Mr. Brock Colterjohn reports

ONYX GOLD ANNOUNCES $1.5 MILLION PRIVATE PLACEMENT

Onyx Gold Corp. has arranged a non-brokered private placement of securities for aggregate gross proceeds of up to $1.5-million.

The offering will comprise a combination of flow-through shares to be sold at a price of 21.5 cents per FT share and premium flow-through shares to be sold at a price of 27 cents per premium FT share. Each FT share and premium FT share will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

"The flow-through funds raised in this offering enables us to launch a 3,000-metre follow-up drill program on our Munro-Croesus property in Timmins, Ont., while preserving the company's $3-million hard-dollar treasury of cash and marketable securities," said Brock Colterjohn, president and chief executive officer. "By capitalizing on the winter months we can access certain drill sites while the ground is frozen, allowing for more favourable drilling orientations on the new GM vein discovery. Additionally, we will drill the Argus zone further towards the west, where our westernmost hole suggested that the zone is increasing in strength as it likely converges with the regional Pipestone fault. The company is also planning a summer field program with these raised funds to generate and refine drill targets on our recently acquired Lalonde property, which is contiguous with our Munro-Croesus property."

The gross proceeds raised from the sale of the FT shares and premium FT shares will be used for exploration activities in Ontario that will qualify as Canadian exploration expenses and flow-through mining expenditures (as such terms are defined in the tax act), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024, to the initial purchasers of FT shares and premium FT shares.

The company may pay finders' fees comprising cash and securities in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

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. 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.