Key Highlights

  • Shares traded at A$0.014 during the 5 November 2026 session, down 12.50%.
  • The updated Old Prospect optimisation identifies 314,565 tonnes at 1.6 g/t gold for 16,159 ounces.
  • A Mining Lease application over Old Prospect has reached the Right to Negotiate stage.

Shares in Scorpion Minerals Limited (ASX:SCN) fell during the Trading session on 5 November 2026, trading at A$0.014 and down 12.50% in the early afternoon. The S&P/ASX 200 was up 1.87%, near 9,000 points, over the same period. Scorpion is a gold explorer and developer focused on the Old Prospect Gold Deposit and the Dalgaranga–Big Bell shear corridor in Western Australia. Its latest update is a quarterly activities report dated 30 October 2026.

Quarterly activities report released 30 October 2026

Scorpion reported an updated open pit optimisation released after quarter end. It 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 A$6,000 per ounce. The company said this results in 203% more gold than the earlier scoping study completed in 2024. Around 72% of the contained gold is in the Indicated category.

The company also reported that its mining lease application M20/568 has progressed to the Right to Negotiate stage, and that it granted Andel Resources Pty Ltd 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 where the ore would be processed.

Sector context

At midday, the ASX Materials sector was up 6.34%, making it one of the larger sector gains of the day. Scorpion shares moved lower in the same session. The Quarterly Report is dated 30 October and is not linked to the 5 November price move, so the announcement does not explain the session's movement.

What to watch ahead

Attention is likely to focus on progress of the mining lease application through the Right to Negotiate stage, the finalisation of any Right-to-Mine Agreement with Andel, further mining studies on Old Prospect and the results of regional exploration across the Dalgaranga–Big Bell corridor.

Risks

Development of Old Prospect depends on the mining lease being granted, approvals and the processing arrangement with Kirkalocka. The processing pathway involves a related party. The optimisation is based on a gold price assumption and a scoping-level resource, and exploration results may not be repeated. The shares are low-priced and can move sharply.

Final Word

Scorpion has advanced its Old Prospect development pathway and broadened its exploration target. The share price fell during the session, and the timing of approvals and the Andel agreement will shape the next stage of the project.