Mr. Dennis Moore reports

HAYASA METALS ANNOUNCES 39M @ 0.50% CU FROM LATE SEASON DRILL HOLE AT URASAR; PROSPECTS UPDATE

Hayasa Metals Inc. has received the final drill hole results from last season's exploration program and has drilled 39 metres of 0.50 per cent Cu (copper) and 0.19 g/t (gram per tonne) Au (gold) from 11 m to 50 m, and 52 m of 0.11 per cent Cu from 163 m to 215 m depth, from hole UDD-021. This hole was drilled due south at an inclination of negative 60 degrees at Oxide basin at the western end of the Urasar exploration permit.

As announced in the company's news release on Nov. 12, 2025, a proposed late-season, 500-metre diamond drill hole (UDD-021) was collared in November in the Oxide basin area, targeting a low resistivity AMT anomaly. Drilling encountered complications at 235 metres due to intensely broken ground, and with the imminent onset of significant winter snowfall, led to the abandonment of hole UDD-021 before reaching its target depth. The target anomaly is projected to occur at a depth of approximately 250 m to 400 m.

Based on the encouraging copper geochemical results, and the need to flesh out the audio magneto telluric (AMT) survey before additional drilling, an expanded AMT survey has been scheduled for April. The previous three-line survey carried out in August last year, was a trial survey, which indicated that low resistivity/high conductivity responses may correlate with mineralized zones. Subject to favourable spring snow melt and road conditions, up to two additional drill holes are planned for Q2 2026 within the priority one zone.

Joel Sutherland, chief executive officer of Hayasa, comments: "This late season drill hole confirms that what we see at surface is an indication of subsurface mineralization. We expect to derive more information from the upcoming AMT survey in April which will help in refining drill targets for the spring program. This particular hole has excellent indications of near surface copper mineralization. Figure 4 [in the original version of this news release] shows the core at 188m."

The company intends to communicate its 2026 Urasar drill hole plan after it completes a more robust AMT survey, commencing in April, that contemplates six lines shown in a figure in the original release. This work will be completed in the first half of Q2, and the company expects to drill in May.

Laboratory and QA/QC (quality assurance/quality control) details

The samples were prepared and analyzed by ALS Laboratory in Rosia Montana, Alba county, Romania. Gold content was determined by 30-gram fire assay with an atomic absorption spectroscopy (AAS) finish (Au-AA23). Multielement analysis was conducted using the ME-MS61r method, consisting of a near-total four-acid digestion followed by ICP-MS analysis, providing determination of 61 elements, including rare-earth elements (REE). A quality assurance/quality control (QA/QC) program includes the insertion of certified reference materials (standards), blanks and duplicates every 20 samples.

New projects

Hayasa Metals is in the process of applying for three new additional exploration permits within Armenia as discussed in the news release dated Feb. 5, 2026. The first and most critical step in the licence application process in Armenia involves public consultations with local villages in the proposed work area. The company is pleased to report that the public meeting for a licence application in the north of the country, where polymetallic antimony-nickel-cobalt mineralization has been historically worked, was successfully approved the company's proposal in March. The subsequent environmental and proposed budget reports will be submitted to the government in early April.

Two other projects in the center of Armenia have public meetings scheduled for the third and fourth weeks in April. The first is a two-kilometre-by-500-metre copper-silver anomaly generated by the Hayasa team, hereafter called "Hovo's Reward." The second is a large altered zone hosting high sulphidation Cu-Au (copper-gold) surface anomalies, hereafter called Mount Stephanie. More information on these projects will be shared over the coming months.

Chairman remarks

Dennis Moore, chairman and president of Hayasa, commented: "Management is pleasantly surprised by the recent drilling results from hole UDD-021. Broad intervals of up to 52 metres of copper mineralization were not identified during initial logging, due to strong oxidation effects, particularly in the upper (11 to 50 m depth) zone. These encouraging intersections represent the first continuously mineralized intervals drilled by Hayasa at Urasar and highlight a copper-enriched zone in the Oxide basin area that warrants further drilling.

"These results reinforce our confidence in Urasar and indicate that our exploration efforts are advancing in the right direction.

"Extensive alteration and widespread surface sulphide occurrences across the licence area -- what we refer to as "smoke" -- point to the potential for one or more concealed orebodies along this highly prospective structural corridor. With a demonstrated 15-kilometre geochemical footprint, we believe disciplined scientific work and systematic drilling, positions us to unlock meaningful value at Urasar."

Mr. Moore continues: "Additionally, our status as a first mover in Armenia is beginning to emerge through our new licence applications. Over the past several months, we have laid the groundwork for these applications by conducting site visits, engaging with local stakeholders and completing thorough due diligence.

"Two of these prospects are located along the primary mineralized trend that runs south to north through the south-central region of the country, an area that hosts several operating mines. Meanwhile, the polymetallic antimony-nickel-cobalt mineralization project in the North exhibits significant visible antimony mineralization at surface across economically meaningful widths.

"These are highly promising projects, each with the potential to develop into a flagship property."

Qualified person

The disclosure of the exploration information contained in this news release was reviewed and approved by Dennis Moore, Hayasa's president and chairman, a qualified person as defined by National Instrument 43-101.

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