Ms. Tara Christie reports

BANYAN GOLD ANNOUNCES $46.5 MILLION PRIVATE PLACEMENT

Banyan Gold Corp. has arranged a private placement for aggregate gross proceeds up to $46.5-million, consisting of: (i) up to 15.5 million common shares, which qualify as flow-through (FT) shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), at a price of $1.918 per FT share, for gross proceeds of up to $29.7-million; and (ii) up to 12 million common shares at a price of $1.40 per share, for gross proceeds of up to $16.8-million. The financing will close on or about May 6, 2026, subject to the execution of definitive agreements and TSX Venture Exchange approval and is expected to be completed with existing shareholders.

The company will use the gross proceeds raised pursuant to the issuance of FT shares to incur (or be deemed to incur) eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the tax act) related to the company's projects in Yukon, on or before Dec. 31, 2027, and will renounce all the qualifying expenditures in favour of the subscribers of the FT shares effective Dec. 31, 2026.

The company intends to use the proceeds of the offering to advance its AurMac project, to expand its 2026 drill program and for general working capital purposes. The FT shares and common shares will be issued pursuant to applicable private placement exemptions and will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. There will be no finders' fees paid in connection with the offering.

Qualified person

Duncan Mackay, MSc, 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 in respect of all disclosure other than the MRE (mineral resource estimate). Mr. Mackay is vice-president, exploration, for 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 the traditional territory of First Nation of Na-Cho Nyak Dun, in Canada's Yukon Territory. The current MRE for the AurMac project has an effective date of June 28, 2025, and comprises an indicated mineral resource of 2,274,000 ounces (oz) of gold (Au) (112.5 million tonnes at 0.63 gram per tonne (g/t)) and an inferred mineral resource of 5,453,000 oz of Au (280.6 million tonnes at 0.60 g/t ) (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards for mineral resources and mineral reserves incorporated by reference into National Instrument 43-101). The 303-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 cell phone coverage.

In addition to the AurMac project, the company holds the Hyland gold project, located 70 kilometres northeast of Watson Lake, Yukon, along the southeastern end of the Tintina gold belt in the traditional territory of the Kaska Nations, closest to the Liard First Nation and Daylu Dena Council. 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. The updated MRE comprises an indicated mineral resource of 337,000 oz of gold (Au) and 2.63 million oz of silver (Ag) (11.3 million tonnes of ore at 0.93 g/t Au and 7.27 g/t Ag), and an inferred mineral resource of 118,000 oz of Au and 860,000 oz Ag (3.9 million tonnes of ore at 0.95 g/t Au and 6.94 g/t Ag) (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards for mineral resources and mineral reserves incorporated by reference into National Instrument 43-101) effective Sept. 1, 2025, and with technical report filed on SEDAR+ on Oct. 27, 2025.

Banyan also holds the Nitra gold project, a grassroots exploration project located in the Mayo mining district, approximately 10 kilometres west of the AurMac gold property. The Nitra property lies in the northern part of the Selwyn basin and is underlain by metaclastic rocks of the Late Proterozoic Yusezyu formation of the Hyland Group, similar to lithologies hosting portions of the AurMac project. Middle Cretaceous Tombstone Plutonic suite intrusions occur along the property, including the Morrison Creek and Minto Creek stocks. The property is 100 per cent owned and operated by Banyan Gold Corp. and covers approximately 313.9 square kilometres. The property is accessible by road along the Silver Trail Highway, South McQuesten Road and four-by-four 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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