Onyx Gold increases private placement to $6.4-million

Mr. Brock Colterjohn reports ONYX GOLD ANNOUNCES UPSIZE IN NON-BROKERED FINANCING TO $6.4 MILLION AT $2.43 PER SHARE INVOLVING STRATEGIC INVESTORS Onyx Gold Corp. has upsized its previously announced non-brokered private placement priced at $2.43 per NB (non-brokered) FT (flow-through) share, now for gross aggregate proceeds of approximately $6,445,000, involving strategic investors. Between the bought deal offering that closed on Oct. 2, 2025 (see news release dated Oct. 2, 2025), and the non-brokered private placement, the company expects to raise aggregate gross proceeds of approximately $26,445,000. "With the successful close of our $20-million bought deal and the upsized $6.4-million non-brokered financing with strategic investors, Onyx is finishing 2025 with one of the strongest balance sheets in the junior space," said Brock Colterjohn, president and chief executive officer of Onyx Gold. "This funding positions us to maintain steady exploration momentum and deliver meaningful results from our ongoing work at Munro-Croesus and across our broader Timmins portfolio." The non-brokered private placement Following the upsize, the non-brokered private placement will consist of the sale and issuance of 2.65 million common shares in the capital of the company that will each qualify as flow-through shares (within the meaning of Subsection 66(15) of the tax act) at a price of $2.43 per NB FT share, for aggregate gross proceeds of $6,445,000. The company will use an amount equal to the gross proceeds from the sale of the NB FT shares, pursuant to the provisions in the tax act, to incur (or be deemed to incur) qualifying expenditures related to the company's projects in Ontario, on or before Dec. 31, 2026, and to renounce all the qualifying expenditures in favour of the subscribers of the NB FT shares effective Dec. 31, 2025. If the qualifying expenditures are reduced by the Canada Revenue Agency or the company is unable to renounce the qualifying expenditures, the company will indemnify each subscriber of NB FT shares, as applicable, for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures as agreed. The non-brokered private placement is expected to close on or about Oct. 15, 2025, or such other date as the company and the subscribers may agree, and is subject to certain conditions to closing, including the conditional approval of the TSX Venture Exchange. The NB FT shares will be offered pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. No finders' fees are payable in connection with the non-brokered private placement. About Onyx Gold Corp. Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ont., and Yukon Territory. The company's extensive portfolio of quality gold projects in the greater Timmins gold camp includes the Munro-Croesus gold property, renowned for its high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile and Timmins South. The Golden Mile 140-square-kilometre property is located nine kilometres northeast of Newmont's multimillion-ounce Hoyle Pond deposit in Timmins. The Timmins South 187 square km property is located to the south and southeast of Timmins and surrounds the Shaw dome structure. Onyx Gold also controls four properties in the Selwyn basin area of Yukon Territory, which is currently gaining significance due to recent discoveries in the area. Onyx Gold's experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital and environmentally/socially responsible mineral exploration. We seek Safe Harbor.