Why Are Scorpion Minerals Ltd (ASX:SCN) Shares Sliding Today?

Sonal Goyal

10 November 2026 07:04 PM AEDT

Why Are Scorpion Minerals Ltd (ASX:SCN) Shares Sliding Today?

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Key highlights

Scorpion Minerals shares were down 11.77% at $0.015 during the 10 November 2026 trading session.
An updated open pit optimisation identifies 314,565 tonnes at 1.6 g/t gold for 16,159 ounces at Old Prospect.
The company's Mining Lease application M20/568 has reached the Right to Negotiate stage.

Scorpion Minerals Ltd (ASX:SCN) recorded a decline during the 10 November 2026 trading session, with shares down 11.77% at $0.015. The S&P/ASX 200 was higher by 1.34%, or 121.20 points, at 9,150.90 over the same session. Scorpion is a gold explorer with a large landholding along the Dalgaranga to Big Bell shear corridor. Its latest update was its quarterly activities report for the September 2026 quarter, released on 30 October 2026, which included an updated open pit plan for the Old Prospect Gold Deposit.

Updated open pit plan at Old Prospect

The Quarterly Report said an updated open pit optimisation released after the quarter identifies 314,565 tonnes at 1.6 g/t gold for 16,159 ounces, from two open pits at Old Prospect North and South. Using a gold price assumption of $6,000 per ounce, the new optimisation delivers 203% more gold than the scoping study completed in 2024.

The company also said the Old Prospect mineralisation remains open along strike and at depth, and that there is exploration potential outside the current Mineral Resource Estimate.

Approvals and processing arrangements

Mining lease application M20/568 has progressed to the Right to Negotiate stage. Scorpion has also granted Andel Resources an option to enter into a right to mine agreement over Old Prospect.

Andel is a related party of Gylden Resources, which owns the Kirkalocka Processing Plant and the surrounding Kirkalocka Gold Project, where Old Prospect material is planned to be processed.

Sector context

Explorers that move toward production depend on the Economics of their open pit plans, on approvals and on access to processing capacity. Investors in the sector watch for updates on these items as well as on the drilling that supports them. At around one and a half cents, Scorpion's shares are priced in Penny Stock territory, and the broader market was higher during the session.

Risks

The updated pit plan is based on assumptions about gold prices, costs and recoveries. Changes to these inputs could alter the tonnes and ounces that can be economically mined.

Processing at Kirkalocka relies on an arrangement with a related party, and the mining lease still needs to progress through the approval process.

What to watch ahead

Investors will be looking for the outcome of the mining lease application, progress on the right to mine agreement with Andel, and the results of any further work on regional consolidation and project acquisitions.

Final Word

Scorpion's Trading session decline came as investors reviewed an updated pit plan for Old Prospect and its progress on approvals. The next steps on the mining lease and the processing arrangement will guide the project's timing.

FAQs

Q: What does the updated Old Prospect pit plan show?

A: It identifies 314,565 tonnes at 1.6 g/t gold for 16,159 ounces from two open pits, Old Prospect North and South.

Q: What is M20/568?

A: M20/568 is a mining lease application that has reached the Right to Negotiate stage.

Q: Where is Old Prospect ore expected to be processed?

A: Old Prospect material is planned to be processed at the Kirkalocka Processing Plant, which is owned by a related party of Andel.

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