Australia's Scorpion Minerals gains on funding for Old Prospect development

Scorpion Minerals

18/05/2026 04:56

** Shares of Scorpion Minerals SCN.AX rise as much as 13.8% to A$0.033, their highest level since May 8

** Diversified miner secures A$2 million ($1.43 million)funding for Old Prospect development, located within its Pharos Gold Project, as part of binding option agreement with Andel Resources Pty Ltd

** Scorpion now substantially funded to first production, adds co

** About 1.3 million shares change hands, 3.3x 30-day average

** Stock down 19.5% this year, including the day's move

($1 = 1.4029 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)

 ((Sherin.Sunny@thomsonreuters.com))