Scorpio Gold – Stock Option Grant

VANCOUVER, Nov. 11, 2022 - Scorpio Gold Corp. ("Scorpio Gold" or the "Company") (TSX-V: SGN) Scorpio Gold reports that the directors granted a total of 6,655,000 incentive stock options of the capital stock of the Company to directors, officers, employees and consultants. The options are exercisable at $0.045 per common share until November 10, 2027 and vest immediately, pursuant to Scorpio Gold's shareholder approved stock option plan.

ON BEHALF OF THE BOARD

Scorpio Gold Corp.

Chris Zerga
President and Chief Executive Officer
czerga@scorpiogold.com

Website: www.scorpiogold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. 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. Accordingly, readers should not place undue reliance on the forward-looking statements.

Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the issuance of Common Shares in settlement of the amounts owing under the Debentures and the approval of the TSX Venture Exchange to the settlement of the interest payment on the Debentures in Common Shares. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the inability to obtain the requisite TSX Venture Exchange approval

The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.