Vancouver, April 21, 2022 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) has elected to settle its semi-annual interest payment due on its US$7,015,000 secured subordinated convertible debentures (the “Debentures”) in common shares of the Company.  The interest payment date is April 26, 2022, and the interest payment record date is April 19, 2022. Subject to the approval of the TSX Venture Exchange the Company will issue a total of 5,194,976 common shares to settle its semi-annual interest payment of C$441,573 (US$349,789) at an exchange rate of 1.2624 and an issue price of C$0.085 per share.

As announced on March 10, 2022, the US$7,015,000 Debentures mature on April 26, 2022, and will be settled by the issue of common shares of the Company at an issue price of US$0.08 per share for a total of 87,687,500 common shares.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Chris Zerga,
President and Chief Executive Officer

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.