Banyan Gold Corp.

Thank you very much for coming to my presentation today. Banyan’s had a great year, and we are really well-positioned for 2027 and indeed into 2028. You’re looking at our project site and one of our camps here in the foreground. That’s our kilometer one camp where all the core gets processed, and in the background is another camp of ours where we have accommodation. And Hecla is just down that road into the page. So we do work in the traditional territory of the Na-Cho Nyäk Dun. I will be making forward-looking statements. Please do your own research.

Our resource that we put out this summer has been a great foundation for us, 3.6 million ounces of indicated, 0.68, and almost 5 million ounces of inferred with our deposit remaining open. I think we’ve shown this is a generational scale opportunity. We’ve demonstrated that with the momentum that we’ve got and with the high-grade core that you’ll see within this deposit in the model. Our project has a huge infrastructure advantage similar to Thesis. We’ve already got an existing road. We’ve got an existing hydropower line that crosses our property. Those are huge advantages for us. We’ve had a great endorsement by Franco-Nevada with their participation in our financing and a very strong shareholder base, giving us today $105 million in the bank, which gets us through to 2028. And we got index inclusion similar to Thesis.

Looking at the district, the Yukon’s an exciting place. We now have over 1,200 square kilometers and seven additional projects through some very strategic and well-priced acquisitions. And the Yukon’s getting a lot of attention with Talmore being purchased or being built and Snowline and Sitka right beside us in this same Tombstone Belt. We have over 830 square kilometers now with eleven regional targets right beside Hecla, just down the road from us, and of course, the pending sale of Victoria Gold to the last buyer, Boro. We’ll see if that goes through in the next month.

The deposit, lots of room for us to continue to add ounces here. At its 0.3 cutoff, you can see here the zones, those white and red areas are those traces of the high-grade starter pits, and you can see it in the 3D model too at a 0.55 cutoff. You’re looking at where the 5.2 million ounces of a gram are situated. So lots of these high-grade zones. Our new geological model is really showing that they hang together. At 0.25, almost 10 million ounces in total.

Now we’re gonna turn around and look. We’ve been drilling the Airstrip deposit this spring. We’ve been very strategic in the 70,000 meters we’re drilling this year, 60,000 on Ormac and 10,000 regionally. In this image, you can see one of our two-D poles down to 350 meters with fifteen-gram material at the bottom. You can see the pit is limited by the gold price because we haven’t drilled deeper than 200 meters at the bulk of the deposit, which is the Airstrip, which is at the Powerline deposit. So lots of opportunity as we are drilling out some of these high-grade zones at Airstrip and at Powerline. We are continuing to drill deeper so that we can add inferred ounces below that conceptual pit, which is limited by drill dim.

Airstrip deposit, lots of higher grade following up on that zone where that felsic dike intersects the metasediments. Powerline, again, we’re able to predict and follow these high-grade zones. If you saw that drill intercept that we put out a couple weeks ago, right at the Powerline deposit between Airstrip, we drilled 14 meters of thirteen-gram material. So we have to drill out that gap between the two. We always knew it was likely mineralized. The silver mineralization, we continue to follow up on that ten-thousand-gram, fourteen-thousand-gram intercepts that we found in eight veins, which we see vertically cross the gold deposit, very similar to what Hecla is mining, some exceptional grades. We need more drill holes in it to be able to actually put together a resource. Because it’s so high grade, you end up capping it.

We’re more excited about our regional discoveries. We drilled twenty holes into eleven targets, making two discoveries in our first two holes at Seattle Creek and Roaring Fork, which are 25 kilometers from Ormac and 5 kilometers from each other. Not bad to get lots of one-gram material up to 17 grams in Seattle Creek and 500 grams silver and 1.62 grams over 5 meters at Roaring Fork in our first two holes. So lots to come from our regional discoveries. It’s why with the financing that we’ve done, we plan to complete our 70,000 meters this year but then also drill 100,000 meters on Ormac next year and up to 30,000 on our regional targets, which are road accessible.

There’s that grade sensitivity chart. You can see that we continue to have a significant number of high-grade ounces, in fact, more ounces than many projects that are being built at the grades. I look at Talmore, and I’m excited to see that project finally getting built in the Yukon, 2.8 million ounces at 1.4. I think why people are starting to take a look at Banyan is they believe that, as Ross Beaty said, he said he can see over 5 million mineable ounces in my project, and that’s why he bought my stock. So I hope to prove him right with our upcoming PEA in the fourth quarter.

We’ve been exceeding expectations with that resource that we put out with the drilling that we continue to do, a 60% increase in indicated ounces with an 8% increase in grade, and same with the inferred ounces where we got a 10% increase in grade. Strong conversion rates, above 90% from inferred to indicated. You can see that gap quite clearly here in the orange areas which haven’t been drilled. We need about 20,000 meters, which we’ll drill January to March in that area. We believe that that high grade in between is related to the Robert Service thrust fault going between the two deposits. So it was a fluid flow pathway, but that also is probably why the area has a fairly steep ravine and was more eroded and has that swampy area that can really only be drilled in the wintertime. So that will be strong news flow into 2027 from the drill program, which we’re planning.

This is a mill project, 90% recoveries from 106 microns, carbon in leach with about 40% gravity recovery. Very similar to other big project, we are taking advantage of this permitting window. We have rapidly accelerated our baseline program. We now have two to five years of baseline, and with this upcoming PEA, we’ll finally be able to talk to regulators and governments about what our project looks like. And that’s a really important first step in accelerating your project, is to get those conversations started, particularly around things like power.

Looking across the district, we’ve got Sitka off to the west, and this section that I’m gonna show you cuts through our property, cuts through our Seattle and Roaring Fork properties over to Sitka’s fabulous discoveries at Rosgobble. We see the pattern of rocks and these intrusion-related resistive anomalies at depth across our property package. Almost 45 kilometers to the west, we’re seeing visible intrusions on surface and polymetallic veins in addition to our Roaring Fork and Seattle Creek. So we’re getting a real handle on the regional geology, and it’s helping us target, and that’s why we were so successful in those first two holes.

We’re really pleased to bring Franco-Nevada on as a 2% shareholder in our most recent financing. We continue to have support of all of our major shareholders with high net worth individuals having four large position, a Cisco Gold, Alpayana, and myself. And you’ll notice that I thought $2 was a great price, and I put another half a million in this recent financing. So you’ll see that our cash position is in a very strong position. We also are getting lots of new coverage, three analysts in the last two weeks with National Scotia and Desjardins putting out price targets and models. Certainly encourage you to read some of those on what the expectations are coming from our PEA.

I am building a great team. I’m really glad to have the support of Patrick Langlois, who joined from Probe Minerals as my VP of Strategy Corp Dev, Duncan Mackay from Yamana. All of our modeling is now done internally. It’s really helping us advance the project. And of course, Kai Woloshin, who’s permitted most project in the Yukon, including Peckless project, which was in Alexco, is really focused on being part of the team that builds this. Great board, great advisors with John Robbins and Henry Marsden helping us very strategically advance this.

We’re very focused and know that having the First Nation and the community on-site is important. We’ve been having monthly community meetings with great attendance, answering questions and following up. It’s gonna be really important to have a PEA to advance those conversations so they see us as a real project. They understand the longevity that this project’s gonna have, which is a huge advantage that we have, the amount of tax dollars, jobs, and opportunities that are going to be available. And we continue to do lots of work with our charity all across the Yukon, working with youth and getting them to school. And we actually have some people that are working for us now that have actually benefited from some of those programs because I started that charity over fourteen years ago.

Franco-Nevada, in addition to their endorsement with their equity participation with no rights, they purchased that underlying royalty, which Victoria Gold held on the property. And for what is effectively a $10 million payment and a 1% royalty, they paid $52.2 million. I think that’s a great endorsement, and I intend with our PEA to show that they got a really good deal at that price.

We have delivered on our milestones this year, our largest drill program ever at 70,000 meters focused on these high-grade zones within Ormac. We’ve had the benefit because we did most of our PEA and sequencing work in 2025 and then deferred putting out a PEA until 2026. We were able to strategically target the 2025 drilling that went into that, and we were able to strategically target our 2026 drilling towards the first ten years of where we see that grade and production profiles to continue to improve it towards our next study in 2027 or 2028. Our targeting, I’m pretty excited with what we’ve been able to do, and we’ll be able to put our drill results in context of the PEA for you once we put that PEA in the fourth quarter. We’re planning to start drilling in January. We’ve already signed contracts with our crews and our drillers and given notice to the labs that we expect better timelines for next year. We’ve advanced the metallurgy to pre-PFS level, and we’re continuing to focus on some of that district growth. We will be drilling on some of those.

The Yukon government, similar to the BC government, is a breath of fresh air with a conservative majority. We have great dialogue going on with them. Again, having that PEA will allow me to talk about power, what our power needs are, and what the benefits of our projects are. We’re already seeing improved timelines in permitting. The Whitehorse Power Center project is a real project. The government is starting to permit, they say, construction in three to five years. It’s 160 megawatts. That would put enough power into the grid for Banyan. You will see our PEA with a self-generation of diesel and LNG, but there’s other things that are also being talked about in the grid.

We saw Mark Carney endorse the Grid Connect, which has been talked about for a while, but seeing that as being in the news, if we could get this project over the line, it would help a lot of Yukon projects, and it would also get electrons going both ways up and down because the Yukon actually has excess power in the summer. Addition, there’s work going on on that hydro dam right near us. $150 million going into that hydro dam that you saw is just 2 kilometers off our property boundary. And of course, that power line that goes across our property is connected to the Yukon grid already.

Improving permitting is obviously a priority across the country, and we’re seeing it also in the Yukon. We’ve seen some great appointments at the water board. We’ve seen a change in attitude as well. That’s something that I actually had a staff member from the water board call me and say, “Can you get me this document by 5:00 PM, and then I can take this to the board?” That’s a change in what their leadership is directing them to do. YESA, we’re working closely. We wanna be able to go and start talking to them early so that the regulators can staff up, and an important commitment the Yukon government made is that they’re gonna hire dedicated project review staff, and that’s gonna be a big problem when we have a lot of great projects going through permitting, making sure that they’ve got the right people so that that’s not limiting how fast projects are moving through the process.

We’ve worked hard to clear up the misconceptions to re-rate Banyan, and we continue to do that. There’s a selection of them. This is big but low grade. Well, we showed that. We showed that we have a high grade core within it. We continue to deliver high grade results that you’ll see will come early in the mine plan. We’re turning ourselves into a developer. I’m hiring the team that will want to see this project advance into development. We’ll be able to talk about what the capital costs are, potentially knowing that we have lots of opportunity for improvement on things like power and with the grade of the project. So I think that this will answer a lot of questions. We’ll have a base valuation. We’re focused this year on better ounces that will also bring more ounces, but really wanna focus on improving the economics, having a credible study that puts us into that ballpark to be able to talk with everybody about what we see is coming here. Of course, we’re de-risking it very significantly with the baseline environmental work that we’re doing. We’ve already got that two to five years. We’re working very closely with the First Nation on that, and I think we’re just starting to build some momentum, and we’ll see ourselves continue to re-rate. I have time for questions.

Perfect. Any questions from the audience for Tara? Oh, please. Microphone’s coming.

Hi, Tara. Relationship with your Peruvian partners. Could you comment about their technical expertise and how they support you?

Sure. So that’s Alpayana, the Alex Gubbins, who’s built and been part of building many mines. We talk to them frequently. They actually don’t have any rights to get any additional information or a right to a board seat or even to participate pro rata. But certainly they give advice on what they think the project should be. They made that investment as an investor, not as a strategic, or at least that’s what they said when they made that investor. So don’t think of me as I’m a miner who’s gonna come here and help you build it. I’m here for a little bit of advice, but we’re an investor. I think this is the best place to park my money.

Is part of the initiative of your charity here to help with what is obvious now for the Yukon in particular, will be a fairly significant skills shortage coming up in the 2030s here for sure?

Oh, absolutely. Our charity has been focused on getting kids to school, improving graduation rates, and it really was spun out of the... I was working in the Yukon and running a private gold mine, and we’d get these young guys that wanna be apprentices, and they didn’t have basic grade twelve education. So you had to spend two years of time to get them the education that they should have got in the public system. So we need to get more awareness about how important it is that the community supports the teachers by getting kids to school and solving some of those problems ’cause we’ve got some great educators. So our model for the charity is that we provide a range of funding opportunities for different categories of projects, and we rely on community champions to decide what they need for their kids and apply for the funding, and that’s worked really, really successfully because there’s nobody who knows their kids better than the teachers that are in the community working with them, and it’s often that one caring adult that changes the life of a child.

Anybody else?

You mentioned earlier in your presentation that only 2% of the land package has been explored thus far. Obviously it’s a gargantuan land package. Are there maybe any early-stage targets that are a focus for you guys that maybe the market hasn’t quite recognized yet?

Well, certainly our Seattle Creek and Roaring Fork, you’ll notice we drilled those first two holes, and then we went back and followed up with some step outs from new pads as well as from the same pads, so we can understand the structural and geology there. But we’ve drilled twenty holes in eleven targets. We still have additional targets, which we’ll drill next year. We prioritize them and some of our advisors actually picked other targets that we didn’t get around to drilling. So there will be... Yes, I do believe that the exploration upside of our property hasn’t been factored in.

All right. Anyone else from the audience? Very good. Well, thank you very much.

Thank you. [audience applauding]