Hayasa Metals Signs Term Sheet with a Major Mining Company to Enter a Strategic Exploration Alliance
Hayasa Metals Signs Term Sheet with a Major
Mining Company to Enter a Strategic
Exploration Alliance
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2026) - Hayasa Metals Inc. (TSXV: HAY)
(OTCQB: HAYAF) ("
Hayasa
" or the "
Company
") is pleased to announce it has executed a term sheet
dated Sep. 17, 2026 that defines a Strategic Exploration Alliance Agreement (the "
Alliance
") with a
Major Mining Company "
MMC
"), to advance copper exploration and other critical metals exploration in a
strategic area of interest in the southern part of Armenia.
The term sheet is intended as a framework and
is non-binding, except for certain limited provisions that are expressly stated to be binding and the
proposed Alliance remains subject to the negotiation and execution of definitive agreements.
Under the Agreement, Hayasa will collaborate with the MMC to conduct copper exploration within a
defined Alliance Area of Interest ("Alliance AOI") in the southern part of Armenia. The Alliance aims to
identify and develop economically viable mineral deposits in the Tethyan Belt in Armenia.
Hayasa CEO, Joel Sutherland, comments:
"This partnership combines Hayasa's deep local knowledge
and geological expertise with MMC's significant global exploration and mining experience. The
definitive agreement is anticipated to be signed before the end of the year.
We have already
developed budgets and will commence basic preliminary field work immediately."
Hayasa Chairman, Dennis Moore, comments:
"The team will be conducting an in-depth evaluation of
areas where we believe the geological parameters for large-scale deposits exist, but where we have
previously not had the resources or bandwidth to execute the required programs.
Planning is already
underway."
Strategic Exploration Alliance Highlights from the Term Sheet
The Alliance Phase will have a term of two years from the date of execution and will be solely funded by
MMC.
US$1,000,000 must be spent within the Alliance AOI in order to enable a First Option in a
Designated Project.
The goal of the Alliance phase is to identify one or more project areas with the potential for discovery of
a large orebody.
Such areas may be deemed a Designated Project under the Alliance once the Alliance
minimum expenditures have been completed.
MMC shall have the sole and exclusive option to exercise
the First Option and earn a 51% interest in each Designated Project, by incurring or funding aggregate
expenditures of US$1,000,000 per Designated Project over a period of two (2) years.
Hayasa will be the
operator during the First Option.
After completing the first expenditure threshold, MMC shall have the sole and exclusive right for Second
Option stage to increase its interest in the Designated Project, from 51% to 70% by incurring or funding
additional aggregate expenditures of US$3,000,000 in respect of such Designated Project over a
period of three (3) years following exercise of the First Option.
Joint Venture
A joint venture (the "
Joint Venture
") may be established in respect of a Designated Project if:
(a)
MMC has completed the Second Option Expenditures and delivered notice to Hayasa electing to
form the Joint Venture; or
(b)
MMC has completed the First Option Expenditures, and delivered notice to Hayasa that it does
not intend to complete the Second Option expenditures.
Upon establishment of the Joint Venture, the participating interests of MMC and Hayasa will be based
on their respective interests in the Designated Project at that time, and each party shall fund its pro rata
share of approved expenditures, subject to Hayasa's Funding Holiday (as described below).
During the 18-month period immediately following establishment of the Joint Venture, Hayasa may elect
to defer funding its share of approved operational budgets, in which case MMC shall fund such amounts.
The proposed terms above and the Alliance are subject to definitive documentation.
Termination of Vardenis Option
Hayasa has received notice from Teck Resources Limited ("
Teck
") of its election to terminate its option
on the Vardenis property.
Dennis Moore comments:
"Vardenis comprises the largest 'color anomaly' in Armenia: a 35 km²
hydrothermally altered surface expression, easily identifiable on satellite images and which hosts
anomalous metal values throughout.
The 93 km² exploration license was returned to Hayasa after a
10-hole drill program in a portion of the license area hosting the most robust molybdenum anomalies.
The area drilled to date covers only approximately 4 km² in the far northwestern section of the license;
while anomalous surface soil geochemistry-particularly for gold-extends a further six km to the east
and southeast.
Hayasa management believes that the Vardenis license has not yet been fully tested and that
significant exploration potential remains.
As most explorationists are aware, it usually takes more than
one or two drill campaigns to make a significant discovery."
Joel Sutherland adds:
"It is unfortunate that Vardenis was not able to satisfy the criteria for
advancement at this time.
Hayasa has received numerous inbound expressions of interest on the
project.
Additional updates will be forthcoming at the appropriate time."
Exchange Approval of Warrant Extension
The Exchange has consented to an extension in the expiry date of 11,165,22 units with 5,582,641 share
purchase warrants attached with an exercise price of $0.22 for an additional year with the new exercise
date of warrants being March 23, 2028.
For further information, please refer to the Company's news
release dated September 4, 2026.
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.
On behalf of the Board of Directors,
Joel Sutherland
CEO
Hayasa Metals Inc.
For further information, contact:
www.hayasametals.com
https://twitter.com/Hayasametals
604-676-5664
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking statements
This news release contains forward-looking statements. All statements other than statements of
historical fact included in this news release are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such statements including,
without limitation, statements regarding future exploration programs. Important factors that could
cause actual results to differ materially from the Company's expectations including the risks detailed
from time to time in the filings made by the Company with securities regulators. The reader is
cautioned not to place undue reliance on any forward-looking information.
Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement. The forward-
looking statements contained in this news release are made as of the date of this news release and
the Company will update or revise publicly any of the included forward-looking statements only as
expressly required by Canadian securities law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/315122