Mr. Joel Sutherland reports

HAYASA METALS ANNOUNCES SECOND BATCH OF DRILL RESULTS FROM PHASE 2 DRILL PROGRAM AT URASAR PROJECT

Hayasa Metals Inc. has received the second batch of geochemical assay results for drill holes UDD-015, UDD-017, UDD-018, UDD-019 and UDD-020 from the Golden Vein, Black River and Oxide Basin prospects within the Urasar mineral district in northern Armenia.

The phase 2 summer 2025 diamond drilling program comprised 11 holes totalling over 2,040 metres completed over June and July, 2025. The company has added an additional hole, UDD-021, targeting an AMT (audio-frequency magnetotelluric) conductivity anomaly northwest of Copper Creek, which is currently in progress (see Hayasa's news release dated Oct. 28, 2025). The first batch of drill results was released on Oct. 14, 2025. Hole UDD-021 is expected to be completed within the next 10 days, with analytical results anticipated in early 2026.

Highlights from this second tranche of results comprise:

• 4.1 metres at 2.98 grams per tonne gold with 0.25 per cent copper from 51.9 metres to 56.0 metres in UDD-017;
• 9.0 metres at 0.22 gram per tonne gold with 139 parts per million molybdenum from 118 metres to 127 metres also in UDD-017;
• 4.0 metres at 0.34 per cent copper with 0.076 gram per tonne gold from 203 metres to 207 metres in hole UDD-020;
• 8.1 metres at 0.27 per cent copper with 0.032 gram per tonne gold from 82.4 metres to 90.5 metres in UDD-015.

Sulphide mineralization is present throughout the majority of the drill holes, including over 25 metres of massive sulphide mineralization intersected in the eastern Black River zone (holes UDD-016 and UDD-017). Only a small number of assays reported below the laboratory detection limits for gold or copper. Molybdenum values generally correlated with gold and copper, typically ranging in the tens of parts per million but with values up to 355 ppm molybdenum.

Table 1 shows the drill hole data from the second batch of Urasar drill results.

Dennis Moore, president and qualified person of Hayasa, commented: "These latest results confirm the presence of short but well-mineralized intervals within the Black River and Oxide Basin prospects. All holes intersected broad zones of strongly to intensely altered volcanics and breccias as well as pervasive sulphide mineralization, including a 25-metre interval of massive sulphide in hole UDD-017 between 45 and 70 metres depth.

"While the mineralized zones encountered so far are not as extensive as initially anticipated, we are working within a large, metallically endowed, crustal fault system that we believe holds significant potential for hosting one or more orebodies. To date, we've drilled approximately 4,000 metres across 20 holes -- still a relatively modest amount. It's important to remember that discovering mines is a process that requires patience. Most major deposits are not identified in the first or second drilling programs, but rather through multiple phases of exploration.

"Additionally [...], several large, high-priority geophysical anomalies remain untested to the north and south of the current drilling area. We are currently drilling a low-resistivity, high-conductivity anomaly northwest of Copper Creek. The IP chargeability targets identified in last year's survey [...] will require deeper testing, which we plan to conduct in our next drilling campaign, scheduled for spring 2026."

Joel Sutherland, chief executive officer of Hayasa, commented: "The final Urasar drill hole of 2025 is a deeper hole that is meant to dissect the anomaly identified in the AMT survey completed mid-summer 2026. We have a lot more data on Urasar than we did a year ago and we will drill until the weather turns.

"As for the drill results from Hayasa's Vardenis project, as mentioned in the news release dated Nov. 3, 2025, we anticipate receiving gold assays, multielement geochemistry and spectral analysis results in Q1 2026. We look forward to those results as we plan our 2026 exploration campaign."

Urasar mineral district

The 15-kilometre-long Urasar mineral district is situated along a major crustal suture that marks the closure of the ancient Tethyan Sea. The district is characterized by strong to intense argillic to advanced argillic alteration as well as surficial sulphide mineralization throughout its length. The western portion of the licence features breccia-hosted copper-gold mineralization, while the central zone is dominated by massive sulphide bodies containing gold and copper. The eastern end of the district exhibits base metal mineralization and anomalous gold at surface. Urasar was first exploited by the French in 1914, followed by Soviet exploration programs in the 1930s and 1956 to 1960, comprising over 20 exploration adits and at least 15 shallow drill holes.

Laboratory details and quality assurance/quality control

The diamond core was cut and samples prepared under Hayasa's supervision in Armenia with the splits sent to the ALS laboratory in Romania. The prepped samples were analyzed by 30-gram fire assay for gold (method Au-AA23) and 34 associated elements using multielement ICP (induced coupled plasma; method ME-ICP61). This batch from four holes represents 449 mostly two-metre sample intervals. In addition, a known standard, blank or duplicate was inserted every 10 samples for QA/QC purposes.

New project area under application

A gold-mineralized area identified by the company's local team in previous field seasons has shown promising results. Geochemical sampling indicates encouraging gold values, covering a 2,200-metre-by-800-metre surface area, carried out on lines 200 metres apart earlier this year. The application process is currently under way, and further details will be provided once the exploration permit is granted.

Hayasa is evaluating numerous other greenfield and brownfield properties and should have additional intelligence on these opportunities over 2026.

Qualified person

The content of this news release was reviewed and approved by Mr. Moore, Hayasa's president and chairman, a qualified person as defined by National Instrument 43-101.

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