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Hayasa Metals Has First-Mover Advantage in Armenia Gold and Copper with Teck as Partner

CEO.CA May 15, 2026 16:56

Summary

Hayasa Metals is the only Western-listed explorer in Armenia, giving it a first-mover position as the country courts critical minerals deals.

AMT surveys, which detect conductive copper and gold up to a kilometer deep, are guiding a June drill program after a 39-meter hole at 0.5% copper.

Teck Resources' earn-in fully funds Vardenis, though 5,000 meters drilled last year found no economic mineralization; Urasar needs a 400-500 meter hole.

Three properties are being added at approximately $30,000 each - antimony-nickel-cobalt, gold-silver and a copper-gold porphyry target - with no capital needed until 2027.

The two executives own roughly 20% of the company, about 14 million shares, and both bought stock within the past 30 days.

Dennis Moore's takeaways

  • Top takeaway Moore says the AMT resistivity survey is what defines the upcoming drill program: this year's survey adds seven lines, mostly over the western part of the URSAR licence plus a couple on the eastern side, with results not due for weeks after the May 2026 interview.
  • He reports 39 metres at 0.5% copper as the company's best result to date, hit near surface when a hole failed to reach its target depth, and says URSAR still needs one deeper hole of roughly 400-500 metres.
  • He is sceptical of the earlier IP survey, saying the chargeability anomalies came up in the wrong place, sit under limestone that does not fit their model, and have not been drilled.
  • He says the 94 km² Vardanis licence contains about 35 km² of high-sulphidation alteration while only 3-4 km² has been drilled, leaving most of the system untested.
  • He flags the three planned 2026 property additions, including the antimony-nickel-cobalt prospect that already has public approval from the local community and a historical Soviet resource that is not 43-101 compliant.

Joel Sutherland's takeaways

  • Top takeaway Sutherland says he expects URSAR results to reach the market in August 2026 and the Vardanis drill program to start around the same time, which he frames as the main tailwind for the shares.
  • He argues URSAR needs a single deeper hole of about 400-500 metres, and that the geophysics is meant to avoid drilling dud holes rather than spend capital, since drilling is the most expensive thing the company undertakes.
  • He says the US and Europe signing economic ties with Armenia signals interest in developing the country, and that he was told by the US Embassy a US-Armenia critical minerals deal is coming, which he expects to draw more competitor interest.
  • He says the three new properties cost about $30,000 each with no company capital required until 2027, so they would not strain the balance sheet.
  • He states that he and Moore each hold just under $9 million of the company, about 20% of it or roughly 14 million shares at 72.5, and that both bought shares in the 30 days before the May 2026 interview.