Banyan Gold Corp (TSX-V:BYN)(OTCQB: BYAGF) announced a private placement offering for gross proceeds up to $46.5 million, according to a press release statement.

The financing consists of up to 15.5 million flow-through shares at $1.918 per share for proceeds of up to $29.7 million, and up to 12 million common shares at $1.40 per share for proceeds of up to $16.8 million. The financing is expected to close on or about May 6, 2026, subject to definitive agreements and TSX Venture Exchange approval.

Banyan stated it will use proceeds from the flow-through shares for Canadian exploration expenses qualifying as flow-through mining expenditures related to its Yukon projects, to be incurred by December 31, 2027. The company plans to use the offering proceeds to advance its AurMac Project, expand its 2026 drill program, and for general working capital.

The securities will be subject to a four-month and one-day statutory hold period under Canadian securities laws. No finders' fees will be paid in connection with the offering.

The AurMac Project, located in Canada's Yukon Territory, contains 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 with an effective date of June 28, 2025.