Onyx Gold Consolidates Key Ground Around Argus and Advances Extensive 2026 Surface Exploration Program Across Munro-Croesus

Onyx Gold Corp. (ONYX) issued a corporate and operational update detailing recent acquisitions and field activities rather than new drill results. The company completed four arm's-length, all-cash acquisitions of patented properties surrounding the Argus Gold System. Three of these transactions included both mineral and surface rights, while one included surface rights only. No Onyx securities were issued for these four acquisitions.

Additionally, Onyx accelerated the exercise of its option on a 21-hectare patented claim hosting part of the Argus North property. The company paid the remaining C$1.35 million in cash and issued 2,475,000 common shares. These actions have allowed Onyx to control 100% of key surface and mineral rights within a 3 km radius of Argus, eliminating historical land fragmentation. The company also secured a second, shorter access route located roughly 2.7 km from Highway 101.

Drilling progress remains active, with 236 holes and approximately 90,000 meters completed to date. Assays have been received for 140 holes, representing about 60% of the total holes drilled, with roughly 20,000 meters remaining. Four diamond rigs are currently operating.

Surface work included the creation of three new mechanically stripped trenches at Argus. The company also completed roughly 200 person-days of mapping and prospecting, collected approximately 300 grab samples, and conducted 234 channel samples totaling 361 meters. Further trenching and channel sampling were performed at two regional targets. Onyx also completed roughly 1,470 line-kilometers of high-resolution drone magnetic survey.

The release contains no new assay intervals, no new resource estimate, and no new economic or technical study. Drilling and surface work are described qualitatively.

Onyx Gold Corp. (ONYX) released information regarding tenure access and operational progress at its pre-resource exploration project. The company currently has no revenue or resource estimate and remains dependent on exploration success and further financing, conditions that remain unchanged.

The stock has already re-rated substantially since the late-2025 discovery sequence. The chart shows current trading around C$1.60, well above the October-2025 lows near C$1.03 and the March-2026 low near C$1.10. The market is waiting for new assay catalysts, not for land consolidation.

The most recent prior drill result on 2026-08-19 produced only a modest move from about C$1.50 to C$1.64, and the stock has since drifted back toward C$1.60. The anchor result is not embedded as a bar that this release was expected to clear, because this release contains no new intercepts.

Share issuance in the option acceleration is small but real dilution, and the company still has a going-concern flag with only roughly C$14 million cash as of late July 2026 before any further raises.

Onyx Gold Corp. is a pre-revenue Canadian gold explorer focused on the Timmins camp in Ontario and the eastern Tombstone gold belt in the Yukon. Its core asset is the 100%-owned Munro-Croesus Project, a 112 km² property located 75 km east of Timmins. The site hosts the past-producing high-grade Croesus Mine and the Argus gold discovery.

The Argus system features previously reported mineralization across roughly 1.4 km of strike and more than 700 m of vertical depth, encompassing the Argus North, Argus Main, and Argus West zones. Other Ontario assets include Golden Mile and Timmins South, while Yukon holdings include King Tut, Canol, Stan, and RGS. The company has not disclosed any mineral resources, reserves, or mine plans.

As of March 31, 2026, Onyx Gold held C$22.6 million in cash and equivalents. Management cited approximately C$14 million in cash in late July 2026. The company carries no debt and has total equity of roughly C$60.6 million. A going-concern flag is present due to the lack of revenue and reliance on future financing.