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Scorpion Minerals Limited (ASX:SCN)

ALERT: Price-sensitive ASX Announcement for SCN
Current share price for SCN : $0.027 -0.002 (-6.90%)+
Announcement
Release
18 May 2026 9:47AM
Price at Release
$0.029
Full Release
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Summary
Scorpion Minerals Limited has secured a $2 million funding for the development of the Old Prospect through an agreement with Andel Resources Pty Ltd. This agreement includes an option for a Right to Mine, where Andel will manage and fund mining, processing, and transport activities on a 50/50 profit share basis. The material from Old Prospect will be processed at the Kirkalocka Processing Plant. Situated in the Murchison region of Western Australia, the project is part of the Pharos Gold Project and targets both near-term value and long-term resource growth. Planned activities include comprehensive drilling and studies to underpin resource definition and development strategies.
Key Points
  • Scorpion Minerals Limited secured a $2 million funding for Old Prospect development.
  • The agreement involves an option with Andel Resources for a Right to Mine agreement.
  • The project is located in the Murchison region of Western Australia.
  • The Kirkalocka Processing Plant will process the material from Old Prospect.
  • Andel will fund all mining, haulage, and processing activities under a 50/50 profit share.
  • The project covers the Big Bell–Dalgaranga shear corridor and includes the Pharos Gold Project.
  • Scorpion intends to transform from explorer to miner with this agreement.
  • Planned activities include infill and extension RC drilling along the Old Prospect–Middle Bore trend.
  • Scorpio will issue unlisted options to Andel as part of the agreement.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.