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Onyx Gold Expands Emerging High-Grade Corridor at Argus Main Drilling Continues to Define Multiple Broad Gold Zones Across the Expanding Argus System Join Onyx’s Exploration and Technical Webinar Today at 10:00am PT/1:00pm ET

Exploration Programs Marketing Announcement

Onyx Gold Corp. 405 - 375 Water Street, Vancouver, BC, V6B 5C6 TSXV: ONYX OTCQX: ONXGF

May 14th, 2026 NR# 11-2026

Onyx Gold Expands Emerging High-Grade Corridor at Argus Main

Drilling Continues to Define Multiple Broad Gold Zones Across the Expanding Argus System

Join Onyx’s Exploration and Technical Webinar Today at 10:00am PT/1:00pm ET

Vancouver, BC – May 14th, 2026 – Onyx Gold Corp. (“Onyx” or the "Company") (TSX-V: ONYX, OTCQX: ONXGF) is pleased to report new drill results from its fully-funded 110,000-meter drill program (the “Program”) at the 100%-owned Munro-Croesus Project (“Munro-Croesus” or the “Project”), located 75 km east of Timmins, Ontario (Figure 4).

Today’s results from 18 drill holes, including two (2) drill holes on the Argus Main Zone (“Argus Main”) and 16 drill holes on the Argus North Zone (“Argus North”), continue to expand gold mineralization at the Company’s rapidly growing Argus discovery area, where drilling is outlining a gold system extending over 1.4 kilometers (“km”) of strike length and more than 500 meters (“m”) vertically. The latest drilling continues to support the Company’s interpretation that northeast-trending structural corridors are controlling higher-grade gold mineralization across the Argus Zones, and potentially along multiple kilometers of the Pipestone Fault corridor.

The key results include two (2) additional drill holes from the emerging Argus Main target area, where drilling continues to define broad zones of gold mineralization containing higher-grade intervals similar to those seen at Argus North, located approximately 600 metres to the northwest. These two drill holes follow up on the two discovery holes, MC26-267 and MC26-270, which intersected an Upper and Lower Zone with intercepts of 99.5 m of 1.2 grams per tonne gold (“g/t Au”) (Lower Zone) in drill hole MC26-267, and 77.2 m grading 1.3 g/t Au (Lower Zone) in MC26-270 (See Company news release dated March 31, 2026).

Onyx will be hosting an exploration and technical webinar today, May 14, 2026, at 10:00am PT / 1:00 pm ET to provide an in-depth update on the Company’s ongoing and expanded 110,000 m drill program at Munro-Croesus, including the results found in this news release.

Online registration and participation details may be found at the following link:

https://my.demio.com/ref/YE0MQWQjKU2lb7y4

Highlights from Argus Main

  • 69.9 m grading 0.7 g/t Au (Upper Zone) in drill hole MC26-288, including 16.5 m grading 2.1 g/t Au, and a second deeper intersection of 43.0 m grading 0.3 g/t Au (Middle Zone), and a third deeper intersection of 58.5 m grading 0.6 g/t Au (Lower Zone), including 12.3 m

grading 1.8 g/t Au

  • 126.2 m grading 0.3 g/t Au (Upper Zone) in drill hole MC26-292, including 6.0 m grading 1.2 g/t Au, and a second deeper intersection of 40.7 m grading 1.3 g/t Au (Middle Zone),

including 5.8 m grading 5.8 g/t Au, and a third deeper intersection of 120.2 m grading 0.4 g/t Au (Lower Zone), including 18.5 m grading 1.3 g/t Au

  • Three stacked mineralized zones intersected in both drill holes from near-surface to approximately 400 m depth, with total cumulative downhole widths of 287.1 m of

mineralization in MC26-292 and 171.4 m of mineralization in MC26-288

  • The new drill holes extend mineralization a further 40 m northeast from previously reported discovery holes MC26-267 and MC26-270
  • Mineralization at Argus Main appears linked to high-grade surface channel and grab samples grading between 5.2 g/t Au and 14.7 g/t Au over a 35 x 30 m area
  • Argus Main remains open along strike and at depth with one drill rig dedicated to systematic expansion drilling

Highlights from Argus North Drilling

  • 28.0 m grading 1.6 g/t Au (from surface), in drill hole MC25-248, including
    • 2.0 m grading 6.5 g/t Au, AND
  • 42.0 m grading 1.8 g/t Au, including
    • 4.0 m grading 8.0 g/t Au
  • 42.0 m grading 1.4 g/t Au (from surface), in drill hole MC25-251, including
    • 7.8 m grading 3.5 g/t Au, AND
  • 45.9 m grading 1.4 g/t Au, including
    • 19.0 m grading 2.6 g/t Au, and including
    • 4.0 m grading 7.2 g/t Au
  • 48.9 m grading 1.2 g/t Au, in drill hole MC25-238, including
    • 2.0 m grading 2.9 g/t Au
  • 34.8 m grading 1.2 g/t Au, in drill hole MC26-266, including
    • 12.0 m grading 2.4 g/t Au
  • Argus North continues to deliver broad zones of gold mineralization from surface to depth, reinforcing the expansion potential of the zone and the greater Argus mineralized corridor

“These latest results continue to demonstrate the growing scale and continuity of the Argus system and further validate our interpretation that northeast-trending structures are controlling higher-grade gold mineralization across multiple zones,” stated Brock Colterjohn, President & CEO. “What is particularly exciting is that Argus Main is beginning to show characteristics similar to Argus North, with broad mineralized envelopes containing higher-grade intervals associated with these structures. With four rigs active and more than 50,000 m still to drill this year, we believe we are still in the early stages of unlocking the broader potential of the system along the Pipestone Fault corridor.”

Update on the Argus Zones and the Program

The Company continues to execute one of the largest fully funded gold exploration programs in the Timmins camp, with 145 drill holes totalling ~60,000 m to date. Assays have now been released for 95 drill holes, with approximately 50,000 m remaining to be drilled in 2026.

The primary focus of the Program remains the continued expansion of the Argus Zones, where drilling has identified two key styles of gold mineralization:

1) Steeply plunging, high-grade gold zones associated with northeast-trending fault corridors (D2

  • controlling structures); and

2) Disseminated zones of low- to moderate-grade gold zones which surround and flank the highgrade intervals within the northwest-southeast trending permissive host mafic variolitic and fragmental volcanic rock stratigraphy (D1 – stratiform-style).

The Argus Zones remain open along strike, down-dip, and down-plunge, with mineralization also projecting to the near-surface in multiple locations. Notably, the higher-grade zones such as Argus North and Argus Main show an apparent periodicity of 400 m along strike within the host mafic variolitic volcanic unit, coinciding with the intersection with northeast-trending mineralizing structures

Ongoing geological and geophysical work continues to refine the controls on gold mineralization along the Pipestone Fault corridor, where Onyx controls more than 8 km of strike length in one of the most prospective yet underexplored portions of the Timmins gold camp.

A 900 line-km high-resolution drone magnetic survey is underway, aimed at refining targets across the Argus Zones and the greater Pipestone Fault corridor. The Company is fully funded with approximately $20 million in cash.

The Geological Setting of the Argus Zones

The Argus Zones are located on the western half of the Munro-Croesus Project, approximately 3 km northwest of the historic Croesus Gold Mine and immediately north of the regional Pipestone Fault, a major structural corridor host to many of the significant gold deposits in the Timmins camp (Figure 1). Following a multi-year consolidation effort, Onyx now controls over 8 km of strike extent of the Pipestone Fault, most of which remains undrilled or has not seen any modern exploration. Gold mineralization is hosted within volcanic rocks of the Kidd-Munro assemblage across all Argus Zones.

The Argus North Zone is situated 150 m north of the Pipestone Fault and is distinguished by both broad zones (50 m to over 100 m) of +1 g/t Au mineralization containing wide zones of highergrade mineralization (+5 g/t Au). The higher-grade sub-intervals are associated with zones of strong albitization and silicification, pyritic stringers, and localized porphyritic intrusions within mafic variolitic basalt and volcanic breccias cut by dominant moderate to steeply dipping, northeast-trending faults and associated fractures. This combination of host lithology, alteration and structural preparation is interpreted to be a key control on gold deposition. The discovery hole, MC24-163, was reported last year, and returned 69.6 m grading 3.4 g/t Au, including 34.5 m grading 5.4 g/t Au and 9.5 m grading 13.9 g/t Au (see Company news release dated April 10, 2025).

The Argus Main Zone lies ~100 m south of Argus North and represents a separate, broad eastwest trending, 900 m x 200 m near-surface bulk-tonnage gold target. The best surface expression of the Argus Main Zone is stripped of overburden and consists of 10 grab and channel samples grading between 5.2 g/t Au and 14.7 g/t Au, within a 35 x 30 m area. Gold mineralization is associated with mafic variolitic volcanic flows that are strongly albite- and silica-altered and cut by east-northeast-trending pyritic veinlets within a broader halo of carbonate alteration and local development of specular hematite. Highlights from past drilling include 63.3 m grading 1.0 g/t Au, including 17.4 m grading 2.2 g/t Au in MC24-166 (see Company news release dated June 17, 2024), 62.8 m grading 0.8 g/t Au within 136.0 m grading 0.5 g/t Au in MC22-110 (see Company news release issued dated May 9, 2022), 59.7 m grading 1.0 g/t Au, including 18.4 m grading 2.0 g/t Au in MC25-255 (see Company news release issued dated February 18, 2026) and 27.6 m grading 1.0 g/t Au in MC23-140, and Figures 1, 2, and 3).

The Argus West Zone is located ~250 m west of Argus North, along the recently delineated ‘Argus Fault’, a key northeast-trending, moderately-to-steeply NW-dipping structure that appears to play an important role as a locus for gold mineralization. Drill hole MC25-213 returned 21.2 m grading 2.1 g/t Au (with local visible gold) starting at 9.8 m downhole within strongly albite-altered mafic variolitic volcanics with a moderate crackle brecciation, and fine-grained disseminated to fracture-controlled pyrite in the structural hanging wall to the Argus Fault (see Company news release dated December 3, 2025). Drill hole MC25-199, located a further 180 m to the southwest, intersected 14.0 m grading 1.0 g/t Au hosted by fine-grained metasedimentary rocks of the Porcupine Group, in the structural footwall to the Argus Fault.

Discussion of Argus Main Drill Results

Results reported today include those from 18 drill holes, including two (2) additional drill holes from the new Argus Main target, MC26-288 and MC26-292, which follow-up on previously reported assay results in drill holes MC26-267 (4.9 g/t gold over 15.0 meters within 1.3 g/t Au over 77.2 m) and MC26-270 (2.9 g/t Au over 12.5 m within 1.2 g/t Au over 99.5 m), targeted a northeast-trending fault in the eastern section of the Argus Main Zone.

The drilling reported today extends the gold mineralization 40m further to the northeast with drill holes, MC26-288 and MC26-292, collared 50 m apart on the same cross-section, intersecting three broad zones of gold mineralization located near-surface to 300 m below surface (Figures 1, 2 and 3).

Highlights from Argus Main include:

  • 69.9 m grading 0.7 g/t Au (Upper Zone), in drill hole MC26-288, including
    • 16.5 m grading 2.1 g/t Au, including
      • 3.9 m grading 6.0 g/t Au, including
        • 1.9 m grading 10.1 g/t Au, AND
  • 43.0 m grading 0.3 g/t Au (Middle Zone), AND
  • 58.5 m grading 0.6 g/t Au (Lower Zone), including
    • 12.3 m grading 1.8 g/t Au, including
      • 6.9 m grading 2.7 g/t Au
  • 126.2 m grading 0.3 g/t Au (Upper Zone), in drill hole MC26-292, including
    • 6.0 m grading 1.2 g/t Au, AND
  • 40.7 m grading 1.3 g/t Au (Middle Zone), including
    • 5.8 m grading 5.8 g/t Au, including
      • 1.0 m grading 15.0 g/t Au, AND
  • 120.2 m grading 0.4 g/t Au (Lower Zone), including
    • 1.8 m grading 3.7 g/t Au, and including
    • 18.5 m grading 1.3 g/t Au, including
      • 3.0 m grading 4.7 g/t Au

These higher-grade intersections are interpreted to be the depth extension of the high-grade mineralization at surface (10 grab and channel samples grading between 5.2 g/t Au and 14.7 g/t Au within a 35 x 30 m area).

Details for drill hole assays reported in this news release are shown in Figures 1/2/3 and Table 1.

Discussion of Argus North Drill Results

Sixteen (16) drill holes were completed to infill and step-out along strike, down-dip, and downplunge at the Argus North to continue to investigate the potential of the mineralizing system within the key host mafic variolitic volcanic sequence.

The drill holes were directed to the northwest across the now well-defined northeast-trending structural corridor over a distance of 300 m and also targeted the west-northwest plunging highergrade core of Argus North. Highlights include drill holes MC25-248 and MC25-251 which intersected mineralization at surface followed by a second lower zone, and drill holes MC25-238 and MC26-266 which continue to extend the zone down-plunge to the southwest.

Northeast Strike Extension

  • 28.0 m grading 1.6 g/t Au (from surface), in drill hole MC25-248, including
    • 2.0 m grading 6.5 g/t Au, AND
  • 42.0 m grading 1.8 g/t Au, drill hole MC25-248, including
    • 2.0 m grading 5.2 g/t Au, and including
    • 12.0 m grading 4.0 g/t Au, including
      • 4.0 m grading 8.0 g/t Au
  • 42.0 m grading 1.4 g/t Au (from surface), in drill hole MC25-251, including
    • 7.5 m grading 1.9 g/t Au, and including
    • 7.8 m grading 3.5 g/t Au, AND
  • 45.9 m grading 1.4 g/t Au, in drill hole MC25-251, including
    • 19.0 m grading 2.6 g/t Au, and including
    • 4.0 m grading 7.4 g/t Au

Southwest Strike Extension

  • 48.9 m grading 1.2 g/t Au, in drill hole MC25-238, including
    • 2.0 m grading 2.9 g/t Au
  • 34.8 m grading 1.2 g/t Au, in drill hole MC26-266, including
    • 2.4 m grading 3.3 g/t Au, and including
    • 12.0 m grading 2.4 g/t Au
  • 13.0 m grading 1.7 g/t Au, in drill hole MC26-281, including
    • 4.0 m grading 4.5 g/t Au
  • 9.2 m grading 2.0 g/t Au, in drill hole MC26-286, including
    • 1.2 m grading 8.4 g/t Au

The Argus Zones continue to show excellent lateral and vertical continuity of gold mineralization within a variety of host lithologies over a total strike length of 1,400 m and a vertical depth of more than 500 m. The Argus Zones remain open along strike, down-dip, and down-plunge, and the opportunity to expand the zones through ongoing drilling is considered excellent. There is also an apparent periodicity to the higher-grade zones of 400 m along strike within the host mafic variolitic volcanic unit, and the Company is targeting offsets within this unit with associated magnetic lows along strike to the southeast with one drill rig.

The Munro-Croesus Project

The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining jurisdiction (Figure 4). This large, 100%-owned land package includes the past-producing Croesus Gold Mine, which yielded some of the highest-grade gold ever mined in Ontario. Extensive land consolidation since 2020 has unified the patchwork of patented and unpatented mining claims surrounding the Croesus Gold Mine into one coherent package and enhanced the project's exploration potential.

The Project covers 112 km2 of highly prospective geology within the influence of major goldbearing structural breaks. Bulk-tonnage gold deposits located in the immediate region include the Fenn-Gib gold project being developed by Mayfair Gold Corp., and the Tower Gold Project being developed by STLLR Gold Inc.

Table 1 – Significant Assay Results for Argus North Drill Holes Reported in this Release

TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus North
MC25-22739.584.044.50.7
Including39.556.517.01.2
Including39.547.07.52.1
And Including 53.3 54.4 1.1 1.2
And Including68.572.54.01.3
And 136.0 154.0 18.0 0.2
MC25-22994.7145.851.10.2
Including 102.7 119.7 17.0 0.5
Including102.7105.73.01.3
MC25-23135.566.531.00.4
Including41.056.015.00.6
Including 54.0 56.0 2.0 1.9
And Including65.966.50.62.5
And 123.0 130.5 7.5 0.3
Including123.0124.01.01.1
MC25-23671.071.70.76.0
And 115.5 124.0 8.5 0.4
Including115.5116.51.01.5
And 166.0 172.0 6.0 0.3
And217.0218.01.01.1
And 239.7 245.0 5.3 0.4
And263.2265.52.30.5

*Intersections are reported as drilled width; true width is 60-90% of drilled width

TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus North
MC25-238148.6197.548.91.2
Including154.5156.52.02.9
And Including 175.0 176.0 1.0 4.8
And Including182.2184.01.82.3
And Including 194.4 195.5 1.1 2.8
And301.5304.93.40.7
And 361.0 372.0 11.0 0.3
MC25-2484.032.028.01.6
Including4.024.120.12.1
Including21.023.02.06.5
And73.0115.042.01.8
Including73.075.02.05.2
And Including89.0101.012.04.0
Including96.0100.04.08.0
And 154.5 155.5 1.0 1.0
MC25-2512.844.842.01.4
Including4.011.57.51.9
And Including37.044.87.83.5
Including41.043.02.07.1
And62.0107.945.91.4
Including 67.0 70.0 3.0 1.4
And Including87.0106.019.02.6
Including87.091.04.07.2
Including89.090.01.011.1
And 121.0 134.5 13.5 0.5
And256.0274.518.50.2
MC25-254107.0108.01.01.7
TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus North
MC25-259 212.8 213.4 0.6 8.6
MC25-261No Significant Values
MC26-263 16.0 23.0 7.0 0.4
Including21.823.01.21.6
And53.076.023.00.6
Including54.557.22.72.8
And Including 67.1 67.9 0.8 2.4
And139.5142.73.21.0
Including 141.6 142.7 1.1 2.4
And166.8172.75.90.6
Including 167.7 168.8 1.1 2.5
And Including383.0391.08.00.3
Including 390.0 391.0 1.0 1.3
And443.0460.117.10.3
Including 451.4 454.0 2.6 1.5
Including451.4453.01.61.8
MC26-264 124.7 130.7 6.0 0.3
And205.3225.520.20.2
Including 213.3 220.5 7.2 0.4
And280.5281.51.01.9
And 315.5 317.0 1.5 1.5
And335.5373.037.50.6
Including335.5345.510.01.8
Including344.5345.51.010.6
And 434.5 435.5 1.0 2.0
And675.0678.53.50.3
TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus North
MC26-26655.062.27.22.2
Including57.062.25.22.7
And111.2112.61.49.6
And393.2428.034.81.2
Including 397.0 399.4 2.4 3.3
And Including406.0418.012.02.4
Including406.0413.07.03.2
And509.0537.228.20.2
Including 529.6 530.5 0.6 3.9
MC26-269227.0236.39.30.8
Including 227.0 232.3 5.3 1.3
And366.0370.04.01.2
Including 366.0 367.0 1.0 3.1
And388.0389.01.02.6
MC26-281 287.5 310.0 22.5 0.3
Including289.0290.21.21.3
And337.0350.013.01.7
Including337.0344.07.02.9
Including339.0343.04.04.5
Including340.0342.02.06.0
MC26-286 337.5 373.5 36.0 0.3 Including 347.0 353.5 6.5 0.8
Including352.0353.51.51.6
And398.5407.79.22.0
Including405.8407.01.28.4

Table 2 - Significant Assay Results for Argus North Drill Holes Reported in this Release

TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus Main
MC26-288 15.5 23.5 8.0 0.3
And117.0186.969.90.7
Including139.0183.544.51.0
Including161.0177.516.52.1
Including165.0168.93.96.0
Including167.0168.91.910.1
And 236.0 239.0 3.0 0.5
And279.0322.043.00.3
Including 301.0 307.0 6.0 0.8
Including305.0307.02.01.3
And 377.2 396.5 19.3 0.2
Including381.0382.01.01.0
And418.5477.058.50.6
Including431.7444.012.31.8
Including435.5442.46.92.7
Including440.4442.42.04.9
And 527.5 535.0 7.5 0.5
MC26-29241.0167.2126.20.3
including89.0107.118.10.6
Including91.094.03.01.5
And Including 137.1 148.0 10.9 0.8 Including 139.0 145.0 6.0 1.2
Including139.0145.06.0
And200.8241.540.71.3
Including200.8206.65.85.8
Including204.7205.71.015.0
And256.0259.03.00.8
Including 258.0 259.0 1.0 1.8

Table 2 (Continued)

TargetFromToLengthAu
Drill Hole(m)(m)(m)(g/t)
Argus Main
MC26-292279.8400.0120.20.4
(Cont'd)
Including298.9300.71.83.7
And Including352.5371.018.51.3
And Including368.0371.03.04.7
Including368.0370.02.06.3
And 421.3 445.0 23.7 0.2
Including421.3423.32.01.3