Mr. Joel Sutherland reports

HAYASA METALS ANNOUNCES 2026 AMT GEOPHYSICAL RESULTS FOR URASAR COPPER-GOLD PROJECT, ARMENIA

Hayasa Metals Inc. has received the preliminary natural source audio magnetotelluric (AMT) sections from a six-line 53-station NSMAT survey executed at the Urasar copper-gold project in May, 2026. This program was the second AMT survey carried out at Urasar following a trial three-line survey completed in June, 2025.

During the next week, Hayasa management will evaluate this new geophysical data in conjunction with earlier geochemical and drilling data in order to plan a follow-up drill program at Urasar of up to 1,000 metres. The company expects drilling to commence before the end of the month.

NSAMT survey

The NSAMT survey was carried out this past May by Terratec Geophysical Services GmbH & Co. based in Heitersheim, Germany. The survey comprised four lines over the western part of the licence (Yellow River zone), spaced approximately one kilometre from the three trial lines completed in 2025. Additionally, two single AMT lines were completed over the Black River zone and Brick House prospect in the eastern part of the licence area.

NSAMT is a passive electromagnetic imaging technique using the Earth's electromagnetic field to map geologic features and structures by induction. The technique uses thunderstorms and electric currents in the ionosphere, which are created by the interaction of the solar plasma with the geomagnetic field, as a source of signals. The resulting natural, primary magnetic fields produce electric currents in the Earth's subsurface, which generate secondary magnetic fields; and these measurements can be used to calculate a resistivity model of the subsurface. Magnetotelluric surveys are able to look deeper than normal IP surveys, although they measure resistivity only and do not measure chargeability. The ability to identify geologic features varies with depth and depends upon target size, resistivity contrasts and contact geometry.

Four lines were situated in the western section of the licence, known as the Yellow River area, which hosts the Golden Vein, Copper Creek and Oxide Basin mineralized zones. The lines were situated north-south to create profiles perpendicular to the local east-west geological and structural trends.

The results at Yellow River show low resistivity anomalies (corresponding to conductive areas) at the south ends of the profiles, toward the river valley, although the anomalies do extend somewhat to the north, where alteration and mineralization crop out at surface, and where recent drilling has intersected sulphide mineralization. Of particular interest is the discrete resistivity lows seen in profiles two and three. The second line of the 2025 survey is situated between 2026 lines two and three and also displays a low resistivity anomaly in approximately the same part of the profile. At the northern end of the profiles on lines three and four large high resistivity anomalies probably reflect limestone and marine sedimentary rocks in this area.

At Black River an intense, low resistivity pant leg anomaly occurs straddling the river drainage with the better developed northern leg beneath the river valley itself. Drilling at Black River in 2025 area returned massive pyritic sulfide mineralization over tens of metres in drill holes UDD-016 and UDD-017 including 24 metres at 0.424 grams per tonne Au (gold) and 0.18 per cent Cu (copper) from hole 16, and 4.1 m at 2.98 g/t Au with 0.25 per cent Cu from 51.9 m to 56.0 m in UDD-017. The southern part of this AMT line is not within the current exploration permit, but the area is in the process of application. Once this additional permit is granted, further exploration work including drilling, will be carried out in this zone.

The AMT profile over the Brick House area reveals a large low resistivity anomaly dominating the center of the area surveyed. Currently this area is regarded as a lower priority target, but due to surface showings of sphalerite, chalcopyrite and gold mineralization up to 1.6 grams per tonne, additional investigation is warranted.

New exploration licence applications

Hayasa is in the process of acquiring three new exploration permits (see news release dated April 2, 2026). One of these permit applications, near the town of Amasia, is well advanced having had successful public hearings and submission of various regulatory documents to the government. The exploration permit should be awarded before year-end. The other two prospects were scheduled to have public hearings in the April to May period, but due to the recent nationwide elections, these meetings were postponed and are now scheduled for July.

Senior management and a specialist technical adviser recently visited the copper-gold prospect in the south of the country, and are quite enthused by both the size of the alteration system and the presence of copper sulfide mineralization at surface. The company estimates the exploration application will be approved before year-end 2026.

National elections in Armenia

The Hayasa Metals management team would like to congratulate incumbent Prime Minister Nikol Pashinyan's civil contract party who won a majority with 64/105 seats in the 2026 Armenian parliamentary election with 49.8 per cent of the vote. The company's experience is that the incumbent party is favourably disposed to advancing mining activity in the country; and the company expects that sentiment to be proven as the United States/Armenia critical minerals deal terms get defined over the next six months (with a similar expected development package from the European Union materializing).

Hayasa management comments

Hayasa president and qualified person Dennis Moore states: "This new AMT data from Urasar certainly gives our team a lot of information to integrate and evaluate. The four recently completed survey lines across the western portion of the licence area in the Yellow River zone correlate well with the three lines completed last year, which is both encouraging and reassuring. Of particular interest are several near-vertical structures identified on the westernmost profiles. Our local technical team is currently ground-truthing these targets and assessing access routes as we incorporate the data into plans for a short drill program expected to commence within the next few weeks."

Mr. Moore adds: "In mid-May I spent 10 days in Armenia and had the opportunity to visit both the Amasia permit area and one of the newly applied -- for properties in the southern part of the country. The Amasia project hosts a listwaenite-type mineralized system characterized by antimony and other metals associated with hydrothermally altered ultramafic rocks; whereas the southern property exhibits broad zones of advanced argillic alteration with occurrences of copper sulphide mineralization typical of a high-sulphidation, porphyry-style system. While both areas show size potential, the high-sulphidation prospect is particularly compelling despite persistent deep snow on the north-facing slopes limiting access to some of the better mineralized zones.

"These new acquisitions represent an exciting addition to Hayasa's growing portfolio and we look forward to demonstrating the substantial untapped mineral potential that Armenia has to offer."

Hayasa chief executive officer Joel Sutherland states: "The six new AMT profiles provide excellent technical information that will undoubtedly assist drill targeting as we start drilling our 2026 program. We are seriously optimistic that there is tremendous opportunity in Armenian mineral exploration and will continue to advocate for improving the regulatory framework as well as incentive programs for exploration companies."

About Hayasa Metals Inc.

Hayasa Metals is a copper and gold exploration company focused on advancing its highly prospective projects in Armenia. The company is committed to responsible exploration and sustainable development practices while creating long-term value for shareholders.

Qualified person

The content of 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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