Banyan Extends Mineralization into the Airstrip-Powerline Gap at AurMac, Yukon, Intersects 1.34 g/t Au over 20.2 metres and 1.18 g/t Au over 27.5 metres

Banyan Gold Corp. (BYN) has released assay results for six diamond drillholes from the Airstrip Deposit at AurMac, marking the latest phase of its 2026 exploration programme. The initiative, which has completed 198 holes totaling more than 56,000 meters using six rigs, has so far reported assays for 47 of those holes, representing approximately 24% of the total. The lead hole, AX-26-921, was drilled at an azimuth of 355 degrees and a dip of -76 degrees from a collar located near the south end of the conceptual pit. This hole was sited to test the area down-dip of the main Airstrip domains, specifically targeting the "gap" between the Airstrip and Powerline zones.

The reported intervals, presented as downhole lengths from-to, are as follows:

• AX-26-921: 28.9 m at 0.85 g/t Au from 85.7 m (including 1.2 m at 12.44 g/t from 113.4 m, within which 0.3 m at 37.30 g/t); 59.2 m at 0.66 g/t from 131.5 m, including 2.9 m at 1.32 g/t and 11.5 m at 0.45 g/t, and including 20.2 m at 1.34 g/t from 170.5 m (including 0.6 m at 15.40 g/t); 10.1 m at 1.89 g/t from 217.7 m (including 0.8 m at 12.10 g/t); 27.5 m at 1.18 g/t from 244.0 m (including 1.4 m at 16.50 g/t).
• AX-26-915: 39.6 m at 0.96 g/t from 49.6 m (including 27.9 m at 1.19 g/t; including 0.3 m at 31.20 g/t); plus 27.5 m at 0.31 g/t from 4.7 m.
• AX-26-909: 72.1 m at 0.49 g/t from 20.4 m, including 23.3 m at 0.69 g/t from 69.2 m; plus 2.8 m at 0.87 g/t.
• AX-26-908: 18.5 m at 0.62 g/t from 47.8 m (including 1.3 m at 7.11 g/t); 3.7 m at 2.97 g/t from 94.6 m; 6.9 m at 0.84 g/t from 12.4 m.
• AX-26-904: 14.1 m at 0.79 g/t from 16.1 m (including 0.3 m at 25.70 g/t).
• AX-26-913: 47.0 m at 0.26 g/t from 33.2 m; 7.3 m at 0.82 g/t from 96.0 m; 2.4 m at 1.86 g/t; 0.9 m at 3.29 g/t; 0.3 m at 6.47 g/t.

The disclosure also outlined key parameters used in the mineral resource estimate, including a cut-off grade of 0.30 g/t Au and a conceptual pit price of US$3,500/oz. The block model utilized dimensions of 10 m x 10 m x 5 m. As of the effective date of 15-May-2026, the Indicated resource stands at 3.639 moz at 0.68 g/t, while the Inferred resource is 4.985 moz at 0.58 g/t. Additionally, the release included a non-drilling update regarding the proposed restart of the nearby Eagle Gold Mine by Boroo/Gatsuurt, a Victoria Gold receiver sale for which court approval is sought in early December 2026, with a closing targeted for 31-Dec-2026.

Banyan Gold Corp. (BYN) currently holds a market capitalization of approximately C$750 million, underpinned by a resource base of 3.64 million ounces of Indicated and 4.99 million ounces of Inferred gold. This valuation places the stock at roughly C$210 per ounce of Indicated resource and C$88 per ounce of total resource. The Yukon open-pit project remains in an early development stage, lacking a reserve estimate, a Preliminary Economic Assessment (PEA), and facing a multi-year permitting timeline. At this scale, drill results returning approximately 1 g/t over 20–30 meters are considered routine operational updates that may convert marginal blocks or add tonnage but do not fundamentally alter the project’s scale, grade, or construction probability.

The company’s recent drilling campaign has produced several notable intercepts. The most significant prior result, AX-26-874, encountered 13.03 g/t over 14.2 meters (true width ~12.8 m) in the Airstrip–Powerline gap on August 17, 2026. A subsequent intercept, AX-26-942, reported on October 6, 2026, returned 1.01 g/t over 36.1 meters, including 1.88 g/t over 17.9 meters.

Market reaction to these earlier results has been transient. Following the August 17 release, the stock rose from $1.75 to $1.84, peaking at $2.12 on September 18 before declining to $1.60. This current price is 25% below the September high and below the level seen on the day of the initial anchor release, indicating that the market is not currently pricing in gap-zone repetition as a primary valuation driver.

The latest drilling data presents a different profile. The best single interval in the current release is AX-26-915, which returned approximately 38 g·m, while AX-26-921 returned approximately 32.5 g·m. These figures are materially lower than the ~185 g·m achieved in the August anchor result. Grade has decreased from 13.03 g/t to a range of 0.96–1.34 g/t, though the true width remains comparable at 90–95% of the interval length. The data confirms that the high-grade structure encountered in August is likely an isolated feature rather than a repeatable domain.

Despite the lower grades, the drilling has confirmed that the gap zone is mineralized at above-resource grade over long true widths. The most significant new information from this release includes the confirmation of four stacked mineralized zones persisting down-dip within the gap, providing vertical confirmation of the down-dip Airstrip horizon. Additionally, AX-26-915 returned a clean 39.3 meters at approximately 0.73 g/t excluding spikes in the eastern Airstrip, representing a better bulk result than previous releases.

Company leadership has also indicated a shift in focus, with the CEO stating the company is "identifying the prime areas within AurMac that will contribute to our initial 10-year grade and production profile, leading to further studies beyond our PEA." This language suggests the PEA is a first-pass study and that the 10-year starter-pit plan is still being defined.

Banyan Gold Corp. (BYN) is a Yukon-focused gold developer whose primary asset is the 303 sq km AurMac Project, located 40 km from Mayo on the Traditional Territory of the Na-Cho Nyäk Dun First Nation. The property is transected by the main Yukon highway and served by a 69 kV three-phase line, a substation, and cell coverage. AurMac comprises the Airstrip and Powerline deposits, featuring RIRG-style sheeted quartz vein plus calc-silicate/sulphide replacement mineralization.

The May-2026 Mineral Resource Estimate (MRE), calculated at a 0.30 g/t cut-off, US$3,500/oz gold price, 90% recovery, and 45-degree slopes, contains 3.639 moz Indicated at 0.68 g/t (167.3 Mt) and 4.985 moz Inferred at 0.58 g/t (267.2 Mt). Of this total, Powerline accounts for 2.799 moz Indicated and 4.580 moz Inferred. A high-grade subset at a 0.55 g/t cut-off was previously reported at 2.45 moz Indicated at 1.00 g/t and 2.72 moz Inferred at 0.96 g/t.

Secondary assets include the Hyland property (125+ sq km), which holds 337 koz Au Indicated at 0.93 g/t plus 2.63 moz Ag, and 118 koz Au Inferred at 0.95 g/t plus 0.86 moz Ag, effective 1-Sep-2025. The company also owns 100% of the Nitra and Seattle-Goodman Creek properties (grassroots, 530+ sq km combined). These are the subject of the 2026 greenfields programme and the August-2026 Seattle Creek Au-Ag discovery, which reported 5.70 g/t Au and 544 g/t Ag over 0.5 m within 12.1 m at 0.91 g/t Au. These assays cover only the top 95 m of a 600 m hole.

In June-2026, the company added 2,158 claims from Generic Gold, and in December-2025, it acquired 229 Trail-Minto claims from Mayo Lake for $1M cash plus a 2% NSR, creating a contiguous ~720 sq km district.

Financial position data reported for the quarter ended 30-Jun-2026 shows cash of C$57.4M, total equity of C$133.0M, no debt, and working capital of C$55.5M. The nine-month operating cash outflow was C$8.2M and investing outflow was C$22.7M, resulting in a net loss of C$5.5M for the nine months. With 445.9M shares outstanding, the book value is C$0.30/share.

On 29-Sep-2026, the company closed a C$54.3M gross raise at $2.00, issuing 27.16M shares, with Franco-Nevada taking 10M. This transaction takes pro-forma cash toward ~C$110M and shares to ~473M. Management states this funds AurMac and Nitra through 2028.