Hannan Private Placement Financing Oversubscribed and Upsized

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

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

NEWS RELEASE JUNE 14, 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 PRIVATE PLACEMENT FINANCING OVERSUBSCRIBED AND UPSIZED

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

is pleased to announce that the n on-brokered private placement financing (the “Offering”) previously announced by the

Company on June 4, 2024, is now oversubscribed and, as a result, the Company has upsized the Offering. The Company

now proposes to issue up to 10,000,000 units (the “Units”) at a price of C$0.35 per Unit for gross proceeds of up to

C$3.5 million. 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 add itional Share of the Company at an exercise

price of C$0.50 for a period of two years from closing of the O ffering. The Company has the right to force conversion of

the Warrants, if at any time from and after the date of issuanc e, 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.

Certain insiders of the Company will participate in the Offering. Finder’s fees may be payable on a portion of the Offering.

All securities to be issued pursuant to the Offering will be su bject to a four-month hold period under applicable securities

laws in Canada. The Offering is subject to certain conditions customary for transactions of this nature, including, but not

limited to, the receipt of all necessary approvals, including t he approval of the Exchange. The closing of the Offering is

expected to occur on or about June 26, 2024.

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

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

This news release does not constitute an offer to sell or a sol icitation 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 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 and may not b e offered or sold within the United States (as defined in

Regulation S under the U.S. Securities Act) unless registered u nder 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) (OTCPK: HANNF)

Hannan Metals Limited is a natural resources and exploration co mpany 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. C e r t a i n d i s c l o s u r e c o n t a i n e d i n t h i s n e w s r e l e a s e m a y c o n s t i t u te forward-looking information or forward-looking

statements, within the meaning of Canadian securities laws. The se statements may relate to this news release and other matters identified in the

Company's public filings. In making the forward-looking stateme nts the Company has applied certain factors and assumptions tha t are based on the

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Company's current beliefs as well as assumptions made by and in formation currently available to the Company. These statements address future events

and conditions and, as such, involve known and unknown risks, u ncertainties and other factors which may cause the actual resul ts, performance or

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

uncertainties include but are not limited to: timing and successful completion of the Offering; the intended use of proceeds from the Offering; 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 projects; 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 pr ograms; permitting; and

community relations. Readers are cautioned not to place undue reliance on forward-looking stat ements. The Company does not in tend, 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 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.