Hannan Metals increases placement to $10.5-million

Executive Summary

• Hannan Metals Ltd. has upsized its non-brokered private placement offering under the Listed Issuer Financing (LIFE) exemption to up to 14 million common shares.
• The offering is priced at $0.75 per share, targeting gross proceeds of $10.5 million, with a minimum raise of $4 million.
• Net proceeds will be used to fund exploration at the company's Peruvian projects, specifically advancing the drill program at the Belen prospect, as well as for general corporate and administrative costs.

Key Details

• Offering Size: Upsized to up to 14 million common shares.
• Price: $0.75 per common share.
• Gross Proceeds: Up to $10.5 million.
• Minimum Proceeds: $4 million.
• Structure: Non-brokered private placement under the Listed Issuer Financing (LIFE) exemption (Part 5A of National Instrument 45-106).
• Use of Proceeds:
  • Finance exploration expenditures at projects in Peru.
  • Continue to advance the drill program at the Belen prospect.
  • General corporate and administration costs.
  • General working capital.
• Closing Timeline: Expected to close in tranches by November 28, 2025.
• Regulatory Status: Subject to necessary regulatory approvals, including conditional approval from the TSX Venture Exchange (TSX-V).
• Finder's Fees: The company may pay cash finders' fees to certain arm's-length finders, subject to TSX-V approval.
• Hold Period: Securities issued are not subject to a hold period under applicable Canadian securities laws.
• Documentation: An amended and restated offering document dated November 18, 2025, is available via SEDAR+ and the company website.