Onyx Gold Announces Upsize in Non-Brokered Financing to $6.4 Million at $2.43 per Share Involving Strategic Investors

Total Proceeds from Recent Financings Reach $26.4 Million, Providing Strong Financial Flexibility for Onyx Gold's Exploration Programs

Vancouver, British Columbia--(Newsfile Corp. - October 6, 2025) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx" or the "Company") is pleased to announce an upsize to its previously announced non-brokered private placement priced at $2.43 per NB FT Share (as defined below), now for gross aggregate proceeds of approximately $6,445,000 (the "Non-Brokered Private Placement"), involving strategic investors. Between the bought-deal offering that closed on October 2^nd, 2025 (See news release dated October 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 & CEO 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 2,650,000 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) (the "NB FT Shares"), 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 December 31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the NB FT Shares effective December 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.