Hannan and Jogmec Partner at San Martin Copper-Silver Project IN PERU

1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7

Phone: +1 604 685 9316 / Fax: +1 604 683 1585

NEWS RELEASE NOVEMBER 30, 2020

HANNAN AND JOGMEC PARTNER AT SAN MARTIN COPPER-SILVER PROJECT IN PERU

Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK:

HANNF) is pleased to announce it has signed a binding letter agreement for a significant Option and Joint

Venture Agreement (the “ Agreement”) with Japan Oil, Gas and Metals National Corporation (" JOGMEC").

Under the Agreement, JOGMEC has the option to ea rn up to a 75% beneficial interest in the San

Martin Project by spending up to US$35,000,000 to deliver to the joint venture (“JV”) a feasibility

study. The San Martin Project covers 656 square kilometres of Hannan’s 940 square kilometre Peruvian holdings

(Figure 1). Hannan will continue to progress exploration on its remaining Peruvian projects.

Highlights:

 The Agreement grants JOGMEC the option to earn an initial 51% ownership interest by funding

US$8,000,000 in project expenditures at San Martin over a 4-year period, subject to acceleration

at JOGMEC's discretion. JOGMEC’s minimum commitment is to fund US$1,000,000 from 01 April 2020

to 31 March 2021 and JOGMEC has agreed to reimburse Hannan for all project related costs from 01

April 2020;

 JOGMEC, at its election, can then earn:

o an additional 16% interest for a total 67% ownership interest by achieving either a

prefeasibility study or funding a further US$12,000,000 in project expenditures in amounts

of at least US$1,000,000 per annum (for a US$20,000,000 total expenditure); and,

o subject to owning a 67% interest, a further 8% interest for a total 75% ownership

interest by achieving either a feas ibility study or funding a further US$15,000,000 in project

expenditures in amounts of at least US$1,000,000 per annum (for a US$35,000,000 total

expenditure);

 Should JOGMEC not proceed to a prefeasibility study or spend US$20,000,000 in total, Hannan shall have

the right to purchase from JOGMEC for the sum of US$1.00, a two percent (2%) Participating Interest,

whereby Hannan Metals’ Participating Interest will be increased to fifty-one percent (51%) and JOGMEC’s

Participating Interest will be reduced to forty-nine percent (49%);

 At the completion of a feasibility study, JOGMEC has the right to either:

o Purchase up to an additional ten percent (10%) Participating Interest from Hannan Metals (for a

total 85% maximum capped Participating Interest) at fair value as determined in accordance with

internationally recognized professional standards by an agreed upon independent third-party

valuator; or

o Receive up to an additional ten percent (10%) Participating Interest from Hannan (for a total

85% maximum capped Participatin g Interest) in consideration of JOGMEC’s agreement to fund

development of the project, by loan carrying Hannan until the San Martin Project generates

positive cash flow;

 After US$35,000,000 has been spent by JOGMEC and before a feasibility study has been achieved, both

parties will fund expenditures pro rata or dilute via a standard industry dilution formula;

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 If the Participating Interest in the Joint Venture of any party is diluted to less than 5% then that party’s

Participating Interest will be automa tically converted to a 2.0% net smelter royalty (“NSR”), and the

other party may at any time purchase 1.0% of the 2.0% NSR for a cash payment of US$1,000,000;

 Hannan will manage exploration at least until JOGMEC earns a 51 per cent in terest, after which the

majority participant interest holder will be entitled to act as the operator of the joint venture; and

 Initial exploration activities will focus on the collect ion of the geological, geop hysical, and geochemical

datasets in the JV project areas. The first phase of exploration is expected to conclude March 2021.

Mr Michael Hudson, CEO, states: “We are privileged to have the Japanese government-owned JOGMEC elect to

partner with us on the San Martin copper-silver project. JOGMEC are the perfect pa rtner for such a large and

prospective early stage exploration project, that will need significant budget and time commitments. JOGMEC’s

exploration funding, of up to US$35,000,000, will allow a focused and accelerated exploration program in Peru,

thereby maximizing the chances of succ ess while minimizing shareholder dilu tion. We look forward to a long

and successful relationship with JOGMEC, as we work together with local stakeholders, with a common aim to

make a significant copper-silver disc overy in Peru. Concurrently, Hannan will continue to progress exploration

on its other projects”.

Overview of the San Martin Copper Silver Project

The San Martin Project is located in north-eastern Peru. Project access is excellent via a proximal paved highway,

while the altitude ranges from 400 metres to 1,600 metres in a region of high rainfall and predominantly forest

cover. Hannan has staked a total of 87 mineral concessions for a total of 65,600 ha (656 sq kms), covering

multiple trends within a 120 km of combined strike for sedimentary-hosted copper-silver mineralization. A total

of 43 granted mining concessions for 329 sq km have been granted, while the remainder remain under

application.

San Martin encompass a new, basin-scale high-grade se diment-hosted copper-silver system situated along the

foreland region of the eastern Andes Mountains. Geologically, analogues include the Spar Lake sediment

hosted copper-silver deposit in Montana and the vast Ku pferschiefer deposits in Eastern Europe where KGHM

Polska Miedź (KGHM) operate the largest silver producing mine in the world, more than twice the production of

any other operation, and also the sixth biggest copper miner on earth. Sediment-hosted stratiform copper-silver

deposits are among the two most important copper sources in the world, the other being copper porphyries.

Hannan recognized the significant pote ntial for large copper-silver deposits i n t h i s p a r t o f P e r u a n d h a s

aggressively staked a commanding position of prospective where mineralized outcrops and boulders have been

discovered in context with a consistent mineralized horizon geology over 120 kilometres of combined strike.

Results from outcrop channel sampling, located 20 kilome tres apart, from the southern Sacanche area include

3 metres @ 2.5% copper and 22g/t silver and 2 metres @ 5.9% copper and 66g/t silver. Exploration potential

for the area is highlighted at four separate areas at Tabalosos, located 80 kilometres north of Sacanche, where

high-grade copper and silver mineraliz ation has been discovered over 15 kilo metres of strike within at least 2

structural corridors. Grab samples from 19 mineralized bo ulders (>0.1% copper) range in grade from 0.1% to

8.3% copper and 0.2g/t silver to 109g/t silver with an average grade of 2.8% copper and 27.2g/t silver (Figure

1). Channel samples are considered representative of the in-situ mineralization samples and sample widths

quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely

to represent average grades on the property.

Initial exploration activities under the Option and Joint Venture Agreement will include geological mapping and

prospecting, geochemical rock chip, soil and stream sedi ment sampling and trial geophysical surveys. The first

phase of exploration is expected to conclude March 2021.

The Transaction remains subject to acceptance of filings with the TSX Venture Exchange

About Japan Oil, Gas and Metals National Corporation (JOGMEC)

JOGMEC is a Japanese government independent admini strative agency which among other things seeks to

secure stable resource suppl y for Japan. JOGMEC has a strong reputati on as a long term, strategic partner in

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mineral projects globally. The mandated areas of responsibilities within JOGM EC relate to oil and natural gas,

metals, coal and geothermal energy. JOGMEC facilitates opportunities with Japanese private companies to secure

supply of natural resources for the benefit of the country's economic development.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)

Hannan Metals Limited is a natural resources and expl oration company developing sustainable resources of

metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan

has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and

Peru.

Mr. Michael Hudson FAusIMM, Hannan’s Chairman and CEO, a Qualified Person as defined in National Instrument

43-101, has reviewed and approved the technical disclosure contained in this news release.

On behalf of the Board,

"Michael Hudson"

Michael Hudson, Chairman & CEO

Further Information

www.hannanmetals.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7

Mariana Bermudez, Corporate Secretary,

+1 (604) 685 9316, [email protected]

Forward Looking Statements

Certain disclosure contained in this news release, including the Company’s expectations regarding the Agreement and the payments and earn-in upon the

successful completion of certain milestones, may constitute forward-looking information or forward-looking statements, within t he meaning of Canadian

securities laws. These statements may relate to this news rele ase and other matters identified in the Company's public filings. In making the forward-

looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as w ell as assumptions

made by and information currently available to the Company. These statements address fu ture events and condit ions and, as such, involve known and

unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future

results, performance or achievements expressed or implied by th e statements. These risks and unc ertainties include but are not limited to the potential

impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s

business. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any

intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as

required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ventu re Exchange) accepts

responsibility for the adequacy or accuracy of this news

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