Mr. Michael Hudson reports

HANNAN COMPLETES IP SURVEY AT STAVATRASK GOLD PROJECT, SWEDEN 1,000 M DRILL PROGRAM TO TEST DEPTH EXTENSIONS NEXT MONTH

Hannan Metals Ltd. has completed a gradient-array induced polarization (IP) survey over the Stavatrask gold project in the Skelleftea district of northern Sweden, 20 kilometres north of the historic Boliden mine. The survey is the first systematic geophysical coverage of the gold system and follows the company's initial seven-hole drill program, announced Aug. 13 and Aug. 31, 2026, which intersected gold in every hole across 650 metres of strike. The IP data will be integrated with the drill results to define targets for a 1,000-metre second drill program scheduled to complete before the end of 2026.

Key points:

• Gradient-array IP survey completed at Stavatrask, the first systematic geophysical coverage of the gold system;
• Survey acquired on a 200-metre grid covering a three-square-kilometre area with 100-metre-spaced infill and one dipole-dipole section over key drill area; data are now being processed and interpreted;
• Follows the company's maiden seven-hole drill program (ST2601 to ST2607), which returned gold in every hole and highlight intervals of 1.1 metres at 15.6 grams per tonne gold, including 0.6 m at 27.8 g/t Au, and 4.6 m at 7.2 g/t Au, including 1.9 m at 15.7 g/t Au, as announced on Aug. 13 and Aug. 31, 2026, respectively;
• Interpreted IP data, integrated with the maiden drill results, will guide a 1,000-metre second drill program scheduled to complete before the end of 2026; both mineralization styles remain open at depth and along strike.

Michael Hudson, chief executive officer, stated: "The initial program gave us gold in every hole and confirmed the Stavatrask system continues at depth. What it could not tell us is how big the system is. That is the job of this IP survey. Gold at Stavatrask is carried by arsenopyrite and pyrite, exactly the sulphides that gradient-array IP is built to detect as chargeability anomalies, so we now expect to see the footprint of the system, not just the seven holes we have drilled into it. We have covered three square kilometres at 200-metre spacing, tightened to 100 m over the drilled area, and added a dipole-dipole line for dip and depth. Interpretation is under way and will drive a 1,000-metre follow-up program by next month. Stavatrask is moving fast, and the next round of holes will be the best targeted we have drilled."

Technical discussion

Geovisor Oy, a Finnish geophysical contractor, carried out the survey under the technical coordination of Precision Geophysics. Data were acquired on a 200-metre gradient-array grid covering three square kilometres, with 100-metre infill over key areas including the maiden drill area, producing co-registered resistivity and chargeability data. Chargeability responds to the disseminated to semi-massive arsenopyrite and pyrite that host gold at Stavatrask, while resistivity maps silica alteration and structure. A 2-D dipole-dipole section across the drilled zone provides dip and depth information on mineralized structures. Processing and interpretation are under way.

Next steps

A 1,000 metre follow-up drill program will test extensions of the two mineralization styles intersected in the maiden program, both of which remain open along strike and at depth. Targets will be defined by integrating the maiden drill results with the interpreted IP data, with drilling scheduled to complete before the end of 2026.

Stavatrask project

Stavatrask is located in the Skelleftea mining district of northern Sweden, 20 kilometres north of the Boliden deposit (8.4 million tonnes at 15.5 g/t Au for approximately 4.2 million ounces of historic production). The project occupies a strategic position on the Vidsel-Rojnoret 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 up to 93 g/t Au and 24 g/t silver. A boulder field located 650 m southeast of the main outcrop yielded eight samples averaging 3.2 g/t Au (ranging from 0.1 g/t to 11.2 g/t Au), 67 g/t Ag (ranging from one g/t to 154 g/t Ag) and 0.83 per cent copper (ranging from 0.003 per cent to 2.43 per cent Cu) and is surrounded by historic drill collars for which assay data are largely unavailable.

Historical data and reporting notes

Historical data have not been verified by Hannan and are quoted for informational purposes only. It is believed that the primary analysis for gold was completed by fire assay with atomic absorption finish. Compilation of available data and 3-D geologic modelling are in progress.

The true widths of the mineralized intervals referred to in this news release are not known at this stage.

Sweden -- a Tier 1 European mining jurisdiction

Sweden is positioning itself as the cornerstone of Europe's domestic mineral supply under the European Union Critical Raw Materials Act. The efficiency of its permitting regime is demonstrated first-hand at Stavatrask, where a drill permit was secured in four weeks. The country consistently ranks among the world's most attractive mining jurisdictions in the Fraser Institute's Annual Survey of Mining Companies, offering stable policy, established infrastructure, low-cost hydro power and a skilled work force. 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 during the spring thaw.

Sampling, analytical methods and quality control

Whole drill core was logged and photographed by company personnel and securely transported to MSALABS (MSA Analytical Services), an ISO/IEC 17025-accredited laboratory, at its facility in Storuman, Sweden, where the core was cut, sampled and prepared for analysis. The sample pulps were shipped to the MSALABS facility in Canada for analysis. Gold was determined on a 30-gram charge by lead-collection fire-assay fusion with an atomic absorption finish (method FAS-114), with high-grade samples reassayed on a 30-gram charge by fire assay with a gravimetric finish (method FAS-415). Multielement analysis, including silver and copper, was carried out on a 0.25-gram aliquot by four-acid digestion with ultratrace ICP-ES/MS determination of 48 elements (method IMS-230); overlimit arsenic was determined by an ore-grade four-acid digestion with an ICP-ES finish (method ICF-6As). As part of its quality assurance and quality control program, the company inserted certified reference materials at approximately one in 15 samples and field duplicates at approximately one in 50, and the laboratory operated its own internal program of blanks, standards and duplicates. The qualified person has reviewed the quality control results and is satisfied that the assay data are reliable for the purposes of this disclosure.

About Hannan Metals Ltd.

Hannan Metals is an exploration company with a primary focus on advancing its Previsto gold-copper prospect (Amanecer project) in Peru and an option to earn 100 per cent 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.

Michael Hudson, FAusIMM, Hannan's chairman and CEO, a qualified person as defined in National Instrument 43-101, has prepared, reviewed, verified and approved the technical contents of this news release.

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