Ms. Tara Christie reports

BANYAN STRENGTHENS BOARD OF DIRECTORS WITH APPOINTMENT OF HAYLEY HALSALL-WHITNEY AND APPOINTMENT OF MARC BLYTHE AS CHAIR

Banyan Gold Corp. has appointed Hayley Halsall-Whitney as a new member of the board of directors of the company and has appointed existing board member, Marc Blythe, to the vacant role of non-executive chair of the board.

"On behalf of the board of directors, I welcome Ms. Halsall-Whitney to the team as we move towards economic studies on AurMac, Hayley's experience and knowledge in mining will add value to the board's skills as Banyan continues to advance and realize the full value potential of its AurMac, Nitra and Hyland projects," said Tara Christie, president and chief executive officer. "Marc Blythe, existing independent director, is taking on the role of non-executive chair to ensure we remain absolutely focused on adding value for our shareholders while, at the same time, continuing to uphold high standards of corporate governance."

New director

A resourceful and innovative leader with over 20 years of experience, Ms. Halsall-Whitney comes to Banyan with significant expertise in the mining industry. She is recognized for her dedication to building the next generation of junior and mid-tier mining producers, with an unrelenting commitment to sustainable development, health and safety, social licence and increasing shareholder value.

On completion of BASc and MASc degrees in chemical engineering, Ms. Halsall-Whitney went on to work for Glencore, a globally diversified multinational mining company (formerly Xstrata, Noranda and Falconbridge), where she delivered on the goal of zero harm and operational performance excellence for 13 years. Following Glencore, she was the processing superintendent for Goldcorp's Project Century PFS, mill superintendent at North American Palladium and mill manager at Wesdome where she was promoted to general manager in 2020. While general manager of Wesdome's Eagle River gold mine, Ms. Halsall-Whitney led Eagle River to record production, development of its first block model and life of mine in 2021, and was one of the qualified persons for its 43-101 (2021). Ms. Halsall-Whitney also holds an executive MBA from Kellogg-Schulich and is heading to Wharton to complete the advanced executive management program.

Board chair

Marc Blythe has been on the Banyan board since February, 2022, bringing over 30 years of experience in operations, exploration, mergers and acquisitions, financing, and corporate strategy in the mining sector to his role as non-executive chair of the board. Mr. Blythe is an independent mining consultant who provides diligence reviews and operational advice to mining companies and financiers.

Mr. Blythe stated: "I am pleased to become non-executive chair of the Banyan board, demonstrating the company's commitment to corporate governance, respecting the separate but complementary roles of both management and the board. I am looking forward to ensuring that the interests of shareholders, first nations and Yukoners are respected and protected as the AurMac gold project is advanced. With a buoyant gold price and the scarcity of multimillion-ounce gold deposits, AurMac presents an exciting opportunity to generate value in the Yukon."

Operational update

Forest fires have been active in the Yukon since June and continue to burn intermittently, adjacent to Banyan, other local mines, as well as the community of Mayo and the main highway from Whitehorse. Banyan has taken pro-active measures to protect its site infrastructure and has modified the 2024 program to provide support to the community in dealing with wildfires. This has included hosting wildland firefighters and making its bulldozers and water trucks available for firefighting operations.

Due to the wildfires and the general request first nation of Na-Cho Nyak Dun (FNNND) made to mining companies active within FNNND traditional territory to halt mining activity while FNNND responds to the incident at Victoria Gold, Banyan slowed drilling and exploration activities over the last month. Banyan is committed to seeking collaborative solutions with and is sympathetic to the concerns of FNNND.

Banyan has drilled 6,300 m to date with two drills, with three drills currently on site. Banyan plans to drill into November, 2024, to complete its planned 20,000-metre program, with additional drilling and technical work financed for 2025.

Upcoming events

Precious Metals Summit Beaver Creek -- Sept. 10 through 13

Denver Gold Forum Americas -- Sept. 15 through 18

GCFF Conference (Vancouver) -- Sept. 21

Qualified persons

Paul D. Gray, PGeo, is a qualified person as defined under NI 43-101, and has reviewed and approved the content of this news release. Mr. Gray is a consultant to Banyan and has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the information.

About Banyan Gold Corp.

Banyan's primary asset, the AurMac project, is located in Canada's Yukon Territory. The current inferred mineral resource estimate for the AurMac project of 7.0 million ounces has an effective date of Feb. 6, 2024.

The 173-square-kilometre AurMac project lies 40 km from Mayo, Yukon. The AurMac project is transected by the main Yukon highway and benefits from a three-phase powerline, existing power station and cellphone coverage. Banyan has the right to earn up to a 100-per-cent interest, in both the Aurex and McQuesten properties respectively, subject to certain royalties.

The inferred MRE for the AurMac project was prepared on Feb. 6, 2024, and consisted of 7,003,000 ounces of gold hosted within near-surface, road-accessible, pit-constrained mineral resources contained in two near/on-surface deposits: the Airstrip and Powerline deposits.

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