Vardenis Copper-Gold Project

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$24 Billion (2023)
Population: 3 Million
GDP/capita: US$7000
Life expectancy: 72.4 years
Stable, westward-looking government
Mining friendly jurisdiction
with 10 operating mines of size,
Including World-Class Sotk & Amulsar (2026 first pour estimated)

UNDER EXPLORED

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 may acquire 90% of Mendia Resources LLC (owner of the Vardenis permit) by 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:
  • June 2023:  US$100,000 in cash (PAID) and 500,000 Hayasa common shares (ISSUED)
  • October 2025:  complete specified exploration work (including 2,500m of diamond drilling of which 770m has been completed)
• A further 29% stake (total 80% equity ownership) in Mendia:
  • December 2024:  US$75,000 (PAID) in cash and 700,000 Hayasa common shares (ISSUED)
  • March 2025:  US$75,000 (PAID)
  • October 2025:  complete total of 3,500m of diamond drilling since June 2023, the inception of the option
  • October 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:
  • December 2027:  US$100,000 in cash and 1,000,000 Hayasa common shares
• Upon earning a 90% equity interest, Hayasa has the option to acquire the remaining 10% interest for US$ 3,500,000 in cash, common shares of Hayasa or a combination thereof (at Hayasa’s option).  If Hayasa elects not to acquire the remaining 10% interest, the Optionor has the right to contribute to the funding of Mendia’s expenditures on a pro-rata to retain its 10% interest.  If the Optionor elects not to contribute, its interest in Mendia is diluted accordingly.  The remaining interest reverts to a 1% net smelter return royalty once the Optionor is diluted below a 5% ownership threshold.

The Vardenis option agreement is held by an individual associated with the AT Group, a local Armenian drill company.  HAY and AT Group have mutually beneficial interests in completing the drill program on time and under budget.

• May 2023: Acquisition of Dundee Precious Metals historic data ✓

Vardenis Alteration/Mineralization

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