Hannan Announces Closing of Oversubscribed Non-Brokered Private Placement

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

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

NEWS RELEASE JUNE 27, 2024

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 OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSX.V: HAN) (OTCPK: HANNF)

is pleased to announce that the Company has closed its non-brokered unit private placement (the “Offering”) announced

on June 4, 2024 and June 14, 2024. Under the Offering, the Company has issued an aggregate of 10,593,513 units (the

“Units”) at a price of C$0.35 per Unit for gross proceeds of C$3,707,730 representing an increase in the Offering due to

the interest received from investors to participate in the Offering.

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 C$0.50 for

a period of two years from the date of issue . The Company has the right to force conversion of the Warrants, if at any

time from and after the date of issuance, the weighted average closing price of the Company’s common shares on the TSX

Venture Exchange (the “Exchange”), equals or exceeds C$0.70 for 20 consecutive trading days. The expiry date of the

Warrants will then be 30 days from the date of issue of a news release announcing the forced conversion.

Teck Resources Limited (“Teck”), Hannan’s largest shareholder, exercised its right to maintain its 9.84% partially diluted

ownership interest in the Company and subscribed for 714,286 Units for gross proceeds to Hannan of C$250,000.

Mr. Michael Hudson, CEO and Executive Chairman, states: “We are thankful for the continued strong support from

our major shareholders, including Teck. With our recent large-scale discoveries and imminent commencement of maiden

drill programs on multiple projects, Hannan is extremely well placed for an exciting year ahead.

Our bold grassroots strategy has attracted some of the largest industry participants to partner with Hannan, with both Teck

and JOGMEC involved at equity and joint venture levels, respectively. With geological field teams very active, a long with

our very active social programs in Peru, we remain excited about Hannan’s short-, medium- and long-term exploration

opportunities for large-scale copper-gold-silver discoveries in frontier areas.”

The Company plans to use the net proceeds to fund exploration expenditures at the Company’s Peruvian and Chilean

projects, as well as for general working capital and corporate purposes. No finder’s fees or commissions are payable on

the Offering.

Directors of the Company participated in the Offering and purchased an aggregate of 258,571 Units. Participation of the

insiders in the Offering constituted a "related party transaction" as defined under Multilateral Instrument 61‐101 –

Protection of Minority Security Holders in Special Transactions ("MI 61‐101"), but was exempt from the formal valuation

and minority shareholder approval requirements of MI 61‐ 101, as neither the fair market value of the securities issued to

the insider nor the consideration paid by the insider exceeded 25% of the Company's market capitalization. None of the

Company's directors expressed any contrary views or disagreements with respect to the foregoing. The Company did not

file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insiders of

the Company had not been confirmed at that time.

All securities issued in connection with the Offering are subject to a statutory four -month hold period, expiring on October

28, 2024. The Offering is subject to final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any

of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not be en

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 and 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.

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About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)

Hannan Metals Limited is a natural resources and exploration 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 Latin America. Hannan is a top ten in-country explorer by area in Peru and has

recently optioned a copper-porphyry project in Northern Chile.

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 may constitute forward -looking information or forward -looking

statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matter s 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 well as assumptions made by and information currently available to the Company. These statements address future events

and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual resu lts, performance or

achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and

uncertainties include but are not limited to: the intended use of proceeds from the Offering; receipt of final acceptance of the Offering from the TSX

Venture Exchange; the political environment in which the Company operates continuing to support the development and operation of mining projects; the

threat associated with outbreaks of viruses and infectious diseases; the Company’s expectations regarding its mineral project s; market conditions, the

preliminary nature of the Company’s operations; risks related to negative publicity with respect to the Company or the mining industry in general; planned

work programs; permitting; and community relations. 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 Ven ture Exchange) accepts

responsibility for the adequacy or accuracy of this news.