Vancouver, British Columbia--(Newsfile Corp. - February 24, 2026) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx" or the "Company") is pleased to announce additional drill results from the Company's ongoing 75,000-meter drill program (the "Program") at its 100%-owned Munro-Croesus Project ("Munro-Croesus" or the "Project"), located 75 km east of Timmins, Ontario (Figure 3). Today's results are from drill hole MC25-242EXT, a re-entry and extension of previously reported hole MC25-242 (see Company news ...

Core Insights - Onyx Gold Corp. has been recognized in the 2026 TSX Venture 50, highlighting its strong performance over the past year [1][2]. Performance Metrics - The TSX Venture 50 ranks companies based on one-year share price appreciation, market capitalization growth, and Canadian consolidated trading value [2]. - In 2025, Onyx achieved a 641% increase in share price and a 1,202% growth in market capitalization, alongside a significant increase in trading liquidity [11]. Company Highlights - The recognition follows a transformative year for Onyx, driven by the high-grade Argus North discovery at the Munro-Croesus Project and continued drilling success [2][3]. - The company is focused on advancing its high-grade gold projects in Timmins, Ontario, and Yukon Territory, with a strong balance sheet and expanding drill programs [3][4]. Project Overview - Onyx Gold controls the Munro-Croesus Property, which includes the historic high-grade Croesus Mine and the recent Argus North discovery [6]. - The company also holds two large early-stage projects: Golden Mile and Timmins South, which are strategically positioned for exploration [6]. - In Yukon, Onyx has a commanding land position across four properties in the Selwyn Basin, an area gaining recognition for new gold discoveries [7]. Leadership and Strategy - Onyx is led by an experienced team committed to delivering shareholder value through disciplined exploration and strategic growth [8].

Core Viewpoint - Onyx Gold Corp. has appointed Vanessa Pickering as Vice President of Investor Relations to enhance communication with the investment community as the company advances its exploration programs in Timmins and Yukon [2][3]. Group 1: Appointment and Role - Vanessa Pickering brings over 20 years of experience in the mineral exploration and mining sector, with expertise in investor relations, corporate communications, and capital markets [3]. - In her new role, Ms. Pickering will lead Onyx's investor relations strategy, engaging with shareholders, institutional investors, analysts, and other stakeholders [2][3]. Group 2: Company Overview - Onyx Gold Corp. is focused on unlocking district-scale gold opportunities in Timmins, Ontario, and Yukon Territory, which are recognized as prolific mining jurisdictions [7]. - The company controls a significant portfolio in the Timmins Gold Camp, including the Munro-Croesus Property, which hosts the historic high-grade Croesus Mine and the recent Argus North discovery [9]. - In Yukon, Onyx holds four properties in the Selwyn Basin, an area gaining attention for new gold discoveries [10]. Group 3: Equity Incentive Grants - The company has issued 1,010,000 restricted share units (RSUs) to directors and officers, including 75,000 RSUs to Ms. Pickering, with a vesting schedule over three years [8]. - Additionally, 1,415,000 incentive stock options have been granted at an exercise price of $1.65 per share, including 100,000 options to Ms. Pickering, with a five-year exercise period [8].

Core Insights - Onyx Gold Corp. has reported new surface assay results from its Munro-Croesus Project, indicating significant potential for high-grade gold discoveries [1][2][3] Group 1: Project Overview - The Munro-Croesus Project is located 75 km east of Timmins, Ontario, and encompasses a large land package that includes the historic Croesus Gold Mine [1][21] - The project covers 109 km² of highly prospective geology within a major gold-bearing structural area, enhancing its exploration potential [21][22] Group 2: C Zone Discovery - The C Zone, a new high-grade gold target, has returned assay results of up to 124 grams per tonne gold over 0.62 meters, highlighting its potential for further exploration [2][5][7] - The C Zone is characterized by quartz vein and stockwork mineralization within a broader zone of alteration, indicating a significant new target for follow-up drilling [6][7][12] Group 3: Exploration Strategy - The company is implementing modern geological techniques to systematically explore historically underexplored areas of the Munro-Croesus Project, which were previously evaluated sporadically [5][3] - A fully funded 75,000-meter drill program is underway, aimed at advancing discoveries and testing high-impact regional targets, including the C Zone [5][20][18] Group 4: Financial Position - Onyx Gold Corp. has approximately $30 million in treasury, positioning the company well to continue its exploration efforts and advance its projects [5][20]

Core Insights - Onyx Gold Corp. has reported additional drill results from its ongoing program at the Munro-Croesus Project, indicating significant gold mineralization at both the Argus North and Argus Main Zones [1][5][6] Argus North Zone - Drill hole MC25-233 returned 194.0 meters grading 1.8 grams per tonne (g/t) gold, including sub-intervals of 28.0 meters grading 3.0 g/t and 24.1 meters grading 3.7 g/t [3][8] - The results from MC25-233 reinforce the concept of northeast-southwest structural controls on higher-grade gold distribution and extend the mineralization previously identified in hole MC24-233 [3][10] - The mineralization at Argus North has been traced from surface to over 400 meters depth and remains open in several directions, indicating potential for further expansion [5][10] Argus Main Zone - The Argus Main Zone has demonstrated broad near-surface gold mineralization over a strike length of 200 meters, with significant grades reported, including 66.6 meters grading 0.4 g/t in drill hole MC25-211 [27][30] - Ongoing drilling at Argus Main continues to confirm the presence of consistent gold grades and highlights the potential for higher-grade structural controls within a bulk-tonnage system [5][28] - The Argus Main Zone remains open along strike, down-dip, and down-plunge, with further drilling expected to enhance grade and continuity [28][30] Project Overview - The Munro-Croesus Project covers 109 square kilometers in the Abitibi greenstone belt, a region known for its high-grade gold deposits [33][34] - The project includes the historic Croesus Gold Mine and has seen extensive land consolidation from 2020 to 2025, enhancing its exploration potential [33][34] - Onyx Gold Corp. is well-funded with approximately $30 million in treasury to advance its exploration programs in 2026 [13]

Core Insights - Onyx Gold Corp. has discovered a new near-surface gold mineralization zone located 250 meters southwest of the Argus North Zone, indicating significant potential for further gold exploration and development [1][7][11] Summary by Sections Discovery and Drilling Results - The new gold zone was identified as part of the ongoing 75,000 meters diamond drill program at the Munro-Croesus Project, which is 100% owned by the company [1][7] - Drill hole MC25-213 at Argus West returned 21.2 meters grading 2.1 grams per tonne (g/t) gold, including 14.0 meters grading 3.0 g/t gold and a notable 1.0 meter grading 19.7 g/t gold with visible gold occurrences [3][6][12] - Drill hole MC25-199, located 430 meters from Argus North, intersected 14.0 meters grading 1.0 g/t gold [6][13] Geological Context - The Argus Fault, a key structural feature, is emerging as an important control on gold mineralization, with drilling indicating broad zones of gold mineralization over a total strike length of 900 meters and extending vertically from surface to approximately 400 meters [2][10][11] - The geological setting includes mafic variolitic volcanic rocks and fine-grained metasedimentary rocks, with mineralization characterized by strong albitization, silicification, and the presence of pyritic stringers [10][12] Project Overview - The Munro-Croesus Project is located in the Abitibi greenstone belt, a premier gold mining jurisdiction in Canada, covering 109 square kilometers of highly prospective geology [26][30] - The project includes the historic Croesus Gold Mine, known for yielding some of the highest-grade gold in Ontario, and has seen extensive land consolidation to enhance exploration potential [26][30] Future Exploration Plans - The company plans to continue systematic step-out drilling along the Argus Fault to evaluate the size of the new gold zone and the broader Argus trend, with three rigs currently active [7][16] - Ongoing drilling efforts are focused on defining the extent of mineralization and exploring additional targets within the project area [7][16]

Core Insights - Onyx Gold Corp. has reported significant drill results from the Argus North Zone, confirming the broadest continuous interval of gold mineralization to date, with 208 meters grading 2.3 g/t Au, including high-grade intervals [4][6][7] Company Overview - Onyx Gold Corp. is a Canadian exploration company focused on gold opportunities in Timmins, Ontario, and Yukon Territory, with a strong portfolio anchored by the Munro-Croesus Property [20][21] - The Munro-Croesus Project covers 109 km² of highly prospective geology and includes the historic Croesus Gold Mine, known for high-grade gold production [18][19] Drill Results - The latest drill hole, MC25-232, confirmed a newly defined northeast-trending structural corridor, extending the southern footprint of the Argus North Zone by 50 meters [4][7] - The drill results include multiple high-grade intercepts, such as 54.4 meters grading 3.3 g/t Au and 24.9 meters grading 5.2 g/t Au, indicating robust gold continuity [6][9] Geological Insights - Gold mineralization at Argus North is characterized by broad zones of +1 g/t Au mineralization with multiple higher-grade sub-intervals, associated with strong albitization, silicification, and structural controls [10][11] - The mineralized system has been traced from surface to over 350 meters depth, remaining open along strike and down-dip [10][15] Future Plans - The company is undertaking a fully funded 50,000-meter drill program to further explore the Argus North Zone and the broader structural corridor across the Munro-Croesus Project [7][12]

Core Insights - Onyx Gold Corp. has initiated a fully-funded 50,000-meter phase three drill program at its Munro-Croesus Gold Project in Ontario, marking the largest drill program in the property's history [1][2][6] - The program is budgeted at $11 million and will utilize three drill rigs, following a successful 25,000-meter campaign [2][6] - The company has a strong cash position of approximately $31.4 million, allowing it to execute this expanded program without dilution [2][6] Summary of Corporate and Exploration Activities Completed to Date - In 2025, Onyx Gold raised $41.6 million through private placements [5] - The previously completed 25,000-meter drill program consisted of 81 holes, with assay results reported for 36 holes [5] - Significant assay highlights include: - 69.6 meters grading 3.4 g/t Au in hole MC24-163, with intervals of 34.5 meters at 5.4 g/t Au and 9.5 meters at 13.9 g/t Au - 91.0 meters grading 1.8 g/t Au in hole MC25-168, including 32.0 meters at 4.0 g/t Au and 17.0 meters at 5.3 g/t Au - 59.7 meters grading 2.5 g/t Au in hole MC25-171, including 18.7 meters at 5.2 g/t Au [5] Summary of Exploration Activities Planned for Remainder of Q4-2025 and H2-2026 - The new 50,000-meter program will focus on several key objectives, including: - Expanding Argus North along strike and plunge - Testing fault-offset blocks west of Argus North - Drilling along the Pipestone Fault for new high-grade plunge zones [12] - Approximately 36,000 meters will be allocated to testing a three-kilometer trend of underexplored mafic variolitic basalts [12] - The program will also include drilling to extend GM Vein and Croesus Flow shoots, testing Lalonde quartz-carbonate vein targets, and evaluating the Flipper Zone [12] Project Overview - The Munro-Croesus Project is located in the Abitibi greenstone belt, a premier gold mining jurisdiction in Canada, covering 109 km² [18][19] - The project includes the past-producing Croesus Gold Mine, known for yielding some of the highest-grade gold in Ontario [18] - Onyx Gold controls an extensive portfolio in the Timmins Gold Camp, anchored by the Munro-Croesus Property and complemented by other early-stage projects [21][22]

Core Insights - Onyx Gold Corp. has reported additional drill results from its ongoing 25,000 metre drill program at the Munro-Croesus Project, indicating significant expansion of gold mineralization at the Argus North Zone [2][4][5] Group 1: Drill Results - Recent drilling at Argus North has shown wide and consistent gold mineralization, with notable results including 99.5 meters grading 1.5 grams per tonne (g/t) Au, and 71.0 meters grading 1.3 g/t Au [6][14] - The number of intersections exceeding 100-gram x meters has increased to seven, demonstrating excellent continuity of mineralization [6][15] - The Argus North Zone remains open along strike, down-dip, and down-plunge, indicating further potential for expansion [15] Group 2: Geological Context - Gold mineralization at Argus North is characterized by broad zones of +1 g/t Au mineralization, with high-grade intercepts such as 17.0 meters grading 5.3 g/t Au and 18.7 meters grading 5.2 g/t Au [8][9] - The geological setting includes strong albitization and silicification, with mineralization closely associated with pyritic stringers and localized porphyritic intrusions [9][10] Group 3: Project Overview - The Munro-Croesus Project is located in the Abitibi greenstone belt, a premier gold mining jurisdiction in Canada, covering 109 km² of highly prospective geology [23][24] - The project includes the past-producing Croesus Gold Mine, known for high-grade gold production, and has seen extensive land consolidation to enhance exploration potential [23][25] Group 4: Future Plans - Onyx Gold has completed 70 drill holes, representing approximately 88% of its drill program, and is evaluating results to finalize plans for a potential program expansion [6][15] - Details regarding the potential expansion of the drilling program are expected to be announced in the coming weeks [6][15]

Core Viewpoint - Onyx Gold Corp. has successfully closed a non-brokered private placement, raising $6.4 million, which contributes to a total of $26.4 million raised through recent financing efforts [1][2]. Financing Details - The non-brokered private placement involved the issuance of 2,650,000 common shares at a price of $2.43 per share, resulting in gross proceeds of $6,439,500 [2]. - The total aggregate proceeds raised by the company, including a previously completed bought deal private placement, amount to approximately $26,440,000 [1]. Use of Proceeds - The proceeds from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses related to the company's projects in Ontario, with a deadline for incurring these expenses set for December 31, 2026 [3]. - The company plans to renounce all qualifying expenditures in favor of the subscribers of the flow-through shares effective December 31, 2025 [3]. Regulatory Compliance - The flow-through shares were offered under applicable exemptions from prospectus requirements and will be subject to a hold period of four months and one day from the date of issuance [4]. Company Overview - Onyx Gold is focused on exploration in established Canadian mining jurisdictions, with significant assets in Timmins, Ontario, and Yukon Territory [6][7]. - The company's portfolio includes high-grade mineralization properties and additional earlier-stage exploration properties, indicating a commitment to creating shareholder value through responsible mineral exploration [6][7].