Dear Shareholders,

2025 was a pivotal year for Banyan Gold, highlighted by the continued success at our AurMac Project, which has become one of North America’s largest undeveloped gold resources. Through targeted exploration, strategic capital deployment, and a growing technical understanding of our projects, Banyan made significant progress toward unlocking the potential of AurMac and building a district-scale gold and silver asset. Along with record-high gold and silver prices, this is positioning Banyan for another transformative year in 2026.

BANYAN’S TOP HIGHLIGHTS OF 2025:

• Announced the first Indicated Resource Estimate of 2.274 million ounces gold and updated Inferred Resource Estimate of 5.453 million ounces gold (“MRE”)
• Completed 42,700 metres of successful drilling o Continued growth of mineralization with high-grade discoveries at both Powerline and Airstrip o Extension of mineralization between the deposits and big step-outs showing continued expansion potential • Confirmed high-grade Keno-style silver mineralization at AurMac
• Reinforced financial position by raising a total of $45.9 million at a premium to market
• Announced Updated MRE for Hyland Project • Completed the earn-in to have 100% ownership of AurMac
• Consolidated land package to 720 square kilometers of prospective ground around AurMac creating a district-scale portfolio
• Strengthened technical team with the addition of a Vice President Exploration
• Achieved a share price appreciation of more than 350%, supported by average daily liquidity of over C$1 million
• Secured enhanced sell-side validation through new analyst coverage by Simon Wildsmith at Canaccord Genuity, along with notable price target increases from Cormark and Paradigm

WATCH: 2025 year in review video

MAJOR MILESTONE: FIRST INDICATED RESOURCE AT AURMAC

Banyan achieved a pivotal milestone with the announcement of its Indicated Mineral Resource of 2.274 million (“M”) ounces (“oz”) of gold (“Au”) (112.5 M tonnes at 0.63 g/t) and an Inferred Mineral Resource of 5.453 Moz of Au (280.6 M tonnes at 0.60 g/t )*, incorporating an additional 21,000 metres (“m”) from 118 diamond drillholes in 2024 (Figure 1). With a very high conversion rate (~100%) from Inferred to Indicated, this marked a significant step forward in the project’s evolution and validated years of targeted drilling, geological modeling and interpretation.

The updated resource highlighted:

• Improved confidence in grade continuity and lithological controls on mineralization in the deposit
• Identification of continuous high-grade domains within both the Powerline and Airstrip deposits
• A solid technical foundation for ongoing economic studies
• The cut off grade sensitivity chart demonstrates that the deposit has a significant component of higher grade such at a 0.55 g/t Au cut off (Figure 1)

For shareholders, the transition from Inferred-only to Indicated resources represents a meaningful de-risking event, while preserving significant exploration upside both within and beyond the current resource footprint.

* Reference: effective June 28, 2025, prepared Marc Jutras P.Eng, M.A.Sc., 0.30 g/t cut-off grade, US$/CAN$ exchange rate of 0.73 and constrained within an open-pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources.43-101 Technical filed on SEDAR+ August 20, 2025.

Figure 1: AurMac Map showing 2025 Resource at 0.3 cut off, and at the 0.55 cut off. Map shows historic holes and the 2024 drill holes(green) which were included in the resource update.

ADVANCING AURMAC: MINERALIZATION EXPANSION

At the core of our progress this year was a strategic, fully funded drill program at the AurMac Project. Beginning in March, Banyan deployed three drill rigs in a coordinated program designed to expand resources, test new conceptual targets, and improve confidence in grade continuity across the Powerline–Airstrip trend. During 2025, the Company completed 178 diamond drillholes totalling more than 42,700 metres, making this one of the largest single-year drill programs in Banyan’s history.

Drilling focused on these primary objectives:

1. Further defining and expanding mineralization at the Powerline and Airstrip deposits, including some significant (300 to 900m) step-outs to test proximal targets from geophysics and soil anomalies.
2. Infill drilling to target resource update and conversion of waste rock to resource
3. Targeted drilling to continue to define higher-grade zones

Results throughout the year consistently reinforced the strength of the AurMac Resource. At Powerline, drilling continued to extend mineralization beyond the existing resource shell, both laterally and at depth (Figure 2).

Highlights included broad zones of near-surface gold mineralization with higher-grade cores, such as:

• 1.21 g/t Au over 79.0 metres, including 2.63 g/t Au over 18.0 metres
• 1.48 g/t Au over 52.4 metres within a broader mineralized envelope

Overall, the results confirmed the presence of multiple high-grade domains within a large, bulktonnage system, improved confidence in geological continuity and that the deposit remains open to continued expansion. At Airstrip, drilling delivered high-grade gold intervals near-surface over appreciable widths, reinforcing the potential for high-grade starter pits and continued resource expansion. Notable intercepts included:

• 3.66 g/t Au over 17.6 metres
• 1.10 g/t Au over 86.2 metres, including higher-grade intervals

Drilling in the gap between the two deposits intersected gold mineralization across wide intervals and indicated there may be another E-W trending high-grade domain between the two deposits that is yet to be drilled. These results strengthened confidence that the Powerline and Airstrip Deposits are a continuous mineralized system, which will continue to add ounces and decrease strip ratio as the gap is closed with more drilling.

Figure 2: Select results from 2025, with green dots representing 2025 drill holes. Banyan has over 120 drill holes from 2025 with assays results pending.

BEYOND GOLD: HIGH-GRADE SILVER

With Banyan’s re-interpretation of regional structural controls and 2021 drillholes intersecting highgrade Keno-style silver mineralization, Banyan believes that 2025 drilling will confirm a potentially significant structurally controlled silver system that is similar in style to the well-known neighbouring Keno Hill district. Drilling has intersected exceptionally high-grade silver over meaningful widths. Highlights from the 2021 program at hole AX-21-142 – 1841.14 g/t silver (“Ag”) over 16.8 metres within 302.68 g/t Ag over 103.6 m and included 14,629 g/t Ag over 1.1m and 11,828 g/t Ag over 1.2m (Figure 3).

These results, combined with the re-examination of silver assays from Banyan’s previous years drilling and 2025 drilling, indicate that there is potentially a broad zone of elevated silver mineralization (>500m width corridor) with a potentially high-grade structurally controlled core. The high-grade mineralization is distinct visually and by density, indicating that high-grade silver zones could potentially be selectively mined. For example, an option would be direct shipping high-grade ore or toll-milling at the existing 300 t/day mill at Hecla’s Keno Hill Project that is less than 10 km away.

With record high silver prices, this discovery introduces a compelling new precious metal dimension to AurMac, opening the door to potential high-margin silver targets alongside the projects large-scale gold system.

Figure 3: 2021 and 2024 silver intercepts within the central potion of powerline. The high grade mineralization has a clear structural trend.

STRONG TREASURY: STRATEGIC SHAREHOLDERS

Exploration success was matched by effective actions in the capital markets, resulting in the strengthening of Banyan’s financial position through the raising of a total of $45.9M, at a premium to market without issuing warrants.

• In March, Banyan closed a $14.5 million private placement, fully funding an upsized 2025 exploration program
• In October, the Company completed a $31.4 million strategic private placement, welcoming a new 8.6% strategic investor, Alpayana S.A.C.
• In late October, Banyan confirmed that PWC, the receiver for Victoria Gold, had divested of their full share position in Banyan
• Through the fall of 2025, several institutions, high net worth individuals and sophisticated mining investors purchased significant share positions in the market, after a record number of site visits to AurMac in 2025

As a result, Banyan closes 2025 with a strong treasury with the financial strength to strategically advance exploration, resource growth, and technical studies through to 2027.

HYLAND PROJECT: ADDING SHAREHOLDER VALUE

While AurMac remained the primary focus in 2025, Banyan also advanced its Hyland Gold Project, releasing an updated pit-constrained MRE comprised of Indicated Mineral Resource Estimate of 337 thousand (“k”) oz of gold and 2.63M oz of silver ( 11.3 M tonnes of ore at 0.93 g/t Au and 7.27 g/t Ag), and an Inferred Mineral Resource of 118k oz of Au and 0.86M oz Ag (3.9M tonnes of ore at 0.95 g/t Au and 6.94 g/t Ag)*.

* The effective date of the Hyland Mineral Resource Estimate is September 1, 2025, prepared by Allan Armitage, Ph.D., P.Geo., with base case of 0.5 g/t AuEq, $2,400/oz and a silver price of $28 /oz and using the pseudoflow optimization method in Whittle 2022. 43-101 technical report filed on SEDAR+ October 27, 2025.

The Hyland main zone resource remains open to expansion, and with the 186 sq. km land package, with numbers additional undrilled targets along the 18km of structural trend there is plenty of upside potential.

LAND PACKAGE: STRATEGIC CONSOLIDATION

This year, Banyan completed its 100% earn-in at the AurMac Project, securing full ownership, clean title and operational control. This milestone simplifies project advancement and removed a perceived overhang in the share price.

 Through 2025, Banyan further strengthened its district position with the acquisition of an additional 229 claims (Trail Minto Claims) located between AurMac and Nitra, completing a district consolidation of almost 720 square kilometres around the AurMac Project. To date, less than 2% of the consolidated land package has been explored.

During the year, Banyan completed over 5,210 soil samples and an analysis (by experienced geologists and with AI) of the large ZTEM survey which was done over both AurMac and a large portion of Nitra, generating exciting distal targets for 2026.

TECHNICAL TEAM: STRENGTH

Banyan Gold strengthened its technical capabilities with the strategic appointment of Duncan MacKay, P.Geo., as Vice President of Exploration, bringing over 15 years of experience in geological modelling, exploration target generation, and drill program leadership to the Company’s flagship AurMac project. Alongside this key leadership hire, the Company also added seasoned professionals to critical technical roles — including Kate Hudek as Database/GIS Manager, Keagan Parry and Hannah Cavallin as Senior Geologists, and Frank Wright as an Independent Advisor on Metallurgy — broadening its expertise across data management, geological interpretation, field execution, and process optimization. These team enhancements are designed to accelerate Banyan’s exploration strategy, refine geological models, and support the delivery of its maiden Preliminary Economic Assessment (“PEA”) in 2026, reinforcing the Company’s ability to advance the AurMac Project and increase shareholder value.

MARKET RECOGNITION: VALUE CREATION

Banyan delivered a standout year in the market, with its share price increasing by more than 350% and average daily trading liquidity exceeding C$1 million, reflecting growing investor interest and confidence. This momentum was further reinforced by expanded analyst coverage, including initiation by Simon Wildsmith of Canaccord Genuity, alongside meaningful price target increases from Cormark Securities’ Richard Gray to C$1.55 and Paradigm Capital’s Don Blyth to C$2.00 - reinforcing growing institutional confidence in Banyan’s growth trajectory.

2026 PLANS

With an expanding resource base, increasing geological confidence, a focus on high grade and a strong treasury, Banyan enters 2026 focused on execution and value creation. As results from the 2025 program are received from the assay labs, the Company is refining its 2026 exploration plan, with key priorities that will include:

• Continued infill and step-out drilling at AurMac to upgrade and expand resources and improve the potential economics
• Ongoing district-scale exploration across the newly consolidated land package
• Continued targeting structurally controlled high grade silver mineralization towards a silver resource
• Advancing technical and economic studies, with a Resource update and a Preliminary Economic Assessment in the second half of 2026
• Continued engagement with communities and stakeholders • Leveraging the supportive gold and silver market environment

Images 1 and 2 L-R: Morning safety meeting at Banyan’s Km1 site and collecting soil samples at Nitra.

ADDITIONAL 2025 YUKON HIGHLIGHTS

• Welcomed Prime Minister of Canada’s announcement of Northwest Critical Conservation Corridor – proposed Yukon-B.C. Electrical Grid Connect, which will provide additional options for power for the Yukon electrical grid
• Welcomed a new Yukon Government, led by Yukon Party Premier Currie Dixon and a seasoned team of Ministers and MLAs with a strong understanding of economic development and specifically mining
• Increased interest in the Yukon with Fuerte Metals, backed by Pierre Lassonde, purchasing the Coffee project; Selkirk First Nation partnering to purchase the Minto Mine; and the Eagle Gold mine sale underway drawing increased attention from corporates and mine developers to look closer at the Yukon

Images 3 and 4 L-R: Banyan hosted a record number of property overview tours in 2025 for investors, shareholders and analysts; BCBusiness Women of the Year 2025 “Leader” Award winner, Tara Christie

COMMENTARY MARKET SHIFT FOR GOLD AND SILVER - MINING

With gold up 65% and silver up over 130% in 2025, there has been a significant shift in demand for gold and silver that is underpinning the rise in prices of these commodities. A recent news article highlighted a noteworthy shift by Morgan Stanely in their portfolio allocation recommendations, increasing the allocation of precious metals (gold/silver) from a modest 1% to a substantial 20%. This change carries significant meaning, considering the relatively small size of the precious metals industry. It reflects a defining shift in how both institutional and retail investors are approaching their investments in gold and silver. With limited total production of both gold and particularly the supply deficiency in silver, I believe we are just on the onset of a boom in the gold and silver mining markets. While we have already seen some share price increases, there is strong potential for even higher valuations in 2026. Banyan, around a 0.16 NAV, based on analysts reports, or $36 US per ounce in the ground, when gold is almost $4500/ounce - shows the leverage that companies like Banyan have in this market. While there has been some movement in gold stock prices, including Banyan, the general institutional and retail investor is only just waking up to the opportunity in the gold and silver market. The current share price of Banyan does not reflect a $4500 USD per ounce Gold price and a $70 USD Silver price, which we believe will be a key driver of our share price in 2026.

We are also seeing new entrants in the gold space with blockchain-based companies, such as Tether, purchasing huge volumes of gold, real estate and royalties. The momentum this is creating in the gold market has not yet been fully realized.

Looking at the predictions on the long-term price of gold, we are seeing consensus gold price of $5000 by the end of 2026 and the predictions around the price of silver vary widely with some very high upside predictions.

Banyan’s marketing in 2026 aims to help investors understand that value gap and the huge leverage that Banyan has with almost 8 million ounces of gold and with a very exciting high grade silver discovery!

SUMMARY

2025 was a year of tangible progress for Banyan Gold — one defined by discovery, definition, and disciplined growth. From strong drill results and resource advancement to strategic financing and district consolidation, Banyan is steadily building one of the Yukon’s most compelling gold and now silver stories. Together, AurMac and Hyland position Banyan as a multi-asset explorer with district-scale gold and silver potential. 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, make safety a priority and successfully accelerate our projects this year. Looking ahead to 2026 we are excited about the continued advancement of the AurMac project, which has both leverage to the record high prices of gold and silver. Management’s focus remains on safely and efficiently delivering lasting value creation 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 the Traditional Territory of First Nation of Na-Cho Nyäk Dun, in Canada’s Yukon Territory. The current Mineral Resource Estimate (“MRE”) for the AurMac Project has an effective date of June 28, 2025 and comprises an Indicated Mineral Resource of 2.274 million ‎ounces (“Moz”) of gold ("Au") (112.5 M tonnes at 0.63 g/t) and an Inferred Mineral Resource of 5.453 Moz of Au (280.6 M tonnes at 0.60 g/t ) (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). The 303 square kilometres (“sq km”) AurMac Project is contiguous with the 417 sq. km. Nitra Project, located 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 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

For more information, please contact:

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

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