Onyx Gold closes $6.43-million private placement

Mr. Brock Colterjohn reports ONYX ANNOUNCES CLOSING OF $6.4 MILLION NON-BROKERED FINANCING AT $2.43 PER SHARE INVOLVING STRATEGIC INVESTORS, BRINGING TOTAL AGGREGATE PROCEEDS RAISED TO $26.4 MILLION Onyx Gold Corp. has closed its previously announced non-brokered private placement involving strategic investors for gross aggregate proceeds of $6,439,500. Together with the company's recently completed bought deal private placement (see the news release of the company dated Oct. 2, 2025), the company has raised gross aggregate proceeds of approximately $26.44-million. Pursuant to the non-brokered private placement, the company issued 2.65 million common shares in the capital of the company, qualifying as flow-through (FT) shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada), at a price of $2.43 per FT share, for aggregate gross proceeds of $6,439,500. The company will use an amount equal to the gross proceeds from the sale of the FT shares, pursuant to the provisions in the tax act, to incur (or be deemed to incur) eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the tax act) 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 FT shares effective Dec. 31, 2025. The FT shares have been 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. 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 140-square kilometre Golden Mile property is located nine kilometres northeast of Newmont's multimillion-ounce Hoyle Pond deposit in Timmins. The 187-square-kilometre Timmins South 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, 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.