Hannan Commences Drilling at High-Grade Gold Project Stavatrask, Sweden

Executive Summary

• Hannan Metals has mobilized a diamond drill rig and commenced drilling at its Stavaträsk gold project in the Skellefteå district of northern Sweden, just 12 days after announcing the acquisition deal.
• The initial exploration program targets 6 to 8 holes (~1,000 metres total) to test subsurface extensions of high-grade surface gold-copper-silver mineralization, with a second 1,000-metre program planned immediately following the review of initial assay results.
• Surface sampling previously identified a 750-metre mineralized trend with outcrop grades up to 93 g/t Au and 24 g/t Ag, alongside a boulder field returning up to 11.2 g/t Au, 154 g/t Ag, and 2.43% Cu, positioning the prospect as a compelling analogue to the nearby Boliden deposit.

Key Details

• Drilling Program: Initial phase comprises 6 to 8 holes averaging 120 to 200 metres in depth (~1,000 metres total). A second 1,000-metre program is planned immediately following the review of initial assay results within 2-4 weeks.
• Surface Sampling Results: Outcrop samples returned grades up to 93 g/t Au and 24 g/t Ag. A boulder (float) field located 650 m southeast of the outcrop yielded grades up to 11.2 g/t Au, 154 g/t Ag, and 2.43% Cu.
• Mineralized Trend & Target: The outcrop and boulder field define a 750 m mineralized trend. The initial staged program (up to 2,000 m total) aims to test the system at and below surface to establish scale, geometry, and structural controls. A follow-up electromagnetic (EM) survey is expected to trace the system under cover.
• Project Location & Geology: Stavaträsk is located in the Skellefteå Mining District, 20 km north of the historic Boliden deposit (4.24 Moz @ 15.9 g/t Au). It sits on the Vidsel-Röjnoret Shear System (VRSS), sharing the same regional-scale terrane boundary as Boliden. Mineralization is structurally hosted with massive to semi-massive arsenopyrite, pyrite, and chalcopyrite.
• Strategic Context & Capital Allocation: Previsto (Peru) remains the flagship project and primary focus, with maiden drilling now expected in 2027 due to permitting timelines. The Swedish program is designed to complement Previsto. The company secured a low-cost, share-based entry into three Swedish high-grade gold projects to add exploration optionality with minimal upfront cash.
• Historical Data & Disclaimers: Historic Boliden production data and previous drilling at Stavaträsk are unverified by Hannan and quoted for informational purposes only. No mineral resource has been estimated, and continuity at depth has not yet been established.

Notable Quotes

• Michael Hudson, CEO: "Commencing drilling at Stavaträsk within just twelve days of announcing the Swedish deal, is the kind of momentum that speaks to Sweden's standing as a country that is genuinely open for business. Boliden is one of Europe's highest-grade gold mines, with 4.2 million ounces at 15 g/t gold, and it sits just 20 kilometres along strike from our drill rig."
• Michael Hudson, CEO: "We look forward to running the first 1,000 metres, receiving drill assays, and then returning to drill the second 1,000 metres informed by those results. Previsto in Peru remains our flagship project and primary focus; the Swedish program is designed to complement that work, not replace it, while Previsto advances through permitting toward planned maiden drilling in 2027."