Dear Shareholders,

As we welcome 2025, we look back at Banyan Gold Corp.’s (the “Company” or “Banyan”) many successes and accomplishments in 2024. We respectfully acknowledge that we work within the traditional territory of the First Nation of Na-Cho Nyäk Dun (“FNNND”). We take pride in the fact that 75% of our contracts are awarded to Yukon-owned businesses and Na-Cho Nyäk Dun Development Corporation (“NNDDC”) partner companies, and that 30% of our workforce is from the community of Mayo. 

BANYAN’S TOP HIGHLIGHTS OF 2024:

• Announced an updated inferred Resource Estimate of 7.0 M ‎ounces gold at the AurMac Project – A 75% increase from the 2022 Resource realizing the value generated from 75,000 m of well executed diamond drilling through 2022 and 2023 (resource estimate prepared by Marc Jutras, P.Eng, M.A.Sc., Ginto Consulting Inc., reference news release February 7, 2024, Technical Report filed on Sedar March 18, 2024).
• Continued growth of mineralization with higher grade discoveries at Powerline, Banyan Gold's 2024 drilling at the Powerline Deposit has confirmed high-grade gold veins and strong grade continuity, with results including 539.30 g/t Au over 0.2 meters and 0.58 g/t Au over 154.1 meters.
• 21,000 m of successful drilling to refine the geological controls of the deposit and support a resource update and Preliminary Economic Assessment (“PEA”) in 2025.
• Advanced the metallurgical profile of the AurMac Project, particularly the Powerline Deposit, which is the project’s largest deposit. Banyan announced strong metallurgical results with gold recoveries of up to 93% from the Powerline Deposit using conventional gravity separation and CIL/CIP processing. Ongoing test work aims to further optimize mill flow sheets in preparation for a 2025 PEA.
• Reinforced financial position by raising a total of $14.3M at a 20% premium to market allowing for growth through an upscaled exploration program with minimal dilution. With C$11 M remaining in our treasury, plus active income from services and rentals, Banyan is fully financed for a strategically defined exploration program alongside project advancement currently planned for 2025.

• Successfully navigated challenges of external factors, preserving shareholder value and treasury to mitigate the impact of our largest corporate shareholder being forced into receivership. We are actively managing the controllable aspects of the situation, positioning Banyan for a positive re-rate as it resolves.
• Added value in turbulent markets, showcasing the significant value we've created for our shareholders. Banyan’s market cap and share price reflect a strong resilience, maintaining their worth even amid volatility. We're proud to report that 85% of our expenditures are dedicated to exploration, and we consistently excel in adding new resources at an impressive low cost of under $8 per ounce.
• Strengthened technical team with the appointment of accomplished mining veteran Hayley Halsall-Whitney as a new member of the Board of Directors and Director Marc Blythe to the vacant role of non-executive Chair of the Board.
• Blue sky exploration potential – The AurMac and Nitra properties have the potential to host +10M ounces of gold. Placer projects on the Nitra property have produced more than 70,000 ounces of gold with no source located. Ongoing technical work and advanced geophysics on the deposits and both will be key to unlocking this significant opportunity.

2025 PLANS

Banyan’s technical team has been focused on analysing results from exploration drilling program, Mira Geoscience 3D geophysics and Z-axis Tipper Electromagnetic (“ZTEM”) geophysical survey from 2024, to define exploration options which will generate the most value for shareholders for 2025. Details of plans will be announced closer to the commencement of field operations and after our analysis is complete.

2025 will include a Resource update in Q2 and PEA in Q4. Additionally, scoping studies and preliminary engineering efforts will be conducted to ensure robust planning and optimization. The Metallurgy program will prioritize optimizing processing techniques to increase overall efficiency and recovery rates. Environmental programs will continue to be a cornerstone of the plan, ensuring sustainable development practices are incorporated at every stage of the project.

Figure 1: Idealized Section 467,100E looking west depicting geological potential for +10 million ounces of gold.

ADDITIONAL 2024 HIGHLIGHTS:

• Continued strong results from Powerline as Banyan both continues to add ounces and advances from an Inferred Resource to an Indicated Resource. Mineralization starts from surface and drill results continue to demonstrate the continuity and newly identified structurally controlled higher grade zones.
• Banyan also welcomed Henry Marsden, as a Technical Advisor. Mr. Marsden brings over 40 years of experience in executive exploration roles and mine advancement positions.
• Banyan continues to advance our sustainability with our core values, including our environmental, social, and health and safety performance. We are proud of our efforts to hire and train locally and the positive community connections we have built and continue to build upon. 62% percent of Banyan's workforce are Yukoners, with 30% of our field team hailing from the local community of Mayo.
• This year, as in 2023, community engagement included assisting the community with wildfire support by hosting firefighters, providing equipment and personnel to assist with fire fighting efforts, participating in career fairs, education, diversity-based projects and First Nation-led initiatives in Mayo. Banyan also partnered with Yukon Seed and Restoration, a NNDDC” majority-owned business by providing training space, accommodation and food for a drone training workshop.
• We continue to support local businesses with 75% of $37M of total external exploration expenditures spent with Yukon-based companies, including 57% of external exploration expenditures spent with companies owned by or directly partnered with FNNND citizens or NNDDC partners.
• Announced the completion on the 75% earn-in on the Aurex Property, comprised of 433 claims, which contains the majority of the Powerline Deposit at the AurMac Project (total 907 claims).
• We welcomed the federal government’s announcement of C$35.4M in funding to explore connecting the British Columbia and Yukon electrical grids, as well as to support potential road and power upgrades. This funding is crucial, as it could bring additional green energy to benefit all Yukoners and further support our AurMac Project.
• 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 - a charity I co-founded in 2012 and currently serve as President. 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 $400,000 in funding towards student attendance improvement projects for the 2024–25 school year and are preparing to accept applications for 2025-2026 school year, starting March 2025.

Images 1 & 2: Banyan’s CEO, Tara Christie, and team hosted multiple property overview tours in 2024 for investors, shareholders and analysts.

Figure 2: AurMac Map showing historic holes, 2024 drilling completed, 2024 results completed with results announced.

I would like to extend my heartfelt gratitude to our shareholders, stakeholders, and community members for their support throughout the year. I also want to recognize the incredible dedication of our staff and contractors, whose hard work and expertise have been instrumental in helping us achieve our goals and navigate the challenges of the year.

Looking ahead to 2025, we are excited about the continued advancement of the AurMac project with our focus remaining on delivering lasting value for our shareholders and the communities we serve.

On behalf of the entire team, I wish you all a safe, healthy, and prosperous New Year.

Sincerely,

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

About Banyan

Banyan's primary asset, the AurMac Project is located in Canada’s Yukon Territory. The current inferred Mineral Resource Estimate (“MRE”) for the AurMac Project of 7.0 million ounces has an effective date of February 6, 2024.

The 173 square kilometres (“sq km”) AurMac Project lies 40 km from Mayo, Yukon. The AurMac Project is transected by the main Yukon highway and benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.

The inferred Mineral Resource Estimate “MRE” for the AurMac Project was prepared on February 6, 2024, and consisted of 7,003,000 ounces of gold* hosted within near surface, road accessible pit constrained Mineral Resources contained in two near/on-surface deposits: the Airstrip and Powerline Deposits.

Banyan trades on the TSX-Venture Exchange under the symbol “BYN” and is quoted on the OTCQB Venture Market under the symbol “BYAGF”. For more information, please visit the corporate website at www.banyangold.com or contact the Company.

*The effective date for the MRE is February 6, 2024, and was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI 43-101. The technical report supporting the Resource Estimate entitled “AurMac Property, Mayo Mining District, Yukon Territory, Canada” (the “Technical Report”) has been filed on SEDAR at www.sedarplus.ca on March 18, 2024.

CONTACT:

Tara Christie • 778 928 0556 • tchristie@banyangold.com

Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com