Banyan Gold Corp. announced an updated Mineral Resource Estimate (the MRE) prepared in accordance with National Instrument 43-101, Standards for Disclosure for Mineral Projects (NI 43-101) for the AurMac Project, Yukon Territory. The updated MRE comprises an Inferred Mineral Resource of 7.0 million (M) ounces (oz) of gold.

The pit constrained MRE is contained in two near/on-surface deposits: The Airstrip and Powerline1 deposits in the road accessible AurMac Project. Powerline Deposit: The drill data for the Powerline deposit is comprised of 954 drill holes, representing an increase of 107 holes from the May 18, 2023 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 eight 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 updated MRE are hosted within quartz veins that dip 13° to 17° toward an azimuth of 329° to 335°.

The most common sampling length of the Powerline deposit is 1.5 metres (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 gold to 11.0 g/t gold. The estimation of gold grades into a block model was carried out with the Ordinary Kriging (OK) technique on capped composites with the resultant block model comprised of a parent block size of 10m (easting) x 10m (northing) x 5m (elevation) and a sub-block size of 1m (easting) x 1m (northing) x 1m (elevation).

At a 0.30 g/t gold cut-off, the pit-constrained, Inferred Mineral Resources for Powerline are 312.2 million tonnes at an average gold grade of 0.61 g/t for a total of 6,158,000 ounces of gold. Airstrip Deposit: The Airstrip deposit is delineated by 139 drill holes, representing no increase of drill holes from the May 18, 2023 MRE. Topographic control was from a detailed LIDAR survey dataset.

There are several geologic controls on gold mineralization as per the current geologic understanding of the Airstrip deposit. The Airstrip lithological model is comprised of eight east- west oriented units, with six of the units dipping at approximately 40° to the south. The bulk of the gold identified within the updated MRE are hosted within a calcareous package; a roughly 90- metre-thick east-west striking zone dipping approximately 40° to the south.

The most common sampling length of the Airstrip deposit is 1.5 m accounting for approximately 45% of the sample data; all composites were constructed at this interval. Capping of high-grade outliers was based on lithological domains and varied from 3.0 g/t gold to 9.0 g/t gold. The estimation of gold grades into a block model was carried out with the OK technique on capped composites and the resultant block model comprised of a block size of 10m (easting) x 10m (northing) x 5m (elevation) and sub-block size of 1m (easting) x 1m (northing) x 1m (elevation).

Density was calculated from a total of 418 measurements from the drill core. The average density per lithology type was assigned to the corresponding blocks. At a 0.30 g/t gold cut-off, the pit-constrained, Inferred Mineral Resources for the Airstrip deposit are 35.2 million tonnes at an average gold grade of 0.75 g/t for a total of 845,000 ounces of gold.

Quality Assurance, Quality Control Measures and Data Verification: The reported work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the insertion of certified standards, duplicates and blanks into the sample stream and utilizing certified independent analytical laboratories for all assays. Additionally, historic QA/QC data and methodology on the AurMac Project were reviewed and will be summarized in the NI 43-101 Technical Report. The qualified persons detected no significant QA/QC issues during review of the data.

A robust system of standards, ¼ core duplicates and analytical blanks, was implemented in all Banyan drilling programs and was monitored as chemical assay data became available. All control samples were within accuracy and precision thresholds required to meet data quality standards. These control samples amounted to approximately 10% of all samples submitted to analytical laboratories.

All geological data in the MRE was verified by Ginto Consulting Inc. as being accurate to the extent possible and to the extent possible all geological information was reviewed and confirmed. Ginto made site visits to the AurMac Project on September 15, 2018, November 27, 2019, August 30, 2021 to August 31, 2021 and November 5, 2022, and observed Banyan's drilling and sampling techniques, as well as viewed AurMac drill core. Ginto confirms that the assay sampling and QA/QC sampling of core by Banyan provides adequate and good verification of the data and believes the work to have been done within the guidelines of NI 43-101.

Analytical Method: Drill core from 34 drill holes from the 2023 drill program were analyzed at Bureau Veritas Minerals of Vancouver, B.C. utilizing the aqua regia digestion ICP-MS 36-element AQ200 analytical package with FA450 50-gram Fire Assay with AAS finish for gold on all samples. Drill core from 73 drill holes from the 2023 drilling campaign were analyzed at MSA Canada in Langley, B.C. utilizing the aqua regia digestion ISP-MS 39-element IMS-116 analytical package with FAS-121 50-gram Fire Assay with AAS finish for gold on all samples. All core samples were split on-site at Banyan's core processing facilities.

Once split, half samples were placed back in the core boxes with the other half of split samples were sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to either the Bureau Veritas, Whitehorse preparatory laboratory where samples were prepared and then shipped to Bureau Veritas's Analytical laboratory in Vancouver, BC for pulverization and final chemical analysis or MSALABS, on-site preparatory laboratory where samples were prepared and then shipped to MSALABS in Langley, BC for final chemical analysis. A robust system of standards, ½ core duplicates and blanks was implemented in the 2023 exploration drilling program.

A more robust description of historic analytical procedures will be included in the forthcoming AurMac NI 43-101 report to be filed on SEDAR. Risk Factors: Banyan is unaware of any legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resource estimates described in this news release.