Hannan Metals closes $7.03-million first tranche

Executive Summary

• Hannan Metals Ltd. has closed the first tranche of its non-brokered private placement offering under the listed issuer financing exemption (LIFE).
• The company issued approximately 9.38 million common shares at $0.75 per share, raising gross proceeds of approximately $7.03 million.
• Net proceeds are designated for exploration expenditures at the Belen and Previsto projects in Peru, as well as general corporate and working capital needs.

Key Details

• Transaction Structure: Non-brokered private placement under the listed issuer financing exemption.
• Shares Issued: 9,379,747 common shares.
• Price Per Share: $0.75 CAD.
• Gross Proceeds (Tranche 1): $7,034,810.
• Total Offering Size: Up to 14 million common shares at $0.75 per share, for total aggregate gross proceeds of up to $10.5 million.
• Use of Proceeds:
  • Finance exploration expenditures at projects in Peru.
  • Continue drill program at the Belen gold-copper project (DIA Valiente).
  • Geological and drill permitting work at the Previsto gold-copper project (DIA Amacener).
  • General corporate and administration costs and general working capital.
• Finders' Fees: $338,882.53 paid in cash to arm's-length finders.
• Regulatory Status: Subject to necessary regulatory approvals, including final approval from the TSX Venture Exchange.
• Securities Terms: Securities are not subject to a hold period under applicable Canadian securities laws.
• Documentation: An amended and restated offering document related to the upsized LIFE offering is dated November 18, 2025.