VANCOUVER, BC - Banyan Gold Corp. (the 'Company' or 'Banyan') (TSXV:BYN)(OTCQB:BYAGF) is pleased to announce that its previously announced non brokered private placement has been increased to raise aggregate gross proceeds of up to $12,180,391 through the issuance of up to 12,978,520 premium flow though shares ('Premium FT Shares') at a price of $0.568 per Premium FT Share and up to 12,021,480 common shares (which shall not be flow-through shares) ('Hard Shares') at a price of $0.40 per Hard Share (together the 'Offering'). The Offering is now fully subscribed.

'We are pleased with the strong interest and support Banyan continues to receive in the Market and with this fully subscribed financing we will be well positioned to execute on our business plan in 2023', stated Tara Christie, President and CEO.

Each Premium FT Share will be issued as a flow-through share within the meaning of the Income Tax Act (Canada). Proceeds from the sale of the Premium FT Shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act and flow-through mining expenditures as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the Premium FT Shares.

The Company intends to use the net proceeds of the Offering for advancing its AurMac Property and other Yukon gold projects held by the Company, and for working capital and general corporate purposes.

The closing of the Offering is anticipated to occur on or about December 22, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ('NI 45-106'), an aggregate of up to 8,978,520 Premium FT Shares and up to 12,021,480 Hard Shares will be offered for sale to purchasers' resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 and accordingly, such securities will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.

The remaining 4,000,000 Premium FT Shares will be issued to accredited investors under Section 2.3 of NI 45-106, and will be subject to the customary 4 month hold period.

There is an offering document related to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at www.banyangold.com. Prospective investors should read this offering document before making an investment decision.

The Hard Shares will be eligible for sale in the United States to Qualified Institutional Buyers (as defined in Rule 144A ('Rule 144A'), under the United States Securities Act of 1933, as amended (the '1933 Act')) by way of private placement pursuant to available exemptions from the registration requirements of the 1933 Act, and resales of the Hard Shares will be permitted in the United States under Rule 144A or outside the United States pursuant to Regulation S under the 1933 Act.

The securities described herein have not been, and will not be, registered under the 1933 Act or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Banyan

Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The updated resource for the AurMac Property of 3,990,000 ounces (see Table 1 below) was announced on May 17, 2022.

The 173 sq km AurMac Property lies 30 kilometres from Victoria Gold's Eagle Project and adjacent to Hecla Mining's high grade Keno Hill Silver mine. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.

The Updated Mineral Resource Estimate for the AurMac Property was prepared May 13, 2022 and consisted of 3,990,000 ?ounces of gold (see Table 1) hosted within near surface, road accessible pit constrained Mineral Resources contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.

Contact:

Tara Christie

T: 778 928 0556

E: tchristie@banyangold.com

Jasmine Sangria

T: 604 312 5610

E: jsangria@banyangold.com

CAUTIONARY STATEMENT

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FORWARD LOOKING INFORMATION

This news release contains forward-looking information, which is not comprised of historical facts is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intend(s)', 'believe', 'potential' and 'continue' or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's plans for exploration; and statements regarding exploration expectations, exploration or development plans and timelines; and mineral resource estimates; anticipated costs; completion of the Offering, the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the offering; and completion of the offering and the date of such completion. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, completion of the Offering, receipt of regulatory approvals, uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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