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# FS

Source: https://wp-banyangold-2026.tor1.cdn.digitaloceanspaces.com/media/2026/05/banyangoldcorp__fs_dec_31_2025.pdf
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# FS
BANYAN GOLD CORP.
FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2025
(Unaudited - Prepared by Management)
Notice of Disclosure of Non-auditor Review of Interim Financial Statements
Pursuant to National Instrument 51-102, Part 4, subsection 4.3 (3)(a) issued by the Canadian
Securities Administrators, if an auditor has not performed a review of the interim financial
statements, they must be accompanied by a notice indicating that the financial statements have
not been reviewed by an auditor.
The accompanying unaudited interim financial statements of the Corporation for the interim period
ended December 31, 2025 have been prepared in accordance with International Financial
Reporting Standards and are the responsibility of the Corporation’s management.
The Corporation’s independent auditors have not performed a review of these interim financial
statements in accordance with the standards established by the Canadian Institute of Chartered
Accountants for a review of the interim financial statements by an entity’s auditor.
Dated this 24th day of February 2026.
2
BANYAN GOLD CORP.
INTERIM STATEMENT OF FINANCIAL POSITION
(Unaudited - Prepared by Management)
As at December 31, 2025 and September 30, 2024 - Expressed in Canadian Funds
December 31, September 30
2025 2025
ASSETS
Current Assets
Cash and cash equivalents $ 29,994,274 $ 9,791,812
Accounts receivable 576,884 668,929
Prepaids 123,079 150,954
$ 30,694,237 $ 10,611,695
Security Deposits $ 165,975 $ 159,029
Capital Assets, net (Note 6) 545,108 557,109
Exploration and evaluation asset (Note 5) 83,132,481 76,811,810
Total Assets $ 114,537,801 $ 88,139,643
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 753,544 $ 4,498,803
Flow-through premium liability (Note 3) 7,967,037 1,568,037
8,720,581 6,066,840
Deferred Income Tax Liabilities 12,961,581 12,961,581
21,682,162 19,028,421
SHAREHOLDERS’ EQUITY
Share capital (Note 4) 102,633,183 77,452,149
Contributed surplus 6,303,511 5,852,266
Deficit (16,081,055) (14,193,193)
92,855,639 69,111,222
Total liabilities and shareholders’ equity $ 114,537,801 $ 88,139,643
“Tara Christie” “Steve Burleton”
Tara Christie Steve Burleton
CEO & President Director
3
BANYAN GOLD CORP.
INTERIM STATEMENT OF LOSS AND COMPREHENSIVE LOSS
(Unaudited - Prepared by Management)
For the Quarter Ended December 31, 2025 and 2024 - Expressed in Canadian Funds
December 31, December 31,
2025 2024
EXPENSES
Management fees (Note 7) $ 978,000 $ 575,251
Stock-based compensation (Note 4) 451,245 260,321
General and administration 401,079 131,533
Professional fees 383,223 92,164
Listing & filing 13,108 12,581
NET LOSS BEFORE OTHER ITEMS $ 2,226,655 $ 1,071,850
Rent Revenue 123,902 211,865
Interest Revenue 214,891 140,131
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD $ 1,887,862 $ 719,854
Loss per common share - basic & diluted (Note 9) $ 0.00 $ 0.00
Weighted average number of common shares outstanding 366,558,649 329,193,106
4
BANYAN GOLD CORP.
STATEMENT OF CHANGES IN EQUITY
(Unaudited - Prepared by Management)
For the Quarter Ended December 31, 2025 & 2024 - Expressed in Canadian Funds
Number of Capital Contributed Shareholders
Shares Stock Surplus Deficit Equity
Balance, September 30, 2024 328,793,649 65,848,918 4,274,401 (12,678,768) 57,444,551
Stock based compensation on stock
options (Note 5) - - 260,321 - 260,321
Stock Options Exercised 1,050,000 63,000 - - 63,000
Shares Issued for Financing (Note5):
- Nil
Net profit/(loss) for the quarter - - - (719,854) (719,854)
Balance, December 31, 2024 329,843,649 65,911,918 4,534,722 (13,398,623) 57,048,017
Balance, September 30, 2025 377,429,649 77,452,149 5,852,266 (14,193,193) 69,111,222
Stock based compensation on stock
options (Note 5) - - 451,245 - 451,245
Stock Options Exercised 1,015,000 265,250 - - 265,250
Shares Issued for Financing (Note5):
- October 15, 2025 35,700,000 31,389,000 31,389,000
- Share Issuance Costs (74,216) (74,216)
- Flow-through premium liability (6,399,000) (6,399,000)
Net profit/(loss) for the quarter - - - (1,887,862) (1,887,862)
Balance, December 31, 2024 414,144,649 102,633,183 6,303,511 (16,081,055) 92,855,639
Note: All shares issued have been Class A common shares. No Class B common shares or Preference shares have been issued.
5
BANYAN GOLD CORP.
STATEMENTS OF CASH FLOWS
(Unaudited - Prepared by Management)
For the Quarter Ended December 31, 2025 & 2024 - Expressed in Canadian Funds
December 31, December 31,
2025 2024
Cash Flows from Operating Activities
Net profit/(loss) for the period $ (1,887,862) $ (719,854)
Adjustments for items not involving cash:
Amortization 25,610 25,302
Stock based compensation 451,245 260,321
(1,411,007) (434,231)
Changes in non-cash working capital items:
Decrease (increase) in receivables and accrued interest 92,045 165,087
Decrease (increase) in prepaids 27,875 (44,893)
Increase (decrease) in payables and accrued liabilities (443,157) (294,414)
Net cash used in operating activities (1,734,244) (608,451)
Cash Flows from Investing Activities
Acquisition of property plant and equipment (13,609) (25,042)
Security Deposits (6,946)
Exploration and evaluation asset (cash costs) (9,622,773) (3,080,678)
Net cash from investing activities (9,643,328) (3,105,720)
Cash Flows from Financing Activities
Proceeds from Share Issuance 31,389,000 -
Stock Options Exercised 265,250 63,000
Share issuance costs (excluding warrant costs) (74,216) -
Net cash from financing activities 31,580,034 63,000
Increase (decrease) in cash and cash equivalents during
the period 20,202,462 (3,651,171)
Cash and Cash Equivalents - Beginning of the Period 9,791,812 13,793,613
Cash & Cash Equivalents - End of the Period $ 29,994,274 $ 10,142,442
Supplemental Disclosures
Exploration and evaluation expenditures in accounts payable $ 634,251 $ 638,127
and accrued liabilities
Property, plant and equipment in accounts payable and $ - $ -
accrued liabilities
Interest received $ 214,891 $ 140,131
6
BANYAN GOLD CORP.
NOTES TO THE FINANCIAL STATEMENTS
For the periods ended December 31, 2025 and 2024
Expressed in Canadian Funds
1. NATURE AND CONTINUANCE OF OPERATIONS
Banyan Gold Corp. (the "Company", “Corporation” or “Banyan”), was incorporated as Banyan Coast Capital Corp.
by a Certificate of Incorporation issued pursuant to the provisions of the Alberta Business Corporations Act
("ABCA") on July 26, 2010. The address of the Company's corporate office is 510, 1100 Melville Street,
Vancouver, BC V6E 4A6. These financial statements were approved and authorized for issuance by the Board of
Directors on February 24, 2026.
The Company commenced trading on January 27, 2011, and trades under the symbol “BYN” on the TSX Venture
Exchange (the “Exchange”). Commencing January 17, 2022, the Company trades on the OTCQB Venture Market
in the United States under the symbol “BYAGF”.
The mineral exploration business involves, by its nature, a high degree of risk. There can be no assurance that
exploration projects will result in valuable mineral discoveries or profitable mining operations. Additionally, there
can be no assurance that a mining operation will achieve profitability once it commences production.
At December 31, 2026, the Company has no source of operating revenue and has incurred losses since inception
aggregating $16.1 million. The Company will need to raise additional equity financing to meet future exploration
expenditures and general working capital requirements. The Company’s continued operations are generally
dependent upon its ability to raise the necessary funds through equity issues or the disposition of mineral rights
on a profitable basis. Although the Company has been successful in raising funds to date, there can be no
assurance that additional funding will be available in the future.
The financial statements have been prepared assuming the Company will be able to realize its assets and
discharge its liabilities in the normal course of business. At the date of these financial statements, the Company
has not been able to identify a known body of commercial grade ore on any property and the ability of the Company
to continue as a going concern is dependent upon it being able to identify a commercial ore body, to finance its
exploration and development costs and to resolve any environmental, regulatory, or other constraints which may
hinder the successful development of a property. In the event the Company is not able to obtain adequate funding,
there is material uncertainty as to whether the Company will be able to maintain or complete the acquisition of its
property interests. These uncertainties may cast significant doubt upon the Company’s ability to continue as a
going concern. The financial statements do not reflect the adjustments to the carrying values of assets and
liabilities that would be necessary if the Company were unable to achieve profitable operations or to obtain
adequate financing.
.
2. BASIS OF PRESENTATION
These financial statements have been prepared using accounting policies consistent with IFRS Accounting
Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements
have been prepared on a historical cost basis, except for financial instruments classified as financial instruments
at fair value through profit and loss, which are stated at their fair value. In addition, these financial statements
have been prepared using the accrual basis of accounting except for cash flow information.
The preparation of these financial statements requires management to make certain estimates, judgments and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and
the reported expenses during the period. Actual results could differ from these estimates.
7
BANYAN GOLD CORP.
NOTES TO THE FINANCIAL STATEMENTS
For the periods ended December 31, 2025 and 2024
Expressed in Canadian Funds
2. BASIS OF PREPARATION (Continued)
Significant assumptions about the future and other sources of estimation uncertainty that management has made
at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and
liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:
i) the recoverability of receivables which are included in the statements of financial position;
ii) the inputs used in accounting for stock-based compensation expense, which are included in the Interim
Statement of Loss and Comprehensive Loss;
iii) recoverability of deferred income tax assets; and
iv) recoverability of exploration and evaluation assets.
3. MATERIAL ACCOUNTING POLICY INFORMATION
Foreign exchange
The functional currency is the currency of the primary economic environment in which the entity operates. The
functional currency is the Canadian dollar. The functional currency determinations were conducted through an
analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.
Transactions in currencies other than the Canadian dollar are recorded at exchange rates prevailing on the dates
of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that
are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position
date while non-monetary assets and liabilities are translated at historical rates. Revenues and expense are
translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains
and losses arising on translation are included in the statements of loss and comprehensive loss.
Cash and c

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