Scorpio Gold Adds William M. Sheriff to its Board of Directors

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Scorpio Gold Corporation (TSXV: SGN) (OTC Pink: SRCRF) (FSE: RY9) ("Scorpio Gold", "Scorpio", or the "Company") is pleased to announce the appointment of Mr. William M. Sheriff to its Board of Directors.

Mr. William M. Sheriff

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Mr. Sheriff, as the founder and Executive Chairman of enCore Energy Corp., has advanced the company from inception to a uranium producer with a multi-jurisdictional United States asset base. Mr. Sheriff is an entrepreneur and visionary with over 40 years of experience in the minerals industry; has raised over $500 MM in the public markets and has extensive experience with mergers and acquisitions. Mr. Sheriff was a pioneer in the uranium renaissance as co-founder and Chairman of Energy Metals Corp. and was responsible for compiling the largest domestic uranium resource base in US history before the company was acquired by Uranium One Corp for $1.8 Billion in 2007. With his in-depth understanding of the nuclear industry and market conditions, plus his knowledge of the financial markets, Mr. Sheriff is regarded as a leader and avid supporter of nuclear energy as a clean and reliable energy source for the United States.

Mr. Sheriff also has a significant interest in the gold exploration sector with personal and corporate gold exploration assets across the United States and Canada. He is a Director and co-founder of Group 11 Technologies Inc, a private company committed to the development and application of environmentally and socially responsible precious metals mineral extraction as an alternative to conventional mining methods. He also serves as Chairman of Nuclear Fuels Inc. and C2C Metals Corp, both publicly-traded companies. Mr. Sheriff holds a B.Sc. degree (Geology) from Fort Lewis College, Colorado and an MSc in Mining Geology from the University of Texas-El Paso. He has compiled one of the largest privately-held mining databases in the world.

"Mr. Sheriff brings a wealth of experience to our board of directors. I am looking forward to working closely with him as we advance our initiatives in Nevada. William will be a huge asset to our team as Scorpio looks to expand and define the exciting opportunity at both Manhattan and Mineral Ridge. Williams' deep experience with high-grade, low-tonnage mining, and first-hand knowledge of Scorpio's assets in the Walker Lane Trend, uniquely positions him to add considerable value", Scorpio Gold's CEO and Director Zayn Kalyan commented. "I would also like to thank, on behalf of the board, Peter Brieger for his immense contribution to Scorpio as a director over the past 10 years. Peter has been an instrumental part of Scorpio's history, and we wish him all the best in his retirement," furthered Mr. Kalyan.

Peter Brieger, a long-time director of Scorpio who has worked with the Company since 2013, has retired from the Board. The Company wishes Mr. Brieger all the best in his retirement and future endeavours.

About Scorpio Gold Corp.

Scorpio Gold 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

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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: the Company's future initiatives in Nevada on it's projects. 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 Exchange) accepts responsibility for the adequacy or accuracy of this release.

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