Onyx’s Breakout Discovery Anchors a New Chapter in Canada’s Storied Gold Camp

• Onyx Gold controls 100% of expansive, high-potential land positions in two of Canada’s premier gold regions — the Timmins Gold Camp in Ontario and the Eastern Tombstone Gold Belt in Yukon.
• Following last year’s breakout discovery at Argus North, ongoing drilling there and surrounding targets continue to deliver broad gold intercepts, many beginning near surface and extending over substantial widths.
• Backed by $25 million in cash, zero debt, and a 75,000-metre drill program in progress, Onyx is pushing forward at scale while the market valuation remains below its estimated asset potential.

“With 75,000 metres of drilling in progress, we are just scratching the surface of defining the full potential of a burgeoning gold system in the Timmins gold camp.”
— Brock Colterjohn, President & CEO of Onyx Gold

In a gold market where producers are scrambling to replace reserves and investors are chasing credible discoveries in safe jurisdictions, a new name is commanding attention in Timmins, one of Canada’s most storied gold camps.

Onyx Gold Corp. (TSXV: ONYX) was selected as a Top Pick at the recent CEM Whistler Capital Event, following its inclusion in the 2026 TSX Venture 50, which recognizes the top-performing companies on the TSX Venture Exchange over the past year.

“2025 was very much a breakout year for us,” said Brock Colterjohn, President & CEO of Onyx Gold.

That breakout began in the ground at an Onyx target called Argus North within the company’s flagship Munro-Croesus property located in the Greater Timmins gold camp. This district has historically produced more than 76 million ounces of gold over the past century.

Last April, high-grade drill results from hole MC24-163 at Argus North marked a turning point for the company. Onyx reported 69.6 metres grading 3.4 g/t gold, including 34.5 metres at 5.4 g/t and 9.5 metres at 13.9 g/t.

It stood out as some of the best early-stage gold results reported in the greater Timmins camp in recent years suggesting the presence of a large, previously untapped gold system within the Munro-Croesus property, the company said.

Since that initial intercept, Onyx has drilled roughly 110 holes totalling about 40,000 metres into the system, said Colterjohn, adding the results have consistently pointed to scale.

“We’re detecting broad envelopes of one plus gram mineralization, but within those envelopes we’re getting a very nice high-grade core of five to ten grams. With 75,000 metres of drilling in progress, we are just scratching the surface of defining the full potential of a burgeoning gold system in the Timmins gold camp.”

Onyx’s flagship Munro-Croesus Project, located about 75 kilometres east of Timmins, Ontario along Highway 101 spans 109 square kilometres. The project sits along the Pipestone and Munro fault systems in the Timmins-Porcupine district, one of the world’s most productive Archean gold belts, which are known for hosting long-life, structurally controlled gold deposits.

The land package did not come together overnight. Over several years, the company executed more than 35 property agreements to consolidate historically fragmented patented claims. That consolidation unlocked district-scale exploration across ground that had effectively been frozen for decades.

The Munro-Croesus property now hosts multiple zones, including Argus North, where Onyx controls roughly eight kilometres of largely undrilled strike length, Argus Main, Argus West, the GM Vein, and the historic Croesus Mine area. 

While Timmins anchors the near-term story, Onyx also holds a 227 square kilometre land position in Yukon’s Eastern Tombstone Gold Belt, one of Canada’s most active emerging gold districts.

The portfolio spans four properties — King Tut, Canol, RGS and Stan — within the Selwyn Basin. The clear focus here is King Tut, located just 10 kilometres south of Snowline Gold’s land package and roughly 50 kilometres from its Valley discovery.

Previous exploration at King Tut outlined multi-kilometre gold-in-soil anomalies, including a one-by-one-kilometre open-ended target associated with an intrusive body that has yet to be drill tested. In simple terms, it is a large, defined gold system that remains largely untouched by modern drilling.

Yukon is earlier stage, but management views it as strategic optionality alongside Timmins, not a distraction from it.

“Rarely do you see an exploration company with material exposure to Canada’s largest gold producing camp, but also one of the most exciting emerging districts in the country,” said Colterjohn.

Exploration success requires capital and Onyx has positioned itself accordingly.

As of February 20, 2026, the company reported over $25 million in cash, no debt and 85.5 million shares outstanding. That balance sheet strength has enabled an aggressive drill campaign without near-term financing pressure.

“With drills currently turning as part of Onyx’s 75,000 metre drill program at the Munro-Croesus Project, we see an exciting investment opportunity ahead, with a continuous flow of drill results expected throughout 2026,” Cormark Capital Markets, said in its recent report on the company.

At current trading levels, Onyx shares sit well below the report’s $3.35 price target, highlighting what analysts describe as a clear gap between the company’s current market value and the scale emerging through ongoing drilling.

Charting Onyx Gold

TSXV: ONYX | OTCQX: ONXGF

1. As of market open on March 23, 2026.
2. As of market open on Monday, Febrary 9, 2026 after being selected as a Top Pick at the CEM Whistler Capital Event.

After earning Top Pick honours at CEM Whistler, Onyx Gold CEO Brock Colterjohn joined us to talk about the company’s expanding Timmins discovery, the path toward resource definition, and what’s next as drills continue to turn.

What gives you confidence that Argus North could evolve beyond an early discovery into something larger?

“Argus North sits on the Pipestone Fault, a major structural corridor that hosts large deposits elsewhere in the Timmins camp. We control about eight kilometres of that break that remains largely undrilled. What gives us confidence is what the drilling continues to show. Recent step-outs are confirming continuity, not just isolated high-grade hits. That tells us this is a coherent system, not a one-hole event. Since the Argus discovery, we’ve built a strong geological database from more than 100 holes. That allows us to understand the controls on the higher-grade shoots versus the broader mineralized envelope. The key now is testing for repetition along strike, identifying additional high-grade shoots along the same structural corridor.”

How are you balancing aggressive drilling with capital discipline?

“We’ve been very deliberate about protecting the capital structure while scaling the program. That gives investors clarity. At the same time, we made sure we were well funded before accelerating. We have about $25 million in cash and are fully funded to execute the current drill program. That allows us to focus on expansion rather than constantly thinking about the next financing. Infrastructure is another key advantage. We’re operating in Timmins, which has year-round road access, power, contractors, and existing mills nearby. As I’ve said before, it’s about $200 all-in Canadian per metre to drill here. In a remote jurisdiction, that number can be significantly higher. So, more of every dollar goes directly into the ground. The other piece is focus. We’re not drilling for headlines. We’re drilling to test the limits of the system and expand it methodically. That approach is all about disciplined capital allocation tied directly to growth. It’s also about making sure that when we accelerate, we can sustain it.”

Where does Yukon fit within the broader strategy and what’s next for Onyx?

“Timmins is our primary focus today because we’re advancing a discovery that has the potential to move toward a first mineral resource. That’s where the majority of our capital and drilling effort is going right now. Yukon plays a different role. It gives us exposure to a separate style of gold mineralization in an emerging district. It’s earlier stage than Timmins, but it provides long-term upside in a belt that is beginning to demonstrate scale. From a portfolio perspective, that’s important. It gives shareholders leverage to two districts at different stages of maturity within one company. As for what’s next, the near-term catalysts are continued drill results out of Timmins. We expect steady news flow as we expand Argus North and test new targets along the structure. At the same time, we’ll continue to advance Yukon in a disciplined way, allocating capital where we see the strongest risk-adjusted return.”

Our View

• District control in a proven camp
  A 109 km² consolidated position along major Timmins structures gives Onyx room to test for repeating zones along a structural corridor rather than chase a single discovery. In a camp that has produced more than 76 million ounces, that scale is strategic.
• Momentum backed by capital
  With over $25 million in cash, no debt and a multi-rig drill program underway, Onyx can advance Argus North without near-term financing pressure. Continuity of capital supports continuity of results.
• Defined upside
  Continued step-out success along the Pipestone Fault could move Argus North toward resource definition. The reward lies in proving district-scale repetition within one of Canada’s most established gold camps. In a consolidating gold sector, discoveries in safe jurisdictions rarely go unnoticed. If drilling continues to expand the system, Onyx Gold may find itself moving from breakout explorer to strategic asset faster than many expect.

2026 CEM Capital Event Schedule

Scottsdale Capital Event — April 10–12, 2026

Bermuda Capital Event — June 12–14, 2026

TSX Venture Growth Capital Event — July 17–19, 2026

Muskoka Capital Event — September 25–27, 2026

Warm Regards and Happy Investing,
Fabian Dawson

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