Scorpio Gold Announces $8 Million Private Placement With Sole Orders From Ross Beaty And Eric Sprott

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - August 29, 2025) - Scorpio Gold Corporation (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) (" Scorpio " or the " Company ") is pleased to announce a non-brokered private placement financing (the " Offering ") of up to 32,000,000 common shares at a price of $0.25 per share to raise gross proceeds of up to $8,000,000.

The Offering consists of sole orders from Ross Beaty, who has committed to subscribe for $5,000,000, and Eric Sprott, who has committed to subscribe for $3,000,000.

Private Placement Details

The Offering is expected to close in one tranche on or before September 2, 2025 subject to customary approvals including that of the TSX Venture Exchange. All securities issued will be subject to a four-month hold period in accordance with applicable Canadian securities laws. No finder's fees are expected to be paid in connection with the Offering.

The closing of the Financing is subject to final approval of the TSX Venture Exchange.

The Company intend to use the proceeds from the Offering will be used to advance exploration and development activities at Scorpio Gold's flagship Manhattan District Project in Nevada, as well as for general corporate purposes.

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 news release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Scorpio Gold Corporation

Scorpio Gold holds a 100% interest in the Manhattan District project, a past producing project 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 March 25, 2021 news release). The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

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