American Depositary Receipt (ADR) FAQs

Scorpio Gold’s American Depositary Shares trade on the Nasdaq Capital Market under the ticker symbol “SGLD”.

The Company’s common shares trade on the TSX Venture Exchange under the ticker symbol “SGLD”.

American Depositary Receipts (ADRs) are negotiable U.S. securities issued by a U.S. bank, referred to as a “depositary bank,” that typically represent a non-U.S. company’s equity. ADRs trade freely in global markets and facilitate cross-border trading.

ADRs allow non-U.S. companies to make their shares available outside their home markets and allow investors in the U.S. and elsewhere to invest in companies on a more global basis.

An ADR ratio provides the number of underlying shares represented by one ADR. One (1) Scorpio Gold ADR represents twenty (20) Scorpio Gold common shares.

Scorpio Gold ADRs can be purchased through a typical broker, just as you would buy other U.S. securities.

The Bank of New York Mellon (BNY) is the depositary bank and plays a key role in the issuance and cancellation of ADRs. An overview of Scorpio Gold’s ADR program is available through BNY’s Depositary Receipt Directory.

For more information about BNY and ADRs, please visit adrbny.com or review BNY’s DR Basics.

Investors who wish to convert Scorpio Gold common shares into Scorpio Gold ADRs should instruct their broker or custodian to deliver the common shares through CDS to BNY’s safekeeping account at CIBC Mellon.

To convert common shares to ADRs:

1. Deliver Scorpio Gold common shares (CUSIP 80918M302) to CIBC Mellon, CDS CUID: CMTC, CDS sub-account: 9050993.
2. Add instructions in CDS specifying the broker’s DTC participant number, ADR CUSIP 80918M401, and the quantity of ADRs to be issued.
3. Make the deposit through a deliver-free instruction in CDSX.

Once BNY receives confirmation from CIBC Mellon that the underlying common shares have been deposited, new ADRs are issued and delivered to the nominated U.S. broker in accordance with the ADR program’s Deposit Agreement.

The Deposit Agreement is available through the SEC.

ADR issuance fees for SGLD will be waived through November 25, 2026. Starting November 26, 2026, the applicable issuance fee will be US$5.00 per 100 ADRs, rounded up to the nearest 100 ADRs. Please refer to Section 5.9 of the ADR Deposit Agreement.

For questions related to ADR issuances, contact canadadrconversions@bny.com.

To convert Scorpio Gold F-shares traded on the OTC Markets to ADRs, please contact your broker. SRCRF investors who wish to convert to the ADR should instruct their broker or custodian to move their position from DTC to CDS and deliver the common shares through CDS to BNY’s safekeeping account at CIBC Mellon, as outlined above.

Investors can convert Scorpio Gold ADRs to Scorpio Gold common shares traded on the TSX Venture Exchange by following these steps:

1. Deliver ADRs via DTC to BNY DTC 2504, account number 016201.
2. In the DTC comment section, include delivery details for the local market: the name and BIC code of the bank or CUID where the common shares will be delivered, the beneficiary name, and the beneficiary account number.
3. If broker standing settlement instructions for the DTC participant and market are already in place, BNY can proceed with onward delivery. A callback may be required if no standing instructions are in place.

ADR cancellation fees for SGLD will be waived through September 25, 2026. Starting September 26, 2026, the applicable cancellation fee will be US$5.00 per 100 ADRs, rounded up to the nearest 100 ADRs. A separate US$17.50 cable fee applies to each cancellation. Please refer to Section 5.9 of the ADR Deposit Agreement.

For questions related to ADR cancellations, contact canadadrconversions@bny.com.