Scorpio Gold (SRCRF) Stock News

Scorpio Gold (OTCQB: SRCRF) has announced significant equity issuances through its incentive plan. The company granted 8.6 million stock options exercisable at $0.25 for five years, with vesting in four tranches between January 2026 and July 2027. Additionally, two sets of restricted share units (RSUs) were issued: 180,000 RSUs vesting in three tranches through July 2028, and 7.75 million RSUs vesting in four tranches through July 2029.

Of these grants, 5.35 million options and 7.75 million RSUs were allocated to officers and directors, qualifying as related party transactions but exempt from formal valuation and minority shareholder approval requirements. Following these issuances, the company now has 16.2 million options and 8.83 million RSUs outstanding.

Scorpio Gold (OTCQB: SRCRF) has entered into a definitive agreement to sell its Mineral Ridge project in Esmeralda County, Nevada for US$7.5 million in cash. The transaction structure includes a US$700,000 non-refundable deposit by August 7, 2025, US$4.3 million at closing by August 25, 2025, and additional payments over 12 months.

The deal includes US$1.5 million held in escrow as an indemnification holdback, released in two equal installments at 3 and 9 months post-closing, plus US$1 million payable at the 12-month anniversary. The purchaser will assume all reclamation bond obligations related to the project.

The company plans to redirect resources to its Manhattan District project, which management believes could host a multi-million-ounce gold deposit. The transaction is subject to regulatory approvals, including TSXV approval.

Scorpio Gold Corporation (SRCRF) has initiated a Phase One diamond drill program at its 100% owned Manhattan District in Nevada, comprising 3,400 meters across 12 holes. The company has completed four holes totaling 1,389 meters since April 29, 2025, and plans to release an initial resource estimate in Q3 2025. The drilling program focuses on three target areas: the Gap Zone, Zanzibar Trend, and Mustang Hill's historic underground mines. Notable previous drilling results include 1.69 g/t Au over 55.6m at the Zanzibar Trend and 3.89 g/t Au over 41.2m at Mustang Hill. Scorpio has digitized extensive historical data from the 1950s, including approximately 140,000 meters of previous drilling from 1,568 holes, valued at approximately US$50 million in current costs. The property's proximity to Kinross' Round Mountain gold mine and historical workings suggests potential for becoming a multi-million-ounce gold asset.

Scorpio Gold (SRCRF) has announced the final results from its 2024 drilling program at the Manhattan District Project in Nevada. The program successfully achieved its dual objectives: supporting an open pit focused maiden mineral resource estimate and testing expansion potential of the Goldwedge Underground and Reliance Fault trends. Key results from drill hole 24MN-010 showed mineralization near surface and at depth along the Reliance trend, with the widest result showing 0.43 g/t Au over 18 m at 276 m depth. CEO Zayn Kalyan expressed optimism about Manhattan's potential as a multi-million-ounce open pit gold resource, with plans for a larger program in 2025. The drilling revealed previously unknown mineralization in an area that was thought to be non-mineralized material outside the current deposit.

Scorpio Gold (SRCRF) has appointed Leo Hathaway as Executive Technical Director and Board member. Hathaway, a Professional Geologist with 30 years of experience, currently serves as Executive Chairman of Golden Shield Resources and Senior VP of Lumina Gold. His notable achievements include the successful acquisition and sale of Lumina Copper projects worth $1.65 billion and involvement in Ventana Gold's $1.5 billion La Bodega project sale. He also contributed to Lumina Gold's 20.5Moz Cangrejos gold project. CEO Zayn Kalyan emphasized that Hathaway's appointment aligns with Scorpio Gold's exploration-focused growth strategy, particularly for their Manhattan project, located near Kinross's Round Mountain operation.

Scorpio Gold (SRCRF) has successfully completed its over-subscribed financing, raising total gross proceeds of $7,070,000 through the issuance of 88,375,000 common shares. The second and final tranche closed with the issuance of 21,292,645 shares at $0.08 per share, generating $1,703,411.

The company paid $107,588 in cash finder's fees and issued 3,364,850 finder's warrants, exercisable for 12 months at $0.08. The proceeds will fund property maintenance, exploration, and development of the Manhattan Projects, along with general working capital. Securities from the second tranche have a hold period ending August 22, 2025.

Scorpio Gold (SRCRF) reported key achievements for 2024 and outlined catalysts for 2025. The company successfully raised $8.5M through private placements, including a $6M placement with Altus Gold and a $2.5M placement with debt conversion. Major management changes included appointing Zayn Kalyan as CEO and strengthening the team with new advisory committee members.

The company more than doubled its land position in the Manhattan District, delivering strong drilling results including 1.69 g/t over 55.7m. A comprehensive drilling database has been compiled to support an upcoming maiden mineral resource estimate (MRE). For 2025, Scorpio Gold plans to drill minimum 10,000 meters in the Manhattan District, conduct detailed geophysical surveys, and perform regional geological mapping.

Additionally, the company announced the appointment of Andrea Yuan as Chief Financial Officer, replacing Chris Richards. The company also identified value-extraction opportunities at its Mineral Ridge project.

Scorpio Gold (SRCRF) has announced significant drilling results from its Manhattan District Project in Nevada. The key highlight is Hole 24MN-009, which returned 1.69 g/t gold over 55.7 metres, including higher-grade sections of 2.53 g/t Au over 8.7m and 4.71 g/t Au over 8.8m. The results demonstrate open-pit potential at the Goldwedge Underground Stope Trend, which remains open at depth and along strike.

The 2024 drilling campaign had two main objectives: supporting an open-pit focused maiden mineral resource estimate and testing expansion potential of the Goldwedge Trend. Hole 24MN-009 successfully extends mineralization 115m below surface, confirming the company's belief in Manhattan's potential as a multi-million-ounce gold resource in Nevada.

Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) has announced its participation in the upcoming 121 Mining Investment Dubai conference on November 19-20, 2024, along with a European roadshow in Zurich (November 12) and Paris (November 14). The company's management will discuss the ongoing Manhattan drill campaign in Nevada's Walker Lane Trend, including Phase 1 drill results, with Phase 2 results expected soon. They will also review upcoming catalysts, particularly the NI-43-101 compliant mineral resource estimate at Manhattan planned for Q1 2025.