New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.5% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Significant insider selling over the past 3 months (CA$529k sold). New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Significant insider selling over the past 3 months (CA$529k sold). Announcement • May 07
Banyan Gold Corp. announced that it has received CAD 46.529 million in funding On May 6, 2026, Banyan Gold Corp. closed the transaction. The company issued (i) 15,500,000 common shares (the "FT Shares"), which qualify as "flow-through shares" at a price of CAD 1.918 per FT Share, for gross proceeds of CAD 29,729,000 and (ii) 12,000,000 common shares at a price of CAD 1.40 per share, for gross proceeds of CAD 16,800,000. The company raised total aggregate gross proceeds of CAD 46,529,000. The FT Shares and Common Shares were issued pursuant to applicable private placement exemptions and are subject to a hold period under Canadian securities laws expiring September 7, 2026. The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV"). 
