Hayasa Metals Inc.

Technical Report Vardenis Project

Vardenis 43-101 Geological Report

Hayasa has the right to acquire a 100% interest in Mendia Resources which holds the exploration license over the Vardenis copper-gold property in central Armenia

ARMENIA

GDP: US$20 Billion
Population: 3 Million
GDP/capita: US$7000
Life expectancy: 72.4 years
Stable, westward-looking government
Mining friendly jurisdiction
with 12 operating mines,
Including World-Class Sotk & Amulsar (under construction)

UNDER EXPLORED

Tethyan Belt in Armenia

• One of the world’s largest and most prolific mineral belts, prospective for HS epithermal and porphyry Co-Mo deposits

• 12 operating mines, including the world class Sotk gold mine which has produced over 4M ounces

• >4M oz Amulsar mine in construction, first production 2024

• Vastly underexplored

• Mineralized areas open for staking

• Hayasa has two large exploration permits prospective for world class Cu-Au deposits

• Investor friendly corporate environment

• Established Mining Law (2003) and Mining Code (2011)

• Relatively low-cost exploration and operating costs

Vardenis highlights: Dundee Precious Metals Corp property held the exploration license from 2015-2018 and spent over US$2.3M. Their work defined a 8km long gold soil anomaly as well as a 3.6km x 2km copper anomaly

Summary of the terms of the agreement

Hayasa can acquire 100% in Mendia Resources by paying making staged option payments totaling US$350,000, issuing 2.2M Hayasa common shares and completing specified work commitments over 4.5 years:

·51% equity ownership interest in Mendia Resources LLC (owner of the Vardenis permit):

-June 2023: US$100,000 in cash and 500,000 Hayasa common shares

-July 2025: complete specified exploration work (including 2,500m of diamond drilling)

·A further 29% stake (total 80% equity ownership) in Mendia:

-December 2024: US$75,000 in cash and 700,000 Hayasa common shares

-March 2025 (not later than): US$75,000 in cash

-October 2025: complete total of 3,500m of diamond drilling since June 2023, the inception of the option

-June 2026: complete specified exploration work (including total of 5,000m of diamond drilling since June 2023, the inception of the option)

·A further 10% stake (total 90% equity ownership) in Mendia:

-June 2026: US$100,000 in cash and 1,000,000 Hayasa common shares

-December 2027: completion of a Preliminary Economic Assessment study

·Upon earning 90% equity interest: Optionor has the right to contribute pro-rata to retain 10% interest. If optionor elects not to contribute, Hayasa has the option to purchase the remaining 10% for US$3.5M, for a 100% stake. If Hayasa declines, the remaining interest reverts to a 1% NSR at 5% equity threshold