Golden Scorpio Company (Sgn(TSXV) It is upping the size of a previously announced public offering that is now expected to raise $10 million, with the proceeds earmarked for the company’s Manhattan-area gold project in Nevada. This is higher than the previous target of $8.0 million.
Under the terms of the blockbuster deal, the agents pledged to offer, on a best efforts basis, up to 40 million common shares from the company’s treasury for 25 cents per share.
The company is giving agents the option to purchase up to six million additional shares offered on the same terms. This option may be exercised at any time for up to 30 days after closing, which is expected to occur by July 23, 2026.
Scorpio Gold shares were unchanged Friday at 25.8 cents and traded in a 52-week range of 62 cents and 16 cents.
Scorpio owns a 100% interest in the Manhattan area, located off Walker Lane in Nevada. The project covers an area of 4,780 hectares and consists of the exploration phase of the Goldwidge mine, with a gravity mill with a maximum capacity of 400 tons per day, and four previous production pits acquired from Kinross Gold Company (your-TSX, kg of body weight(NYSE) in 2021. The company describes the project as a “late-stage exploration opportunity with more than 140,000 meters of historic drilling, significant resource potential, and valuable permit and water rights.”
In a press release dated September 11, 2025, the company issued a preliminary resource estimate, covering the project’s Goldwedge and Manhattan Pit areas and consisting of 18.3 million tonnes, grading 1.26 g/t gold for a total of 740,000 ounces of gold contained in the inferred grade.
The project also hosts a historic resource covering the Black Mammoth, April Fools, Hooligan, Keystone and Jumbo areas of the project, consisting of 1.6 million tonnes of gold grading 5.89 g/t or 303,949 ounces of contained gold. However, the company has not done sufficient work to upgrade the historic resource that would meet NI 43-101 disclosure standards.
In a press release issued on July 14, 2025, the company announced results from 18 graded holes, part of the Phase II drilling program in Manhattan. The company said it has so far drilled 102 holes in this program, totaling 28,939 metres, of which 99 have been reported. In addition to the Phase 2 drilling program, the company is reviewing historical data and analyzing any historic clay and silver cores. Drilling highlights include 2.05 g/t gold at a depth of 97.99 meters from 64.16 meters at the Goldwidge target. The company said this intersection demonstrates that Goldwedge hosts broad, continuous areas of mineralization, interspersed with high-grade intercepts.
“With 99 of the 102 Phase 2 holes now reported and the system open in multiple directions, Manhattan continues to advance its region-wide potential,” said Harrison Pokrandt, vice president of exploration at Scorpio.
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