Hannan Announces Closing of First Tranche of Non-Brokered LIFE Offering

On November 20, 2025, Hannan Metals announced the closing of the first tranche of its non-brokered Listed Issuer Financing Exemption (LIFE) offering. The company issued 9,379,747 common shares at a price of C$0.75 per share, raising gross proceeds of C$7,034,810. The proceeds will be used for exploration at its projects in Peru, including the drill program at the Belen project and permitting work at the Previsto project, as well as for general corporate and working capital purposes.

The closing of this first tranche is a material positive event for Hannan Metals. This development must be viewed in the context of the preceding news releases: the financing was initially announced on November 4 for C$4 million and was subsequently upsized to C$10.5 million on November 18 due to significant investor demand.

The key impacts are: - Financial De-risking: The successful raise of over C$7 million in this first tranche, with more to come, significantly strengthens the company's treasury. As of the August 31, 2025 financials, the company had C$2.3 million in cash. This infusion provides a long runway to complete the ongoing drill program at Belen, aggressively advance the exciting Previsto discovery towards drill-readiness, and cover corporate overhead for well over a year. The risk of a near-term, dilutive financing is now removed. - Market Confidence: The ability to upsize the offering from C$4 million to C$10.5 million and close a substantial first tranche without a warrant sweetener is a strong vote of confidence from the market in Hannan's management, projects, and strategy. It indicates that sophisticated investors see significant upside potential, particularly in the Previsto discovery. - Strategic Flexibility: With a bolstered treasury, management can now focus entirely on execution. They have the flexibility to expand the Belen drill program if warranted by results and to accelerate the systematic derisking and permitting of Previsto, which has delivered spectacular surface results throughout 2025.

In summary, the news is not just a routine financing close; it is the culmination of a heavily oversubscribed offering that secures the company's future exploration plans and validates its recent discoveries. This places the company in a position of strength as it awaits further drill results from Belen.

Hannan Metals Limited is a Canadian-based mineral exploration company focused on discovering and developing large-scale copper and gold deposits in Peru. Its 100%-owned flagship asset is the Valiente Project, a district-scale land package in a newly recognized mineral belt in central-eastern Peru.

The Valiente project consists of two primary focus areas: 1. Previsto Project: A recent grassroots discovery of a high-grade, alkalic-type epithermal gold system. Exploration in 2025 has consistently expanded the mineralized footprint, returning impressive channel sample results such as 69.1 metres @ 2.4 g/t Au and 4.6 metres @ 7.2 g/t Au. This project is considered the highest-grade and most exciting target but is early-stage and not yet permitted for drilling (target Q3 2026). 2. Belen Project: Located approximately 20 km southwest of Previsto, Belen hosts several large-scale, drill-ready porphyry copper-gold (Ricardo Herrera, Sortilegio) and epithermal gold (Vista Alegre) targets. The company commenced its maiden drill program at Belen in May 2025.

All properties are 100% owned and appear to be royalty-free.