Vardenis Copper-Moly-Gold Project

Hayasa Metals signed an option agreement in August 2025 with Teck Resources where Teck can earn up to 80% of Mendia Resources which holds the exploration license over the Vardenis copper-gold property in central Armenia

ARMENIA

GDP: US$29.3 Billion (2025)

2020-25 GDP CAGR in AMD: 12.9%

2020-25 GDP CAGR in USD: 18.3%

Population: 3 Million
GDP/capita: app. US$9,700
Life expectancy: 72.4 years
Stable, westward-looking government
Mining friendly jurisdiction
with 8 operating mines of size,
Including World-Class Sotk

Amulsar to come on line in 2026

Tethyan Belt in Armenia

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

• 8 operating mines, including world class Zangezur Copper-Moly mine and the Sotk gold mine which has produced over 4M ozs

• >5M oz Amulsar mine in construction, 200k ozs per year production, first pour 2026

• Vastly underexplored

• Mineralized areas open for staking

• Hayasa has two exploration permits for world class prospective Cu-Mo-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

The agreement Hayasa had to acquire 100% of Mendia Resources LLC (owner of the Vardenis permit) has been superceded by an option agreement with Teck Resources, additional details of the agreement can be found on Sedar.