Scorpio Gold Corporation Announces Upsizing of Previously Announced Public Offering to $10 Million

Scorpio Gold Corporation (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold" or the "Company") is pleased to announce that as a result of strong investor demand, the Company has amended its agreement with Velocity Trade Capital Ltd. ("Velocity") to increase the size of its previously announced "best efforts" public offering (the "Offering"). The Offering is being conducted by Velocity, as sole bookrunner, and Raymond James Ltd., as co-lead agents together with Velocity (together, the "Agents"). Pursuant to the upsized deal terms, the Agents have agreed to offer, on a "best efforts" basis, up to 40,000,000 common shares (the "Offered Shares") from the treasury of the Company at a price of $0.25 per Offered Share for aggregate gross proceeds of up to $10,000,000. The Company will grant the Agents an option (the "Agents' Option") to purchase up to an additional 6,000,000 Offered Shares on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any. The net proceeds of the Offering will be used to fund exploration activities at the Company's Manhattan Property and for general corporate and working capital purposes. The Offering is expected to close on or about July 23, 2026, or such other date as the Company and the Agents may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange (the "TSXV"). The Offered Shares to be issued under the Offering will be offered by way of a prospectus supplement (the "Prospectus Supplement") to the Company's existing short form base shelf prospectus dated July 6, 2026 (the "Base Shelf Prospectus"), to be filed in all of the provinces of Canada (other than the province of Québec) and some may be sold in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in compliance with applicable state blue-sky laws, and in such other jurisdictions outside of Canada and the United States as agreed to by the Company, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be, accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment to such documents, may be obtained without charge from Velocity, 100 Yonge Street, Suite 1800, Toronto, Ontario M5C 2W1, by telephone at (416) 323-2164 or by email at [email protected] by providing the contact with an email address or address, as applicable. The Base Shelf Prospectus and the Prospectus Supplement contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus and the Prospectus Supplement (when filed) before making an investment decision. No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute an offer of securities for sale in the Unit...