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Scorpio Gold’s Nasdaq Debut ($SGLD), Manhattan District Scale Potential, and Reprocessing Upside

MiningStockEducation.com Sep 19, 2026 16:42

Summary

The guest argues the market is missing district-scale potential at Manhattan: only 2 km of an 8.5 km mineralized trend has been drilled.

Scorpio Gold is targeting a 2-million-ounce resource update by end of 2026, up from 740,000 ounces, with two drills still turning in Nevada.

A ~$600,000, 32-hole sonic drilling program will grade historic leach pads and waste dumps for potential toll-milling cash flow.

The Nasdaq ADR (American Depositary Receipt) listing moved a larger share pool to the US, and a recent C$10.8M raise leaves Scorpio Gold with ~C$8M.

Key points on Kinross Gold

  • Scorpio's CEO cites Kinross as the operator of a 15 million ounce mine 10 miles north on the same caldera (with about 50 million ounces of historic regional production) as the principal geological anchor for Scorpio's 'district-scale' thesis on the Manhattan project.

Key points on Scorpio Gold

  • The NASDAQ debut under ticker SGLD was a core 2026 goal to reach deeper US capital markets and a broader investor base, though the CEO describes the first trading day as 'wild' — the stock was halted after roughly 300% intraday swings tied to an ADR arbitrage event the company says came from outside parties.
  • Scorpio is targeting an updated mineral resource estimate (MRE) of about 2 million ounces by year-end 2026, up from the current 740,000 ounces, at a current grade of 1.26 g/t — the CEO acknowledges grade will likely decline as the resource grows but expects it to remain among the highest-grade open-pit modeled resources in Nevada.
  • The CEO argues the market is undervaluing Scorpio on a per-ounce-in-the-ground basis and is missing the 'district-scale' potential: Scorpio controls 8.5 kilometers of strike but has only drilled about 2 km, and sits 10 miles south of a 15 million ounce Kinross-operated mine within the same caldera, with around 50 million ounces of historic regional production.
  • Scorpio kicked off a roughly $600,000 sonic drilling program (32 holes, about 20 days) to test historic leach pads, waste dumps, and low-grade stockpiles left from Echo Bay's 1981–1991 Manhattan mine operation, with preliminary results expected by year-end 2026 to feed a planned 2027 PEA and potential shorter-term toll-milling optionality.
  • Scorpio closed a CAD $10.8 million no-warrant financing at CAD $0.25 in July 2026, with roughly 50% from new institutional shareholders and 50% from existing holders, and reports a treasury of about CAD $8 million — enough, per the CEO, to fund the MRE and complete the current drill program.

Bill Powers's takeaways

  • Top takeaway As host of Mining Stock Education, Bill Powers frames the episode around three investor hooks: Scorpio's new NASDAQ listing under SGLD, the under-appreciated district-scale potential of the Manhattan project, and the reprocessing upside from historic Echo Bay mine material.