Ms. Tara Christie reports

BANYAN WELCOMES FEDERAL FUNDING ANNOUNCEMENT ON YUKON GRID CONNECTIVITY AND ISSUES INCENTIVE OPTIONS

Banyan Gold Corp. has welcomed the announcement of federal government funding to study the connection of the British Columbia and Yukon electrical grids. The company has also issued incentive stock options.

Yukon grid connect funding

On Sept. 20, 2024, Natural Resources Canada announced conditional approval for $40-million in federal funding to undertake prefeasibility activities to advance a high-voltage transmission line network connecting the Yukon electrical grid to the North American grid in British Columbia. The announcement was made by Jonathan Wilkinson, Minister of Energy and Natural Resources, with Josie Osborne, British Columbia's Minister of Energy, Mines and Low Carbon Innovation, and Ranj Pillai, Premier of Yukon.

The funding is being provided through the Critical Minerals Infrastructure Fund, which will advance Yukon in expanding its green energy capacity to support future development for the exploration and mining sectors. A three-phased 138 kilovolt-ampere power line (energized to 69 kilovolt-amperes) currently transects the AurMac project, positioning Banyan to directly benefit from a potential Yukon to British Columbia grid connection.

"The allocation of funding to plan for a potential connection between the Yukon and British Columbia electrical grids is important as it could bring additional green energy to benefit all Yukoners and potentially support Banyan's AurMac project," stated Tara Christie, president and chief executive officer.

Stock options grant

The board of directors of the company have granted 400,000 stock options to purchase 400,000 shares at an exercise price of 22 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 directors, 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.

Coming events:

• Yukon Geoscience Forum -- Nov. 17 to Nov. 20, 2024;
• New Orleans investment conference -- Nov. 20 to Nov. 23, 2024;
• Corporate update and breakfast -- Nov. 21, 2024, at 7:15 a.m. CST.

Qualified person

Paul D. Gray, PGeo, is a qualified person as defined under National Instrument 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 Yukon, Canada. The current inferred mineral resource estimate (MRE) for the AurMac project of seven million ounces has an effective date of Feb. 6, 2024.

The 173-square-kilometre AurMac project lies 40 kilometres from Mayo, Yukon. The AurMac project is transected by the main Yukon highway and benefits from a three-phase power line, 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 (see attached table) hosted within near-surface, road-accessible pit-constrained mineral resources contained in two near-surface/on-surface deposits: the Airstrip and Powerline deposits.

Detailed images of the mineral resource model, including an interactive 3-D model and additional information can be found on the company's website

In addition to the AurMac project, 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.

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