Hannans Reward Ltd. announced that it has entered into a joint venture agreement with Lovisagruvan AB in relation to the Pahtohavare Copper-Gold Project located near Kiruna, northern Sweden. The Pahtohavare Copper-Gold Project is 100% owned by Hannans' wholly owned subsidiary Kiruna Iron AB. Pahtohavare has a current JORC compliant inferred copper oxide resource1 of 1.4Mt @ 1.8% Cu, 0.6g/t Au (2.4% CuEq2) and substantial potential for additional copper sulphide and gold mineralization.

Lovisagruvan will focus on bringing the oxide copper mineralization at the Central Deposit into production for early cash flow and will then investigate the potential for primary sulphide copper mineralization at depth. Lovisagruvan AB can earn a 35% interest in Pahtohavare by:paying Kiruna Iron AB a non-refundable amount of SEK 1,000,000 within 7 days (approx. AUD 150,000); completing additional metallurgical test work; drilling to improve the understanding of the oxide deposit and potentially increase the size, grade and category of the JORC compliant inferred mineral resource and drilling to collect sufficient quantity of a bulk sample to complete the necessary metallurgical test work to optimise OPEX, CAPEX and processing options for inclusion in a detailed scoping study.

Lovisagruvan AB can earn a 51% interest in Pahtohavare by: lodging an exploitation concession application and environmental permit for the oxide deposit within approximately 18 months of signing this agreement and providing KIAB with an interest free working capital facility to the value of SEK 4,000,000 (approx. AUD 600,000) otherwise on normal commercial terms. Lovisagruvan AB can earn a 75% interest in Pahtohavare by delivering a Feasibility Study to KIAB within fourmonths of grant of an exploitation concession and an environmental permit. The study must be capable of being used by KIAB to access funding to contribute to development and mining.

Iron AB will maintain a 25% free-carried interest in Pahtohavare through to a Decision to Mine at which time the both parties must contribute to costs on a pro-rata basis. If Lovisagruvan AB elects to withdraw from the joint venture it will transfer its interest in Pahtohavare back to Kiruna Iron AB for nominal consideration.