Hannan Geophysical Survey Outlines Significant Exploration Target to 500 Metres Depth at the Valiente Porphyry Project, PERU

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

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

NEWS RELEASE FEBRUARY 23, 2023

HANNAN GEOPHYSICAL SURVEY OUTLINES SIGNIFICANT EXPLORATION TARGET TO 500 METRES

DEPTH AT THE VALIENTE PORPHYRY PROJECT, PERU

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

HANNF) is pleased to provide results from a 13.7 km Induced Polarization (“IP”) geophysical survey at the Belen

copper-gold (“Cu-Au”) target at the 100% owned Valiente project in Peru (Figure 1).

The results of this survey at th e Ricardo Herrera prospect iden tified two chargeable zones corresponding to two

mapped porphyry units. Each represents a significant exploratio n target. The second target demonstrates the

greatest potential with a chargeable zone over 800 m x 600 m and to at least 500 m depth which remains open.

The Belen Cu-Au porphyry is located 19 km east from the township of Tingo Maria in central Peru, within a previously

unknown Miocene-age porphyry-epithermal copper-gold mineralized belt. The Belen pr oject is contained within a

140 km by 50 km area, named the Valiente Project (Figure 1).

Highlights:

 Hannan has identified two spatially connected mineralized events at the Ricardo Herrera porphyry target at

Belen, herein termed Early Porphyry One and Two.

Early Porphyry One

 New results from an IP Pole-Dipole geophysical survey mapped a combined chargeable and resistivity zone

over an area of 600 m by 300 m to 250 m depth.

 T h i s u n i t i s d a t e d a t 1 5 . 8 M a ( ± 0 . 1 M a ) a n d i s c o m p o s e d o f a p l agioclase hornblende porphyry with

intermediate argillic alteration and relics of secondary biotite. Veins are dominated by “early biotite”, type M

veins and type A veins. Observed sulphide minerals are pyrite, chalcopyrite, chalcocite and molybdenite.

Early Porphyry Two

 The IP Pole-Dipole geophysical survey defined a larger combined chargeable and resistivity zone over an

area of 800 m by 600 m on surface, and to at least 500 m depth, to the maximum depth limits of the

geophysical survey.

 This unit is dated 15.4 Ma (±0.1Ma) and 0.4 Ma younger than Ear ly Porphyry One. It is composed of a

hornblende-felspar porphyry dominated by phyllic alteration and quartz veins “type-A” with mineralization of

pyrite and chalcopyrite in veinlets. To date, Early Porphyry Tw o demonstrates better leached geochemical

results (Figure 2).

Michael Hudson, CEO, states: “Moving from the 2D space with geological mapping and geochemic al data and

now to the 3D space with airborn e magnetics and ground-based IP geophysical surveys, we are seeing a very

significant exploration target develop at Ricardo Herrera, the first of multiple porphyry targets we are exploring at

Valiente. With corroborating geochemical, geological and age data we very much look forward to expanding the IP

surveys and moving towards diamond drilling with the formal DIA drill permitting process now underway.”

GEOLOGICAL DISCUSSION

D u r i n g t h e l a s t m o n t h s d e - r i s k i n g o f t h e R i c a r d o H e r r e r a p o r p h yry target has continued with detailed surface

mapping coupled with collection of additional radiometric zircon age dating of key geological units. This work has

outlined multiple intrusive events over 6 Ma window, where the Early Porphyry One a n d T w o r e p r e s e n t t h e

mineralizing stages of this system. The new pole-dipole data strongly support the geological surface interpretations

and further highlights the exploration opportunity at this targ et. Furthermore, the detailed radiometric age dating

has added significant geological understanding of the mineralization at this early stage of the project.

In summary, the key geological units of Ricardo Herrera are now considered to be:

1. The precursor to the mineralization is believed to be a phaneritic medium grained diorite with a radiometric

age of 21Ma (±0.1Ma). This is cut by Early Porphyry One with a radiometric age of 15.8Ma (+0.1Ma).

Early Porphyry One is exposed in the northern part of Ricardo Herrera target (Figure 2).

a. It is composed of a plagioclase hornblende porphyry with intermediate argillic alteration and relics

of secondary biotite. It is characterized by plagioclase hornbl ende phenocryst, early-biotite and

quartz veins (type A) and magnetite veins (type M). Observed su lphide minerals are pyrite,

chalcopyrite, chalcocite and molybdenite.

b. The IP Pole-Dipole IP geophysical survey mapped a combined chargeable and resistivity zone over

an area of 600 m by 300 m to 250 m depth . Overall, the body seems to be rootless and is in

direct contact with the northern part of Early Porphyry Two. C hargeabilities range from 20 mV/V

to 40 mV/V. The high chargeability body is associated with high resistivity which is a common

petrophysical correlation in porphyry deposits. See Figures 3-8 for details.

c. Magnetic inversions show that this zone corresponds with lower magnetic susceptibilities (Figure

5).

d. In total, 16 channels for 148 m of sampling from sporadic leach ed outcrops have been sampled

from this unit. Samples averaged 8.7 m at 434 ppm copper and 13 ppm molybdenum, and ranged

from 2.5 m to 20.2 m thickness, 316 ppm to 1,425 ppm copper, an d 2.0 ppm to 98 ppm

molybdenum (Figure 2).

2. Early Porphyry One is followed by an intermineral plagioclase hornblende porphyry w i t h a

radiometric age of 15.6Ma (±0.1Ma). This unit represents a cooling of the system, and the alteration and

mineralization is poorer compared to previous unit.

3. Subsequently the mineral system was reactivated with a new pulse of mineralization. This is marked by the

Early Porphyry Two event which has been radiometr ically date at 15.4Ma (±0.1 Ma). Importantly, the

second mineralized event represents a reactivation of the system and demonstrates both higher grades on

surface, a larger footprint and a greater depth extent as mappe d by the pole-dipole geophysical survey

(Figure 3-7).

a. It is composed of a hornblende-felspar porphyry dominated by ph yllic alteration and quartz veins

“type-A” with mineralization of pyrite and chalcopyrite in veinlets. On surface veinlets are leached

and sulphide minerals are replaced by jarosite and goethite. In outcrop it demonstrates stronger

alteration and surface geochemical sampling to Early Porphyry One.

b. The IP Pole-Dipole geophysical survey mapped a combined chargeable and resistivity zone over an

area of 800 m by 600 m on surface, and to at least 500 m depth , to the maximum depth

limits of the survey and therefore remains open to depth. The b ody is plunging to the south-

southeast and the southern proportion is under quaternary cover . Chargeabilities range from 20

mV/V to 60 mV/V. The high chargeability body is associated with high resistivity which is a common

petrophysical correlation in porphyry deposits. See Figure 3-8 for details.

c. M a g n e t i c i n v e r s i o n s s h o w t h i s z o n e c o r r e s p o n d s t o h i g h m a g n e t i c susceptibilities, as show in

Figures 5-6.

d. In total, 16 channels for 67 m of sampling from sporadic leached outcrops have been sampled from

this unit. Samples averaged 4.0 m at 708 ppm copper and 2 ppm m olybdenum, and ranged from

1.6 m to 8.0 m thickness, 334 ppm to 1,308 ppm copper, and 0.7 ppm to 9 ppm molybdenum

(Figure 2).

4. The final and terminating stages of the mineral system are mark ed by a second intermineral stage

which is subsequently followed by a porphyry. The latter is complete unaltered and is believed to be the

terminating stage of the intrusive event.

Valiente History

The 100% owned Valiente project is located in central eastern Peru, east of the city of Tingo Maria (Figure 1). The

area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between

800 m and 2,000 m above sea level (a.s.l.). The project was dis covered in 2021 during an extensive greenfields

exploration program initiated by Hannan.

Peru has been a major copper and gold producer since precolonia l times. Currently known gold deposits include

orogenic gold, porphyry Cu-Au, porphyry Au, transitional porphy ry-epithermal, epithermal, and placer gold. The

Valiente project is a new a porphyry-epithermal metallogenic belt in the central eastern Andes. The Valiente project

is located further east than most of the conventional Andean po rphyry settings and shows regional similarities to

deposits such as the large Bajo de Alumbrera copper-gold porphyry in Argentina. It is interpreted that Valiente was

formed in a tectonically favourable area associated with an arc-oblique wrench fault system, that may have aided

the ascent of oceanic arc-related magmas into the transfer zone so far inboard from the magmatic arc.

The Valiente project is believed to consist of an overlapping suit of porphyry targets with composition ranging from

conventional calc-alkalic to alkalic hosted Cu-Au mineralization (reported here). It is anticipated that both high and

low-magnetic and radiometric correlations may exist within the property and a detailed evaluation combining the

airborne data with 3D litho-structural interpretations and results from stream sediments samples (BLEG) is currently

being undertaken.

In 1984 Ingemmet, the Peruvian Geological Survey, conducted mapping in the central part of the Central Cordillera

in the Departments of Huanuco and Ucayali. The area was sporadi cally explored during the 1990’s by Gitennes,

Newcrest, BHP, WMC and others but records are sparse. At this time, access to the area was restricted because

of unpredictable security conditions and poor infrastructure.

From 2020 to 2021, Hannan launched a greenfields exploration program for porphyry and epithermal gold deposits

in the high jungle areas of the Eastern Cordillera of Peru, whi ch included regional database compilation, target

generation, and field mapping. Hannan also conducted regional stream sediment sampling (fine clay fraction). The

target generation permitted definition of prospective area, one of which was the Valiente block located along the

eastern flank of the Central Cordillera, Department of Ucayali.

In 2022, field work started in the Belen area which represents a small proportion (4%) of Hannan’s total landholding

at Valiente. In this area, several geochemical anomalies were found, with boulders of diorite porphyry containing

quartz-sulfide and magnetite vein lets. Subsequent mapping, soil and rock sampling at Belen during the last two

months has identified porphyry-style alteration and veinlets.

Field and social teams are actively engaged in the area, with H annan’s policy to undertake exploration activities

only within areas where full support from local stakeholders exists.

Technical Background

All channel samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party

s e r v i c e s u s i n g t r a c e a b l e p a r c e l s . A t t h e l a b o r a t o r y , r o c k s a mples were prepared and analyzed by standard

methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to

better than 85% passing 75 microns. Samples were analyzed by me thod ME-MS61, a four-acid digest preformed

on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. 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 na ture and are unlikely to represent average grades

on the property. Gold was analyzed by ALS in Lima using a standard sample preparation and 25g fire assay sample

charge.

For age dating, Hannan contracted Zirchron LLC, Tucson AZ, USA to perform the dating work at Previsto. Zircons

were separated from the rock matrix using an Electro Pulse Disaggregator, sieving and Wilfley water table, Frantz

paramagnetic separator and heavy liquid MEI separation, before being mounted in epoxy resin discs and polished.

Zircon U-Pb ages were measured at the Radiogenic Isotope and Geochronology Lab (RIGL) at WSU using an Analyte

G2 193 excimer laser ablation system coupled with a Thermo-Finn igan Element 2 single-collector, inductively

coupled, plasma mass spectrometer.

For the IP Geophysical survey Hannan contracted GEOMAD Servicios Generales EIRL, Lima, Peru to undertake and

a Induced Polarization survey. The following survey parameters were applied: Pole-Dipole configuration with an

electrode spacing of 50m, and measurements at every 50m.

About Hannan Metals Limited (TSXV: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 Peru. Hannan

is a top ten in-country explorer by area in 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 may constitut e forward-looking information or forward-

looking statements, within the meaning of Canadian securities l aws. These statements may relate to this news release and other matters

identified in the Company's public filings. In making the forwa rd-looking statements the Company has applied certain factors a nd assumptions

that are based on the Company's current beliefs as well as assu mptions made by and information currently available to the Comp any. These

statements address future events and conditions and, as such, i nvolve 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 the statements. These risks and uncertainties in clude but are not limited to: the political environment in whi ch the Company

operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious

diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general;

planned work programs; permitting ; and community relations. Re aders are cautioned not to place undue reliance on forward-look ing

statements. The Company does not i n t e n d , a n d e x p r e s s l y d i s c l a i ms 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 Pr ovider (as that term is defined in the policies of the TSX Vent ure Exchange)

accepts responsibility for the adequacy or accuracy of this news.