(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - October 2, 2025) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx" or the "Company") is pleased to announce the closing of its previously announced "bought deal" private placement (the " Offering ") of (a) 4,740,000 common shares of the Company that qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Tax Act (as defined below)) (the " FT Shares ") at a price of $2.11 per FT Share for aggregate gross proceeds of $10,001,400, and (b) 6,665,733 non-flow-through common shares of the Company (the " HD Shares ") at a price of $1.50 per HD Share for aggregate gross proceeds of $9,998,599.50, for total gross proceeds of $19,999,999.50 pursuant to the Offering, inclusive of the Option (as defined below).

The Offering was led by Cormark Securities Inc., together with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the " Underwriters ").

The Offering was completed pursuant to an underwriting agreement (the " Underwriting Agreement ") between the Company and the Underwriters dated October 2, 2025. Under the Underwriting Agreement, the Company granted the Underwriters an option (the " Option ") to further increase the size of the Offering by up to an additional $2,000,000 (through the issuance and sale of an additional number of FT Shares, HD Shares or a combination thereof), on the same terms and conditions as the Offering. The Company is pleased to announce that the Option was exercised in full by the Underwriters. Of the 6,665,733 HD Shares issued in the Offering, 1,333,333 HD Shares were issued pursuant to the exercise of the Option for gross aggregate proceeds of $1,999,999.50.

The Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering, being $1,199,999.97.

The Company will use an amount equal to the gross proceeds from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada) (the " Tax Act "), to incur (or be deemed to incur) eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both terms are defined in the Tax Act) (the " 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 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 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.

The net proceeds from the sale of the HD Shares will be used by the Company for exploration of its mineral properties and general corporate purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (" NI 45-106 "), the FT Shares and HD Shares have been offered for sale to purchasers resident in all Provinces of Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption ") as amended and supplemented by Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The FT Shares and HD Shares issued under the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws.

An amended offering document related to the Offering and the use by the Company of the Listed Issuer Financing Exemption can be accessed under the Company's profile on SEDAR+ at and on the Company's website at .

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.

The Non-Brokered Private Placement

The Company is in the process of completing it's previously announced non-brokered private placement priced at $2.43 per NB FT Share (as defined below) for gross aggregate proceeds of approximately $5,600,000 (the " Non-Brokered Private Placement "), involving strategic investors.

The Non-Brokered Private Placement will consist of the sale and issuance of 2,300,000 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 $5,589,000.

The Company expects to close the Non-Brokered Private Placement in the coming weeks. For further information regarding the Non-Brokered Private Placement, please see the news release of the Company dated September 17, 2025.

About Onyx Gold

Onyx Gold Corp. is a Canadian exploration company focused on well-established mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory. In Timmins, the Company holds a 100% interest in a district-scale portfolio totaling more than 443 km2 across three projects: the Munro-Croesus Gold Property (109 km2), Golden Mile (140 km2), and Timmins South (194 km2). All projects are accessible year-round via existing road networks and benefit from close proximity to regional infrastructure.

In Yukon, Onyx controls four properties in the emerging Selwyn Basin, an area of growing exploration significance following several recent discoveries. Guided by an experienced board and management team, Onyx Gold is dedicated to creating shareholder value through discovery, disciplined capital allocation, and a commitment to responsible and sustainable mineral exploration.

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