Hayasa Metals Inc. (TSXV: HAY | OTCQB: HAYAF) has announced the execution of a non-binding term sheet dated September 17, 2026, establishing a Strategic Exploration Alliance with an undisclosed Major Mining Company to advance copper and critical metals exploration in southern Armenia's Tethyan Belt. The alliance is fully funded by the Major Mining Company during an initial two-year phase, with up to US$1,000,000 committed to trigger earn-in options. Alongside this announcement, the company disclosed that Teck Resources Limited has terminated its option on the Vardenis property and that the exchange has approved a warrant expiry extension.

Key Points

  • Hayasa Metals Inc. (TSXV: HAY | OTCQB: HAYAF) announced the alliance term sheet on September 21, 2026
  • A Major Mining Company will solely fund a two-year exploration alliance targeting copper and critical metals in southern Armenia
  • US$1,000,000 minimum expenditure triggers a First Option for 51% interest; a further US$3,000,000 can increase that to 70%
  • Investors should watch for execution of definitive agreements, anticipated before year-end 2026

Alliance Structure and MMC Earn-In Terms for Armenian Exploration

Under the term sheet, the Major Mining Company will solely fund a two-year alliance phase, spending a minimum of US$1,000,000 within the defined Alliance Area of Interest to unlock a First Option on any Designated Project. Exercising that First Option allows the Major Mining Company to earn a 51% interest by funding US$1,000,000 per Designated Project over two years, with Hayasa acting as operator. A Second Option subsequently permits the Major Mining Company to increase its stake from 51% to 70% by committing an additional US$3,000,000 over three years. The term sheet is non-binding except for specified provisions, and definitive agreements remain to be negotiated.

Potential Joint Venture Formation and Hayasa's Funding Holiday Provision

A joint venture may be established upon completion of Second Option expenditures or following a Major Mining Company election not to proceed beyond the First Option. Each party would then fund its pro-rata share of approved expenditures based on its interest at that time. Notably, the term sheet includes an 18-month funding holiday for Hayasa immediately following joint venture formation, during which the company may defer its share of approved operational budgets, with the Major Mining Company covering those amounts in the interim. This provision could reduce near-term capital demands on Hayasa.

Teck Terminates Vardenis Option as Hayasa Asserts Remaining Exploration Potential

Teck Resources Limited has notified Hayasa of its election to terminate its option on the Vardenis property, returning the 93 km² exploration licence to Hayasa. The company's release states that only approximately 4 km² in the far northwestern section of the licence was drilled across a ten-hole programme, while anomalous surface soil geochemistry — particularly for gold — extends a further six kilometres to the east and southeast. Hayasa management stated it believes significant exploration potential remains and that the company has received expressions of interest from third parties regarding the project.

Exchange Approves Warrant Expiry Extension to March 2028

The TSX Venture Exchange has consented to extend the expiry date of 5,582,641 share purchase warrants, each with an exercise price of $0.22, by one additional year to March 23, 2028. The warrants were part of a unit offering; for additional context the company directed investors to its news release dated September 4, 2026. The immediate share price impact of all disclosures in this announcement was not clear from available public information.