Vardenis Copper-Moly-Gold Project

Hayasa Metals holds an option agreement with 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

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

Hayasa can acquire 100% of Mendia Resources LLC (owner of the Vardenis permit).

• MAY 2023: Acquisition of Dundee Precious Metals (DPM) data ✓
• JUN 2023: 1st option payment ($100K), field work begins ✓
• JUL 2023: Short Wave Infrared (SWIR) survey ✓
• AUG 2023: DPM data analysis by porphyry copper consultant ✓
• SEP 2023: Ground magnetometer survey ✓
• OCT 2023: Porphyry vein mapping and target selection ✓
• OCT 2023: Drilling commences targeting large Cu anomaly ✓
• NOV 2023: 771m drilling completed ✓
• JAN 2024: Initial soil sample and drill results announced ✓
• FEB 2024: Additional geochemical results announced ✓
• SEP-OCT 2024: field work for IP and Mag completed ✓
• JAN 2025: Terratec IP survey published ✓
• FEB 2025: Campbell & Walker Mag survey published ✓
• MAY 2025: Simon Meldrum onsite evaluating Geology ✓
• JUL 2025: Audio Magneto Telluric survey completed ✓
• AUG 2025: 2025 Drilling Campaign: 4,561 meters completed  ✓

Vardenis Alteration/Mineralization

• World class porphyry Cu – high sulfidation Au environment
• Former DPM project
• Typical mineral zonation of porphyry-epithermal system
• 8 km long gold-in-soils anomaly, 10 km² copper anomaly