# MDA

Source Brief: https://evesgoldminers.com/research/source-briefs/banyan-gold-corp-mda-40cde526
Original source: https://wp-banyangold-2026.tor1.cdn.digitaloceanspaces.com/media/2026/05/byn_june_30_2025_mda_q3.pdf
EGM generated: 2026-09-27
Company: Banyan Gold Corp. (BYN)

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# MDA

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## Content

# MDA
BANYAN GOLD CORP.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE PERIOD ENDED JUNE 30, 2025
Background
This discussion and analysis of financial position and results of operations is prepared as at August 15, 2025 and
should be read in conjunction with the audited year-end financial statements and the financing statements and
accompanying notes for the fiscal period ended June 30, 2025 for Banyan Gold Corp. (the “Corporation”, “Company”,
“Issuer” or “Banyan”). The financial statements, including comparatives, have been prepared using accounting policies
consistent with International Financial Reporting Standards (“IFRS”). Except as otherwise disclosed, all dollar figures
included therein and in the following Management Discussion and Analysis (“MD&A”) are quoted in Canadian dollars.
This MD&A contains “forward-looking statements” that are subject to risk factors set out in the cautionary statement
below. Additional information relevant to the Company’s activities can be found on SEDAR at www.sedarplus.ca and
at www.banyangold.com.
Cautionary Note Regarding Forward-Looking Statements
Consequently, all of the forward-looking statements made in this MD&A are qualified by these cautionary statements
and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or
developments will be realized or, even if substantially realized, that they will have the expected consequences to, or
effects on, Banyan. These forward-looking statements are made as of the date of this MD&A. Except as required by
applicable securities legislation, we assume no obligation to update publicly or revise any forward-looking statements
to reflect subsequent information, events, or circumstances.
Company Overview
The Company was incorporated by a Certificate of Incorporation issued pursuant to the provisions of the Alberta
Corporations Act (“ABCA”) on July 26, 2010 under the name Banyan Coast Capital Corp, which was subsequently
changed to Banyan Gold Corp under a certificate of amendment on February 14, 2013. On November 24, 2010, the
Company became a reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan and Ontario.
Banyan completed its IPO and commenced trading on January 27, 2011 on the TSX Venture Exchange and trades
under the symbol BYN.
Banyan is in the business of exploration and development of mineral properties. The Company currently holds three
main projects in the mining friendly Yukon Territory.
AurMac Project
The Company’s flagship asset is the AurMac Project located in the Mayo Mining District.
The Corporation has earned a 75% interest in and has the right to earn a 100% interest in each of the Aurex Property
and McQuesten Property subject to certain royalties. The original Aurex and McQuesten gold properties are contiguous,
comprising 8,230 hectares and approximately 1,000 hectares and are both highly prospective for intrusive-related gold
mineralization, and include areas of historic gold production (lode and placer), in the prolific Mayo Mining District, Yukon
Territory. The Company has staked additional 100% owned claims around the original properties and has brought the
AurMac project up to approximately 215 square kilometres in size.
An updated NI 43-101 7.0 million (“M”) ounce gold Mineral Resource Estimate (“MRE”) for the AurMac Project was
prepared by Marc Jutras of Ginto Consulting Inc. with an effective date of February 6, 2024 with the report filed on
Sedar+ on May 30, 2025.
This has been superseded on July 8, 2025 by a new Mineral Resource Estimate (“MRE”) for the AurMac Project which
included the first Indicated Resource on the Project. Please see Subsequent Events at the end of this report.
1
Nitra Claims
The Nitra Claims are comprised of 1,442 claims covering 296 km². They begin approximately five km to the west of the
AurMac Project and are 100% owned with no underlying royalties.
Hyland Gold Project
The Corporation’s other major asset is the Hyland Gold Project located in the Watson Lake mining district covering
18,620 hectares.
CORPORATE RESULTS
Results of Operations
Banyan continued to focus on the AurMac Project (“AurMac”), in the Mayo Mining District, Yukon, which has existing
road access and powerlines across the property.
On March 27, 2025, the Corporation announced it had commenced a fully funded 30,000 metre diamond drill program
at AurMac with the following goals:
• Further expansion and definition of mineralized zones in Airstrip and Powerline, with both deposits remaining
open in all directions;
• Defining areas of higher grade, particularly near surface (<100m);
• Improve deposit model and geologic confidence for future MRE and PEA; and,
• Testing proximal and distal targets identified through soil anomalies and geophysical surveys
Initial results received in the quarter were highlighted by 3.95 g/t Gold over 38.1 Metres at Airstrip and additional
highlights such as:
• AX-25-643: 19.1 metres (“m”) of 0.99 g/t gold (“Au”) from 7.7 m
o Including 3.8 m of 1.54 g/t Au from 22.8 m
• AX-25-650: 38.1 m of 3.95 g/t Au from 79 m
o Including 9.88 g/t Au over 5.3 m and 4.14 g/t Au over 22.5 m
• AX-25-652: 24.2 m of 1.19 g/t Au from 50 m
o Including 3.2 m of 7.60 g/t Au from 60.47 m
• AX-25-654: 21.2 m of 1.38 g/t Au from 50.8 m
o Including 1.9 m of 11.09 g/t Au from 52.3 m
• AX-25-658: 28.3 m of 1.31 g/t Au from 10.1 m
o Including 4.6 m of 4.06 g/t Au from 15.35 m
o Including 9.9 m of 1.61 g.t Au from 28.5 m
A total of 17,828 metres have been completed by quarter end and included regional targets and drilling on the Airstrip
and Powerline deposits with a focus on increasing grade and ounces within a potential near surface starter pit.
Additional work included soil sampling on both Nitra and 100% owned AurMac land as well as continued Metallurgical
test work systematically ongoing on both the Airstrip and Powerline Deposit mineralization. The Metallurgical focus is
on work that will help to fine-tuning the mill flow sheets, ensuring optimal processing techniques are in place ahead of
a Preliminary Economic Assessment (PEA). Additionally, environmental baseline studies were expanded, in
preparation for continued conversations with First Nations, community and for subsequent exploration and potential
development permitting of the AurMac Project. Banyan continued its practices of progressive reclamation of drill sites
and trails during the period, demonstrating Banyan’s commitment to sustainable and high-level environmental
practices.
Qualified Person
The property disclosure content of this report was prepared under the supervision of Banyan VP of Exploration, Duncan
Mackay, P.Geo., a “qualified person” as defined under NI 43-101.
2
Results of Operations – Previous Financing
On June 20th and June 21st, 2024, the Company completed a brokered private placement financing of $14.3 million.
The Private Placement consisted of 23,150,000 LIFE flow-though shares ("LIFE FT Shares") at a price of $0.38 per
LIFE FT Share, 14,720,000 flow-through shares (“FT Shares:”) at a price of $0.34 per FT Share and 1,850,0000
common shares (which were not flow-through shares) ("HD Shares") at a price of $0.27 per HD Share (together the
“Offering”) for gross proceeds of $14,301,300.
Each LIFE FT Share and FT Shares were issued as a flow-through share within the meaning of the Income Tax Act
(Canada). Proceeds from the sale of the LIFE FT Shares and 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, 2024.
Description of intended use of available funds listed in 100% of Offering Spending Complete to
order of priority June 30, 2025
Exploration and Evaluation Expenditures, including: (1) $ 13,801,800 $ 13,801,800
• Planned 20,000 metres diamond drilling on the AurMac
Project
• Soil Sampling and regional exploration at the AurMac
Project.
• Geophysics at the AurMac Project.
• Metallurgy, baseline environmental, community
engagement and technical work towards advancing
and de-risking the AurMac Project.
Total $ 13,801,800 $ 13,801,800
Remaining $ Nil
Note: The remaining funds raised were for G&A and unallocated.
On March 14, 2025, the Company completed a non-brokered private placement financing of $14.5 million.
The private placement consisted of (i) 32,000,000 common shares (the "Premium FT Shares"), which qualify as "flow-
through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), at a price of
$0.336 per Premium FT Share, for gross proceeds of $10,752,000; (ii) 7,838,000 common shares (the "FT Shares"),
which qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Tax Act), at a price of $0.285
per FT Share, for gross proceeds of $2,233,830 and (iii) 6,298,000 common shares (the "HD Shares") at a price of
$0.24 per HD Share for gross proceeds of $1,511,520, for aggregate gross proceeds to the Company of $14,497,350
(the "Offering"). There were no warrants, finders fee or commissions issued for the Offering.
The Premium FT Shares, FT Shares and HD Shares were issued pursuant to applicable private placement exemptions
and are subject to a hold period under Canadian securities laws expiring July 15, 2025. The Company will use the
gross proceeds raised pursuant to the issuance of Premium FT Shares and FT Shares to incur (or be deemed to incur)
eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both terms are defined
in the Tax Act) related to the Company's projects in the Yukon (the "Qualifying Expenditures"), on or before December
31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Premium FT Shares and
FT Shares effective December 31, 2025. The net proceeds raised pursuant to the issuance of the HD Shares will be
used for general and administrative expenses.
Of the $12,985,830 in flow through funds raised in this financing for exploration, $1,602,586 has been spent to June
30, 2025 with a balance of $ 11,383,244 remaining.
3
Analysis of property expenditures:
(all in $ Cdn)
*These Properties are collectively referred to as AurMac Property or Project in Corporate disclosure documents
Selected Financial Information
The following selected financial information is derived from the audited financial statements of the Company prepared
in accordance with International Financial Reporting Standards (“IFRS”).
Q4 2024 Q1 2025 Q2 2025 Q3 2025
Category $ $ $ $
Revenue - - - -
(Loss)/Profit (1,581,528) (719,854) (529,806) (880,511)
Loss Per share (0.01) - - -
Working Capital 12,010,343 9,772,811 22,561,914 16,023,135
Q4 2023 Q1 2024 Q2 2024 Q3 2024
Category $ $ $ $
Revenue - - - -
(Loss)/Profit 1,354,577 (1,112,393) (302,720) (1,282,706)
Loss Per share - - - -
Working Capital 7,859,004 6,086,073 5,254,568 17,368,551
Results of Operations - Financial
During the quarter ended June 30, 2025, the Company recorded a net loss of $880,511 vs a loss of $1,282,706 during
the prior period of June 30, 2024.
4
Major Variances
General & Admin Expenses. A sharp decrease of $459,860 in the current year quarter to $197,641 over the prior
year’s comparable quarter total of $657,5017. This decrease is being mostly driven by decreases in marketing (-$426k),
Software Licenses (-$22K) and Travel (-$12k). For further details in this category see “Additional Disclosure for General
& Administrative Costs” below.
Stock-based Compensation. During the prior year the Corporation has moved to vesting their stock op

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