New Risk • Aug 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.2m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.71m market cap, or US$3.36m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Jul 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.44m market cap, or US$3.83m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Jun 19
Hayasa Metals Inc. Announces Commencement of Drill Program At Urasar Project Hayasa Metals Inc. announced a 1,000-meter diamond drilling program at the Urasar Project in northern Armenia. The program will comprise two drillholes, 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 drilling will be carried out by the AT Group, a drilling contractor based in Yerevan, Armenia employing an Atlas Copco CS-14 machine. The drill rig is being mobilized to site with the first hole expected to be collared June 19. 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. Interpretation of the resistivity data has identified several zones of low resistivity (high conductivity) that may correspond to sulfide mineralization intersected in previous drill holes UDD-001, UDD-011, and UDD-014. Hole UDD-021 was drilled in November 2025 to test this geological model but was abandoned at a depth of 235 meters due to difficult ground conditions and the onset of a winter snowstorm. Despite being terminated prematurely, and not reaching the targeted depth, UDD-021 intersected some of the strongest mineralization encountered at Urasar to date, including 39 meters grading 0.50% Cu and 0.18 g/t Au from 11 to 50m, and 52 meters grading 0.11% Cu from 163 to 215 meters depth. The planned drill program is designed to test near-vertical AMT anomalies identified on profiles 1 and 2 at the western end of the property. These targets are supported by coincident anomalous surface geochemistry and mapped hydrothermal alteration. This portion of the license area hosts intensely altered siliceous ridges characterized by iron oxide replacement of sulphides, together with localized occurrences of unoxidized bornite mineralization. 
