Onyx Announces Closing Of Its Previously Announced $3 Million Financing Investment By Strategic Investor

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx" or the "Company") announces closing of the first tranche of its previously announced non-brokered private placement with a strategic investor (the " Private Placement ") of 3,490,343 common shares of the Company (" Shares ") at a price of $0.85 per Share for aggregate gross proceeds of approximately $3 million.

The net proceeds of the first tranche of the Private Placement will be used by the Company for general corporate purposes.

The Private Placement is subject to final acceptance by the TSX Venture Exchange.

The second tranche of the Private Placement is scheduled to close on or about June 6, 2025 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including approval of the TSX Venture Exchange. For further information, see the Company's news release dated May 22, 2025.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act ") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. "United States" and "U.S. person" have the meaning ascribed to them in Regulation S under the 1933 Act.

About Onyx Gold

Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory. 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 Territory, 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.

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