Hannan Metals concludes maiden drill program at Stavaträsk Project, Sweden

Hannan Metals Ltd. [TSXV: HAN; OTC Pink: HANNF] reported that it has completed its maiden diamond drill program at the Stavaträsk gold project in the Skellefteå district of northern Sweden. The program comprised seven holes for a total of 1,040 metres.

Assay results are expected within the next six weeks, with a second 1,000-metre program planned following review of initial assay results. In addition, the TSX Venture Exchange has accepted for filing the company’s option agreement dated June 10, 2026 to acquire a 100% interest in the Stavaträsk, Skellefteå North and Ådelfors gold projects, Sweden.

Key Points: The maiden diamond drill program at Stavaträsk has been completed, with seven holes drilled for 1,040 metres, testing the geometry, continuity and structural controls of this high-grade structurally-hosted gold–copper–silver system.

Assay results from the drill program are awaited and are expected within the next six weeks. A second 1,000-metre program is planned following review of initial assay results.

TSXV has approved the company’s option agreement to earn 100% in three high-grade gold projects in Sweden, including Stavaträsk.

Michael Hudson, CEO, stated: “Completing our maiden drill program at Stavaträsk just weeks after announcing the Swedish deal, and now having the TSXV accept the option agreement for filing, 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 km along strike from where we drilled.

“We now look forward to receiving assays from this first 1,040 metred and then drill a second 1,000 metres subject to those results. Previsto in Peru remains the 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.”

The true thickness of the mineralized intervals is not known at this stage.

The Stavaträsk Project is located in the Skellefteå Mining District of northern Sweden, 20 km north of the Boliden deposit (4.24 Moz at 15.9 g/t Au historic production. The project occupies a strategic position on the Vidsel-Röjnoret Shear System (VRSS), the same regional-scale terrane boundary that hosts Boliden.

Gold, silver and copper mineralization is structurally hosted, with massive to semi-massive arsenopyrite, pyrite and chalcopyrite with silica alteration. Outcrop samples return grades of 93 g/t Au and 24 g/t Ag. A boulder field located 650 metres southeast of the main outcrop yielded 8 samples averaging 3.2 g/t Au (range 0.1 g/t to 11.2 g/t Au), 67 g/t Ag (range 1 g/t to 154 g/t Ag) and 0.83% Cu (range 0.003-2.43% Cu) and is surrounded by historic drill collars for which assay data is largely unavailable.

Collectively, the outcrop and boulder field define a 750-metre mineralized trend. Historic Boliden drilling in the 2000s, for which data is unavailable, traces the system over 2.5-km of strike. The initial staged program of up to 2,000 m is designed to test the system at and below surface and to establish its scale, geometry and structural controls.

The Boliden deposit, mined from 1924 to 1967, with 8.3 million tonnes grading 15.5 g/t Au that yielded roughly 4.2 million ounces of gold alongside copper, silver and arsenic and remains the defining benchmark for gold exploration across the entire Skellefteå District.

It is classified as a metamorphosed, structurally remobilized volcanogenic massive sulphide (VMS) system, with gold hosted in dense arsenopyrite and the highest-grade gold carried in later quartz-tourmaline veins. The Skellefteå Belt that hosts it is one of the most metal-endowed Palaeoproterozoic terranes globally, having produced over seven million ounces of gold across nearly thirty mines.

Stavaträsk lies within this well-endowed mineral belt, and the company’s geological work has assembled a complete set of independent lines of evidence: geological, geochemical, structural and historical data that underline a compelling comparison between Stavaträsk and Boliden. Taken together, these similarities make Stavaträsk a geologically compelling Boliden analogue identified in the Skellefteå Belt.

The comparison is presented as a deposit-type and exploration-targeting analogue rather than a prediction of scale or grade: Stavaträsk remains an early-stage target defined by surface and boulder sampling and historic drilling for which recoverable data is limited, no mineral resource has been estimated, and continuity at depth has not yet been established.

The option acquisition cost will be paid through a staged issuance of common shares: 400,000 shares upon completion of the first drill program (issued); 600,000 shares upon completion of the second drill program of an additional 1,000 metres; and the remaining 3,500,000 shares should the company proceed to complete its 100% earn-in on the properties, including having funded a cumulative total of C$2 million across all work programs. The vendor retains a 2% Net Smelter Return royalty that the company may re-purchase in full for C$3 million.

Sweden is positioning itself as the cornerstone of Europe’s domestic mineral supply under the EU Critical Raw Materials Act. The efficiency of its permitting regime is demonstrated firsthand at Stavaträsk, where a drill permit was secured in four weeks.

The country ranks among the world’s top 10 most attractive mining jurisdictions in the Fraser Institute’s most recent survey, offering stable policy, established infrastructure, low-cost hydropower and a skilled workforce. The district also supports near year-round drilling: an established forestry road network enables access through the summer, while winter snow cover allows rigs to move broadly across the terrain, with only a short shoulder season around April-June.

The large Previsto gold-copper prospect (Amanecer project) in Peru remains the company’s flagship asset and primary focus, and the Swedish projects complement – rather than replace – that priority.

With the Previsto permitting timeline extending maiden drilling into 2027, and with the company well-funded, Hannan has secured a low-cost, share-based entry into three high-grade gold projects – structured to add exploration optionality with minimal upfront cash – allowing the company to keep the drill bit turning and deliver near-term results for shareholders during the interim window.

Hannan Metals has a primary focus on advancing its Previsto gold-copper prospect (Amanecer project) in Peru, and an option to earn 100% in three high-grade gold projects in Sweden. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Australia, Europe and South America.