Banyan Gold closes $31.4 million private placement with Alpayana

Banyan Gold Corp. (TSXV:BYN)(OTCQB: BYAGF) completed a $31.4 million private placement with strategic investor Alpayana S.A.C., the company announced October 16.

The financing consisted of 23.7 million flow-through shares at $0.97 per share for gross proceeds of $23 million, and 12 million common shares at $0.70 per share for gross proceeds of $8.4 million. The shares are subject to a hold period expiring February 16, 2026.

Proceeds from the flow-through shares will fund eligible Canadian exploration expenses that qualify as flow-through mining expenditures related to Banyan's Yukon projects by December 31, 2026. The company will renounce the qualifying expenditures to flow-through subscribers effective December 31, 2025. Proceeds from the common shares will be used for general and administrative expenses.

Alpayana is a family-owned mining group with 39 years of operations in Peru and Mexico. The company operates six mining units across both countries and expects revenues to exceed $1 billion in 2025, according to the press release.

"Banyan welcomes the support of Alpayana, along with the Gubbins family, with this timely investment to accelerate advancing our AurMac project," stated Tara Christie, Banyan President and Chief Executive Officer.

Banyan's primary asset is the AurMac Project located in Canada's Yukon Territory. The project has an indicated mineral resource of 2.274 million ounces of gold and an inferred mineral resource of 5.453 million ounces of gold, based on a mineral resource estimate effective June 28, 2025.

The offering remains subject to final approval from the TSX Venture Exchange.

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