Mr. Joel Sutherland reports

HAYASA METALS ANNOUNCES COMPLETION OF 2026 URASAR DRILL PROGRAM, AND WARRANT EXTENSION APPLICATION

Hayasa Metals Inc. has completed the scheduled 1,000-metre diamond drilling program at the Urasar project in northern Armenia. The program comprised two drill holes, UDD-022 and UDD-023, targeting the Oxide basin and Silica West prospects respectively, in the far western portion of the Urasar exploration permit. The final 1,070-metre drilling program was carried out by the AT Group, a drilling contractor based in Yerevan, Armenia employing an Atlas Copco CS-14 machine.

In May, 2026, Hayasa completed a six-line, 53-station audio-magnetotelluric (AMT) geophysical survey at Urasar, following a successful three-line orientation survey conducted in June, 2025 (see Hayasa news release dated June 11, 2026). Interpretation of the resistivity data identified several zones of low resistivity (high conductivity) that can correspond to sulphide mineralization intersected in previous drill holes UDD-001, UDD-011, and UDD-014.

Previous drill hole UDD-021 completed in late 2025, was terminated prematurely prior to reaching the targeted depth, but nevertheless intersected some of the strongest mineralization encountered at Urasar to date, including 39 metres grading 0.50 per cent Cu (copper) and 0.18 gram per tonne Au (gold) from 11 to 50 m, and 52 metres grading 0.11 per cent Cu from 163 to 215 metres depth.

Drill holes UDD-022 and UDD-023 were designed to test near-vertical AMT anomalies identified on profiles 1 and 2 at the western end of the property, and in the vicinity of UDD-021. These targets are also supported by anomalous surface geochemistry and strong to intense hydrothermal alteration. This portion of the licence area hosts large, resistant siliceous ridges characterized by iron oxide replacement of sulphides, together with localized occurrences of unoxidized bornite mineralization.

The 2026 drilling intersected an intense, multiphase quartz-anhydrite vein/veinlet stockwork hosted by strongly hydrothermally altered rocks. The vein system locally contains pyrite and chalcopyrite, with occasional enargite. Increasingly potassic-style alteration observed at depth, together with the stockwork character and Cu-bearing sulphide assemblage, is interpreted as evidence for a potentially well-developed porphyry-style hydrothermal system.

Hayasa management comments

Hayasa president and qualified person Dennis Moore states: "Visually the core from these two holes is slightly different from previous holes with long sections of intense silicification, as well as the ubiquitous brecciation abundant pyrite mineralization and subordinate chalcopyrite mineralization seen in all previous drill holes. We are expecting results similar or better to the results from the end of last year. It's well to remember that 23 drill holes is not a lot of drilling for a mineralized corridor that is 15 kms long."

Hayasa chief executive officer Joel Sutherland adds: "The company continues to learn more about Urasar with every meter drilled. These last two holes are the first two holes drilled to depth, and the veining in the core is potentially indicative of something much bigger. The assays, results expected from ALS mid-October, will provide structural and geochemical data to add to our Urasar mineralization model.

"We continue to believe there is economic mineralization at Urasar that can be unlocked, and the assays of these deeper holes will contribute materially to how we unlock that value. As the Urasar licence extension is renewed over the coming months, Hayasa management will focus on our new potential projects at Amasia, Mount Stephanie, Hovo's Reward and Vardenis."

Proposed September, 2025, warrant extension

Hayasa announces that it intends to file an application to the TSX Venture Exchange to extend the expiry dates of an aggregate of 11,165,282 outstanding one-half of one common share purchase warrants. The company proposes to extend the expiry date of the warrants from March 23, 2027, to March 23, 2028.

The warrants were issued pursuant to a non-brokered private placement that closed on Sept. 23, 2025, and were originally exercisable for 18 months from the closing date. Each whole warrant entitles the holder to purchase one common share in the capital of the company at a price of 22 cents per share. All other terms of the warrants will remain the same.

The extension of the warrants remains subject to approval of the TSX Venture Exchange.

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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