Drill Results Routine −

Hayasa Metals Provides Update on Vardenis and Urasar Projects

Hayasa Metals Drilling Update Fails to Deliver Economic Mineralization at Vardenis Amidst Teck Partnership

By The Northwire Desk — AI Analysis May 11, 2026 · 06:31 HAY · 0.065 Hayasa Metals Inc.

Executive Summary

Date: May 11, 2026
Headline: Hayasa Metals Provides Update on Vardenis and Urasar Projects
Vardenis Project Results: Completed a ten-hole diamond drill program (4,561 meters) in 2025. Identified geochemical anomalies for copper, molybdenum, and gold but explicitly stated "significant intervals of economic mineralization were not intersected." CEO Dennis Moore notes the company is within a large porphyry system but has only seen indications on outer margins.
Urasar Project Update: Initiating a six-line AMT survey (completion expected end of May). Plans to drill up to 1,000 meters in the next 8 weeks following recent intersection of 39m @ 0.5% Cu at Oxide Basin. Identified antimony anomaly at Yellow River Junction.
Amasia Prospect: Received community approval; federal exploration permit expected Q4 2026. Contains five recent drillholes showing economic antimony and sulfide nickel mineralization near surface.
Corporate Updates: Dr. Armen Stepanyan joined advisory board with grant of 100,000 stock options at $0.06 per share.

Material Impact

Vardenis Disappointment: The most critical aspect is the Vardenis update. Despite a Teck Resources partnership and significant drilling expenditure (4,561m), the company admits no economic mineralization has been intersected yet. This contradicts earlier "Tier 1" porphyry expectations set during the financing phase in late 2025.
Price Reaction Context: The stock price has already corrected significantly from a high of $0.20 (September 2025) to current levels around $0.07. This suggests the market has largely priced in exploration risk and lack of immediate discovery.
Urasar vs. Vardenis: While Urasar showed some copper intersections (39m @ 0.5% Cu), the focus remains on Vardenis as the primary value driver due to the Teck JV. The failure to find economic mineralization at Vardenis delays the path to a resource estimate or option exercise by Teck.
Teck Option Status: The news confirms drilling milestones are being met (4,561m drilled vs 3,000m required by Dec 2025), keeping the Teck option alive, but does not trigger the next payment milestone ($3.5M for second option) which requires a prefeasibility study.
Sentiment: The news is negative relative to valuation expectations because it confirms exploration risk without delivering a discovery catalyst. It reinforces the "Routine" nature of the update rather than providing a material positive surprise.

HAY · Price

Company Overview

Company Name: Hayasa Metals Inc. (TSXV: HAY | OTCQB: HAYAF)
Strategy: First-mover advantage in Armenia’s mining-friendly jurisdiction; focus on discovery of copper-gold-molybdenum projects through exploration and joint ventures.
Flagship Project 1 (Vardenis): Copper-Gold-Molybdenum porphyry project. 9,399 ha license. Joint Venture with Teck Resources (Teck option to acquire up to 80% interest). Exploration status: Drilling completed, assay results pending/analyzed as anomalies.
Flagship Project 2 (Urasar): Copper-Gold-Antimony project. 3,380 ha permit. 100% owned by Hayasa. Exploration status: Active drilling and geophysical surveys ongoing.
Management: Dennis Moore (Chairman/President), Joel Sutherland (CEO). Board includes independent directors with mining finance experience.

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