Scorpio Gold Charts US Capital Access & Broader Manhattan Vision Post-Nasdaq Debut

Ian Wagner (0:15)

Welcome back to Mining Stock Daily, Ian Wagner here with a corporate update from our friends at Scorpio Gold. Scorpio is a gold developer in Nevada, currently developing the Manhattan Gold District. They have a previously published maiden resource estimate of 740,000 ounces of gold and are in the midst of a 50,000 meter drill campaign for calendar 2026

And as of a week or two ago, they trade on the TSX venture and on the Nasdaq capital market under the symbol SGLD. A lot of news to cover since we last spoke with Scorpio in August and with us today is Zayn Kalyan, CEO of Scorpio Gold. Zayn, good to see you. Welcome back to the podcast.

Zayn Kalyan (0:58)

Thanks, Zayn. Great to be here. And yeah, very happy to provide an update. It's been an exciting couple past months since we last spoke. And I think the market's got lots of questions and I'm happy to be able to be here to be able to provide an update.

Ian Wagner (1:12)

Yeah, absolutely. A lot of news, you guys ended the summer a little bit with a bang. Why don't we just start first kind of start talking about the new listing. You had mentioned, I think when we spoke over the summer, you wanted to list the ADRs on the Nasdaq that did happen.

Maybe, I'll say, a week, 10 days ago. A little bit of volatility around that. Just kind of talk about, I guess, one, what you've seen since then, and then maybe two just kind of happened on what happened on the day of.

Zayn Kalyan (1:41)

Yeah, so the Nasdaq listing was something that we were very focused on achieving. I think being a US company with a US asset, it's been a US focused company with a US asset, it does provide us the ability to get access to a much wider pool of capital. People often say that Canada has a tenth of the people, but a hundredth of the capital of the US. And I think being able to access the US capital markets with an asset like Scorpio, like Manhattan, is kind of critical to our future. So very happy that we got that complete. There was, to your point, a lot of volatility on the day of the listing, and there's been even volatility since then. And I think we were caught a little off guard by the arbitrage opportunity that was presented by the ADR listing. There was obviously a very short amount of supply of the ADR on listing. And it looks, it appears, that some external investors or third party investors took advantage of that, and that resulted in an immense amount of price depreciation and also depreciation immediately thereafter. Well, what I'd say is, like, I want to get across the market two things, is we didn't have any involvement in that. It was something that was completely out of our control. Management of the company remains incredibly steadfast, committed to the future of this company. We're all, like, we are fully engaged in where we're going to take this, and we continue to put everything we have into development and moving forward, Manhattan forward and Scorpio forward.

I think one of the benefits of the price depreciation or how the volatility that's come out of the US listing is, we did move a lot of stock from Canada into the US.

So, there is a lot more stock in the ADR today, and that's, it's very positive, I think. I think it allows us to trade on a much better liquidity profile in both markets. Our average daily volume has both increased in both markets significantly.

And I think that's great for investors. I think at the same time, there's obviously, the US market is an entirely different ballgame. There's a lot of algorithmic trading and things that can affect your price, both positively and negatively. But I do truly believe that if we continue to execute on the same cadence of how we've been executing, delivering drill results to the market at the same level of quality that we have been, and then ultimately working towards our goals of expanding this resource, putting out an updated MRE in early next year, and then continuing to work towards the development of Manhattan, the market will reward us. And I think any incremental price appreciation in either market will be further exemplified and further amplified with that ability to be trading and have that exposure to the US investor. So I think it's been an interesting road and a very interesting learning experience. We were one of the first three Canadian companies to complete an ADR cross-list using MJDS on the US market.