Mr. Michael Hudson reports

HANNAN COMPLETES SECOND DRILL PROGRAM AT STAVATRASK GOLD PROJECT, SWEDEN

Hannan Metals Ltd. has completed a follow-up diamond drill program at the Stavatrask gold project in the Skelleftea district of northern Sweden, 20 kilometres north of the historic Boliden mine. This second drill program of 1,255 metres follows up the company's maiden seven-hole program, which intersected gold in every hole across 650 m of strike (see news releases dated Aug. 13, 2026, and Aug. 31, 2026), and the gradient-array IP (induced polarization) survey completed in September, 2026 (see news release dated Sept. 10, 2026).

Key points:

• Diamond drilling has been completed at Stavatrask with a second program of 1,255 m, following up the maiden drill results and the recently completed induced polarization (IP) survey.
• The second program comprised six holes for 1,255 m, designed to test chargeability anomalies and extents of known mineralization.
• The maiden seven-hole program (1,040 m) intersected gold in every hole across 650 m of strike, from as shallow as 12 m downhole, including 4.6 m at 7.2 grams per tonne gold (including 1.9 m at 15.7 g/t Au) in ST2606 and 1.1 m at 15.6 g/t Au (including 0.6 m at 27.8 g/t Au) in ST2605 (released on Aug. 31, 2026, and Aug. 13, 2026, respectively).

Michael Hudson, chief executive officer, stated: "Stavatrask has moved quickly this year. We secured the project in June, had a rig turning 12 days later and hit gold in all seven holes of the maiden program, including 4.6 m at 7.2 g/t gold in ST2606 and 0.6 m at 27.8 g/t gold in ST2605. What seven holes could not tell us was the size of the system. The IP survey has now given us that first view of the potential sulphide footprint. The second program, six holes for 1,255 m, has now tested the depth and strike extensions of the gold we have already intersected and stepped out onto new IP targets. Assays are due within eight weeks. Completing this drilling also concludes the assessment period. From here, the decision to exercise the option to acquire 100 per cent of the Swedish projects rests entirely with Hannan, and the results will drive it. Previsto in Peru remains our flagship, and Stavatrask, along with other Swedish projects, including Adelfors, keeps the drill bit turning and maintains exploration momentum while Previsto advances through permitting."

Second drill program

This second program was designed around three objectives, defined by integrating the maiden drill results with the interpreted IP chargeability and resistivity data (news release dated Sept. 10, 2026):

• Test the downdip and strike extension of the granodiorite-hosted vein swarm around ST2606 (4.6 m at 7.2 g/t Au, including 1.9 m at 15.7 g/t Au);
• Test the strike extension of the mudstone-hosted high-grade shear zones intersected in ST2604 and ST2605 (1.1 m at 15.6 g/t Au), approximately 650 m north of ST2606;
• Test chargeability anomalies outside the drilled area, including the principal 1,300-metre-by-180-metre anomaly and newly generated off-trend targets.

The program was completed with six holes for 1,255 m, and assays are expected within eight weeks.

Results to date

Since announcing the option agreement over the Swedish projects in June, 2026, the company has completed a staged program of drilling and geophysics at Stavatrask:

• June 10, 2026: option to earn 100 per cent of the Stavatrask, Skelleftea North and Adelfors gold projects announced;
• June 22, 2026: drilling commenced at Stavatrask, 12 days after the transaction was announced;
• July 6, 2026: maiden program completed, seven holes for 1,040 m; the TSX Venture Exchange accepted the agreement for filing;
• Aug. 13, 2026: first assays (ST2601 to ST2605) returned gold in all five holes, including 1.1 m at 15.6 g/t Au (including 0.6 m at 27.8 g/t Au) in ST2605, 9.2 m at 1.3 g/t Au in ST2604, and a polymetallic sample in ST2601 of 0.5 m at 8.9 g/t Au, 47.5 g/t Ag and 0.74 per cent Cu;
• Aug. 31, 2026: final assays (ST2606 and ST2607) returned the best intercept of the program in ST2606, 4.6 m at 7.2 g/t Au and 14.5 g/t Ag from 79.5 m (including 1.9 m at 15.7 g/t Au), within a broad mineralized zone of 59.6 m at 1.1 g/t Au from 48.5 m (no lower cut); ST2607, drilled 180 m to the east, returned 3.2 m at 1.4 g/t Au from 166.2 m;
• Sept. 10, 2026: gradient-array IP survey completed over three square kilometres on a 200-metre grid, with 100-metre infill over the drilled area and a dipole-dipole section for dip and depth; the survey produced multiple chargeability anomalies measuring up to 1,300 m by 180 m in the 2-D gradient-array survey, and the dipole-dipole section effectively resolved the granodiorite host rock at the central drill area to a depth of approximately 200 m;
• Oct. 13, 2026: follow-up drill program commenced, testing extents of known mineralization and IP chargeability anomalies.

The maiden drilling identified two styles of gold mineralization along a structural corridor trending approximately 330 degrees within the regional-scale Vidsel-Rojnoret shear system. In the south, a swarm of quartz-arsenopyrite veins are hosted in a silica-chlorite-sericite-altered granodiorite that dips approximately 70 degrees to the east, with higher-grade veins on or close to the granodiorite contact. Drilling in ST2606 confirmed that this vein swarm continues downdip from surface. Approximately 650 m to the north, ST2604 and ST2605 intersected discrete silica-arsenopyrite shear zones in mudstone that carry higher grades. Both styles remain open along strike and at depth. Gold correlates closely with arsenic, silver, tellurium and bismuth and is carried by arsenopyrite and pyrite, the sulphides that IP chargeability is designed to detect.

Option agreement terms

Under the terms of an option agreement dated June 10, 2026, with an arm's-length private company (the vendors), the company was granted an exclusive right to conduct initial assessment work on certain mineral claims in Sweden, including Stavatrask and Adelfors, for a period of six months from June 4, 2026. With the completion of both the maiden drill program (July, 2026) and the second drill program at Stavatrask, the assessment period has also concluded. In connection with the assessment period, the company has issued an additional 600,000 common shares to the vendors (an initial 400,000 common shares were issued to the vendors on July 6, 2026), satisfying all the company's obligations under the assessment period. The common shares are subject to a four-month statutory hold period. In addition, pursuant to the terms of the option agreement, all common shares issued to the vendors are subject to a 12-month time-release resale restriction that begins on the date that the common shares are issued, whereby 25 per cent of common shares are released three months following issuance, 50 per cent of common shares are released six months following issuance and the final 25 per cent of common shares are released 12 months following issuance.

Hannan has two years from June 4, 2026, at its sole discretion, to exercise the option to acquire a 100-per-cent interest in the mineral claims comprising the Swedish project portfolio by spending a minimum of $2-million on exploration, including the drill programs completed to date, and issuing a further 3.5 million common shares to the vendors. Upon exercise of the option, a 2.0-per-cent net smelter return royalty becomes payable, which Hannan may repurchase in full at any time for $3-million. No interest in the Swedish projects vests in favour of Hannan until the option is exercised. The company may terminate the option at any time at its sole discretion, with no further share issuance or expenditure obligation.

Stavatrask project

Stavatrask is located in the Skelleftea mining district of northern Sweden, 20 km 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.

Reporting notes

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

Drill intervals referred to in this news release were previously reported on Aug. 13 and Aug. 31, 2026. Composite intervals were calculated using a 0.5-gram-per-tonne-gold cut-off with a maximum two-metre internal dilution; higher-grade subintervals are reported at a 3.0-gram-per-tonne-gold cut-off with a maximum two-metre internal dilution. The 59.6-metre interval reported for ST2606 is calculated with no lower cut.

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 past 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 chief executive officer, 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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