Onyx Gold Confirms New Sediment-Hosted Gold Zone 3 km South of Argus; Drills 0.7 g/t Gold over 46.7 Meters at Flipper

Onyx Gold Corp. (ONYX) has released the initial results from its first systematic drilling program at the Flipper Zone, located approximately 3 km south of the Argus Gold System within the Munro-Croesus Project, 75 km east of Timmins, Ontario. The company reported six holes totaling 2,172 meters, describing the findings as "broad and locally higher-grade gold mineralization within sedimentary rocks."

Key intercepts from the program include:

• MC26-277: 0.7 g/t Au over 46.7 m (55.0–101.7 m), including 4.0 g/t over 5.0 m, including 13.5 g/t over 1.0 m; second interval 0.2 g/t over 44.0 m (127.5–171.5 m).
• MC26-272: 0.5 g/t Au over 46.7 m (38.6–85.3 m), including 0.6 g/t over 28.8 m, including 1.1 g/t over 5.0 m; plus 2.4 g/t over 1.0 m at 117.6 m.
• MC26-284: 4.1 g/t Au over 3.0 m (241.5–244.5 m), including 6.7 g/t over 1.5 m; plus 0.3 g/t over 35.0 m (264.5–299.5 m), including 2.3 g/t over 3.0 m; plus 1.9 g/t over 2.0 m.
• MC26-276: 0.2 g/t Au over 17.7 m (72.5–90.2 m), including 0.4 g/t over 6.5 m.
• MC26-282 (approx. 600 m east of MC26-284): 1.9 g/t over 1.5 m; 1.3 g/t over 1.0 m; 1.6 g/t over 1.0 m.
• MC26-280 (200 m step-out): "No Significant Assays" — but intersected quartz/quartz-carbonate veining with localized pyrite.

The company frames the results in the context of a regional geological model, identifying an interpreted northeast-trending "Argus Fault corridor" that runs from McEwen’s Tamarack deposit through Flipper, the historic Stewart-Abate Mine area, and recently acquired ground toward Argus. Target zones are defined where this corridor intersects QFP intrusions in Porcupine assemblage sediments.

Drilling progress on the 110,000-meter program is now at 94,000 meters across 241 holes, with 146 holes released to date. The program has cost approximately $9 million in cash. All intersections are reported as drilled width, with true width unknown, and no cutoff grade was stated.

Onyx Gold Corp. (ONYX) is an advanced junior explorer with a market capitalization of approximately C$150 million. The company currently has no NI 43-101 resource, no preliminary economic assessment (PEA), no metallurgical data, and no revenue.

The Flipper target was previously identified as a Phase 3 prospect on 13 November 2025, with approximately 2,500 meters allocated and historical intercepts disclosed at that time, including 42.6 meters at 1.0 g/t, 28.8 meters at 1.3 g/t, and 1.5 meters at 10.8 g/t. The target has been in the public domain for roughly 11 months.

The prior historical anchor for Flipper consists of the unverified intercepts of 42.6 meters at 1.0 g/t (approximately 42.6 g·m) and 28.8 meters at 1.3 g/t (approximately 37.4 g·m). The most recent result, MC26-277, measures approximately 32.7 g·m. This is comparable in length to the historical data but represents approximately 70% of the historical grade. The historical numbers carry no QA/QC weight and are not considered a real anchor.

The market’s current anchor is the Argus system, which includes MC25-232 (208 meters at 2.3 g/t, November 2025), MC25-233 (194 meters at 1.8 g/t, December 2025), MC25-243 (73.2 meters at 2.4 g/t, January 2026), and MC26-340 (1.7 g/t over 67.0 meters, August 2026). The Flipper results do not touch that anchor and represent additive optionality at a far lower grade.

The stock traded between approximately $1.0 and $1.2 in November 2025, rising to $1.95 on 12 January 2026 following Argus North discovery holes. It then round-tripped to approximately $1.08–$1.10 by March–April 2026. The price rebuilt to approximately $1.60–$1.73 through August–October on the MC26-340 result. At $1.71, the stock sits mid-range, up approximately 55% from the March low but 12% below the January high. The price does not reflect a Flipper discovery, nor does Flipper damage the Argus thesis.

This release expands the prospective stratigraphy, representing a genuinely new host package for the property, but adds no economic rock, continuity, tonnage, or change to the Argus resource path.

Onyx Gold Corp. (TSXV: ONYX, OTCQX: ONXGF) is a Canadian gold explorer with no revenue and no published resource estimate. The company’s Ontario portfolio spans approximately 450 km², including the 100%-owned Munro-Croesus property (~114 km²) located 75 km east of Timmins, which encompasses the past-producing high-grade Croesus Mine; the Golden Mile property (~140 km²), situated approximately 9 km from Discovery Silver’s Hoyle Pond area; and the Timmins South property (~187 km²) surrounding the Shaw Dome. In the Yukon, Onyx holds approximately 227 km² across the King Tut, Canol, Stan, and RGS projects in the Selwyn Basin and eastern Tombstone belt. These are early-stage intrusion-related and vein targets; a 2025 field program at the Ra target returned channel intercepts of 5 m @ 0.7 g/t and 5 m @ 0.5 g/t, along with grab samples to 14.7 g/t, though these results represent surface sampling only with no drilling involved.

The company’s flagship asset is the Argus Gold System within Munro-Croesus, comprising three zones—North, Main, and West—across approximately 1.4 km of strike and more than 700 m of vertical extent. Mineralization is mostly 0.5–2.5 g/t bulk style with higher-grade sub-intervals reaching 73.4 g/t over 1 m. No mineral resource estimate has been published for the system.

As of 31 March 2026, Onyx Gold had 85.6 million shares outstanding according to its financials. A company presentation listed 88.3 million shares, 5.6 million options, and 1.9 million RSUs, resulting in approximately 95.8 million fully diluted shares. The company carries no debt. Gold Fields Limited holds approximately 9.9% as a strategic holder, per the MD&A, while Equinox Partners and Karwave AG are listed as top holders in the presentation.

Prior-period financial data not included in today’s release shows FY2026 net income of C$101,671, driven by a C$5.65 million flow-through premium recovery. Selling, general, and administrative expenses were C$3.39 million, while exploration and evaluation spend totaled C$17.45 million for FY2026. Cash balances stood at C$22.6 million at 31 March 2026 and C$27.6 million at 31 December 2025. Financing cash inflows were C$38.1 million for FY2026, with capex and exploration spending of C$14.2 million. The MD&A carries a going-concern material uncertainty and states an obligation to incur C$12.83 million of eligible flow-through expenditures by 31 December 2026.

Third-party analyst coverage listed in the company presentation includes ATB with a C$3.35 target, Cormark with a C$3.20 target, and Agentis Capital. These targets are drawn from the company’s own presentation deck; no independent analyst report is provided in these materials, and the targets should be treated as company-sourced.