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VANCOUVER - Scorpio Gold Corporation (TSXV:SGN) (OTCQB:SRCRF), with a market capitalization of $48.73 million, announced Monday it has completed the sale of its Mineral Ridge project in Nevada to an unnamed buyer for US$7.5 million in cash. The company’s stock has shown remarkable performance, posting a 214.8% return over the past six months according to InvestingPro data.
The transaction, executed through Scorpio’s wholly-owned subsidiary Scorpio Gold (US) Corporation, involves the sale of all membership interests in Mineral Ridge Gold, LLC and related unpatented mining claims in Esmeralda County, Nevada.
According to the company’s press release statement, the payment structure includes US$5 million already advanced to Scorpio Gold, US$1.5 million placed in escrow as an indemnification holdback to be released in two equal installments in November 2025 and May 2026, and a final US$1 million payment due August 25, 2026.
The buyer has assumed reclamation bond obligations related to the project, while Scorpio Gold retained certain assets associated with the property by transferring them to its subsidiary before closing. No finder’s fee was paid for the transaction.
Zayn Kalyan, CEO of Scorpio Gold, said the sale "significantly strengthened our balance sheet, eliminated ongoing holding costs, and secured meaningful, non-dilutive capital."
Scorpio Gold continues to hold its Manhattan District project in Nevada, which includes the Goldwedge Mine with a 400-ton per day gravity mill and four previously producing pits acquired from Kinross in 2021.
The company trades on the TSX Venture Exchange, OTCQB, and Frankfurt Stock Exchange.
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