Banyan Gold Advances 7.6M Ounce Road-Accessible Project Toward 2026 PEA

• Banyan Gold holds 2.2 million ounces indicated and 5.4 million ounces inferred at its road-accessible Yukon project with existing hydro power infrastructure
• The company implemented a new lithologically constrained geological model in 2025, focusing drilling on high-grade zones (1+ g/t) that will form starter pits and early mine economics
• Strategic drilling converted waste blocks to ore while expanding deposits, with 40,000 meters planned for 2026 at approximately $350 per meter
• A preliminary economic assessment is scheduled for second half 2026, utilising gravity-CIL processing with 93% recovery rates
• The company secured $40 million treasury through two financings, including strategic investment from Peruvian mining family Alpayana, and discovered significant silver mineralisation with grades up to 14 kg/t

Banyan Gold (TSXV:BYN) represents a noteworthy opportunity in North America's underdeveloped gold space, combining significant scale with strategic location advantages. The company's AurMac project in Canada's Yukon Territory hosts 2.2 million ounces of indicated resources and 5.4 million ounces inferred, positioned along existing infrastructure including road access and hydro power lines. As gold prices sustained elevated levels through 2025, Banyan executed a transformative year that repositioned the project from exploration toward development, implementing technical advances that enhanced the economic profile while maintaining substantial exploration upside.

Strategic Evolution from Heap Leach to Mill Processing

A fundamental shift occurred in Banyan's development strategy during 2024-2025, transitioning from a heap leach concept to conventional milling. President and CEO Tara Christie explained this pivot: "This will be a mill project. There's a lot of gold here with 93% recovery." This decision reflects the deposit's metallurgical characteristics and positions the project for higher recoveries and potentially lower operating costs. The gravity-CIL flowsheet being evaluated represents industry-standard processing for this deposit type, reducing technical risk for future financing and development partners.

The mill strategy also acknowledges district-scale potential. Christie noted, 

"There will be a mill in this district somewhere because there's been an awful lot of gold discoveries right around us and there's other known gold deposits right around us that are not on our property but right across the valley from us." 

This perspective suggests Banyan's infrastructure could serve broader regional development, potentially enhancing project economics through toll milling or district consolidation opportunities.

New Geological Model Delivers Technical Credibility

The implementation of a lithologically constrained geological model in 2025 marked a significant technical advancement. This modeling work enabled more predictable projection of higher-grade domains within the broader mineralised envelope. The company identified consistent high-grade zones that can be traced across the deposit, allowing strategic drill planning focused on areas that will contribute to early mine economics. The model's predictive capability reduced geological uncertainty, a key consideration for institutional investors evaluating pre-development assets.

The geological understanding facilitated conversion of previously classified waste blocks to ore. Christie explained: 

"We were trying to drill off the pit wall on the southern boundary and it was 1.5g and probably not a pit wall. So then we took a 100 meter step out then we took a 300 meter step out." 

This work continues to expand the resource envelope while optimising future pit designs.

Focused Drilling Strategy Targets Mine Economics

Banyan's 2025 drill program departed from typical exploration approaches, prioritising holes that would enhance preliminary economic assessment outcomes rather than simply maximising headline grades or total ounces. The program allocated 50% of drilling to the Airstrip zone, which demonstrates 15% higher grades than other areas, 40% to Powerline zone optimisation, and 10% to step-out exploration.

Christie emphasised the economic focus: 

"We didn't drill holes specifically to get high-grade. We really focused every one of our drill holes on something that's going to add to our PEA this year." 

This discipline demonstrates management's understanding that not all ounces contribute equally to project value, particularly in early production scenarios where starter pit economics drive financing decisions.

The drilling successfully expanded high-grade zones in both main deposits while testing continuity between Airstrip and Powerline. Results through late November continue flowing, with final assays expected into March 2026, providing ongoing catalysts for investor attention.

Interview with Tara Christie, President & CEO of Banyan Gold

Silver Discovery Adds Optionality

An unexpected development emerged from Banyan's improved structural understanding - identification of potentially significant silver mineralisation. The company reported intercepts including 14 kilograms per ton over narrow widths, within broader intervals of 1,800 grams per ton over 18 meters, and 100 meters grading 300 grams per ton.

With silver prices reaching multi-year highs, this mineralisation could materially impact project economics, particularly if it occurs within or near planned pit boundaries. The company committed to advancing this target with additional drilling in 2026.

Financial Position Supports Aggressive 2026 Program

Banyan closed 2025 with nearly $40 million in treasury following two strategic financings. The first, a $14 million raise, was completed above market without warrants, demonstrating strong investor demand. The second brought in Alpayana, a Peruvian mining family with operating experience, as a strategic shareholder.

Christie characterised Alpayana's investment: 

“We see Alpayana as more of a high-net worth investor that saw the value in the project. They understand the mining development path pathway and that's really a validation of our project." 

While strategic investors often seek operational involvement or acquisition positions, Alpayana's participation primarily validates the technical and economic merits following their site visit and geological model review.

This treasury supports an aggressive 2026 program targeting 40,000 meters at approximately $350 per meter all-in drilling costs, representing efficient execution in a jurisdiction with strong service provider capacity. The program will continue converting inferred to indicated resources while testing high-grade zone extensions and deposit growth potential.

Preliminary Economic Assessment

Management committed to delivering a preliminary economic assessment in the second half of 2026, representing a critical milestone for institutional investor participation. The study will incorporate three-year trailing average gold prices, potentially utilising assumptions around $3,000 per ounce based on current forward curves - significantly higher than the $2,050 used in the current resource estimate. 

This price assumption could substantially expand pit limits, particularly capturing down-dip high-grade zones at Airstrip currently just below the economic pit shell.

The assessment will evaluate both phased development and larger-scale scenarios. Advanced metallurgical work, completed to pre-feasibility standards for much of the deposit, reduces study risk and timeline. Key questions around grinding characteristics, gravity recovery optimisation, and lithological variability have been largely addressed through multi-year testing programs.

Valuation Gap & Market Positioning

At current valuations around $36 per ounce in the ground, Banyan trades at significant discounts to peer developers. Christie noted: 

"We got coverage from Canaccord and they puts us at about 0.16 of NAV in their view, which compared to our peers - a lot of them are at 0.4."

This discount partially reflects the company's quiet 2024, with limited marketing as management focused on technical advancement. The August 2025 resource release came late in the traditional marketing season, limiting exposure. Christie committed to aggressive investor outreach in early 2026: 

"2024 was a very quiet year for us. We didn't spend a lot of time marketing and telling the story. Getting out and telling the story early in 2025 and showing that value gap that we have is going to be one of our key strategies."

Infrastructure advantages - road access, hydroelectric power crossing the property, and proximity to established communities - warrant premium valuations relative to remote, infrastructure-deficient projects. The Yukon's recent election of a mining-friendly conservative government further reduces jurisdictional risk, a consideration Christie highlighted: 

"We now have a mining friendly conservative government in the Yukon. That is something that is important and people came to the geoscience forum in November to check it out."

M&A Context and Strategic Options

Banyan maintains optionality for self-development or partnership/acquisition scenarios. The Yukon saw significant M&A activity in 2025. Christie observed: 

"There were a lot of parties that drove right through Banyan's property this year looking at the Eagle asset so that in itself has brought a lot of attention to Banyan and to the Yukon."

For potential acquirers seeking North American assets with scale, jurisdictional security, and long mine-life potential, Banyan presents attractive characteristics. Christie noted: 

"A lot of these large mining companies want to make a name for themselves, they want to invest in communities and then be there for a long time so that's something that companies are looking for and it's an advantage we have this is a very big deposit with lots of exploration potential in a proven jurisdiction where you can build and operate mines."

The company's focus on demonstrating both existing scale and growth potential positions it for multiple exit scenarios as major producers face declining reserve bases and limited development pipeline options in secure jurisdictions.

The Investment Thesis for Banyan Gold

• Scale in Secure Jurisdiction: 7.6 million ounces total (indicated + inferred) in Yukon, Canada with road access and hydro power infrastructure crossing the property
• High-Grade Starter Pit Potential: New geological model identifies near-surface zones exceeding 1 g/t gold that will drive early economics and reduce initial capital requirements
• Strong Treasury Enables Aggressive Development: $40 million cash supports 40,000-meter 2026 drill program at efficient $350/meter cost without near-term dilution
• PEA Catalyst in H2 2026: Economic study utilising ~$3,000/oz gold assumptions versus $2,050 in current resource will substantially expand pit shells and highlight project economics
• Silver Optionality at Peak Prices: Discovery of high-grade silver mineralization (up to 14 kg/t within broader zones) adds potential upside as silver trades at multi-year highs
• Technical Derisking Complete: Metallurgical work to PFS-level shows 93% recovery with proven gravity-CIL flowsheet, reducing financing and permitting risk
• District Consolidation Potential: Only credible mill-scale project in emerging Yukon gold district with multiple nearby deposits creates long-term value through infrastructure leverage
• M&A Positioning: Scale, grade, infrastructure, and jurisdiction align with major producer acquisition criteria as industry faces reserve replacement challenges

Macro Thematic Analysis: 

Major gold producers face a critical challenge: declining reserve bases in Tier 1 jurisdictions. With gold around $4,200 per ounce, the economic threshold for development has risen substantially, yet few large-scale projects in secure jurisdictions remain available. Canada's Yukon Territory emerged as a focal point following high-profile discoveries and improving political support for mining. 

Banyan Gold's 7.6 million ounce resource, supported by existing infrastructure and metallurgical certainty, represents exactly what the market seeks - scale, security, and near-term development potential. 

"We're seeing strong liquidity in the market. We've got a great technical team. We've got a deposit that keeps growing and getting better. It's really just the start for gold and silver, and particularly the companies that are so heavily leveraged to it like Banyan."

TL;DR

Banyan Gold offers investors leveraged exposure to sustained precious metals strength through a 7.6 million ounce Yukon project trading at 0.16x peer NAV despite superior infrastructure and geological confidence. A $40 million treasury funds aggressive 2026 drilling and H2 PEA delivery utilising ~$3,000 gold assumptions, while recent silver discovery adds optionality. Management's strategic focus on high-grade starter pits and technical derisking positions the company for re-rating as institutional investors recognise the scarcity value of large-scale, development-ready North American gold assets.

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