets

generally, the inability to complete the Private Placement and related transactions, receipt of all regulatory approvals

required for the Private Placement and related transactions, and those risk factors outlined in the Company’s

Management Discussion and Analysis as filed on SEDAR+. Any forward-looking statement speaks only as of the date

on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent

or obligation to update any forward-looking statement, whether as a result of new information, future