Banyan Gold Corp. (the 'Company' or 'Banyan') (TSX-V: BYN) (OTCQB: BYAGF) is pleased to announce analytical results from the remaining drillholes of the 2023 drill program which consisted of 24,700 metres ('m') of diamond drilling from 107 holes on the Company's AurMac Project ('AurMac'), Yukon Territory.

Assay highlights from these results include: AX-23-449: 41.3 m of 0.51 g/t gold from 118.6 m

AX-23-454: 25.6 m of 0.82 g/t gold from 21.6 m

AX-23-465: 54.3 m of 0.56 g/t gold from 33.5 m

AX-23-478: 70.4 m of 0.41 g/t gold from 124.1 m

AX-23-481: 37.3 m of 0.71 g/t gold from 168.0 m

AX-23-495: 57.3 m of 0.49 g/t gold from 81.5 m

AX-23-500: 95.7 m of 0.29 g/t gold from 145.8 m

AX-23-501: 114.0 m of 0.34 g/t gold from 117.7 m

AX-23-506: 152.1 m of 0.31 g/t gold from 47.1 m

AX-23-507: 35.7 m of 0.95 g/t gold from 24.4 m

AX-23-508: 127.1 m of 0.37 g/t gold from 49.1 m

AX-23-511: 98.0 m of 0.29 g/t gold from 90.1 m

AX-23-517: 106.3 m of 0.35 g/t gold from 43.1 m

Drill results continue to be consistent with previous exploration at the Powerline and Aurex Hill Deposits and the deposits remain open to gold mineralization expansion in all directions and to depth. The program was also designed to begin to test potential mineralization bounds to identify locations for infrastructure as the Project is advancing.

'With three drill seasons since our initial Resource in 2020, Banyan has taken the resource at AurMac to 6.2 million ('M') ounces ('oz') demonstrating the strength and size of the mineralized gold system,' stated Tara Christie, President and CEO. 'This year's drilling post the 2023 Resource update, continues to expand the mineralized footprint and importantly has confirmed that Powerline and Aurex Hill deposits are connected and will be combined in subsequent Resources as the Powerline Deposit'

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package which consists predominately of schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization is primarily associated with low angle quartz-sulfosalt-arsenopyrite veins which crosscut all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits.

Upcoming Events

Metals Investor Forum Vancouver, January 19 - 20, 2024 o Corporate Presentation: January 19, 12:10 PM PST

Tombstone Belt Breakfast - Fireside Chat - Vancouver, January 22, 2024 o 7AM to 9 AM PST

Vancouver Resource Investment Conference 2024, January 21 - 22, 2024 o Exhibitor Booth 103-105 o Corporate Presentation, January 21, 2:50 PM PST, Workshop 3 o Tombstone Gold Belt Panel, January 22, 10 AM PST, Invest Yukon Pavilion o Corporate Update: January 22, 10:30 AM PST, Invest Yukon Pavilion

AME Roundup, January 22 - 25, 2025

Core Shack: January 24 - 25

CEM Whistler Capital Event, February 9 - 11, 2024

BMO 33rd Global Metals, Mining & Critical Minerals Conference, February 25 - 28, 2024

Analytical Method and Quality Assurance/Quality Control Measures

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, 1/4 core duplicates and blanks was implemented in the 2023 exploration drilling program and was monitored as chemical assay data became available.

Eighteen (18) drill hole core splits reported in this news release (AX-23-437, -449, -454, -456, -465, -468, -471, -473, -478 to -480, -482, -486, -500, -501, -506, -508, -518) were analysed by MSALABS of Langley, BC, utilizing the aqua regia digestion ICP-MS 39-element IMS-116 analytical package with FAS-121 50-gram Fire Assay with AAS finish for gold on all samples. The remainder of the forty-four (44) drill hole core splits reported in this news release were analysed by Bureau Veritas Minerals of Vancouver, BC, 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.

About Banyan

Banyan's primary asset, the AurMac Project is adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The updated Mineral Resources Estimate ('MRE') for the AurMac Project of 6.2 million ounces has an effective date of May 18, 2023.

The 173 square kilometres ('sq km') AurMac Project lies 30 km from Victoria Gold's Eagle Project and adjacent to Hecla Mining's high grade Keno Hill Silver mine. The Project is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Project benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan owns 51% and 75% with the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.

The Updated MRE for the AurMac Project was prepared on May 18, 2023 and consisted of 6,181,000 ounces of gold hosted within near surface, road accessible pit constrained MRE (contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.

In addition to the AurMac Project, the Company holds the Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the 'Hyland Project'). The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads.

Contact:

Tara Christie

Tel.: 778 928 0556

Email: tchristie@banyangold.com

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FORWARD LOOKING INFORMATION: This news release contains forward-looking information, which is not comprised of historical facts and is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intend(s)', 'believe', 'potential' and 'continue' or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's plans for exploration and statements regarding exploration expectations, ease and confidence in increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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