Gold may have cooled off after its recent pullback, but one of Wall Street’s biggest names believes the long-term bull case is far from over. Goldman Sachs is staying firmly bullish on gold, projecting the precious metal could climb toward $4,900 per ounce by the end of 2026!
While short-term traders may be focused on gold’s recent decline, the bigger picture tells a different story: global demand continues to build behind the scenes.
The biggest force driving Goldman’s outlook is an aggressive accumulation trend from central banks around the world. A record percentage of global central banks are signaling plans to increase their gold reserves, reinforcing the idea that nations are looking for protection against currency risks, inflation concerns, and geopolitical uncertainty.
The backdrop could become even more powerful as global tensions remain elevated. From geopolitical conflicts to economic uncertainty, gold continues to attract attention as a traditional safe-haven asset — a place where investors often turn when markets become unpredictable.
The biggest wildcard? The Federal Reserve. A more hawkish Fed and higher-for-longer interest rates could create pressure for gold in the short term, since the metal does not generate yield like bonds or cash investments. But if rates eventually move lower, gold could regain momentum as investors search for alternatives to traditional income-producing assets.
Scorpio Gold is advancing its 100%-owned Manhattan District Project, strategically located in Nevada’s Walker Lane Trend, one of the world’s most productive and mining-friendly regions.
The project sits just 15 kilometers south of Kinross Gold’s (NYSE: KGC – market cap $30B+) 15-million-ounce Round Mountain Mine, sharing the same geologic formations and caldera complex!1
SRCRF’s 2025 Maiden Mineral Resource Estimate (MRE) marks the very first modern resource for the newly consolidated district.
The MRE outlines 740,000 ounces of inferred gold across 18.3 million tonnes grading 1.26 g/t gold — and importantly, it does not yet include results from the company’s ongoing 2025 drilling campaign!
CEO Zayn Kalyan describes the MRE as a “starting point” for building a multi-million-ounce resource in a district long known for its high-grade potential.
Complementing this is a historical resource estimate from several satellite deposits — Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo — totaling 304,000 ounces grading 5.89 g/t gold, showcasing the remarkable grade profile across the property.
In a powerful vote of confidence for Scorpio Gold, two of the biggest names in global mining finance — Ross Beaty and Eric Sprott — have stepped up as primary participants in an CAD$8 million private placement on September 3rd, 2025.
Beaty, a billionaire mining entrepreneur often called the “Broken Hill of Billionaires” for his string of major successes, has committed CAD$4.4 million, while legendary gold investor Eric Sprott — widely regarded as one of the most influential figures in precious metals — has committed CAD$3 million.
This level of backing from two of the world’s most respected mining investors is a rare and powerful endorsement of Scorpio Gold’s vision and potential. It signals strong confidence in the company’s Manhattan District Project.
Scorpio Gold intends to use the proceeds to accelerate exploration and development across the company’s newly consolidated land package and to further advance its goal of defining a maiden resource exceeding 500,000 ounces of gold.
Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day maximum capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021 (see March 25, 2021 news release).
The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.
In September 2025, Scorpio Gold announced its Maiden Mineral Resource Estimate (MRE) for the 100%-owned Manhattan District in Nevada — a region with over a century of production history and exceptional geological potential. The Maiden MRE outlines 740,000 ounces of inferred gold across 18.3 million tonnes grading 1.26 g/t gold, focused on the Goldwedge and Manhattan Pit areas.
What is especially notable is that this estimate does not yet include results from the company’s ongoing 2025 drilling program, meaning it represents a strong starting point with significant room for growth.
CEO Zayn Kalyan emphasized the strategic importance of this milestone:
In addition to the Maiden MRE, Scorpio Gold also reported a Historical MRE encompassing several satellite deposits — Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo — containing 303,949 ounces of gold grading 5.89 g/t.2
These historical resources, while not yet classified as current under NI 43-101 standards, demonstrate the high-grade character of mineralization across the district.
Vice President of Exploration Harrison Pokrandt noted the discovery of a standout historical intercept:
“One of many examples from this process is uncovering the very high-grade interval in drill hole MH83-016, of 12.22 g/t over 70.1 metres, which sits in the Goldwedge target of the resource.”
Scorpio Gold's ongoing exploration aims to convert these historical zones into current, compliant resources — a process that could rapidly expand the company’s total ounces and valuation.
Located in Nye County, Nevada, the Manhattan District benefits from world-class infrastructure, mining-friendly regulations, and a long history of gold production.
Nevada is home to several of North America’s largest gold mines, including those operated by Barrick and Newmont.1
With its favorable logistics, strong grade profile, and 100% ownership of the Manhattan District, Scorpio Gold enjoys a rare combination of exploration upside and operational stability.
Scorpio Gold’s next steps include completing its Phase 2 drilling program, filing the full NI 43-101 technical report, and advancing toward a multi-million-ounce district resource.
As gold prices remain elevated and investor sentiment strengthens, the company is strategically positioned to leverage both macroeconomic tailwinds and geological opportunity.
Scorpio Gold continues to build momentum at its Manhattan District Project in Nevada, with a series of strong drill results suggesting the company may be uncovering a much larger gold system than previously recognized.
Recent drilling has continued to expand multiple mineralized zones, including the Zanzibar Trend, Goldwedge, Black Mammoth, and the emerging Manhattan Caldera corridor, strengthening the potential scale of this exploration opportunity.
The biggest takeaway from the latest results is that Scorpio is not just finding isolated gold intercepts — the company is increasingly demonstrating repeatable mineralization across multiple structures and geological environments. This is important because larger-scale gold deposits are typically built through consistent, expanding zones of mineralization rather than a single high-grade discovery.
Black Mammoth and Manhattan Caldera: A Potential New Gold Corridor Emerges
One of the most exciting developments has been Scorpio’s discovery of gold mineralization hosted within the Manhattan Caldera volcanics, a geological setting that has drawn comparisons to the nearby Round Mountain Gold Mine, one of Nevada’s major gold producers.
The latest results from Black Mammoth continue to strengthen this emerging theory. Drill hole 26MN-096 returned 2.56 g/t gold over 13.38 metres, including a higher-grade interval of 8.38 g/t gold over 3.84 metres within the caldera volcanics.
Additional drilling has continued to confirm this volcanic-hosted mineralization style:
These results suggest Scorpio may be outlining a second mineralized corridor within the Manhattan Caldera, running alongside the existing sediment-hosted gold system at Black Mammoth.
The company believes this could represent a broader, bulk-tonnage style of mineralization similar to what has been observed at Round Mountain — potentially opening up approximately 5 square kilometres of previously overlooked volcanic terrain for exploration.
High-Grade Gold Hits Add Fuel to the Discovery Story
Another major milestone came from drill hole 26MN-091, which delivered one of the standout results of the program:
6.95 g/t gold over 11.98 metres, including a spectacular high-grade zone of 65.99 g/t gold over 1.16 metres with visible gold.
Scorpio described this result as a potential “proof of concept” that Round Mountain-style mineralization exists within the Manhattan Caldera.
The significance goes beyond the grade itself — the company is seeing a higher-grade feeder structure surrounded by a larger mineralized envelope, which is the type of geological relationship that can support larger-scale gold systems.
Goldwedge Continues Delivering Broad Mineralization
Scorpio’s Goldwedge area also continues to show strong potential, with drill hole 26MN-086 returning 1.27 g/t gold over 45.23 metres, including:
The importance of this result is the width of the mineralization. Instead of simply targeting narrow high-grade veins, Scorpio is testing for broader zones of gold-bearing rock that could potentially contribute to a larger resource footprint.
Management believes these volcanic-hosted discoveries could extend beyond the tested Caldera Margin and into the broader Manhattan Caldera itself.
Zanzibar Trend Continues Expanding With High-Grade Intercepts
While the Manhattan Caldera story is gaining attention, Scorpio’s Zanzibar Trend continues to deliver impressive results and remains one of the company’s key growth areas.
Recent drilling included:
26MN-080:
The Zanzibar Trend has now produced multiple high-grade intercepts across several step-out holes, including:
These results continue expanding the mineralized footprint while helping Scorpio better understand the structure controlling the gold system.
Next to Goldman Sachs anticipating gold to climb back to $4,900 before year ends, leading global banks are also turning increasingly bullish on gold.
Major banks and analysts have raised gold price targets due to geopolitical uncertainty, inflation concerns, and central bank demand.
Yardeni Research: The firm projects gold could potentially hit $10,000 by the end of the decade.
Scorpio Gold’s leadership includes a deep bench of technical, financial, and exploration talent.
This team’s combined experience provides SRCRF with the operational and technical expertise to advance Manhattan efficiently and strategically.
Gold’s potential move toward $4,900 per ounce in 2026 could reignite a major precious metals wave, putting the spotlight on gold-focused companies like Scorpio Gold Corp. (OTCQB: SRCRF) as investors search for leveraged opportunities in the sector! .
Scorpio’s 100%-owned Manhattan District Project, located in Nevada’s prolific Walker Lane Trend, checks all the right boxes — scale, grade, infrastructure, and growth potential.
Scorpio’s clear objective: to build a multi-million-ounce resource within one of Nevada’s most proven gold belts, just 15 km south of Kinross Gold’s 15-million-ounce Round Mountain Mine!1
Adding to the excitement, Scorpio Gold recently secured CAD$8 million in strategic funding from two of the most influential figures in the mining world — Eric Sprott and Ross Beaty — who together took sole participation in the company’s August 2025 private placement. This rare endorsement from industry icons underscores the strong institutional belief in Scorpio’s vision, geology, and growth trajectory. With this capital, SRCRF is accelerating exploration, expanding its district-wide resource, and positioning itself as a leading gold discovery story in the U.S.
As the next phase of drilling, metallurgical testing, and resource expansion unfolds, Scorpio Gold stands out as one of the most compelling junior gold opportunities in North America.
Discover how Scorpio Gold is redefining the future of exploration in America’s premier mining district!
Qualified Person:
Thomas Poitras P. Geo, Chief Geologist of Scorpio Gold, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has approved the scientific and technical information contained in this report.
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