Transcript: Banyan Gold (BYN) - Live Conference Circuit Starts Again

Morgan Leighton
November 18, 2021

Banyan Gold Corp. is an exploration company headquartered in Calgary, Canada. The company is currently working on two major projects, based in Yukon, Canada, namely the Aurex-McQuesten Gold Project and the Hyland Gold Project.

Banyan Gold is currently advancing its AurMac project. The company is currently operating 3 drills at the site. It is looking to put out a resource update next year. The company has drilled 25,000m so far and plans to reach a 30,000m drill target by next year.

Banyan Gold recently raised $16M in capital. This capital raise has provided the company the backing to continue operations all the way through 2022. It is currently working on risk assessments and planning to identify factors that can slow down the project. It is preparing to hire additional employees and is looking to drill through the fall and winter seasons. Since the market value appreciation and capital raise, the company has increased the number of drills from 1 to 3. The company is investing in essential resources including infrastructure upgrades, camps, and preparations for winter drilling.

Banyan Gold's ESG initiatives played a major role in the capital raise. The company is currently working towards further de-risking the project while ironing out future operational challenges such as inflation, lack of staff, and ongoing supply chain issues.

At present, Banyan Gold is exceeding the best practices to achieve a strong ESG component for its operations. The company is collaborating with the First Nations community and plans to develop and advance this project for the long term. Banyan Gold plans to target regional areas in summer 2022. This includes the Nitra property towards the west. The company has carried out soil sampling at this property and is currently awaiting soil sample results.

Banyan Gold is looking to start a PEA (Preliminary Economic Assessment) in 2022 following the planned resource update. The company has also started a risk register that takes into account the key items essential for moving the project forward. The company had initiated baseline environmental work last year in Yukon. It is mandatory to have at least 3 years of baseline environmental work before entering the environmental assessment permitting process. The company is prioritizing adding ounces along with the quality of ounces as it seeks to approach the 3Moz resource threshold.

We Discuss:

00:00 – Company Overview

00:13 – On Going Press, Past 3 Year Background & Litmus Test    

02:38 – Consistent Message, Project Significance & Last Press Release

04:54 – Jurisdictions, Q3 Expiration & Winter Plans

07:32 – Current Focus, Team & Walk Around    

08:52 – Outro

Tara Christie: Good morning, Matthew. Tara Christie, Banyan Gold, reporting from the Metal Investor Forum here this morning in Vancouver, our first in-person that we’re attending. We have our new banner behind us and we’re ready to rock. Expecting over 300 people here today in person, so it could be really great for us to tell the story for Banyan. We’ve made great progress this year, we’re over 36,000m since we put out that resource, 26,000m this year alone, and 3 drills still turning today. Pretty exciting for us, and it’s great to be out here to tell the story for shareholders.

Matthew Gordon: I bet. Is that the first physical conference of the year?

Tara Christie: First physical conference, yes.

Matthew Gordon: Is everyone excited and pumped and psyched and all of those things?

Tara Christie: I don’t know, it’s going to be a little different. Not quite sure how people will feel about masks. There are a few things that I’m sure we’ll see how it runs. Cases in BC are pretty low comparatively on a population basis, so maybe we’ll have more attendance. This is the newsletter forum, so Gwen Preston was the newsletter writer that invited us to this conference, so that’s great. This is our first in-person conference where she’s talking about us, and we’re on her panel. I think it’s going to be really interesting. There are conference rooms with all the chairs, and stages for people to talk. I haven’t done that in a while. I’ve had so many zooms, but not a lot where you actually stand up in front of a real live group of people.

Matthew Gordon: I think it’s a very different feel and mood, and people are very excited. We’re going to one next weekend in London. I think people are excited to actually see each other. Tell us who is there, and what you’re expecting to get out of it. Why have you turned up?

Tara Christie: I think it’s a really exciting time for gold. We’re seeing the gold price is up for the last few days. I think people are starting to realise inflation is real. We’ve spent the past 3-years really developing our AurMac project and we’re now at a stage where we’re confident, we’re building ounces, we’re coming out with that resource update in Q2 with lots of drilling into it. I think it’s a good time to be out talking to shareholders, and the retail level, because I think people - actually, coming in here, my cab driver was asking me about gold, and then the first thing downstairs, I had a man who was showing me to the right place to go, asking me about gold. That’s a very small litmus test but certainly, it shows that people are starting to think about gold and resources as being important, and they are important as part of the green economy that all our governments are talking about as well.

Matthew Gordon: Yeah, it’s definitely flavour of the moment. The Fed announcement this week helped in terms of conversations around inflation. We’ve got Goldman Sachs actually talking about gold as well. I guess it’s going to hit the streets strong and hard over the next few weeks before Christmas. How do you take advantage of that now in this show? Does your message change?

Tara Christie: We’re still giving the same message - we are a solid, science-driven explorer, spending money well, delivering value for shareholders, and it’ll come. This is an opportunity to connect with some retail investors, remember how to do the shows again. We went to Beaver Creek, but that was very different. It was one on one, it wasn’t this big retail network, and those are sophisticated investors that know the mining space. This is a different audience. Connecting is a little bit different. You’re less technical, a little bit more overview. And it takes time, investors need to hear the story and they need a little bit of time to then hear the story again, follow-up, do their own research. I think coming to this kind of show is a start, and then you do all the follow up and try and get people to invest - and there are lots of stories to invest in. Why is ours different? I think that we’ve got the great advantage of having a project in a tier-1 jurisdiction with infrastructure. We’re targeting that 3Moz resource level, which I think makes a project significant in the Yukon, and we are very similar to our 2 neighbouring mines in that we’re in a jurisdiction where you can permit, we’re potentially an open-pit heap-leach mine, just like Victoria Gold, and many people know the Victoria Gold story and as they’re starting to cash flow, people understand the value of bulk tonnage heap leach projects. And the fact you can permit it in the Yukon, and it’s been done recently shouldn’t be overlooked. Permitting is a challenge in many parts of Canada and the world.

Matthew Gordon: Yeah, we saw a press release this week. It was mainly affecting Saskatchewan uranium miners where the First Nation put out a note saying they had not been through a meaningful consultation process, and they were not happy. They named names. It is very, very important. I know you’re a big advocate of that and you’ve spent a lot of time and money over the past 10-years working on that. I don’t know if you saw that note, that article. What was your reaction?

Tara Christie: Working with First Nations is really important. It’s something we take very, very seriously. I don’t know the specifics of how the company who was working with the First Nations, what the challenges are, but we make it our business to understand what’s important to the First Nation we’re working with, having continual and open communication with them. That is part of what you need to do in the modern world and permitting, and I think that’s something that we take very seriously. We work with the Na-Cho Nyak Dun First Nation, we use some of their businesses, which support our exploration. It is a changed world, and the Yukon has its own environmental assessment and permitting process, which really recognises that we have self-governing First Nations in the Yukon, so it’s so important to have that relationship going in. A very different structure to what happens in Saskatchewan. I get asked questions about it all the time.

Matthew Gordon: It’s true, I think people are suddenly starting to realise. We’ve had people in the past saying, ‘Why do you even bother talking about jurisdictional risk, or why do you talk about First Nations?’ I think it’s coming home to roost now. Certainly, in the context of the bigger and wider ESG initiatives driven by the funds themselves. I also want to talk to you - I know you’re just about to start the day there, so I just wanted to catch you before you got all of these people coming in. Since we spoke, we only spoke recently but you put out your Q3 exploration update, you’ve got 3 drill rigs running. What’s the news?

Tara Christie: We’re waiting for the next results. We’ll have our Aurex Hill results, but we’ve drilled over 120 holes, so we’ll have another 90 holes from this year’s drilling. So, lots of news flow to come from us. We plan to drill to the middle of December, which will get us probably another 5,000m - 6,000m with the 3 drill rigs we have turning right now. We started for the US QB listing so that our US shareholders - it’s not a full US listing, but the pink sheets are having the changes that the US regulators have decided to do, which has made it more difficult for some juniors, so we’ve started to work on that. We’re continuing to do our metallurgy, we’re doing our ESG community consultation. You’ll see us working with the First Nation through the winter and the fall when also have time, and we’re setting ourselves up for next year. As we get those results, we’ll start to show you what our drill plans are and get ready for that resource update, which we’re really excited about.

Matthew Gordon: You know what you’ve got to do, because there’s always you and me, show me some of the team. Who have you brought along? What are they focused on?

Tara Christie: Over here is my team, so Jasmine just started this week. Corporate communications, my new VP, and Valerie Holland has been working for me for about a year in the head office. Nice to actually have a team here that is hopefully-

Valerie Holland: We’re excited to be here in person.

Tara Christie: This is Matthew.

Matthew Gordon: Hey, how are you, are you excited to be at a conference for the first time in a long time?

Valerie Holland: Yes, it’s exciting to actually see real people.

Matthew Gordon: Real people. Real shareholders, and hopefully real investors as well. Nice to meet you guys. It’s always nice to see the faces behind Tara helping her deliver. Good luck today, enjoy yourselves.

Valerie Holland: Thank you.

Tara Christie: Thank you very much, Matthew. You can see the conference room over here. It’s starting to get busy. You can hear that people are starting to come in. Over here is an actual podium with actual chairs where we’ll be presenting at 10 am this morning.

Matthew Gordon: There we go, fantastic. Look, Tara, thanks for picking up the phone, I just wanted to catch you before everything kicked off there, and actually, quite frankly, I’m intrigued - I need to get back up to speed myself for next week.

Tara Christie: Enjoy the one to one. Talk to you again soon.

Matthew Gordon: See you again, Tara. Cheers, bye.

Tara Christie: Bye for now.

To find out more, go to the Banyan Gold website