Onyx Gold Corp.
Onyx Gold's 100%-owned, 109 km2 Munro-Croesus property sits in the Abitibi greenstone belt ~75km east of Timmins, Ontario, and hosts the past-producing high-grade Croesus Gold Mine plus the newly discovered Argus North zone. The company expanded its 2025-2026 drill program to 110,000m across four rigs to define a maiden resource, backed by a strategic investment from Gold Fields. Onyx reported CAD $22.64 million cash and minimal debt as of its March 31, 2026 fiscal year end, and was named to the 2026 TSX Venture 50.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Ontario, Canada — top-tier, long-established mining jurisdiction (Abitibi greenstone belt) with mature permitting and infrastructure.
Infrastructure (40%)6.4/10
Confirmed road access at Munro-Croesus Gold Project, Abitibi Greenstone Belt, Ontario; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)10/10
Fox Complex (Black Fox) (McEwen Inc.) is 7 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.6/10
Gold Fields Limited holds 9.4% (reported 6 Jun 2025) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:9.3/10
Nearest producing mine: Fox Complex (Black Fox) (McEwen Inc.), 7 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and CEO of Onyx Gold Corp. (B.Sc., MBA) 12+ years in the resource sector; former Mining Research Analyst at Cormark Securities and Mining Equity Sales Specialist at Canaccord Genuity (raised over $2B for mining clients); prior exploration/production geologist at AuRico Gold.
Chief Executive Officer and Director of Mackay Gold & Silver Corp., leading the company's strategic direction and discovery initiatives in the Comstock District, Nevada; also Executive Chairman of Onyx Gold Corp.
VP, Exploration at Onyx Gold Corp. (M.Sc., P.Geo.) Gold/base-metal exploration in Canada, US and Greece since 2006; formerly Senior Geologist/Ontario Project Manager at HighGold Mining and Senior Project Geologist at Constantine Metal Resources.
Chief Financial Officer of Mackay Gold & Silver Corp., managing financial operations and corporate strategy for the exploration company; also Chief Financial Officer of Onyx Gold Corp. and Chief Financial Officer & Corporate Secretary of Carlin Gold Corporation.
VP, Investor Relations at Onyx Gold Corp. 20+ years in mineral exploration/mining IR; previously Manager of Investor Relations at Orezone Gold Corp., with prior roles at IDM Mining and ATAC Resources.
Vancouver-based mining executive with a proven Archean lode-gold discovery record across Ontario, Quebec and West Africa; exploration and project-management experience spans HighGold Mining's Johnson Tract (Alaska), NewCastle Gold's Castle Mountain (California), True Gold Mining's Karma mine (Burkina Faso), Fronteer Gold's Long Canyon (Nevada), and projects in Turkey and Labrador. Led the exploration team at Homestake Mining's/Barrick Gold's Eskay Creek mine in British Columbia, 1997-2003. Also affiliated with HighGold Mining Inc. and Constantine Metal Resources.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Gold Fields Limited, one of the world's largest gold producers, paid cash for a real 9.4% strategic stake in June 2025, closing out a non-brokered placement that made it Onyx's named strategic investor -- a genuine, sizeable producer conviction bet, not a passive holding. Franklin Resources is separately reported at 11% as of July 2025 -- a sized, double-digit position from a large active manager, though the specific Franklin fund behind it is not disclosed, and Franklin's exposure to a junior Timmins gold explorer would most naturally sit in its dedicated gold fund rather than its generalist products. Director Brock Colterjohn also bought 7,583 shares on the open market at $1.13 in November 2025. Institutional ownership is 19.3%, below the level that would corroborate further.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Onyx Gold owns 100% of the 109 km2 Munro-Croesus gold property in the Abitibi greenstone belt, about 75 km east of Timmins, Ontario, which includes the past-producing high-grade Croesus mine, which produced 14,859 oz of gold from 1915 to 1936, and the newly discovered Argus North zone. No mineral resource has been published yet. The company expanded its 2025-2026 drill program to 110,000 m with four rigs to define a maiden resource, with a strategic investment from Gold Fields, and in September 2026 it consolidated 100% control of the surface and mineral rights within 3 km of the Argus gold system and began a new surface exploration program.