Ms. Tara Christie reports

BANYAN PROVIDES OPERATIONAL UPDATE RELATED TO YUKON WILDFIRES

Banyan Gold Corp. has provided an update on operations at the company's AurMac property in Yukon amid wildfire alerts and evacuations.

Due to the proximity of wildfires, the Yukon government recommended evacuation of Victoria Gold's Eagle gold mine and nearby placer operations. Banyan's camps are not in the alert zone and were not evacuated. The access roads to the company's Nitra property are included in the alert zone.

Out of caution and for the health and safety of its personnel, Banyan Gold has suspended prospecting and soil sampling activities on the company's Nitra property and has decided to wrap up its phase I program drilling program at AurMac with 24,556 metres drilled. Core logging and cutting, regional exploration in areas currently not proximal to wildfires and the on-site prep lab continue to be operational.

Banyan has opened its excess space in camp to evacuated workers from Victoria Gold's Eagle mine. The company continues to monitor the situation with several fires in the Mayo area, all of which are currently located over 25 kilometres from the AurMac operational area.

The company is well financed with over $9.5-million in cash on hand and is in the planning stages for a phase II program.

"The safety of our employees, contractors, our neighbours and the community is our top priority. All our employees and infrastructure are currently safe. With the infrastructure at Banyan, we have the ability to execute drill programs through December so we can constructively use this time to continue to plan our phase II drill and exploration programs with the benefit of additional results from our phase I program," said Tara Christie, president and chief executive officer. "We will continue to actively monitor the situation and adapt our plans."

Coming events:

• Precious Metals Summit Beaver Creek -- Sept. 12 to Sept. 15, 2023.

About Banyan Gold Corp.

Banyan's primary asset, the AurMac property, comprising the Aurex and McQuesten properties, as well as claims staked and owned 100 per cent by Banyan and adjacent to Victoria Gold's Eagle gold mine, in Canada's Yukon. The updated resource for the AurMac property of 6.2 million ounces has an effective date of May 18, 2023.

The 173-square-kilometre AurMac property lies 30 kilometres from Victoria Gold's Eagle project and adjacent to Hecla Mining's high-grade Keno Hill silver mine. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle gold mine. The AurMac property benefits from a three-phase power line, existing power station and cellphone coverage. Banyan has a right to earn up to a 100-per-cent interest in both the Aurex and McQuesten properties, subject to certain royalties.

The updated mineral resource estimate for the AurMac property was prepared on May 18, 2023, and consisted of 6,181,000 ounces of gold (see attached table) hosted within near-surface, road-accessible pit-constrained mineral resources contained in three near-surface/on-surface deposits: the Airstrip, Aurex Hill and Powerline deposits.

In addition to the AurMac property, the company holds the Hyland gold project, located 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt. The Hyland project represents a sediment-hosted, structurally controlled, intrusion-related gold deposit, within a large land package (over 125 square kilometres), accessible by a network of existing gravel access roads.

Banyan trades on the TSX Venture Exchange under the symbol BYN and is quoted on the OTCQB Venture Market under the symbol BYAGF.

Qualified person

Paul D. Gray, PGeo, is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release. Mr. Gray has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information.

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