January 8, 2024

Dear Shareholders,

As we welcome 2024, we look back at Banyan Gold Corporation’s (the “Company” or “Banyan”) accomplishments and plan to continue building on and leveraging upon 2023’s many successes. 

BANYAN’S TOP HIGHLIGHTS OF 2023:

• Announced an updated inferred Resource Estimate of 6.2 M ‎ounces gold at the AurMac Project – A 50% increase from the 2022 Resource realizing the value generated from 50,000 m of well executed diamond drilling through 2022 (resource estimate prepared by Marc Jutras, P.Eng, M.A.Sc., Ginto Consulting Inc., reference news release May 24, 2023), Technical report filed on Sedar July 7, 2023).
• Continued Growth of Mineralization at AurMac with 24,700 m of post Resource update drilling, successfully connecting the Powerline and Aurex Hill deposits and expanding Aurex Hill. Defined higher grade zones at the Powerline deposit including 31.8 m of 1.80 g/t Au, 27.1 m of 1.50 g/t Au and 84.4 m of 1.14 g/t Au. The deposits remain open with opportunity to continue to add ounces to the Resource.
• Focused on building the metallurgical profile of the AurMac Project, in particular, the Powerline Deposit which is the largest deposit. Work completed includes: establishing geometallurgical domains, representative sampling across the Powerline deposit, gold deportment studies and cyanide amenability leaching tests including bottle roll, floatation, CIL/CIP, VAT and column testing.​

• Advancing pre-development work. Increased baseline environmental monitoring and initiated preliminary engineering studies to understand the mining potential of AurMac.
• Added value in turbulent markets. Banyan market cap and share price demonstrate the value Banyan has generated for shareholders with the share price holding value in volatile market conditions. Our record shows 85% of our dollars are spent on exploration and we maintain our track record of adding ounces at low cost (under $8/oz). Banyan navigated challenging 2023 markets without having to finance - allowing us avoid dilution and de-risk the project as we kickoff 2024 with $7 M in the treasury.

I am also very honoured to have received the Yukon Chamber of Mines Member Award, along with Banyan Gold, for contributing toward the development of healthier communities, protecting the natural environment & helping to develop a vibrant economy for present and future generations. The award recognizes our charitable work in the Yukon alongside my twelve years of volunteer work spearheading the Every Student, Every Day charity fund to help address Yukon student attendance challenges and lead to increased graduation rates.

2024 PLANS

Banyan’s technical team has been focused on analysing results from 2023 and evaluating exploration options which will generate the most value for shareholders for 2024. Plans will be announced closer to the commencement of field operations and after our analysis is complete.

2024 will include a Phase 2 Metallurgy program including optimizing potential gold processing flow sheets for AurMac Additionally, baseline monitoring and engineering studies will be strategically advanced in 2024 to fast-track future permitting and project development.

Figure 1: Resource growth at Banyan Gold AurMac Project from maiden resource in 2020, to 6.2 M ounces in 2023

Figure 2: Continued Growth of Mineralization at AurMac successfully connecting the Powerline and Aurex Hill deposits

ADDITIONAL 2023 HIGHLIGHTS:

• On the corporate front, Banyan welcomed Kai Woloshyn as Vice President of Project Development. Mr. Woloshyn’s experience in mine development, environmental assessment, permitting and reclamation, along with First Nation engagement, will benefit Banyan as we enter a new phase of growth.
• Banyan also welcomed Brad Thrall, as an Advisor. Mr. Thrall’s brings over 35 years of experience in metallurgical engineering, mine development, operations and corporate executive roles, having been integral in permitting and building two mines in the Yukon.
• Banyan continues to advance our sustainability, with our core values including our environmental, social, and health and safety performance. We further reduced our greenhouse gas emissions by moving to full propane use for on-site power generation and have begun evaluating options to connect to the grid to take advantage of hydro-electric power. We are proud of our efforts to hire and train locally and the positive community connections we have built and continue to build upon.
• Announced the completion on the 75% earn-in on the McQuesten Property, comprised of 73 claims, which contain the Airstrip Deposit and part of the Powerline Deposit of the AurMac Project (total 907 claims).
• On the social side, we further focused on efforts to support Yukon students through increased attendance and graduation rates with the Every Student, Every Day fund on which we work closely with Victoria Gold Corp. and the Government of Yukon. Banyan Gold staff perform all administration for the charity which ensures 100% of donations and funds raised go directly to projects. We distributed a record $350,000 in funding towards student attendance improvement projects for the 2023–24 school year.

Image 1: Banyan’s CEO, Tara Christie, and team hosted multiple property overview tours in 2023 for investors, shareholders and analysts

Figure 3: AurMac Map showing historic holes, 2023 drilling completed, 2023 results completed with results announced.

We thank all our shareholders, stakeholders, community members and the First Nation of Na-Cho Nyäk Dun for their support through 2023. Also, thank you to all our talented staff and contractors who helped us meet our goals and successfully navigate 2023.

2024 brings the promise of continuing to expand the mineralization at AurMac, continuing to advance and de-risk AurMac, alongside delivering value for shareholders and our community.

Wishing all a safe, healthy, prosperous, and golden 2024.

Sincerely,

(signed) "Tara Christie"
Tara Christie
President & CEO