Hannan Restarts Drilling at Stavatrask Gold Project, Sweden 1,000 m Program to Follow Up IP Chargeability Targets and High-Grade Gold from Maiden Drilling

Hannan Metals Ltd. (HAN) has restarted diamond drilling at its Stavatrask gold project in Sweden, launching a second program comprising approximately 1,000 meters across four holes. The initiative targets down-dip and strike extensions of the two mineralization styles identified in the maiden program, as well as chargeability targets located outside the previously drilled area.

The company did not release new assay data, instead recapping results from previous reports dated August 13, 2026 (ST2601-ST2605) and August 31, 2026 (ST2606-ST2607). The recap intervals are as follows:

• ST2606: 4.6 m @ 7.2 g/t Au (including 1.9 m @ 15.7 g/t Au) from 79.5 m, within 59.6 m @ 1.1 g/t Au from 48.5 m (no lower cut).
• ST2605: 1.1 m @ 15.6 g/t Au (including 0.6 m @ 27.8 g/t Au).
• ST2604: 9.2 m @ 1.3 g/t Au.
• ST2601: 0.5 m @ 8.9 g/t Au, 47.5 g/t Ag, 0.74% Cu (polymetallic).
• ST2607: 3.2 m @ 1.4 g/t Au from 166.2 m.

The update highlights interpreted IP survey geometry, identifying a principal chargeability anomaly measuring approximately 1,300 m by 180 m that peaks at 30 mV/V. This anomaly coincides with and extends beyond the drilled mineralization. A secondary anomaly, measuring 280 m by 130 m with a peak of 28 mV/V, is located over the granodiorite drill area, alongside a third, less continuous anomaly spanning approximately 1,500 m by up to 500 m. Drilling is scheduled to conclude in October 2026, with assays expected six to eight weeks later, placing results in late November to December 2026.

Hannan Metals Ltd. (HAN) issued an exploration and operational update rather than an earnings release, providing no new financial results or assay data. The company noted that prior-period context remains relevant, while materiality to the equity is considered low. The drilling restart was previously announced, with a second approximately 1,000-meter program flagged in June and July releases. Maiden results from August are now established history, and the completion of the induced polarization (IP) survey was announced on September 10.

The only potentially new information in this update is the interpreted anomaly geometry, which refines the target area. However, as this is geophysical data rather than assay results, it cannot be converted into tonnes or grade. Market performance suggests limited enthusiasm for the recent news flow; the stock rose from approximately C$0.55 in June to between C$0.85 and C$0.90 in mid-to-late August ahead of the Stavatrask results, before fading to approximately C$0.65 by early October. This recap does not alter that posture, representing ordinary news flow intended to maintain interest while the market awaits assays from the second program, expected around December 2026.

Hannan Metals Ltd. (TSXV: HAN; OTC Pink: HANNF) is a pre-revenue junior explorer focused on two primary assets. The company’s flagship is the Amanecer project at Previsto in Peru, a 100%-owned alkalic porphyry-epithermal gold-copper system. Surface grades at the site have reached approximately 33 g/t Au and 120 g/t Ag, with channel sampling demonstrating a 100% hit rate. A maiden drill program comprising 7,650 meters across 18 platforms is currently awaiting DIA approval, with operations targeted for the first quarter of 2027.

In Sweden, Hannan Metals holds an option to earn 100% of the Stavatrask, Skelleftea North, and Adelfors projects. The earn-in requires the issuance of up to 4.5 million shares and C$2 million in exploration expenditure, with a 2.0% net smelter return (NSR) that is repurchasable for C$3 million. Stavatrask is the active drill target, located 20 kilometers north of the Boliden mine.

According to financial data from the fiscal year 2026 statements through May 31, 2026, the company reported no revenue. Selling, general, and administrative expenses totaled C$1.66 million, resulting in a net loss of C$1.54 million. The company held C$6.50 million in cash and approximately C$6.57 million in working capital, with total equity standing at C$20.8 million. Hannan Metals carried no debt and raised C$9.1 million through a private placement in December 2025, along with approximately C$11.8 million across fiscal year 2026.