Hayasa Metals Inc. · TSXV:HAY
Hayasa Metals — Mining Armenia Forum 2025
18 slides from Hayasa Metals's conference presentation, October 2025
Slide 1: Dedicated to Discovery
Dedicated to Discovery Mining Armenia Forum OCT 2025 www.hayasametals.com TSXV: HAY | OTCQB: HAYAF | FSE: FR20
Slide 2: Disclaimer
Disclaimer Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events or the Company's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward- looking state
Slide 3: Mining: Two Truths…
Mining: Two Truths… 1) If it is not grown, it is mined. 3
Slide 4: Mining: Two Truths…
Mining: Two Truths… 2) No gold on Earth, comes from Earth. 4
Slide 5: World Trends Copper Grade
World Trends Copper Grade • In 1900, average grade of Copper mined was 4%; in 2000 it was ~ 1.5% • Operating mines today are at 0.53% with developing mines at 0.39% (Source: mining.com) • Over time, #1 factor for growth of known Copper resources has been… lowering cutoff grade! • There are, simply p
Slide 6: World Trends Cu Cost Curve
World Trends Cu Cost Curve • Copper price in 2004 was almost = to cost • All-in costs for the best miners have trebled in 20 years • Copper demand (everywhere) has increased over time and is projected to accelerate; at the same time grades are decreasing (everywhere) Humans need metal. A lot of it.
Slide 7: World trends - Electrification
World trends - Electrification 7
Slide 8: But…
But… • High profit margins incentivize new entrants and substitute products • Do not assume that other sources of copper won’t make their way into supply chains, or that substitutes will not be invented i. The Metals Company is mining the ocean ii. Astroforge plans to mine asteroids iii. Substitute
Slide 9: Armenia – World Bank Report
Armenia – World Bank Report The World Bank presentation of April 2024 summarizes the situation in Armenia: • Of 23 mining licenses issued since independence, mining has taken place at nine • Amulsar is the only post-Independence discovery to have advanced to construction • Exploration spending has b
Slide 10: Canada – Challenges
Canada – Challenges • Over 2011-2020, industry spent US$27.0 billion (June 2022 Dollars) on exploration in Canada with Junior Companies accounting for 44% of the total exploration spend (Gold = 65% of total spend) • On average 10 to 15 significant new deposits each year! BUT only one Tier-1 discover
Slide 11: Canada – The Takeaway
Canada – The Takeaway • Junior Exploration Companies accounted for 84% of all significant discoveries in Canada, or ~82% of the total value • “Bang-per-Buck” for Junior Companies was 1.23 versus just 0.21 for Senior Companies 11
Slide 12: Why is Exploration Hard?
Why is Exploration Hard? • Exploration companies have no revenue • We rely on investor financing • Investors will only invest if they feel the risk/reward is worth it Risk: the drill bit finds nothing and the share price collapses Reward: the drill bit finds a deposit and starts trading at US$0.05 p
Slide 13: Hayasa Metals? Who??
Hayasa Metals? Who?? • Hayasa is the largest Armenian focused publicly traded mining exploration company in the world • Two properties: Urasar (copper gold) and Vardenis (copper moly) • Hayasa, with our partner Mendia Resources LLC, recently signed an agreement with Teck Resources (perhaps soon to b
Slide 14: Why did HAY choose Armenia
Why did HAY choose Armenia • The country is underexplored and is in the Tethyan Belt • We had the foresight a few years ago to explore new frontiers • Hayasa found the right partner in the right country • Armenia is endowed with minerals; it is critical that no matter what you do that you work with
Slide 15: The Tethyan Belt
The Tethyan Belt Source: MinEx Consulting: PDAC 2021 15
Slide 16: Vardenis: Teck
Vardenis: Teck • Hayasa entered into an option agreement on Vardenis with Teck Resources on 26 Aug 2025 • Teck will initially spend US$15 mln before 31 Dec 2029 • We are currently in the middle of drilling 3,500m Sustainability: Teck is focused on operating sustainably, ensuring the health and safet
Slide 17: Finally… if we find a project?
Finally… if we find a project? Now the real hunt for capital begins. Take Vardenis: • Hayasa will spend US$15mln at Vardenis over 5 years and this will yield about 30,000m of drilling • From there another 30,000m will have to be drilled to get to PFS which will take minimum two years • We are now in
Slide 18: Shnorhakalutyun
Shnorhakalutyun շնորհակալություն Source: MinEx Consulting: PDAC 2021 18