Scorpion Acquires 904km² Poona Project in Murchison Goldfield, WA

HIGHLIGHTS

• Scorpion has completed all due diligence activities to acquire the Poona Project from eMetals Limited (ASX:EMT)
• SCN has acquired 100% interest in tenements E20/885,E20/896,E20/963 and E20/964 which cover a combined 904km²
• SCN’s footprint in the Murchison now stands at1,544km²
• Technical review of historic data substantially completed–key targets to be drill tested as part of the broader program this quarter
• SCN targeting PGE-Ni-Cu and lithium mineralisation across several priority targets within Murchison portfolio

SCN will now move to issue 4,000,000 fully paid ordinary shares in SCN to EMT to complete the acquisition of 100% interest in the Tenements. The shares will be subject to a holding lock pending receipt of completed Deeds of Assignment from EMT. EMT will also receive a 0.5% net smelter return (“NSR”) royalty in respect of minerals mined from the Tenements, should commercial mining be undertaken.

The four Tenements (Poona Project) are contiguous and south of SCN’s Pharos tenements. The Poona Project contains the Mughal Ni-Cu target plus the Poona and Jackson’s Reward Rare Metal Pegmatite occurrences, all of which are located immediately south of SCN’s high priority PGE-Ni-Cu targets at Pallas.

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