Scorpio Gold Names New Operations Leader as Company Expands Nevada Mining Operations

Scorpio Gold Corporation (TSXV: SGN, OTCQB: SRCRF, FSE: RY9) has named Jeffery Lindstrom to lead operational oversight of its mining assets in Nevada’s Walker Lane region. Lindstrom assumes responsibility for directing day-to-day operations across Scorpio’s two producing properties—the Manhattan and Mineral Ridge mines—marking a significant leadership transition as the company accelerates development initiatives.

Experienced Mining Executive Brings Three Decades of Industry Leadership

Lindstrom’s appointment reflects his extensive track record spanning more than 30 years in mining operations and engineering. His career trajectory demonstrates deep expertise in mine development and resource optimization. Early in his career at Pegasus Gold Corporation, he served as a mine engineer and contributed to the Black Pine gold project, currently being advanced by Liberty Gold. During his tenure with Atlanta Gold Corp., Lindstrom played a pivotal role in engineering a strategic operational transformation—transitioning the company from bulk mining and cyanide heap leaching process methodologies to an integrated approach combining shallow open-pit extraction with underground mining and on-site milling capabilities that eliminated cyanide dependence.

His subsequent roles as Engineering Manager for ISR Capital and Owyhee Gold expanded his technical depth across underground and open-pit mineral projects in Idaho and Montana. At Gold Torrent, Inc., he directed engineering efforts on the high-grade underground Lucky Shot gold project in Alaska. Most recently, working with Daniel Kunz and Associates as Senior Mine Engineer, Lindstrom has supported resource assessment activities for high-grade gold-silver exploration ventures in Mexico and provided technical services to Scorpio related to the Manhattan project’s resource development objectives.

Lindstrom holds degrees from Boise State University and Phoenix Institute of Technology, with specialized expertise in project design, construction modeling, and material processing workflows.

Leadership Changes and Equity Incentives

The appointment follows the departure of Christopher Zerga from the Chief Operating Officer position, with Diane Zerga stepping down as Vice-President Operations. Zerga remains active as a company director.

In conjunction with the leadership restructuring, Scorpio Gold has distributed equity awards to consultants and company employees:

• 4,300,000 stock options exercisable at $0.135 per share, vesting immediately with a four-year expiration window
• 350,000 stock options at $0.15 per share, vesting progressively in 25% increments every six months over two years, also with four-year terms
• 900,000 restricted share units (RSUs), vesting fully after twelve months

A related-party transaction involving 250,000 RSUs granted to a company officer was processed under Multilateral Instrument 61-101 governance protocols and qualified for exemption from formal valuation and minority approval requirements, as the transaction value remained below the 25% market capitalization threshold.

Following these distributions, Scorpio has 9,134,432 stock options and 900,000 RSUs outstanding against authorized allocations of 13,026,824 options and 9,000,000 RSUs.

Strategic Asset Portfolio Positions Near-Term Production Opportunity

Scorpio Gold maintains a 100% ownership stake in two former producing assets in Nevada’s Walker Lane Trend. The Manhattan District encompasses the advanced-stage Goldwedge Project, equipped with a 400 ton-per-day gravity processing mill, alongside the ~4,780-hectare Manhattan Project centered on two historical mining pits acquired from Kinross in 2021. The consolidated district benefits from over 100,000 meters of historical drilling data and established permitting advantages.

The Mineral Ridge property, located in Esmeralda County, previously generated over 222,440 ounces of gold production between 2010 and 2020. The asset includes proven and probable resources, operational permits, water rights, developed infrastructure, and the recently acquired North Star exploration target, positioning the property for near-term development advancement.

Contact Information: Zayn Kalyan, CEO and Director | (604) 252-2672 | zayn@scorpiogold.com

Investor Relations: Kin Communications Inc. | (604) 684-6730 | SGN@kincommunications.com

For investor updates: scorpiogold.com