Ms. Tara Christie reports

BANYAN STRENGTHENS MANAGEMENT TEAM WITH ADDITION OF KAI WOLOSHYN AS VICE PRESIDENT OF PROJECT DEVELOPMENT AND 2023 EXPLORATION UPDATE

Banyan Gold Corp. has appointed Kai Woloshyn to its management team as vice-president, project development, and has provided an update on the company's 2023 exploration program at the AurMac property, Yukon.

"With the AurMac mineral resource estimate now at 6.2 million ounces of gold, Kai Woloshyn adds expertise to the team to derisk AurMac as it progresses towards development. Kai brings a wealth of knowledge and experience from environmental assessments and permitting, to economic studies and first nation agreements," stated Tara Christie, president and chief executive officer. "We plan to focus on high-level evaluation of mining and processing scenarios which will guide future activities, both on the ground at AurMac, and also with regards to technical studies, baseline environmental work, first nations engagement and community communications. The deposits at AurMac remain open, and we can continue to add ounces in 2024 and beyond. We are confident and excited that AurMac and Nitra have the potential for additional mineralization, and we have extended property-wide exploration on both projects into the fall. Banyan is funded for continued exploration and development of AurMac through 2024."

Mr. Woloshyn is a registered professional chemist with nearly 20 years of experience in mining and environmental consulting. His extensive experience in mine development, environmental assessment, permitting and reclamation, along with first nation engagement, provides a strategic perspective to the approach required to develop new mines in Canada's north. Mr. Woloshyn was the environmental manager for Alexco Resource Corp. (acquired by Hecla Mining in 2022) for over 10 years, and was responsible for all environmental management and permitting matters for the Keno Hill silver district mining operations. He was most recently the vice-president of strategic projects for Ensero Solutions, where he led Yukon exploration and mining projects through baseline data collection, environmental assessment and permitting processes. During his time with Alexco and Ensero, Mr. Woloshyn contributed to economic studies and advanced multiple projects toward operations. He has led first nations and community consultation, including negotiation and implementation of several benefit agreements with various Yukon first nations. Mr. Woloshyn holds a bachelor of science combined major in chemistry and earth and ocean sciences from University of Victoria. Mr. Woloshyn is a Yukoner based in Whitehorse.

Two thousand twenty-three exploration program update

Banyan's planned $10-million 2023 drill program was successfully completed on budget with over 24,700 metres of diamond drilling from 107 holes. This program achieved the planned objectives to:

• Connect mineralization between the Aurex Hill and Powerline deposits;
• Expand gold mineralization from areas within and proximal to the current mineral resource limits at Aurex Hill and Powerline;
• Extend gold mineralization to depth at Powerline within a zone of higher grade.

See company news releases dated July 19 and Sept. 6, 2023. Results from 69 drill holes remain pending, with final processed core being shipped to the lab this week.

In addition, the 2023 exploration program included property-wide exploration on both the AurMac and Nitra properties. Prospecting, geochemical soil surveys, geological mapping and rock sample collection work remains under way in both areas. Exploration areas were prioritized by utilizing structural and geochemical/geophysical anomalies, areas of historical/current placer operations, as well as areas with known surface expressions of Cretaceous-aged intrusions. This work highlights the potential for discovery of additional deposits across the large AurMac and Nitra land packages. Over 3,000 soil geochemical samples have been collected on AurMac and over 4,000 on Nitra to date this season.

Through the remainder of 2023, Banyan will utilize all data available to model and define targets that host potential higher-grade zones; continue the robust metallurgical program investigating potential mineral processing flowsheets; and interpret and incorporate the 2023 drill data as it is received. Additional studies on structural controls on grade distribution, and heat-flow directions during mineral deposit formation from crystallinity and mineralogy is also under way. This work will improve targeting and maximizing the value of future drilling.

Continuing work includes detailed compilation and gap analysis of the extensive background environmental data available to the company from neighbouring operators (Victoria Gold Corp. and Hecla Mining) combined with the baseline data Banyan has collected since 2021. This is a low-cost way to derisk the project, and will add significant value by ensuring AurMac is well advanced for entering the Yukon socio-economic assessment and permitting processes for exploration and future development.

Stock options grant

The board of directors of the company has granted 500,000 stock options to purchase 500,000 shares at an exercise price of 32 cents per share with a vesting period of up to 18 months. The options are being granted with a five-year term.

The stock options are being issued to officers, consultants, advisers and exploration staff of the company. The options were granted under, and are subject to, the terms and conditions of the company's stock option plan.

Upcoming events:

• Precious Metals Summit, Beaver Creek -- Sept. 12 to Sept. 15, 2023;
• TakeStock Calgary Capital Event -- Oct. 4, 2023;
• New Tintina Gold Rush Breakfast, Vancouver -- panel discussion -- Oct. 19, 2023;
• 121 Mining Investment, New York -- Oct. 23 to Oct. 24, 2023;
• New Orleans Investment Conference -- Nov. 1 to Nov. 4, 2023:
  • Exhibitor booth No. 325;
  • Breakfast presentation, Camp Room, 3rd floor -- Nov. 4, 2023.

About Banyan Gold Corp.

Banyan's primary asset, the AurMac project, is adjacent to Victoria Gold's Eagle gold mine, in Canada's Yukon. The updated mineral resources estimate for the AurMac project 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 the access road to Victoria Gold's open-pit, heap-leach Eagle gold mine. The AurMac property benefits from a three-phase powerline, 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 MRE for the AurMac project was effective on May 18, 2023, and consisted of 6,181,000 ounces of gold (see the table entitled "Pit-constrained inferred mineral resources -- AurMac project") hosted within near-surface, road-accessible pit-constrained mineral resources contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline deposits.

In addition to the AurMac project, the company holds the Hyland gold project, located 70 km 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 km), accessible by a network of existing gravel access roads.

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. For further information regarding the AurMac project, please refer to the technical report.

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