Ms. Tara Christie reports

BANYAN GOLD ANNOUNCES VOTING RESULTS FROM ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Banyan Gold Corp. has released the voting results of the company's annual general and special meeting of shareholders held on Jan. 14, 2021.

Shareholders approved the business items of fixing the number of directors at four, including the election of each director nominee. Detailed voting results are as shown in an attached table.

Shareholders also approved: (i) the appointment of John J. Geib, chartered accountant, as the company's auditor and authorized the directors to set the auditor's remuneration; and (ii) a resolution approving the renewal of the company's stock option plan.

The voting results for each resolution are set out in an attached table.

Further information can be found in Banyan Gold's information circular available on SEDAR.

Coming catalysts:

• Jan. 21, 2021 -- AME Roundup 2021 virtual presentation;
• Q1 2020 -- drill results from 2020 program;
• Q1 2020 -- resume drilling at AurMac property.

Qualified person

Paul D. Gray, PGeo, vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101 and has reviewed and approved the content of this news release.

COVID-19 update

Banyan has taken pro-active measures to protect the health and safety of its employees and communities from COVID-9 and exploration activities in 2021 will have additional safety measures in place, following and exceeding all the recommendations made by Yukon's chief medical officer.

About Banyan Gold Corp.

Banyan's primary asset, AurMac, is adjacent to Victoria Gold's new Eagle gold mine in Yukon, Canada, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 ounces (see attached table) was announced in May, 2020. The company's major strategic shareholders include Osisko Gold Royalties, Sprott Funds, Alexco Resource Corp. and Victoria Gold Corp. Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that is advantageous for a mineral project to have potential to become a mine. The company's Yukon-based projects both fit this model and the company's objective to gain shareholder value by advancing projects in its pipeline.

The 173-square-kilometre AurMac property lies 30 kilometres from Victoria Gold's Eagle project and adjacent to Alexco's Keno Hill silver district and is highly prospective for structurally controlled, intrusion-related gold-silver mineralization. The property is located adjacent to the main Yukon highway and just off the main access road to the Victoria Gold's open-pit, heap leach Eagle gold mine. The AurMac property benefits from a three-phase power line, existing Yukon Energy Corp. switching power station and cellphone coverage. Banyan has optioned the properties from Victoria Gold and Alexco, respectively, with a right to earn up to a 100-per-cent interest subject to royalties.

The 2020 initial mineral resource estimate prepared in accordance with NI 43-101 guidelines for the AurMac property is 903,945 ounces of gold. It is a near-surface, road-accessible pit-constrained mineral resource contained in two near-surface/on-surface deposits: the Airstrip and Powerline deposits. The mineral resource is summarized in an attached table.

The Hyland gold project, located 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt, is a sediment-hosted, structurally controlled, intrusion-related gold deposit, with a large land package (over 125 square kilometres), with the resource contained in the Main zone area (900 metres by 600 metres) daylighting at surface and numerous other known surface gold targets. The Main zone oxide zone is amenable to heap leach open-pit mining, with column leach recoveries of 86 per cent. The project has an existing gravel access road.

An attached table shows the Hyland main zone indicated gold resource estimate, prepared in accordance with NI 43-101, at a 0.3-gram-per-tonne-gold-equivalent cut-off, containing 8.6 million tonnes grading 0.85 gram per tonne gold equivalent for 236,000 gold equivalent ounces, with an inferred mineral resource of 10.8 million tonnes grading 0.83 gram per tonne gold equivalent for 288,000 gold equivalent ounces. An NI 43-101 report was prepared by Robert Carne, Allan Armitage and Paul Gray on May 1, 2018.

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