Scorpio Gold Closes Over-Subscribed Final Tranche of Private Placement, Bringing Gross Proceeds Raised to Over $7 million

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Scorpio Gold Corporation (OTCQB: SRCRF) (FSE: RY9) ("Scorpio" or the "Company") is pleased to announce that it has closed the second and final tranche (the "Second Tranche") of its over-subscribed financing (the "Financing"), through the issuance of a further 21,292,645 common shares (the "Shares") of the Company at a price of $0.08 per Share, for gross proceeds of $1,703,411.

In total, through the Financing, the Company raised $7,070,000 and issued 88,375,000 common shares.

"We're excited to announce the successful closing of this financing, which was met with exceptional investor interest-reflecting growing recognition of the value proposition Scorpio Gold's Manhattan Project presents in the context of a strong gold market. This financing enables us to significantly advance exploration at the Manhattan Project, an asset we believe is materially undervalued compared to its peers. This comes at a pivotal time, as the U.S. market evolves and U.S. domestic gold production gains strategic importance, particularly with the recent invocation of the Defense Production Act to further the development of gold production and assets. With our maiden resource on track for filing in Q2, we look forward to executing an aggressive exploration program this year, further unlocking the value of Manhattan," said Zayn Kalyan, CEO and Director of Scorpio Gold.

In connection with both tranches of the Financing, the Company paid an aggregate of $107,588 in cash finder's fees and issued an aggregate of 3,364,850 finder's warrants. All finder's warrants are exercisable for 12 months from the date of issuance, at an exercise price of $0.08.

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

The Company intends to use the proceeds from the Second Tranche for property maintenance and further exploration and development of the Manhattan Projects, as well as for general working capital. The securities issued through the Second Tranche are subject to a four-month and one day hold period ending on August 22, 2025, in accordance with applicable securities laws.

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 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's Manhattan District comprises the advanced exploration-stage Goldwedge Project, with a 400 ton per day gravity mill. Adjacent to Goldwedge is the 4,300-acre Manhattan Project, centered on two past-producing pits, acquired from Kinross in 2021. The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000m+ 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 produced over 222,440oz 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: zayn@scorpiogold.com

Investor Relations Contact:

Kin Communications Inc.

Tel: (604) 684-6730

Email: SGN@kincommunications.com

To register for investor updates please visit: scorpiogold.com

TSXV: SGN | OTCQB: SRCRF | FSE: RY9

Forward-Looking Statements

The 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: TSXV approval of the Financing; Scorpio Gold's value proposition; the Company's plan of advancing exploration at its Manhattan Project; the U.S. market's evolution and the increasing importance of U.S. domestic gold production; timing expectations for the maiden resource at the Manhattan Project; the Company's plan to execute an aggressive exploration program this year and further unlock the value of Manhattan; and the Company's expected use of proceeds from the Financing. 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 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 events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249415

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Sector Update: Energy Stocks Rise Late Afternoon

MT Newswires

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the Energy Select Sector SPDR Fund (XLE) up 2.5%.

The Philadelphia Oil Service Sector index eased 0.2%, while the Dow Jones US Utilities index added 2.7%.

Front-month West Texas Intermediate crude oil rose 2% to $64.31 a barrel, and the global benchmark Brent crude contract advanced 1.5% to $67.22 a barrel. Henry Hub natural gas futures declined less than 0.1% to $3.02 per 1 million BTU.

In sector news, Federal Energy Regulatory Commission Commissioner Willie Phillips said he plans to leave the agency, effective immediately, after the White House asked him to step down, Politico reported Tuesday, citing Phillips.

In corporate news, TotalEnergies said Tuesday it is shutting down its oldest steam cracker in its Antwerp industrial site in Belgium by the end of 2027, after a major contract with an undisclosed third party, which received the produced ethylene from the cracker, was not renewed. TotalEnergies shares were rising 2.9%.

Halliburton shares dropped past 6% after it reported lower Q1 adjusted net income and revenue.

SUNation Energy filed a registration statement Tuesday for the potential sale of up to $100 million of securities from time to time in one or more offerings. Its shares were falling 7%.

BP activist investor Elliott Management is pushing the company to significantly cut spending to raise its free cash flow by an additional 40%, The Financial Times reported. BP shares rose 3%.

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Lean Hogs Push Past $1/lb as Winning Streak ExtendsMarket Talk

Dow Jones Newswires

Lean hog futures on the CME settle up 2.4% to $1.007 a pound. Not only is it the 9th straight trading session that hogs closed higher, but it's the first time in nearly a year that the contract has finished above the $1 mark. Underpinning the gains in hogs is Mexico. The biggest buyer of pork from the U.S. has mostly been spared from the impact of reciprocal tariffs. Live cattle futures also close higher, finishing close to the all-time record high of $2.08 a pound hit in late March of this year. (kirk.maltais@wsj.com)

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Sector Update: Energy

MT Newswires

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the Energy Select Sector SPDR Fund (XLE) up 2.5%.

The Philadelphia Oil Service Sector index eased 0.2%, while the Dow Jones US Utilities index added 2.3%.

Front-month West Texas Intermediate crude oil rose 2% to $64.31 a barrel, and the global benchmark Brent crude contract advanced 1.5% to $67.24 a barrel. Henry Hub natural gas futures declined 0.1% to $3.01 per 1 million BTU.

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Nymex Platinum, Palladium Warehouse Stocks - Apr 22

Dow Jones Newswires

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered         110,968         0        0       0         0    110,968 
Eligible            47,169         0        0       0         0     47,169 
Total              158,137         0        0       0         0    158,137 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           3,825         0        0       0         0      3,825 
Eligible            21,545         0       95     -95         0     21,450 
Total               25,370         0       95     -95         0     25,275 
 
HSBC BANK, USA 
Registered           1,295         0        0       0         0      1,295 
Eligible            34,465         0        0       0         0     34,465 
Total               35,760         0        0       0         0     35,760 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,394         0        0       0         0      3,394 
Eligible               451         0        0       0         0        451 
Total                3,845         0        0       0         0      3,845 
 
JP MORGAN CHASE BANK NA 
Registered         120,414         0        0       0         0    120,414 
Eligible            22,218         0      943    -943         0     21,275 
Total              142,632         0      943    -943         0    141,690 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          86,076         0        0       0         0     86,076 
Eligible            40,082         0        0       0         0     40,082 
Total              126,157         0        0       0         0    126,157 
 
MALCA-AMIT USA, LLC 
Registered             395         0        0       0         0        395 
Eligible               197         0        0       0         0        197 
Total                  592         0        0       0         0        592 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           5,501         0        0       0         0      5,501 
Eligible            11,597         0        0       0         0     11,597 
Total               17,099         0        0       0         0     17,099 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered         333,114         0        0       0         0    333,114 
Eligible           177,725         0    1,038  -1,038         0    176,687 
Total              510,839         0    1,038  -1,038         0    509,801 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered           6,057         0        0       0         0      6,057 
Eligible            31,702         0   10,060 -10,060         0     21,642 
Total               37,759         0   10,060 -10,060         0     27,699 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             987         0        0       0         0        987 
Eligible             3,306         0        0       0         0      3,306 
Total                4,292         0        0       0         0      4,292 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,623         0        0       0         0      2,623 
Total                3,209         0        0       0         0      3,209 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible               728         0        0       0         0        728 
Total               13,474         0        0       0         0     13,474 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          10,011         0        0       0         0     10,011 
Eligible               301         0        0       0         0        301 
Total               10,312         0        0       0         0     10,312 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           2,116         0        0       0         0      2,116 
Eligible               630         0        0       0         0        630 
Total                2,746         0        0       0         0      2,746 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered          32,599         0        0       0         0     32,599 
Eligible            39,290         0   10,060 -10,060         0     29,230 
Total               71,889         0   10,060 -10,060         0     61,829 
 
Write to Taryn Boss at csstat@dowjones.com

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ICE Review: Gains for Canola, Strongest in Old Crop

Dow Jones Newswires

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher on Tuesday.

An analyst said Prairie basis levels for canola have improved recently as a means to get farmers to sell more of the oilseed.

However, the analyst said canola is likely to trade sideways until there's a clearer picture of seeding conditions across the region. Resistance for the July contract is believed to be at C$690 per tonne.

That contract also remained well above its moving averages, further underpinning values.

There are thoughts within the trade that Statistics Canada came up short in estimate for the 2024/25 canola harvest, by one million to 1.5 million tonnes. That still might be enough to avoid price rationing due to sharply declining supplies.

Support for the Canadian oilseed came from upticks in Chicago soybeans and Malaysian palm oil. Losses in Chicago soyoil and soymeal, along with European rapeseed limited canola's gains.

Strong crude oil prices spilled over into the vegetable oils.

The Canadian dollar was virtually unchanged on Tuesday afternoon with the loonie at 72.38 U.S. cents.

There were 43,828 contracts traded on Tuesday, compared to 52,670 on Monday. Spreading accounted for 19,412 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
           Price      Change 
May       672.80    up 13.80 
Jul       679.50    up 14.10 
Nov       650.50     up 7.10 
Jan       656.30     up 6.20

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
May/Jul   5.50 under to 9.00 under           6,156 
May/Nov   22.30 over to 16.30 over              22 
May/Jan   16.50 over to 11.60 over              16 
Jul/Nov   29.70 over to 19.10 over           2,800 
Jul/Jan   23.20 over to 17.50 over              23 
Nov/Jan   5.60 under to 6.70 under             659 
Jan/Mar   3.40 under to 3.90 under              17 
Mar/May   2.00 under to 2.10 under               5 
May/Jul   0.60 under to 0.80 under               4 
Jul/Nov   34.10 over to 33.00 over               4

Source: Commodity News Service Canada, news@marketsfarm.com

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Spring Weather Keeps Natural Gas Prices DownMarket Talk

Dow Jones Newswires

U.S. natural gas futures flit around the $3 mark as mild spring weather keeps a lid on demand while production rises and LNG feedgas flows slip. "It's neither heating nor cooling season and will not be for two to four weeks," Mizuho's Robert Yawger says in a note. "Storage builds got off to a fast start this injection season, and the spec is weighing the possibility that storage will switch back to a surplus to the five-year average in coming weeks." Nymex natural gas settles down 0.3% at $3.007/mmBtu in a fourth straight decline. (anthony.harrup@wsj.com)

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