High-Grade Silver Discovery Transforms Yukon Project

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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Banyan Gold Corp. (BYN:TSX.V; BYAGF:OTCQB) has reported the intersection of visible silver mineralization from its latest drill program at the AurMac Project in Yukon, Canada. According to the company, the results confirm high-grade silver first encountered during 2021 drilling near surface at the Powerline Deposit.

The results highlight multiple intercepts, including 1841.14 grams per tonne (g/t) silver over 16.8 meters within a broader 103.6 meter interval grading 302.68 g/t silver in hole AX-21-142. Additional intervals from earlier drill holes showed consistent silver mineralization, such as 20.22 g/t silver over 30.5 meters in AX-21-143 and 11.22 g/t silver over 18.9 meters in AX-24-542. A newly drilled hole, AX-25-803, successfully intersected the targeted high-grade Keno-style vein, with assays pending.

"We have long recognized the potential for Keno-style silver mineralization at AurMac," said President and CEO Tara Christie in the news release. Vice President of Exploration Duncan Mackay added that leveraging the database of oriented core has allowed the company to refine targeting, with preliminary testing confirming the structure orientation.

The silver mineralization appears to be hosted in steeply dipping iron-carbonate veins containing sphalerite, galena, and occasional electrum. These zones are noted to be discrete from the gold domains of the deposit and, according to Banyan, may present opportunities for selective mining.

Banyan's AurMac Project hosts a pit-constrained indicated mineral resource of 2.274 million ounces of gold (112.5 million tonnes grading 0.63 g/t) and an inferred resource of 5.453 million ounces of gold (280.6 million tonnes grading 0.60 g/t), based on the company's June 28, 2025, estimate. The project benefits from existing infrastructure, including road access, a nearby powerline, and cell service.

Silver Surges Past US$53 as Supply Constraints Tighten and Demand Soars

According to an October 14 report from The Financial Times, a physical silver shortage has contributed to a premium of up to US$2 between the London bullion market and COMEX futures in New York. Wheaton Precious Metals CEO Randy Smallwood attributed the disparity to tight supply, stating, "There is a serious squeeze on, and you can't buy substantive physical volumes of silver; it's just not available."

Low silver inventories in London and increased festival-season demand from India were also cited as contributing factors. MKS Pamp analyst Nicky Shiels described the situation as "unprecedented tightness in silver," noting that it had "left the linchpin of the physical market in London broken." In a sign of the market strain, traders reportedly transported silver by air from New York to London,  a practice typically reserved for gold.

Concerns about the functioning of the physical silver market intensified later in the month. MarketWatch noted on October 14 that technical drivers had "supercharged the silver rally" and warned that conditions could become "even more extreme." Bank of America maintained a positive outlook on the metal, setting a US$65 per ounce target for 2026. Lead analyst Michael Widmer forecast a 30% price increase, citing expectations of a physical supply deficit, despite the possibility of a short-term demand pullback.

On October 28, Flywheel Publishing reported that the spot silver price had risen US$2.88 above futures pricing, placing the market in backwardation — a rare condition in which immediate prices exceed those for future delivery. The publication stated this was only the third deep backwardation event in the past 50 years, surpassing the US$2.50 spread seen during the Hunt Brothers' speculative run in 1980. Analysts quoted in the report viewed the development as a potential indicator of broader dislocations in the silver market, which also affected gold.

The metal's industrial applications remain central to the discussion. Flywheel Publishing highlighted silver's use in consumer electronics, solar panels, and battery technologies, adding that daily paper silver trading volumes on the London Bullion Market Association (LBMA) rivaled annual global mine supply. The report also noted rising silver accumulation by sovereign entities, as well as seasonal buying tied to Diwali celebrations in India.

Silver Exploration Expands in Yukon

Jeff Clark of Gold Advisor highlighted on October 29 that visible silver mineralization had been intersected during the current drill program at a Yukon-based project, building on high-grade results first announced in 2021. Clark reported that assays from 2021 included 1841.14 grams per tonne (g/t) silver over 16.8 meters within a broader intercept of 302.68 g/t silver over 103.6 meters. Other notable results included 20.22 g/t silver over 30.5 meters and 11.22 g/t silver over 18.9 meters.

Clark noted that the company's current mineral resource estimate includes 7.7 million ounces of gold but no silver. However, management viewed the emerging silver zones as potentially significant. According to CEO Tara Christie, "Drilling at Powerline will further define our gold deposit and at the same time also test to identify favorable structures that host high-grade silver mineralization at AurMac."

Vice President of Exploration Duncan Mackay added that the team had refined their silver targets using a database of oriented drill core. He stated, "Preliminary testing has successfully intersected the high-grade vein (assays pending), with additional drillholes planned to further test this highly prospective zone." Mackay emphasized that the work could contribute to a deeper understanding of the connection between the established intrusion-related gold mineralization and the high-grade Keno-style silver zones.

Clark described the development as adding a new dynamic to the project and observed that the intersection of silver in a gold-focused system suggested broader mineral potential in the region.

On October 29, Paradigm Capital issued a positive flash note following Banyan Gold Corp.'s announcement that it intersected high-grade visible silver mineralization at the Powerline deposit within its AurMac Project in Yukon.

Analysts Don Blyth, Lauren McConnell, Don MacLean, and Jeff Banwell noted that the silver appears to represent a later-stage mineralizing event that cross-cuts the dominant gold veining. While the current 7.7Moz gold resource does not include silver, the team viewed the silver as a potential value-add. If further delineated, a silver stream could contribute to development financing for AurMac.

The report stated that Banyan remains well-capitalized, having completed a CA$31.4 million financing on October 16 with strategic investor Alpayana. Paradigm emphasized that gold continues to drive project value but acknowledged that the emerging silver zones add an important dimension. The firm maintained its positive outlook and continues to monitor upcoming drill results and PEA progress.

Expanding the Scope at AurMac

The current silver-focused drilling effort has added a new dimension to the AurMac Project, complementing the existing gold resource. Banyan, in its investor presentation, has indicated that the presence of high-grade Keno-style silver structures within the core of Powerline could support future selective development alongside bulk-tonnage gold mining.

Ongoing drilling is aimed at further defining these silver zones, with additional assays pending and follow-up holes planned. The company also maintains exposure to silver through its Hyland Gold Project, where a recent resource update outlined 2.63 million ounces of indicated silver and 0.86 million ounces of inferred silver alongside associated gold resources.

Banyan plans to present updates at several industry events throughout November, including the New Orleans Investment Conference, Deutsche Goldmesse in Frankfurt, the Yukon Geoscience Forum in Whitehorse, and 121 Mining Investment Dubai. These appearances offer opportunities for the company to showcase the evolving exploration potential at AurMac and other assets.

Ownership and Share Structure¹

As for ownership, 4.77% Banyan Gold is held by institutions. Of those, Franklin Advisors holds the most with 3.24% with IXIOS Asset Management behind them at 1.53%

Strategic entity Victoria Gold Corp owns the most with 9.10%. Management and Insiders own 6.68%, with the most held by CEO Tara Christie, with 3.77%, and David Reid with 1.53%.

The rest is retail.

Banyan Gold has 317.29 million free float shares, a market cap of CA$330.66 million, and a 52-week range of CA$0.1700 - CA$0.7400.