Scorpion Increases Murchison Footprint to 1,544km²

Scorpion Minerals Limited (ASX: SCN) (“the Company” or “SCN”) is pleased to advise that it has entered into a binding Heads of Agreement (“the agreement”) with eMetals Limited (ASX:EMT) (“eMetals” or “EMT”) to acquire a 100% interest in tenements E 20/896, E 20/963, E 20/964 and a 90% interest in E 20/885 (collectively the “tenements”) which cover a combined 904km² in the Murchison Goldfield of Western Australia (see Figure 1).

HIGHLIGHTS

• Scorpion has entered into a binding agreement with eMetals Limited (ASX: EMT) to acquire the Poona Project
• SCN to acquire an interest in tenements EL20/885, EL20/896, EL20/963 and EL20/964 which cover a combined 904km²
• Consideration for the acquisition is $12,500 in cash and 4,000,000 fully paid ordinary shares in SCN
• EMT will also receive a 0.5% net smelter return (NSR) royalty in respect of minerals mined from the tenements
• Strategic acquisition increases SCN’s position in the Murchison by 150% providing significant exploration optionality

Under the agreement, SCN will acquire its interest in the tenements for a cash consideration of $12,500 and 4,000,000 fully paid ordinary shares in SCN. 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.

Settlement is to be completed within 60 days of executing this agreement subject to successful completion of due diligence and other conditions precedent.

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