Onyx Gold Expands Argus North Discovery Footprint - 208 m of 2.3 g/t Au, Including 25 m of 5.2 g/t Au

The most recent news, dated November 17, 2025, announces another strong drill intercept from the Argus North Zone at the Munro-Croesus Project in Ontario. The highlight is from drill hole MC25-232, which returned 208 meters grading 2.3 g/t gold (Au), including a higher-grade interval of 25 meters grading 5.2 g/t Au. The company notes this is the widest continuous interval of gold mineralization encountered at Argus North to date. The result extends the mineralized system by 50 meters to the south and demonstrates robust continuity near the surface.

The company also confirmed it has completed its 25,000-meter Phase II drill program, having drilled 81 holes. Assays for 37 of these holes have been announced, with 44 still pending. A fully funded, 50,000-meter Phase III program is now underway with three drill rigs to accelerate growth at Argus North and test other targets.

The news is materially positive and represents a significant step forward in de-risking and expanding the Argus North discovery.

• Progression and Confirmation: The Argus North discovery was first announced on April 10, 2025, with a game-changing intercept of 69.6 m of 3.4 g/t Au. Since then, Onyx has systematically released a series of strong step-out drill results, including 91 m of 1.8 g/t Au (June 26), 52.2 m of 2.2 g/t Au (July 23), and 99.5 m of 1.5 g/t Au (October 22). The latest intercept of 208 m of 2.3 g/t Au is the most impressive to date in terms of its grade-thickness (approximately 478 gram-meters), significantly exceeding prior results and confirming management's geological model.

• Scale and Continuity: This result is critical because it demonstrates the potential for a large-scale, bulk-tonnage system with excellent continuity. Announcing the "broadest zone of continuous mineralization to date" and extending the system 50 meters south validates the aggressive 50,000-meter follow-up program announced just days earlier (November 13, 2025).

• Financial Validation: The company's exploration success has been mirrored by its financing success. Throughout 2025, Onyx raised approximately $41.6 million, culminating in a cash position of over $31 million as of November 13. This strong treasury, raised at progressively higher share prices, fully funds the expanded drill program without immediate dilution risk and allows the company to negotiate from a position of strength.

• Market Expectations: After the initial discovery excitement drove the stock from $0.26 to a high of $2.52, the price has consolidated. This latest result meets and arguably exceeds the high expectations set by previous drilling. It provides a fundamental justification for a re-rating of the stock, as it proves the discovery is not a "one-hit wonder" but a continuously expanding system of significant scale. The stock price has not yet fully reacted to this news.

In conclusion, the latest drill results materially enhance the project's value by confirming grade, demonstrating excellent continuity, and significantly expanding the mineralized footprint. This is precisely what the market needed to see to validate the project's potential and the company's aggressive exploration strategy.

Onyx Gold Corp. is a Canadian gold exploration company focused on its portfolio of properties in the Timmins Gold Camp, Ontario, and the Eastern Tombstone Gold Belt, Yukon. Its flagship asset is the 100%-owned Munro-Croesus Project, a 109 sq km land package located 75 km east of Timmins. The project hosts the past-producing high-grade Croesus Gold Mine and the company's recent Argus North discovery, a broad, near-surface, bulk-tonnage style gold system.