Banyan Strengthens Management Team with Addition of Kai Woloshyn as Vice President of Project Development and 2023 Exploration Update - Seite 2

2023 Exploration Program Update

Banyan's planned $10 million 2023 drill program was successfully completed on budget with over 24,700 metres of diamond drilling from 107 holes. This program achieved the planned objectives to:

• connect mineralization between the Aurex Hill and Powerline Deposits;
• expand gold mineralization from areas within and proximal to the current mineral resource limits at Aurex Hill and Powerline; and
• extend gold mineralization to depth at Powerline within a zone of higher grade.

See Company news releases dated July 19 and September 6, 2023. Results from 69 drill holes remain pending, with final processed core being shipped to the lab this week.

In addition, the 2023 exploration program included property-wide exploration on both the AurMac and Nitra properties. Prospecting, geochemical soil surveys, geological mapping and rock sample collection work remains underway in both areas. Exploration areas were prioritized by utilizing structural and geochemical/geophysical anomalies, areas of historical/current placer operations, as well as areas with known surface expressions of Cretaceous aged intrusions. This work highlights the potential for discovery of additional deposits across the large AurMac and Nitra land packages. Over 3,000 soil geochemical samples have been collected on AurMac and over 4,000 on Nitra to date this season.

Through the remainder of 2023, Banyan will utilize all data available to model and define targets that host potential higher-grade zones; continue the robust metallurgical program investigating potential mineral processing flowsheets; and interpret and incorporate the 2023 drill data as it is received. Additional studies on structural controls on grade distribution and heat flow directions during mineral deposit formation from crystallinity and minerology is also underway. This work will improve targeting and maximizing the value of future drilling.

Ongoing work includes detailed compilation and gap analysis of the extensive background environmental data available to us from neighbouring operators (Victoria Gold Corp. and Hecla Mining) combined with the baseline data Banyan has collected since 2021. This is a low cost way to de-risk the project and will add significant value by ensuring AurMac is well advanced for entering the Yukon socio-economic assessment and permitting processes for exploration and future development.