HighGold Mining Announces Plan to Spin-Out Ontario and Yukon Gold Assets into New Exploration Company

Vancouver, BC – February 22, 2023 – HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) (“HighGold” or the “Company”) is thrilled to announce its plans to create a new Canadian-focused exploration company, Onyx Gold Corp. The company intends to spin-out its Ontario and Yukon exploration properties into Onyx Gold via a Plan of Arrangement (POA). Onyx Gold will then be listed on the TSX Venture Exchange. To fund work programs and for general working capital, Onyx Gold will complete a non-brokered private placement at the time of listing. HighGold shareholders will receive shares of Onyx Gold according to an exchange ratio that will be disclosed in the POA and a management information circular. The details of the Spin-Out will be shared in a subsequent news release. The transaction is subject to shareholder, court, and Exchange approval, and HighGold Mining aims to complete it in time for the summer exploration season. Stay tuned for more updates on this exciting development!

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