Mr. Michael Hudson reports

HANNAN EXPANDS PREVISTO ALKALIC GOLD FOOTPRINT TO 750 METRES STRIKE, TRENCHES INCLUDE 4.6 M @ 7.2 G/T GOLD IN 30 METRE STEP OUT

Hannan Metals Ltd. has released new high-grade gold assay results from its 100-per-cent-owned alkalic epithermal gold target at the Previsto project in Peru.

Four key points:

1. Two new perpendicular high-grade channels at Previsto assayed:
   • 13.6 metres at 2.1 grams per tonne gold and 17 grams per tonne silver (CH16348);
   • 4.6 metres at 7.2 grams per tonne gold and 26 grams per tonne silver (CH16468);
   • Both located up to 30 metres east of previous high-grade gold channel sampling; the channels remain open in all directions.
2. New outcropping high-grade zone emerging: A panel sample covering one square metre from an outcrop in central Previsto Central, located 255 metres south-southwest from the samples over, assayed 2.2 grams per tonne gold, 11 grams per tonne silver and 0.13 per cent copper.
3. Expanded footprint: The new strongly altered gold anomalous outcrop discovery has expanded Previsto Central 100 metres southward now covering 750 metres of strike.
4. Declaracion de impacto ambiental (DIA) or environmental impact statement work to approve drilling commences at Previsto.

Michael Hudson, chief executive officer, stated: "These latest results from Previsto Central continue to demonstrate the exceptional potential of our Previsto alkalic epithermal gold system. The ability of our team to consistently follow up high-grade gold mineralization in outcrop across new areas, including 4.6 metres at 7.2 grams per tonne gold, located 30 metres from previous sampling, is particularly impressive. Combined with the continued expansion of our mineralized footprint to 750 metres of strike length within our broader four-kilometre-by-four-kilometre soil gold anomaly, these results reinforce our growing confidence in this emerging globally significant alkaline gold target.

"What's particularly exciting is our discovery of new outcropping high-grade zones, including a 2.2-gram-per-tonne-gold panel sample located 255 metres south-southwest of our known high-grade area. With only a small percentage of the prospective ground investigated to date, the potential to identify additional high-grade zones along our current 750-metre strike length remains very strong.

"The new gold-rich areas found at Previsto, combined with our ongoing drilling program at Belen located 22 kilometres south-southwest, where we've completed two drill holes and are advancing a third, demonstrate that Hannan is systematically proving up multiple district-scale targets across the Valiente mineral belt. These new results position us strongly as we also advance drill permitting at Previsto, with our environmental impact statement (DIA) work now under way and final submission to relevant government agencies anticipated during 2025."

Technical discussion

Previsto Central gold mineralization

As for global alkaline gold analogues like Cripple Creek, Previsto continues to demonstrate higher-grade gold where structural focusing has occurred within a larger and extensive envelope of lower-grade mineralization, suggesting that the alkaline fluids had sufficient gold-carrying capacity to create both high-grade focused areas and large-tonnage, lower-grade areas. The Previsto Central zone represents the core high-grade area within the broader Previsto Central alkalic epithermal gold system.

1. Latest high-grade channel results

Two new perpendicular high-grade channels at Previsto Central, located up to 30 metres east of previous Hannan channel sampling reported on Feb. 6, 2025, and April 7, 2025 (which returned 135.2 metres at 1.3 grams per tonne gold, including 26.0 metres at 5.4 grams per tonne gold and 27 grams per tonne silver), have returned exceptional results that remain open at each end:

• 4.6 metres at 7.2 grams per tonne gold and 26 grams per tonne silver (CH16468) -- demonstrating the high-grade potential within the broader mineralized envelope and confirming the continued presence of high-grade areas:
  • Including 3.4 metres at 9.6 grams per tonne gold, 34 grams per tonne silver and 30 grams per tonne tellurium;
• 13.6 metres at 2.1 grams per tonne gold and 17 grams per tonne silver (CH16348) -- representing a broad zone of consistent gold mineralization demonstrating excellent continuity within the system:
  • Including 0.3 metre at 13.3 grams per tonne gold, 24 grams per tonne silver and 34 grams per tonne tellurium.

2. New high-grade surface outcrop zone

A significant new zone 255 metres south of the high-grade results above includes a one-square-metre panel sample from an outcrop in central Previsto Central, located 255 metres south-southwest from the high-grade channels, which assayed 2.2 grams per tonne gold, 11 grams per tonne silver and 0.13 per cent. This represents an important find of outcropping higher-grade mineralization.

3. Expanded footprint

A strongly altered gold anomalous outcrop zone extending the system 100 metres southward, bringing the total strike length to 750 metres within a zone up to 100 metres wide. Four panel and chip samples reported here returned an average of 0.2 gram per tonne gold and two grams per tonne silver, with results ranging from a maximum of 0.4 gram per tonne gold and two grams per tonne silver and a minimum of 0.2 gram per tonne gold and two grams per tonne silver.

System characteristics and mineralization style

Gold mineralization at Previsto Central displays the characteristic features of alkalic-type epithermal systems, hosted within brecciated, calcareous potassium-feldspar porphyry of syenitic protolith. The mineralization exhibits several key characteristics:

1. High-grade gold zones are associated with pervasive fine roscoelite (vanadium-rich potassic mica) and fine grey quartz veining with pyrite, occurring as both veinlets and stockwork textures.
2. Alteration assemblages include manganese oxides replacing vein and breccia fill, suggesting that unweathered mineralization contained rhodochrosite, a manganese carbonate mineral typically found in low-sulphidation epithermal systems.
3. Primary mineralization consists of 1 per cent disseminated pyrite with trace chalcopyrite, pyrite veinlets, roscoelite veinlets and fine jarosite veinlets (likely after pyrite).
4. Structural controls suggest gold deposition was focused along late strike-slip faults where horizontal movement created extensional structures within a compressional regime.

Drilling program at Belen

Belen is located 23 kilometres southwest of Previsto Central. The initial phase of drilling at Belen zone consists of up to 5,000 metres across 18 diamond drill holes designed to test the three primary target areas at Belen:

• Vista Alegre: The first drill holes will test distinct sections of the 2.4-kilometre-long geophysical anomaly targeting two zones. HDDVA001 was completed at 184.6 metres and HDDVA002 has been completed at 256.8 metres. A third hole, HDDVA003, with a target depth of 300 metres is now under way. All holes target a 600-metre-long and 500-metre-deep high-chargeability/low-resistivity zone coinciding with strong gold-in-soil anomaly (up to 0.12 gram per tonne gold) and gold mineralization in boulders correlating with gold-silver-tellurium-arsenic (up to 2.72 grams per tonne gold and 44 grams per tonne silver).
• Ricardo Herrera: The next set of planned drill holes will target the core of the substantial chargeability anomaly that extends over 1,000 metres by 250 metres with outcropping porphyry-style copper-gold mineralization showing moderate to strong phyllic alteration, with drill pads positioned strategically to test the lateral extent of the mineralized system.
• Sortilegio: The final phase drilling will investigate the 1.2-kilometre-long chargeability anomaly within the alkalic porphyry system. Drill holes will target the source of extensive surface soil copper anomalies coinciding with hydrothermal gold anomalous quartz-gossan boulders with elevated gold, molybdenum and tellurium. The chargeability response consists of three alkalic copper-gold targets identified within the 1.2-kilometre-long trend.

The drilling program is expected to take approximately six months to complete, with first assay results anticipated in July, 2025.

Hannan Metals is committed to legal compliance, community respect and environmental stewardship, emphasizing that all operations only proceed with proper authorization from local populations and with required environmental and archeological certifications.

Drill permitting in Previsto

A 10-person environmental team, including professional environmental archeological investigations, community workshops and liaison activities, has commenced collecting appropriate information necessary to make the submittal for approval to the DGAAM (General Directorate of Mining Environmental Affairs) of the Ministry of Energy and Mines, Peru. The work program includes:

• Environmental baseline monitoring for the project, conducted by third party experts;
• Submission to the Peruvian Ministry of Culture the CIRA (certificate of non-existence of archeological remains), which declares that the project does not impact archeological sites;
• Public participation meetings outlining Hannan's exploration plans will be held in the hamlets of Nueva Palestina, Inca Garcilazo, Chancadora and Previsto, where the communities are on record as approving the company's proposed drill program.

The DIA is the primary environmental certification required to allow low-impact mineral exploration programs, which include drilling programs, to proceed in Peru. Final DIA and other approvals are anticipated during Q3 2026.

Drilling program at Cerro Rolando, Chile

The company completed one hole at Cerro Rolando to test an electromagnetic (EM) conductor modelled between 60-metre and 100-metre depths beneath the pampa sands and gravels. A low-cost reverse circulation drill hole test was completed at 116.0 metres to test the target. The EM anomaly was found to be caused by evaporitic horizons between 70 metres and 88 metres and between 98 metres and 110 metres, satisfactorily explaining the EM. Given the absence of a mineralized supergene copper blanket, the option over the Cerro Rolando property has been terminated, while the company continues to focus on its highly prospective Peruvian projects.

About the Valiente project

The 100-per-cent-owned Valiente project is in central-eastern Peru, east of the city of Tingo Maria. The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 metres and 2,000 metres above sea level. The project was found in 2021 during an extensive greenfields prospecting program initiated by Hannan for back-arc porphyry copper-gold systems. The company has been actively prospecting on the project since 2021 and has successfully gained social permits progressively in all areas of interest.

During 2021, Hannan staked and still holds 1,002 square kilometres of 100-per-cent-owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central-eastern Peru. The Valiente project has rapidly evolved from a greenfields prospect to a multiprospect opportunity.

Early surface prospecting identified two outcropping copper-gold porphyry targets and one epithermal target at Belen (see press release dated Feb. 16, 2023). Porphyry areas quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 kilometres by 10 kilometres, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier-stage targets awaiting further work.

The company is executing a multiyear strategy to systematically explore and drill test its extensive land package in this emerging Miocene-aged, linked porphyry-epithermal mineral belt.

Technical background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima through third party services using trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70 per cent to less than two millimetres, riffle splitting off 250 grams and pulverize splitting to better than 85 per cent passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest performed on 0.25 gram of the sample to quantitatively dissolve most geological materials. Analysis is by ICP-MS. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30-gram fire assay sample charge. Soil samples were analyzed by a portable XRF (X-ray fluorescence) (Vanta-VMR) using an in-house protocol, which includes routine use of CRM (certified reference material) and field duplicates as well as 10-per-cent check samples analyzed by ALS Lima.

Channel samples are considered representative of the in situ mineralization samples. At this stage, true widths of mineralization are not known. Grab or panel samples are selective by nature and are unlikely to represent average grades on the property.

About Hannan Metals Ltd.

Hannan Metals is an exploration company focused on the discovery of large gold and copper mineralizing systems in new frontiers in Peru. 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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