HighGold Mining Inc. (TSXV:HIGH) announced the spin off of Onyx Gold Corp. on February 22, 2023. As of March 17, 2023, HighGold Mining Inc. (TSXV:HIGH) entered into an arrangement agreement with OnyxGold Corp. As per the terms, shareholders of HighGold will receive one common share in the capital of OnyxGold for every four shares held in the capital of HighGold. HighGold Mining shall transfer its Ontario and Yukon exploration properties into Onyx Gold and HighGold shareholders shall receive shares of Onyx Gold. HighGold Mining intends to complete the Spin-Out by way of a Plan of Arrangement and apply for the listing of Onyx Gold on the TSX Venture Exchange. The transaction will be subject to shareholder, court and TSX Venture Exchange approval. As of March 17, 2023, The board of directors of the company has determined that the PoA is in the best interests of the company. HighGold intends to apply for a listing of the OnyxGold Shares on the TSX Venture Exchange. Shareholders meeting is scheduled to be held on May 30, 2023. As of June 1, 2023, HighGold Mining Inc shareholders has approved the transaction. As of June 2, 2023, the Supreme Court of British Columbia has granted a final order approving the transaction. The arrangement is subject to, among other things, HighGold obtaining final acceptance by the TSX Venture Exchange (the "TSXV") of the Arrangement and other conditions customary in transactions of this nature and is expected to become effective on or about June 6, 2023.

Evans & Evans, Inc., provided a fairness opinion, Computershare Investor Services Inc., acted as a transfer agent, and WT BCA LLP acted as a legal advisor to HighGold Mining Inc. (TSXV:HIGH).