Expert Says Gold Co's Nevada Results are 'Punching Above Its Weight'

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

On May 5, 2026, Scorpio Gold Corp. (SGN:TSX.V) announced results from two step-out holes of its Phase 2 drill campaign at the Manhattan District Project in Nevada, USA. The program has so far explored 76 holes (25MN-011 through 25MN-045, 26MN-046 through 26MN-068), with total exploration length hitting just under 22,000 meters. With the following results included, Scorpio Gold has reported results from 58 holes, and assays from 18 more holes are pending.

The biggest highlight of this release pertains to hole 26MN-067, which returned significant numbers:

• 10.40 g/t gold over 5.67 meters ("m") from 34.29 m, including 455.52 g/t gold over 0.49 m from 36.27 m;
• 1.94 g/t gold over 17.07 m from 55.47 m, including 5.54 g/t gold over 5.12 m from 62.27 m;
• 12.77 g/t gold over 5.91 m from 134.51 m, including 30.06 g/t gold over 2.50 m from 134.51 m along the Zanzibar Trend.

Drill hole 26MN-067 is a 50-meter step-out that lies northwest of hole 25MN-045 along the Zanzibar Trend.

Management at Scorpio Gold is excited by the results. "These results continue to reinforce both the grade tenor and the emerging structural continuity along the Zanzibar Trend, with high-grade intervals such as 455.52 g/t gold over 0.49 meters within broader mineralized zones, highlighting the strength of the system. The presence of multiple high-grade intercepts throughout the hole gives us increasing confidence that we are intersecting a wide and consistently mineralized structure, rather than isolated zones, which is critical as we evaluate the overall scale potential of the trend. With each successive hole, we are building confidence in our geological model and improving our understanding of the controls on mineralization along this system," said VP of Exploration Harrison Pokrandt in the release.

"This growing understanding is now framing a much larger opportunity. We see increasing evidence that the Zanzibar Trend may form part of a broader, district-scale structural corridor extending from Black Mammoth through Goldwedge and Mustang Hill, and potentially continuing toward the April Fool target to the southeast. While continuity may not be uniform along the entire strike, the repetition of favorable lithologies and structures, combined with consistent high-grade results, suggests the system may reappear along this corridor in multiple zones," he continued. "Step-out drilling is demonstrating that mineralization extends meaningfully beyond the current Inferred Resource constraining pit, and we believe we are still in the early stages of unlocking a significant new growth front adjacent to the main Reliance Trend. Importantly, hole 26MN-068 achieved its objective by confirming the geological transition from highly mineralized Ordovician Zanzibar Formation limestone into overlying unmineralized volcanics, providing valuable constraints on the limits and controls of mineralization within the system. With continued drilling, we expect to further refine this structural model and build momentum toward defining the scale of this emerging corridor."

The Manhattan District is a historical producer located along the Walker Lane Trend in Nevada and just south of the Round Mountain Gold Mine, which is currently in operation and has produced more than 15 million ounces of gold in its lifetime. Manhattan holds several past-producing mines, which Scorpio Gold has consolidated under one entity that holds permitting and water rights for them all.

Scorpio Gold is a Canadian mining company that holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, U.S. 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 Gold Corp. (K:TSX;  KGC:NYSE) in 2021.

Gold Enters Slight Climb

"Between March 2025 and March 2026, gold's price rose from US$3,019 to US$4,447 per troy ounce, a 47% increase," reported Kat Tetrina of Yahoo Finance on May 5, 2026. At an even greater spread, Tetrina wrote that, "Data from the National Mining Association shows explosive increases in gold prices over the past five and 10 years. Between 2016 and the end of 2025, gold's price went from UA$1,250 to US$4,318 per ounce." Contributing factors saw significant movement during the COVID pandemic, and with the weakening of the U.S. Dollar and geopolitical tensions, the metal saw a 65% increase in 2025 alone.

Though gold's meteoric climb has steadied and even slightly fallen during the U.S.-Iran War, prices rose a bit on May 5. Historically, gold has suffered under fears of inflation, and skyrocketing oil prices have kept its rates at baseline since the conflict began. Still, ". . . spot gold increased by 1% to US$4,566.79 per ounce during morning trading in the United States," reported The Economic Times.

Investors are putting weight behind the tense ceasefire between the two nations despite reports over the weekend that hostilities from both countries had hit the Strait of Hormuz. Both the U.S. and Iran fired on each other's ships, though the U.S. has dismissed Iran's claim that missiles struck an American ship.

Location is Crucial, Expert Says

Jeff Valks, senior analyst for The Gold Advisor, said that the Zanzibar trend is "punching above its weight" in a May 5 report released in response to Scorpio Gold's news

Valks wrote, "The useful part here is location. The holes tested beyond the current Inferred Resource Constraining Pit, adding new mineralization outside the existing box. As a reminder, Manhattan is comprised of 18,343,000 tons grading 1.26 g/t gold for a total of 740,000 ounces contained gold in the inferred category."

The company's stock is up almost 200% to date in 2026, according to Valks, who gave Scorpio Gold a 'Buy' rating, saying that the company is ". . . continuing to put assay fuel on the table."

All of 2026 Packed with Plans

Scorpio Gold's investor presentation outlines the company's 2026 plans. The company will spend Q2 2026 continuing resource expansion drilling, with a goal of 50,000 meters this year. Key areas of interest include the Keystone Jumbo, Black Mammoth, Hooligan, and April Fool targets.

In Q3 2026, Scorpio Gold plans to complete a modern metallurgical program with a draft process and flow sheet.

Finally, in Q4, the company will evaluate historical estimates through drilling and technical work.

Ownership & Share Structure¹

Scorpio Gold Corp. has a market cap of CA$108.83 million, with 302.30 million shares outstanding. The company's 52-week range is CA$0.11-CA$0.64.

Institutions own 6.72% of shares, while Management & Insiders own 3.41%. The remaining 89.87% of shares are held by Retail.