Onyx Gold Drills 166.0 Meters of 0.7 g/t Gold at Argus Main and Extends Argus Trend to 2.6 Kilometers with New Gold Intercepts at Big Break and JM

Onyx Gold Corp. (ONYX) has released assay results from 31 additional drill holes at the Argus Gold System and along the Pipestone Fault corridor within its Munro-Croesus Project in Ontario. The company reported that 264 holes totaling approximately 100,000 meters, or 91% of the program, are complete. Assays have been released for 146 of those holes, representing approximately 55% of the total. With approximately 10,000 meters remaining and four rigs active, Onyx holds approximately C$9 million in cash.

At the Argus Main zone, hole MC26-343 returned 0.7 g/t Au over 166.0 meters from 99.0 to 265.0 meters. This interval included 21.7 meters at 1.6 g/t Au from 100.0 to 121.7 meters, which contained 3.0 meters at 5.8 g/t Au. The intersection also included 20.7 meters at 1.3 g/t Au from 151.3 to 172.0 meters, containing 2.9 meters at 5.4 g/t Au, and 9.9 meters at 2.2 g/t Au from 249.0 to 258.9 meters, containing 0.7 meters at 12.9 g/t Au. Hole MC26-311-EXT returned 0.7 g/t Au over 20.7 meters from 656.3 meters, including 10.0 meters at 1.2 g/t Au. In contrast, MC26-324-EXT returned 17.0 meters at 0.1 g/t Au, which is effectively barren.

At the Big Break zone, located approximately 700 meters southeast of Argus Main, hole MC26-291 returned 0.6 g/t Au over 22.0 meters from 355.0 meters, including 5.0 meters at 1.4 g/t Au. Hole MC26-295 returned 0.9 g/t Au over 11.0 meters from 256.0 meters, including 2.0 meters at 4.6 g/t Au. Ten of the twelve reported Big Break holes returned no significant assays.

At the JM zone, located approximately 1.2 kilometers southeast of Argus Main, hole MC26-350 returned 18.8 g/t Au over 2.3 meters from 275.3 meters, including 1.2 meters at 25.1 g/t Au. This intersection was associated with a lamprophyre dike. Hole MC26-330A returned 1.4 g/t Au over 10.4 meters from 198.9 meters, including 5.4 meters at 2.0 g/t Au.

All intersections reported are as drilled; true widths are unknown.

• Argus Main — MC26-343: 0.7 g/t Au over 166.0 m from 99.0 to 265.0 m, including 21.7 m @ 1.6 g/t (100.0–121.7 m, incl 3.0 m @ 5.8 g/t), including 20.7 m @ 1.3 g/t (151.3–172.0 m, incl 2.9 m @ 5.4 g/t), and including 9.9 m @ 2.2 g/t (249.0–258.9 m, incl 0.7 m @ 12.9 g/t).
• Argus Main — MC26-311-EXT: 0.7 g/t over 20.7 m from 656.3 m (incl 10.0 m @ 1.2 g/t); MC26-324-EXT: 17.0 m @ 0.1 g/t (effectively barren).
• Big Break — MC26-291: 0.6 g/t over 22.0 m from 355.0 m (incl 5.0 m @ 1.4 g/t); MC26-295: 0.9 g/t over 11.0 m from 256.0 m (incl 2.0 m @ 4.6 g/t).
• JM — MC26-350: 18.8 g/t over 2.3 m from 275.3 m (incl 1.2 m @ 25.1 g/t); MC26-330A: 1.4 g/t over 10.4 m from 198.9 m (incl 5.4 m @ 2.0 g/t).

Onyx Gold Corp. (ONYX) released drill results from its Argus Main hole, a development that extends an already-known bulk system and adds two early-stage, modest-grade scout targets. The company, an advanced, well-funded explorer with a market capitalization of approximately C$141 million, did not add a new resource with this release. The data did not change the grade or width substance compared to recent anchor holes, nor did it de-risk metallurgy.

The stock has drifted rather than re-rated, sitting at approximately C$1.60, which is roughly 18% below its 52-week high. For the past four months, the shares have been range-bound between approximately C$1.20 and C$1.72. Recent anchor holes, specifically MC26-340 and MC26-329 reported on August 19, produced only a modest drift and did not embed a doubling in value. Consequently, the in-line Argus Main hole serves as a neutral-to-modestly-positive data point rather than a priced disappointment.

The release also included results from the Big Break and JM targets. These new content areas were not materially better in grade and width than anything previously demonstrated. The data showed intervals of 0.6–0.9 g/t over 11–22 m and a narrow 18.8 g/t over 2.3 m dike hit. Because the results did not meet the bar for being materially better and unpriced, the release is considered routine. For a company of this stage, a single drill release rarely moves the equity more than 15% unless it represents a step-change, which this was not.

Onyx Gold Corp. (TSXV: ONYX / OTCQX: ONXGF) is a discovery-stage gold explorer with no revenue, resource, or economic studies. The company’s portfolio includes the 450 km² Timmins Camp in Ontario, which comprises the Munro-Croesus project hosting the historic Croesus Mine and the Argus North, Main, and West discoveries, the ~140 km² Golden Mile property, and the ~187 km² Timmins South property. In the Yukon’s Selwyn Basin, the company holds 227 km² across the King Tut, Canol, Stan, and RGS properties; the King Tut property returned surface results up to 14.7 g/t Au at scout scale.

As of the September 2026 presentation, Onyx Gold had 88.3 million shares outstanding, 5.6 million options, and 1.9 million RSUs, resulting in a fully diluted share count of 95.8 million. The company carries no debt, with strategic holder Gold Fields Limited owning approximately 9.9%. The company holds approximately C$9 million in cash, down from C$22.6 million at fiscal year-end March 31, 2026. While the current program is fully funded, a capital raise is considered foreseeable given the rapid depletion of cash reserves.