Mr. Joel Sutherland reports

HAYASA METALS URASAR 2026 DRILLING PLAN

Hayasa Metals Inc. has provided additional information on its prospect pipeline, 2026 drilling campaign at Urasar, QA/QC (quality assurance/quality control) results and general corporate matters.

Prospect pipeline

Hayasa management has identified three new mineralized areas for potential project acquisition. Two of these areas exhibit anomalous gold-copper and gold-silver mineralization at surface within extensive alteration zones, located on or near known mineralized trends. The third area is an extension of an existing Hayasa exploration permit, containing historic drilling and surface workings. These three areas show significant potential to host economic mineralization and the application processes are currently under way. The company will update the market in due course.

2026 drilling plan at Urasar

As announced in the company's news release on Nov. 12, 2025, a late-season, 500-metre diamond drill hole (UDD-021) was collared in November in the oxide basin area, targeting a low resistivity audio magneto telluric (AMT) anomaly. Drilling encountered complications at 235 metres due to intensely faulted and broken ground, combined with the imminent onset of significant winter snowfall, leading to the abandonment of the hole before reaching its target depth. The company expects the results of this partially completed hole to be released in the coming weeks.

An in-depth review of all collected technical data has identified several new drill targets and recommended redrilling UDD-021 from a slightly altered collar location. Additional AMT lines are being considered to further define these targets, as the previous three-line trial survey indicated that low-resistivity responses correlate with mineralized zones. Subject to favourable spring snowmelt and road conditions, two new drill holes are planned for May, 2026, within the priority 1 zone.

During the past two years, the company has performed several geophysical surveys at Urasar, including a three-line IP survey in 2024, a three-line AMT survey in 2025, a large surface ground mag survey and extensive soil sampling. These data, along with the 20 drill holes completed to date, have defined several high-priority target areas. The 2026 Urasar drill plan is expected in early Q2 (second quarter).

QA/QC laboratory results

Geochemical results from SGS Laboratory in Ankara, Turkey, have been received for 38 samples from selected mineralized intervals in holes DDU-011, DDU-012, DDU-013 and DDU-014. These samples were reanalyzed by an independent laboratory as part of the company's rigorous QA/QC procedures. The results are consistent with the initial data from ALS Romania, showing no statistically significant differences. This validation, along with standard QA/QC sample protocols, reinforces the company's confidence in the geochemical data produced by ALS Laboratory.

Hayasa chairman and president comments

Hayasa president and company QP (qualified person) Dennis Moore comments: "While it is a slow time of year for news flow due to the seasonality of exploration in Armenia, management is eagerly anticipating the first batch of Vardenis drill results expected in February or early March. Local management is also vigorously engaged in office-based activities, including expanding the company's portfolio of prospective mineral properties and advancing social licence activities in local communities. These efforts, while less celebrated than physical exploration activities like drilling, are crucial to the long-term success of the company in making economic discoveries."

Hayasa chief executive officer comments

Hayasa CEO Joel Sutherland comments: "The company has completed a substantial and systematic program of geophysical and geochemical work at the Urasar property, which provides us confidence that we will be able to plan our most targeted drill hole locations to date. In addition, as a first mover in Armenia, our goal in 2026 is to leverage this position into acquiring additional exploration licences."

Chief financial officer Kristina Mishina

As previously announced in a news release dated Aug. 26, 2025, the former CFO, Paul Hansed, retired at the end of 2025 and the company is pleased to announce that Ms. Mishina has been appointed as CFO.

Ms. Mishina is a senior consultant with Malaspina Consultants Inc., where she has worked since May, 2023. Ms. Mishina has over a decade of experience in accounting and audit, including in management roles. Kristina obtained her CPA, CA designation in 2013. She graduated with a degree in economics (BEcon) from Voronezh State University and a postbaccalaureate degree in accounting from Thompson Rivers University.

Ms. Mishina succeeds Mr. Hansed, who served as the company's CFO and corporate secretary since June, 2017. The company would like to thank Mr. Hansed for his contributions to the company and wishes him all the best in his retirement.

Grant of stock options

Hayasa's board of directors has approved the granting of stock options pursuant to the company's 2024 omnibus equity incentive plan. The stock options will entitle the holder to purchase an aggregate of 1.15 million common shares of the company to certain directors, officers, employees and consultants of the company pursuant to its omnibus equity plan. The stock options are exercisable at a price of seven cents per share and expire five years from the date of grant. Thirty-three per cent of the stock options vest immediately and an additional 16.75 per cent vest every six months thereafter.

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 by Mr. Moore, a qualified person as defined by National Instrument 43-101.