Hannan Announces Closing of $1.5 Million Private Placement Financing

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

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

NEWS RELEASE FEBRUARY 17, 2017

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION

OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

HANNAN ANNOUNCES CLOSING OF $1.5 MILLION PRIVATE PLACEMENT FINANCING

Vancouver, Canada – Hannan Me tals Limited (“Hannan” or the “Company”) (TSX.V: HAN)

announces the closing of its previously announced non-brokered private placement financing (the “ Offering”) of

5,800,000 units of the Company (the " Units") at a price of Cdn$0.26 per Unit for gross proceeds of Cdn$1,508,000.

Each Unit comprises one common share (a “ Share”) and one-half of one common share purchase warrant (a

“Warrant”). Each whole Warrant entitles the holder to purchase one additional Share of the Company at an exercise

price of Cdn$0.40 per Share for a period of one year expiring on February 17, 2018.

The Company paid cash finder’s fees of $35,880 and issued 138,000 common share purchase warrants (the “ Finder’s

Warrants“) to a finder in connection with certain subscription s in the Offering. The Finder’s Warrants have the same

terms as the Warrants.

All securities issued pursuant to the Offering are subject to a four-month hold period expiring on June 18, 2017.

The Company plans to use the net proceeds to fund explorat ion expenditures at the Company’s Kilbricken Project in

Ireland, as well as for general working capital and corporate purposes.

This press release does not constitute an offer to sell or a so licitation of an offer to buy nor shall there be any sale of any

of the securities in any jurisdiction in which such offer, so licitation or sale would be unlaw ful. The securities have not

been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act"),

or the securities laws of any state of the United States an d may not be offered or sold within the United States (as

defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state

securities laws or pursuant to an exemption from such registration requirements.

About Hannan Metals Limited (TSX.V:HAN)

Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu pr oject in Ireland, which consists of 9 prospecting

licences for 32,223 hectares. The Kilbricken project, a new high-g rade Zn-Pb-Ag-Cu discovery is the Company’s flagship project. Better

intersections, to date, include DH 46: 20.5m @ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag, DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06%

Cu, 94.4g/t Ag. The project is drilled over more than 1.5 kilometr es and is ready to explore and expand within a 40 kilometre s trike

area. Mr. Michael Hudson, Hannan’s CEO an d Chairman, is a Qualified Person as defi ned in National Instrument 43-101 and has

reviewed and approved the technical disclosure contained in this news release.

On behalf of the Board,

"Michael Hudson"

Michael Hudson, CEO & Chairman

Further Information

www.hannanmetals.com

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

Mariana Bermudez, Corporate Secretary,

+1 (604) 685 9316, [email protected]

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Forward Looking Statements

Certain information set forth in this news release contains “for ward-looking statements”, and “forward- looking information” under applicable securities

laws. Except for statements of historical fact, certain inform ation contained herein constitutes forward-looking statements, wh ich include the Company’s

expectations regarding future performance based on current result s, expected cash costs based on the Company’s current internal expectations,

estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and

undue reliance should not be placed on th em. Such forward-looking statements necessarily involve known and unknown risks and un certainties, which

may cause the Company’s actual performance and financial results in future periods to differ materially from any projects of fu ture performance or

results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: the proposed use of the

net proceeds from the Offering, liabilities inherent in mine de velopment and production, geological risks, the financial market s generally, and the ability

of the Company to raise additional capital to fund future oper ations. There can be no assuranc e that forward-lo oking statements will prove to be

accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company u ndertakes no obligation

to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities

laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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

responsibility for the adequacy or accuracy of this news release.