Scorpion Minerals : Poona Tech Review Highlights Multiple PGE-Ni-Cu&Au Targets

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ASX ANNOUNCEMENT	11th February 2022

Poona Technical Review Highlights

Multiple PGE-Ni-Cu & Au Targets

• Technical review of historic PGE-Ni-Cu & Au data completed
• Multiple phases of discontinuous and non-systematic exploration undertaken from 1973 - 2021 that require follow up and evaluation
• Significant Ni, Co, Pd, Pt and Au soil anomalies associated with the interpreted Mindoolah Bore Mafic/Ultramafic Intrusive Complex
• Wide spaced aircore drill traverses targeting magnetic highs intersected significant Ni with associated anomalous Co (max 1383ppm) & Pd+Pt (max 58 ppb) at the Perses Prospect
• Significant historic results from Perses include:

• 1. 8m @ 1.02% Ni from 26m o 12m @ 0.71% Ni from 19m
• Ground electromagnetic (EM) survey identified conductive and IP responses adjacent to PGE-Ni-Au anomalies remain untested
• Targets at Poona correlate with those identified in historic work completed by Kennecott (1974) and CRA (1983) at Pallas
• Key priority targets to be drill tested later this quarter
• Additional near-term work streams include geological mapping, soil geochemistry, airborne and/or ground EM surveys
• Technical review of rare metal pegmatite data is nearing completion

Scorpion Minerals Limited (ASX: SCN) ("the Company" or "SCN") is pleased to report that a technical review of the recently acquired (ASX release dated 7 February 2022) 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 (Figure 1).

Historic non-systematic programmes have been conducted intermittently across the Poona 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 (Figures 5 and 6).

These programmes have identified significant untested mafic/ultramafic-hostedPGE-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.

Company Comment - Director Bronwyn Barnes

"We are very pleased with the outcomes of our technical review which has confirmed several significant mafic/ultramafic hosted PGE-Ni-Cu targets at Poona. Scorpion is encouraged by the positive correlation of these onlytargets with those already identified at nearby Pallas. We are also awaiting the outcomes from our review of rare

metal data related to LCT pegmatites which is due shortly.

This technical insight gives us a fantastic base to launch our 2022 exploration programme and we look forward to commencing field activities in the next few weeks aimed at extending the coverage of previous geochemical surveys along with follow up sampling and drill testing."

For usepersonal

Figure 1 - Location of Scorpion Minerals Projects and Regional Resources

Historic Exploration Summary

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 (MBIC- refer Figures 3,4 and 5).

The historic exploration chronology in the Poona/Pallas area is as follows:

1974	Kennecott Explorations (Australia) Pty Ltd
1983	CRA Exploration Pty Ltd
only2000 - 2004	Dechow/Hannans Reward NL
2016 - 2020	Venus Metals Limited
2020 - 2021	eMetals Limited

useKennecott and CRA activities focused on the Pallas area whilst the other explorers conducted activities in the Poona prospect area.

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:

1. 8m @ 1.02% Ni from 26m in PNAC027 o 12m @ 0.71% Ni from 19m in PNAC022

personalExploration 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 Forwhere 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.

Planned Exploration and Next Steps

Follow completion of the relevant technical reviews, SCN has planned the following initial exploration activities:

1. Field reconnaissance and mapping (previous explorers have completed some heritage clearances) o Reprocessing of detailed open file and purchased air magnetic surveys
   o Proposed Airborne VTEM surveys over selected targets o AC, RC and diamond drilling on select priority targets

- ENDS -

For additional background on Pharos Project information please refer to ASX releases:

25/06/2020

09/07/2020

13/08/2020 only31/08/2020 28/09/2020 08/10/2020 02/11/2020 24/11/2020 08/02/2021 08/04 2021 28/04/2021 16/06/2021 23/06/2021

use13/07/2021 21/07/2021 12/08/2021 23/08/2021 20/10/2021 06/12/2021 07/02/2022

"Pharos Project Exploration Update"

"High Grade Gold Rock Chips - Pharos Project" "Drilling to Commence - Pharos Project" "Commencement of Drilling - Pharos Project"

"High Grade Gold Confirmed at Lantern - Pharos Project" "Phase 2 RC Drilling Commenced- Pharos Project" "Priority PGE Ni-Cu Targets - Pharos Tenement" 'Further High-Grade Gold Results - Pharos Project" "Term Sheet - Iron Ore Rights at Pharos"

"PGE-Ni-Cu Targets Identified at Pharos Project" "Fenix Iron Ore JV Update - Pharos"

"Pallas PGE-Ni-Cu Target - Pharos"

"Multiple Commodity Targets Identified at Pharos"

"Fenix Iron Ore JV and Pallas PGE Target Exploration Update" "Iron Ore Targets Advanced and Drilling Expedited - Fenix JV" "RC Drilling Commences at Pharos Gold Targets" "Completion of Drilling at Pharos Gold Targets"

"New Shallow High-Grade Gold Zone Confirmed at Cap Lamp" "Scorpion increase Murchison Footprint"

"Scorpion Acquires Poona Project"

This announcement has been authorised by the board of directors of the Company. personalEnquiries

Bronwyn Barnes

Non-Executive Chairman

T [phone]

For

About Scorpion Minerals Limited

Scorpion Minerals Limited (ASX: SCN) is a WA based mineral exploration company focused on gold base metals and iron ore. Scorpion's focus is the 100% owned Pharos project that covers 640km2 and is located 60 km northwest of Cue in the Murchison Mineral Field, Western Australia. The Pharos project is prospective for gold, onlyiron ore, PGE-Ni-Cu and VMS hosted Cu-Zn-Ag Au mineralisation. The Company has recently expanded its Murchison footprint through the acquisition of the contiguous Poona Project from eMetals, bringing tenure under

its control to 1544km2.

The strategic location of the Pharos tenements is further enhanced by exploration success in the region (Figure 1) f r iron ore (Fenix Resources) copper (Cyprium), PGE-Ni-Cu (Podium and eMetals) and gold (Musgrave Minerals and Westgold). The Pharos project area is prospective for a multitude of commodities targets that require detailed evaluation.

useScorpion has completed resource definition drilling at the Mount Mulcahy copper-zincvolcanic-hosted massive sulphide (VMS) deposit, a zone of mineralisation with a JORC 2012 Measured, Indicated and Inferred Resource of 647,000 tonnes @ 2.4% copper, 1.8% zinc, 0.1% cobalt and 20g/t at the 'South Limb Pod' (SLP).

Competent Persons Statement

The information in this report that relates to the Exploration Results and Mineral Resources at the Mt Mulcahy and Pharos Projects is based on information reviewed by Mr Craig Hall, whom is a member of the Australian Institute of Geoscientists. Mr

Hall is a director and consultant to Scorpion Minerals Limited and has sufficient experience which is relevant to the style of personalmineralisation and types of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons s defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

Reserves (JORC Code 2012)'. Mr Hall consents to the inclusion of the information in the form and context in which it appears.

The information in this report that relates to the Mt Mulcahy Mineral Resource is based on information originally compiled by Mr Rob Spiers, an independent consultant to Scorpion Minerals Limited and a then full-time employee and Director of H&S Consultants Pty Ltd (formerly Hellman & Schofield Pty Ltd), and reviewed by Mr Hall. This information was originally issued in the Company's ASX announcement "Maiden Copper-Zinc Resource at Mt Mulcahy", released to the ASX on 25th September 2014. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The company confirms that the form and context in which the findings are presented have not materially modified from the original market announcements.

Forward Looking Statements

Scorpion Minerals Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Scorpion Minerals Ltd, its Directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of

Forthis announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimate.