About Armenia

Stable Jurisdiction

• Multi-party democratic republic with a parliamentary system of government, June 2026 election won by incumbent led by Prime Minister Nikol Pashinyan
• Western-looking government with strong ties to the United States & Europe
• Actively seeking Western investment
• Member of OSCE, Council of Europe, IMP, World Bank and EBRD
• Safe, low-crime, friendly-to-foreigners
• Strong economic growth
  • 11% GDP growth in 2025
  • GDP CAGR of 12.9% 2020 to 2025, adjusting for FX versus USD: 5 yr CAGR is 18.3%

Mining Focus

• Modern, established Mining Law (2003) and Mining Code (2011)
• Transparent exploration permitting process
• Exploration Licences: initial 3 year term with two, 2-year extensions permitted
• EITI member since 2017^[1]
• The metals and mining sector plays an important role in Armenia’s economy
  • Contributes app. 7% to GDP, with ZCMC (Zangezur Mining) being the largest taxpayer in Armenia.  This will increase as Amulsar restarts in 2026
  • App. 30% of export revenue is derived from copper, molybdenum and gold ^[2]
• Top 10 molybdenum producer, accounting for 4% of global molybdenum supply in 2021^[3]
• 9 major operating mines; production primarily centred around copper, moly and gold
• Amulsar: new western-owned major gold mine operating, first pour 2026
• Good infrastructure and relatively low operating costs

The Right Geology – the Tethyan Metallogenic Belt (TMB)

• Armenia is underlain by the TMB - major metal producing belt, the world’s longest
• The TMB in Armenia hosts several major precious and critical metal mines and deposits, including:
  • the >4 Moz Sotk gold mine, in production for almost 50 years
  • the Amulsar gold deposit, with first gold pour exectuted in 2026 (overall resource base of 4.8 Moz of gold and 25.1 Moz of silver)
  • Kajaran a copper-moly prophyry
• The TMB in Armenia is prospective for epithermal gold and porphyry copper-moly-gold deposits
• The TMB in Armenia is vastly underexplored and ripe for discovery
• Hayasa has used its first mover advantage to assemble a highly prospective project portfolio and is actively reviewing both advanced stage assets and greenfield exploration properties to add to the portfolio, the company expects to add up to three properties in the near term.