Hannan Metals flagship is the Previsto copper-gold target inside the larger Valiente project in the high jungle of central Peru’s eastern cordillera, an alkaline epithermal-porphyry system they staked themselves back in 2021 and still haven’t drilled. They also just optioned three gold projects in Sweden, Stavaträsk, Skellefteå North and Ådelfors, and finished a maiden drill program at Stavaträsk. We talked about why they’re running two jurisdictions at once, the Peruvian permitting timeline, the Swedish drill program and assay timing, and money.
TL;DR
The near-term story is Sweden, not the flagship. Seven holes for roughly 1,000 metres are done at Stavaträsk, first five holes are at the lab with about a five-week turnaround, last two go in about a week later, and results come out in two batches. A second 1,000 metres follows only if the first batch justifies it, possibly as early as September. Previsto in Peru won’t see a drill until 2027 at the earliest because the DIA environmental permit is only now being submitted, with a minimum six-month approval and then wet season, so best case is a rig on the ground in Q2 2027, worst case Q3. They have about C$6 million cash and Zac was upfront that they’ll need to raise again before Peru drilling starts, likely once the DIA is approved around the start of next year. Teck holds 8.2 percent, insiders about 20 percent.
What have they done for shareholders lately?
They signed the option on the three Swedish gold projects, got drill permits at Stavaträsk in four weeks including consultation with landholders and local Sámi groups, mobilized a rig, and completed the seven-hole maiden program in about nine or ten days of drilling. That’s the concrete near-term progress. In Peru, they’ve spent roughly twelve months on baseline studies and community work and are in the final stages of submitting the DIA application for Previsto, while six geologists keep working the ground two weeks per month, cutting around 300 channel metres monthly with results going out roughly once a month. Earlier this year they also drilled first-pass holes at the Belen area inside Valiente, and those results are still being integrated. Last December they raised just over C$9 million at 75 cents in a non-brokered LIFE offering, which the stock now trades below at 66 cents.
How much money do they have and what are they spending it on?
About C$6 million in the bank. Zac broke it down for me: roughly C$2.5 million keeps the Previsto field work, social programs and permitting going, C$2 million is allocated to the Swedish earn-in spending, and about C$0.5 million covers corporate overhead. The Swedish option itself is share-based rather than cash: drill 2,000 metres and issue 1 million shares, then spend C$2 million over two years from June 2026 and issue another 3.5 million shares to earn 100 percent. Marketing spend is loose, he guessed C$50,000 to maybe C$100,000 for the rest of the year. He was clear they must go back to market before drilling Previsto, since the heli-supported program will cost more than typical drilling, and the preferred timing is after DIA approval, around the start of next year. Capital structure per the interview: about 145 million shares out, roughly 6 million options, no warrants, about 151 million fully diluted.
Upcoming catalysts
Technical: first batch of Stavaträsk assays (five holes) in roughly five to six weeks, second batch (two holes) shortly after; a go or no-go decision on the second 1,000-metre Swedish program, which could start around September and would be done before year-end if results warrant; monthly channel sample results from Previsto; integration of the Belen drill results. Operational: DIA submission for Previsto imminently, approval expected in six months minimum, with a drill rig at Previsto best case Q2 2027. Corporate: a financing likely around DIA approval in early 2027; Metals Investor Forum in Vancouver in September with Mike Hudson, possible European conferences in November, and a PDAC booth in March.
Risks
The permit is the thing Zac says keeps him up at night. Peru’s DIA process is slow, their last one at Belen took ten months against a six-month minimum, and he admitted the current timeline could blow out by another three months into Q3 2027, which would compress the drilling window. A financing is coming before Peru drilling, so dilution is a certainty, and the last raise at 75 cents is already underwater. Sweden carries binary assay risk: if the first batch comes back thin, inconsistent or low grade, they’ll walk from the option, and Zac’s own bar for disappointment was something like a single 40-centimetre interval even at 10 g/t. Previsto itself is undrilled, first-of-its-kind geology in Peru, and about 10 percent of the local community remains hesitant due to past experience with informal miners. Worth noting the CEO spends only 5 to 10 percent of his time on Hannan, and Zac personally holds options but no shares.
Hannan Metals Interview
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