Banyan Gold Corp. announced an updated Mineral Resource Estimate prepared in accordance with National Instrument 43-101, Standards for Disclosure for Mineral Projects ("NI 43-101") for the AurMac and McQuesten properties (together, the "AurMac Property") located in the Mayo Mining District, approximately 56 kilometres ("km") northeast from the village of Mayo, Yukon, and 356 km north of Whitehorse, Yukon. The updated MRE comprises a total Inferred Mineral Resource (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43-101) of 6.2 million ounces of gold on the near-surface, road accessible AurMac Property.

The pit constrained Mineral Resource Estimate is contained in three near/on-surface deposits. Powerline Deposit The drill data for the Powerline deposit is comprised of 504 drill holes, representing an increase of 338 drill holes from the May 17, 2022 MRE. There are several geologic controls on gold mineralization as per the current geologic understanding of the Powerline deposit.

The mineralization model is comprised of six (6) parallel and undulating mineralized zones. These zones trend east-west with a plunge of 5° to the west and dip of 10° to the north. The bulk of the gold resources within the MRE are hosted within quartz veins that dip up to 13° toward 329°.

The most common sampling length of the Powerline deposit is 1.5 m, accounting for more than 50% of the sample data and is the composite length. Capping of high-grade outliers was carried out for each mineralized zone and ranged from 7.0 g/t Au to 15.0 g/t Au. The estimation of gold grades into a block model was carried out with the OK technique on capped composites with the resultant block model comprised of a parent block size of 10 m (easting) x 10 m (northing) x 5 m (elevation) and a sub-block size of 1 m (easting) x 1 m (northing) x 1 m (elevation).

Aurex Hill Deposit The drill data for the Aurex Hill deposit is comprised of 345 drill holes, representing an increase of 104 drill holes from the May 17, 2022 MRE. There are several geologic controls on gold mineralization as per the current geologic understanding of the Aurex Hill deposit. The mineralization model is comprised of eight (8) parallel and undulating mineralized zones that trend east-west and have with a plunge of 5° to the west and dip of 20° to the north.

The bulk of the gold resources within the MRE are hosted within quartz veins that dip up to 17° toward 335°. The most common sampling length of the Aurex Hill deposit is 1.5 m, accounting for more than 50% of the sample data and is the composite length. Capping of high-grade outliers was carried out for each mineralized zone and ranged from 4.0 g/t Au to 15.0 g/t Au.

The estimation of gold grades into a block model was carried out with the OK technique on capped composites with the resultant block model comprised of a parent block size of 10 m (easting) x 10 m (northing) x 5 m (elevation) and a sub-block size of 1 m (easting) x 1 m (northing) x 1 m (elevation). 2023 Exploration Update Banyan initiated its 2023 exploration program on March 1, 2023 and has had up to three (3) drills operating on the Property. Fifty-nine (59) drill holes and over 15,000 m of drilling has been completed to date which together closed the gap between the Powerline Zone and Aurex Hill Zone and extended the Aurex Hill Zone further to the east.

The 2023 program will include approximately 80% of exploration drilling focused on Powerline and Aurex Hill deposits, as well as expanding the mineralization at Aurex Hill Zone to the east, and a commiserate approx. 20% on new targets.