Scorpion Minerals Limited reported that a technical review of the recently acquired Poona prospect has confirmed the potential of the project and highlighted several PGE- Ni-Cu and Au targets for follow-up exploration. A technical review of rare metal data related to LCT pegmatites is also nearing completion and will be reported shortly. The Poona prospect is contiguous and south of SCN's Pharos Project area which now stands at combined 1,544km2 located 60km northwest of Cue in the Murchison Mineral Field, Western Australia.

Historic non-systematic programmes have been conducted intermittently across the oona Project by multiple explorers from the early 1970's until 2021. These programmes were limited, only covered discreet areas and included soil/rockchip geochemistry Figures 3 and 4), ground moving loop electromagnetic surveys (MLEM), reverse Circulation (RC) drilling and wide spaced aircore (AC) drilling traverses. These programmes have identified significant untested mafic/ultramafic-hosted PGE-Ni- Cu targets within the Mindoolah Bore intrusive complex that correlate with EM/IP anomalies, and coincident elevated PGE and Ni geochemistry adjacent to basal or contact stratigraphic positions.

Updated information on the PGE-Ni-Cu potential at Pharos was provided in ASX releases dated 8 April and 16 June 2021. This included historic EM surveys completed by Kennecott Explorations (Australia) Pty Ltd. (Kennecott - 1974) and drilling completed by CRA Exploration Pty Ltd. (CRA - 1983) that identified significant anomalies within and adjacent to the interpreted Mindoolah Bore mafic/ultramafic Intrusive Complex. Hannans Reward NL completed broad spaced AC traverses (Figures 5 and 6) in 2004 targeting magnetic highs interpreted to be associated with Ni-bearing ultramafic rocks.

Two of the traverses intersected highly anomalous nickel values (refer Table 3) at a prospect now named Perses, hosted in ultramafics, with significant results as follows: 8m @ 1.02% Ni from 26m in PNAC027, 12m @ 0.71% Ni from 19m in PNAC022. Exploration activities halted until it was acquired by Venus Metals Limited in 2016, when some exploration targeting rare metal pegmatites was undertaken. The tenement was then divested to eMetals Ltd. in mid-2020.

eMetals undertook exploration for PGE-Ni-Cu mineralisation, including rock chip/soil sampling, ground MLEM and limited RC drilling (5 holes for 681m) in September 2021 at the Mughal EM target. A summary of relevant geochemistry for the Poona prospect is displayed in Tables, 1, 2 and 4, and highlighted in Figures 3 and 4. eMetals ASX releases dated 12 November 2020, 15 June 2021 and 28 October 2021 provide further recent background to the work completed. In addition, the July 2021 ground MLEM survey identified a broad conductive anomaly and an IP chargeability response at Perses adjacent to the earlier anomalous AC drilling.

The Company considers the Perses prospect a priority target that warrants detailed evaluation. The Company considers the MBIC highly prospective for PGE-Ni mineralisation, which will require further systematic exploration to effectively evaluate the entire intrusion. Significant targets remain to be followed up where EM/IP anomalies are coincident with elevated PGE-Ni-Au soil geochemical anomalies.

The Company is currently finalising a technical review of rare metal pegmatite data within the Poona tenure, and will release a summary to the market shortly. Follow completion of the relevant technical reviews, SCN has planned the following initial exploration activities: Field reconnaissance and mapping (previous explorers have completed some heritage clearances), Reprocessing of detailed open file and purchased air magnetic surveys. Proposed Airborne VTEM surveys over selected targets.

AC, RC and diamond drilling on select priority targets.