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Hayasa Metals Announces Option Agreement on Vardenis Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2025) - Hayasa Metals Inc. (TSXV: HAY) ...
About this update from Hayasa Metals Inc.
[{"type":"text","content":"Hayasa Metals Announces Option Agreement on Vardenis Copper-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - August 27, 2025) - Hayasa Metals Inc. (TSXV: HAY) (OTCQB: HAYAF) (FSE: FR2) (\"Hayasa\" or the \"Company\") is pleased to announce that it has entered into an amended and restated option and joint venture agreement (the \"Agreement\") which grants Teck Resources Limited (\"Teck\") the sole and exclusive option to acquire up to an 80% interest in Mendia Resources LLC (\"Mendia\"), the company that owns the geological exploration license relating to the Vardenis copper-gold project located in east-central Armenia (the \"Vardenis Project\"). The Agreement supersedes the option agreement previously entered into by the Company to acquire up to a 100% interest in Mendia. Joel Sutherland, CEO of Hayasa, commented, \"Having Teck as an investor is a positive signal for any junior exploration company. I speak for all of us at Hayasa when I say that we are exceptionally pleased Teck has elected to partner with us on advancing Vardenis. The introduction of Teck at the project level continues the momentum we are seeing in the region, and we expect that the next 12 months will be exciting times for HAY shareholders.\"Dennis Moore, President and Chairman of Hayasa, added, \"The partnership with Teck highlights the geological potential of Vardenis and reflects the strategic value of our work to date. We are delighted to align with a world-class operator that brings both technical expertise and financial capacity. This agreement lays a clear path forward for the project while preserving long-term upside for our shareholders.\"Highlights of the Agreement The Agreement provides for the following:The Company and the existing majority shareholder of Mendia (the \"Existing Shareholder\") will grant Teck the sole and exclusive option to acquire a 70% interest in Mendia (the \"Initial Option\"), which may be exercised by Teck upon (i) incurring an aggregate of US$15 million in exploration expenditures on the Vardenis Project by December 31, 2029, (ii) fulfilling its firm commitment to complete 4,300 meters of diamond drilling on the Vardenis Project by October 31, 2026, including 3,000 meters by December 31, 2025, and (iii) making any required payments to the Existing Shareholder. If Teck exercises the Initial Option, it will have a fu...