Hannans : 4th Quarter Activities Report

FAST FACTS

ASX Code: HNR

CAPITAL STRUCTURE

Shares on issue: 1.98 billion

Market cap: $13.9M (at 0.7c)

Cash: $0.86M (30 Jun 2020)

Debt: Nil

BOARD OF DIRECTORS

Non-Executive Chairman

Jonathan Murray

Executive Director

Damian Hicks

Non-Executive Directors

Markus Bachmann

Clay Gordon

Amanda Scott

KEY PROJECTS

Sole Funded Forrestania (Ni)

Moogie (Au & Ni-Cu-PGE) Fraser Range (Ni-Cu-PGE) Queen Victoria Rocks (Ni) Mt Holland (Li)

Free-Carried to Decision to Mine Forrestania (Au) 20%

ABOUT HANNANS LTD (EST. 2002)

Hannans Ltd is an exploration company with a focus on nickel, gold, and lithium in WA. Hannans' major shareholder is leading Australian specialty minerals company Neometals Ltd. Since listing on ASX in 2003 the Hannans group of companies has signed agreements at various time with Vale, Rio Tinto, Anglo American, Boliden, Warwick Resources, Cullen Resources, Azure Minerals, Neometals, Tasman Metals, Grängesberg Iron, Lovisagruvan and Element 25. Shareholders at various times since listing have included Rio Tinto, Anglo American, OM Holdings, Craton Capital, and BlackRock.

4TH QUARTER ACTIVITIES REPORT 2019/2020

During the 4th Quarter (April - June 2020):

• Forrestania (Nickel) - (post Quarter end) completed 2nd phase of geophysical surveys and interpretation of data; obtained all approvals to test six target areas prospective for nickel sulphide mineralisation with reverse circulation (RC) and diamond drilling (DD);
• Moogie (Gold & Nickel-Copper) - commenced 2nd round of soil sampling and continued interpreting results, (post Quarter end) completed 1st phase of field mapping, collected additional surface samples;
• Milly Boo (Iron Oxide-Copper-Gold Target) - lodged tenement application in the Gascoyne region over deep magnetic anomaly identified as having characteristics of an IOCG target; completed ground based gravity survey; (post Quarter end) identified a gravity anomaly higher up in cover sediments that does not fit an IOCG model but will be further investigated;
• Fraser Range (Nickel) - completed detailed review of historic exploration data covering new applications;
• Gold, Nickel & Lithium Projects - reviewed several advanced projects in Western Australia with the potential to add value for shareholders; and
• Forrestania (Gold) - monitored development of joint venture partner's production strategy on deposit 20% owned by Hannans.

Goals for the 1st Quarter (July - September 2020):

• Forrestania (Nickel) - complete 2nd phase of RC and DD to test six target areas and intersect economic nickel sulphide mineralisation; extend surface sampling north and south of anomalous geochemistry;
• Mt Holland (Lithium) - drill one RC hole to test fresh pegmatite and intersect economic lithium mineralisation;
• Moogie (Gold & Nickel-Copper) - sign heritage agreement; collect additional surface samples, receive and interpret assay results; plan 1st round of reconnaissance drilling, if warranted; and
• Fraser Range (Nickel) - sign heritage agreement; plan first round of ground based geophysical (electromagnetic) surveys.

NOTE

All material results and commentary included in this Quarterly Report have previously been released to ASX. Please click herefor more information.

www.hannans.com	@HannansLtd	Hannans_Ltd	[e-mail]
Level 11, London House, 216 St Georges Tce, Perth WA	ASX: HNR	ABN: 52 099 862 129

HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Figure 1: State map showing location of Hannans' Forrestania, Mt Holland, Fraser Range, Moogie and Milly Boo projects (red font with yellow background) relative to the location of major projects not owned by Hannans (in blue font with white background). Source: Company web sites

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Forrestania Nickel (Hannans 100%)

Introduction

The Forrestania Nickel Project (FNP) is located approximately 120 kilometres south of Southern Cross and 80 kilometres east of Hyden in the Goldfields region of Western Australia. The FNP is located adjacent to, and north of, the high-grade Flying Fox and Spotted Quoll nickel sulphide mines. Importantly the Team1 assisting Hannans played major roles in the discovery of nickel deposits at Forrestania including Flying Fox (T0-T7) and Spotted Quoll2 (refer Figure 2 and 3).

Figure 2: Regional location map showing location of Hannans Forrestania Nickel Project (shaded in red) relative to the location of major nickel mines (operating and historic) and nickel deposits not owned by Hannans. Source: Company web sites.

1. The Team are the consultants at Newexcowww.newexco.com.
2. Flying Fox and Spotted Quoll are owned by Western Areas NL (not Hannans Ltd).

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Background

Hannans' FNP is located within the Forrestania Greenstone Belt which has a length of ~250 kilometres, a width ranging from ~5 to 35 kilometres and is subdivided into six ultramafic3 belts namely the Western, Mid-Western, Takashi, Central, Mid-Eastern and Eastern.

The Western ultramafic belt is regionally the most well-endowed with nickel-sulphide mineralisation. The Spotted Quoll, New Morning, Beautiful Sunday, and Flying Fox4 nickel sulphide deposits are all located within the Western ultramafic belt. Hannans' tenure covers a significant strike length of the Western, Mid-Western and Takashi ultramafic belts and minor parts of the Central and Mid-Eastern ultramafic belts. The Forrestania Greenstone Belt hosts several different nickel sulphide mineralisation settings and styles including basal massive sulphides, matrix sulphides, disseminated sulphides in cumulates and remobilised massive sulphides5. The nickel deposits are generally associated with olivine cumulate6 ultramafic rocks, however mineralisation may occur in a range of rock types / settings and exhibit a range of geophysical responses.

Despite a significant amount of nickel exploration at Forrestania by several companies, the last major nickel sulphide discovery was made more than 13 years ago, that being the Spotted Quoll deposit (mine) owned by Western Areas Ltd. A detailed review of Hannans' FNP was initiated by Newexco Exploration Pty Ltd mid-2018 and completed early 2019. The review identified a range of early stage to advanced geophysical, geological, and geochemical targets that warranted further investigation. Hannans has been systemically following the recommendations outlined in the report and the results of these activities have previously been released to ASX. Large flora and fauna surveys were subsequently completed in spring 2019 enabling Hannans to obtain approvals to clear limited amounts of native vegetation if necessary, to advance exploration within the project. Additional surveys will be required in the future.

Exploration

During the Quarter, Hannans commenced the 2nd phase of nickel exploration. In summary, Hannans completed modelling of the ground geophysical surveys (MLEM and DHEM) undertaken during June and July 2020. Several high priority geophysical (electromagnetic) anomalies were identified, with the potential to represent nickel sulphide mineralisation and which warrant drill testing. All drill approvals have been received and site preparation for drilling will be completed next week. Drill testing of the nickel targets will commence as soon as a drilling contractor is secured for the reverse circulation (RC) and diamond drill (DD) program. The program will test six target areas. Please refer to Table 1 for a summary of the surveys and drill targets and Figure 3 for an image showing the location of the highest priority conductor plates adjacent to the historic Blue Haze (also called Lady Magdalene) open-pit gold mine.

The goal for the Quarter is to safely test each target by intersecting the target horizon and collecting a quality sample. The samples will then be submitted to the laboratory for analysis. Most of the targets are geophysical (electromagnetic) targets meaning they are rocks that conduct electricity. Our goal is to intersect economic grades and widths of nickel sulphide mineralisation however, often the rocks intersected are iron sulphides which have no economic value. The only way to test the targets is to drill a hole and have the samples assayed.

1. Ultramafic rocks (also referred to as ultrabasic rocks, although the terms are not wholly equivalent) are igneous and meta-igneous rocks with a very low silica content (less than 45%), generally >18% MgO, high FeO, low potassium, and are composed of usually greater than 90% mafic minerals (dark coloured, high magnesium and iron content). The Earth's mantle is composed of ultramafic rocks. Wikipedia contributors. (2019, April 5). Ultramafic rock. In Wikipedia, The Free Encyclopedia. Retrieved 02:06, July 31, 2019, from https://en.wikipedia.org/w/index.php?title=Ultramafic_rock&oldid=891036300
2. All these deposits are owned by Western Areas NL (not Hannans Ltd).
3. There are five different settings to nickel sulphide mineralisation at Flying Fox.
4. Cumulate rocks are igneous rocks formed by the accumulation of crystals from a magma either by settling or floating. Wikipedia contributors. (2019, January 27). Cumulate rock. In Wikipedia, The Free Encyclopedia. Retrieved 02:09, July 31, 2019, from https://en.wikipedia.org/w/index.php?title=Cumulate_rock&oldid=880503818

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020
Target	No. of	Target	Target Type	Technique	Comment	Scheduled
Area	Holes	ID
1	2	B3	Geophysical	Reverse	MLEM completed. Anomalies identified - three	August
Refer				circulation (RC)	discrete bedrock conductors modelled below
			drilling	and north of Blue Haze Open Pit, possibly
Figure 3
				associated with rocks prospective for nickel
					sulphide mineralisation. Two drill holes
					planned to test these conductors. POW
					granted.

2	1	D4	Geophysical	RC drilling	MLEM completed. Several bedrock conductors	August
Refer					identified and modelled. One drill hole is
				planned to test these conductors. POW
Figure 3
				granted.
3	1	C4	Geophysical	Diamond core	Drill hole FSRC062 did not reach its planned	September
				(DD) drilling	depth. A diamond tail will be required to test
					the EM conductor and reach the planned end
					of hole depth. POW granted.
4	1	B5	Geophysical	RC drilling	A mid-time anomaly possibly represents a	August /
					conductor modelled on the ultramafic contact.	September
					One drill hole planned. POW granted.
5	1	D7	Geological	RC drilling	Shallow drill hole planned to test the western	August /
					contact beneath the sub crop and the	September
					ultramafic stratigraphy where anomalous
					nickel assays intersected in historical auger
					sampling, and the recent identification of
					gossanous sub crop in surface reconnaissance.
					POW granted.
6	2	C7	Geophysical	RC drilling	There is coincident anomalous copper	August /
					geochemistry in soil samples. Interpretation of	September
					the 2019 MLEM identified two steeply dipping
					conductors. The location of these anomalies
					with respect to the Western Ultramafic Belt
					warrants follow up. Two drill holes planned to
					test these conductors. POW granted.
		C11	Geophysical	Moving Loop	MLEM completed in July 2020. No bedrock
				Electromagnetic	anomalies identified.
				(MLEM) survey
		D2	Geophysical	MLEM	~1 day of surveying.	3rd phase
						(pending)
		D3	Geophysical	MLEM	~1 day of surveying.	3rd phase
						(pending)

Table 1. Updated 2nd Phase of Nickel Exploration - Summary Table. Refer to Figure 2 on page 3 to see where the target ID's are located within the project tenure. Abbreviations: MLEM - moving loop electromagnetic survey; DHEM - down-hole electromagnetic survey; RC - reverse circulation drilling; DD - diamond drilling; POW - program of works (approval from the State Government to drill).

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Figure 3: Project location map showing Hannans Forrestania Nickel Project tenure outlined in red and the major nickel mines and deposits within the Western Areas Ltd tenure outlined in blue. Targets A1, A2, C1, C4, C5 and C6 were RC drill tested in January 2020.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Moogie Gold and Nickel-Copper-PGE Project (Hannans 100%)

Introduction

Moogie represents a conceptual greenfields exploration opportunity based on large-scale tectonic controls on mineralisation. The concept is that deep, long-lived crustal scale structures like major shear zones represent excellent tectonic settings for large scale mineralising events. Government seismic lines indicate the surface expression of a major structure occurs at the Moogie Project. Hannans is currently focussed on surface sampling and mapping to determine if rocks with potential to host economic mineralisation exist within the tenure.

Figure 4: Regional location map showing Moogie ~ 260kms north-west of Meekatharra and the proximity of several current and historical mines.

Background

The Moogie Project comprises three exploration licence applications in the Gascoyne Province, Western Australia, located 260kms north-west of Meekatharra and 270kms east of Carnarvon (refer Figures 4 and 5).

Moogie is located within the Glenburgh Terrane of the Gascoyne Province, a Proterozoic7 metamorphic belt located at the northern margin of the Yilgarn Craton. The project tenure covers the intersection of the crustal scale Cardilya Fault with the northeast trending Deadman Fault. The project is considered prospective for orogenic 8 gold, copper mineralisation and intrusion-relatednickel-copper-platinum group element mineralisation.

The Glenburgh Gold Project, owned by Gascoyne Resources Ltd (ASX:GCY), is located ~7km due south of Hannans' applications and contains a Measured, Indicated and Inferred mineral resource of 21.3 Mt @ 1.5 g/t Au for 1.0M ounces of gold9. The gold mineralisation at Glenburgh is hosted within silica altered quartz- feldspar-biotite-garnet-gneiss and is located along the northeast trending Deadman Fault which continues

7 The period from 2,500 million years ago (mya) to 541 mya.

8 Orogenic lode gold mineralising systems comprise epigenetic mineralisation that formed because of focused fluid flow late during active deformation and metamorphism of volcano- plutonic terranes.

9 Refer https://www.gascoyneresources.com.au/gascoyne-projects/glenburgh-gold-project/

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

along strike into Hannans' applications. The Deadman Fault zone is a sinistral transcurrent fault10 hosting not only gold but also copper mineralisation (Dalgety Downs). The Deadman Fault zone forms a 14km low ridge on Hannans' E09/2373 tenement application (refer below Figure 5) and ASTER satellite imagery shows argillic alteration11 along its length; the ridge has not previously been drill tested.

Figure 5: Project location map showing Hannans tenement applications E09/2373 and E09/2374 (outlined in red) and the intersection of the crustal scale Cardilya Fault with the Deadman Fault considered prospective for orogenic gold and or copper mineralisation and intrusion-relatedNi-Cu-PGE mineralisation.

Regional Setting and Target Concept

The Moogie Project is located at the 'top' of the Cardilya Fault (Shear Zone), a crustal-scale structure that extends from under the Yilgarn Craton. The Cardilya Fault separates the 2200-2000Ma Dalgaringa Supersuite from the 1800Ma Moorarie Supersuite, where the Glenburgh Terrane and the Yilgarn Craton came together at approximately 2,000Ma during the Glenburgh Orogeny. The tectonic setting is considered prospective for orogenic (hydrothermal) gold mineralisation, copper mineralisation and mafic intrusion associated Ni-Cu-PGE deposits during a period from around 2000-1800Ma. Tectonic similarities exist with the Albany-Fraser Zone at the south-eastern margin of the Yilgarn Craton.

Detailed aeromagnetic data flown by Hannans in December 2019 defined a 2-5km wide ductile shear zone traversing through the tenement package, rather than discrete faults. Hannans now refers to this feature as the Cardilya Shear Zone (CSZ). Gneissic rocks deformed within this anastomosing shear zone include likely equivalents to the ~2,200Ma Moogie Metamorphics or Camel Hills Metamorphics, in addition to other granitic gneisses. A regionally significant 10-15km bend or kink in the CSZ is a key area of exploration interest. A major splay off the CDZ in the south-central part of the tenement area continues in a west-south-westerly direction towards the string of gold prospects and deposits in the Glenburgh Gold Project. This data was collected and interpreted during the period December 2019 - February 2020.

Hannans has also compiled and levelled historic geochemical data and completed two geochemical sampling programs during the period January - April 2020. Sampling is targeting areas of interest identified from structural, magnetic, radiometric, and remote sensing (ASTER) interpretations. Thin section analysis of samples collected in the field have identified metamorphosed mafic and granitic rock units within the central portion of Moogie tenement package. A regional soil sampling program is also being planned. At this early stage of exploration, the presence of a major shear system (The Cardilya-Dalgety Shear Zone) and associated

10 A left lateral, strike-slip fault, i.e. a sideways movement rather than up or down.

11 A type of hydrothermal alteration, typically low temperature and producing clays like kaolin and smectite.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

mylonite and paragneiss together with magnetic anomalies as well as the presence of copper oxides are together considered sufficient to justify further exploration.

Figure 6: Johnson et al. 2013: Location of GA deep seismic lines.

Moogie

Figure 7: Johnson et al. 2013: Interpretation of GA deep seismic lines.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Figure 8: Structural interpretation of the Moogie Project. Source: Outlier Geoscience, 2020.

Milly Boo (Precious & Base Metals) (Hannans 100%)

Introduction

During the quarter Hannans lodged a tenement application in the Gascoyne region over a very deep magnetic anomaly identified as having characteristics of an Iron Oxide Copper Gold (IOCG) target. The target, Milly Boo, is covered by one exploration licence application in the Gascoyne Province, Western Australia, located ~260kms north-west of Meekatharra and 270kms east of Carnarvon (refer Figures 4 and 5).

Background

Milly Boo represents a magnetic anomaly potentially situated in ~2000Ma gneissic rocks of the Dalgaringa Supersuite, under significant Permian cover (+1000m). It is located beneath a corridor of Mesozoic-aged faulting (of the Permian cover) that makes it difficult to interpret the underlying Proterozoic structures from geophysics (refer Figure 9). Subsidiary magnetic anomalies south-west of Milly Boo (refer Figure 10) are potentially magnetic components of Proterozoic lithology. The significantly stronger Milly Boo magnetic anomaly requires some other explanation.

Exploration

A ground-based gravity survey was completed to verify the IOCG target model. The survey comprised 770 gravity stations on a 200x200m grid and data was acquired by Atlas Geophysics using a Scintrex CG5 gravity meter. The survey identified a gravity anomaly higher up in cover sediments that does not fit an IOCG model but will be investigated further.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Figure 9: Geological setting of the Milly Boo Project.

Figure 10: Deep magnetic anomaly within the Milly Boo Project.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Mt Holland Lithium Project (Hannans 100%)

Introduction

The Mt Holland Lithium Project is located adjacent to Earl Grey, one of the most significant hard rock lithium deposits in the world jointly owned by New York Stock Exchange listed SQM and ASX listed Wesfarmers Ltd. Earl Grey will underpin a world-class,long-life integrated lithium project.12 Hannans' exploration goal at Mt Holland is to discover a lithium deposit comparable to Earl Grey.

Background

Hannans notes that the potential of the greater Mt Holland area to host globally significant hard rock lithium deposits is confirmed simply by the presence of the Earl Grey and Bounty lithium deposits13 and there are large areas of prospective tenure within the Hannans' project that remain unexplored. Despite intersecting pegmatites in aircore and reverse circulation drilling at Mt Holland West, to date there has been no indication in the analyses of fertile pegmatites.14

Figure 11: Map showing major lithium mines, projects and processing infrastructure.

Hannans' exploration model is based on targets located within a 10km radius of late stage fertile granitoids, reliance on the best geological interpretation of aeromagnetic data for defining granitoids, greenstones and structures; and interpretations of data from weathered samples recognising the high mobility of lithium in the weathered zone.

Exploration

Hannans has completed seven drilling programs at Mt Holland and aims to test its best lithium target with one reverse circulation (RC) drill hole at the end of the nickel drilling campaign planned for the current Quarter. All government approvals have been received for the drilling. If warranted further holes will be drilled in due course.

12 Refer kidmanresources.com.au

13 Owned by Kidman Resources and SQM, not Hannans.

14 The host to the lithium mineralisation.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Forrestania Gold (Hannans 20% Free-Carried)

Introduction

Joint venture partner, Classic Minerals Ltd (ASX:CLZ), is funding exploration on the Forrestania Gold Project located approximately 120km south of Southern Cross in the Goldfields region of Western Australia. Hannans owns a 20% free-carried interest in the FGP15 meaning Hannans is not required to fund the costs of exploration until a decision to mine gold has been made by the joint venture. For the avoidance of doubt Hannans owns a 100% interest in all non-gold rights on the tenements including but not limited to nickel, lithium, and other metals.

Figure 12: Forrestania Gold Project (FGP) location map showing the range of priority gold targets identified by previous explorers. Hannans holds a 20% free-carries interest in the gold rights at the FGP.

15 Please refer to the ASX releases made by Classic Minerals Ltd dated 2 May 2017, 18 December 2019 and 21 January 2020 for full details of the mineral resource estimates reported in compliance with the JORC Code, 2012 Edition. Hannans has no interest in either the Lady Lila or Kat Gap prospects owned by Classic Minerals Ltd.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Fraser Range (Hannans 100%)

Introduction

Hannans tenure comprises several small exploration license applications located approximately 100kms east of Norseman and 60 kms south-west of the operating Nova nickel-copper-cobalt mine. Four applications E63/2020 - 2023 are proximal to the Talbot nickel-copper-cobalt anomaly explored by Sirius Resources Ltd and later IGO Ltd (refer Figure 13).

Background

The general area of this group of tenements has been the subject of nickel exploration since the 1960's. The Talbot prospect (situated immediately west of E63/2021, or roughly between the four Hannans tenements) was one of the localities at which weak nickel-copper sulphide mineralisation was discovered at that time, along with Gnama South (approximately 3km to the NW of E63/2022). Exploration during the era post the Nova discovery has been carried out exclusively by Sirius and later IGO. A significant amount of exploration was completed in this area between 2011 and 2019, including the blocks currently under application by Hannans.

Figure 13: Plan of the southwestern block of tenements, showing the location of the tenements in relation to the known nickel sulphide occurrences at Talbot and Gnama South. Nickel surface geochemistry and anomalies are annotated. The Canopus Prospect, and the two drill holes that tested this area, are also shown. Background image is gravity grid.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

Figure 14: Plan of the southwest tenement block (Hannans tenement applications shown in blue) showing geophysical work. MLEM lines marked in red, show good coverage over some but not all tenements. FLEM was also completed.

Exploration

Given the proximity of the tenements to a known nickel sulphide occurrence (which are not common in the Fraser Range area), the leases are of exploration interest. However, given the work that has been completed to date by previous operators, it would appear there is limited scope for additional exploration that might lead to a discovery of a deposit that was not identified by the previous work. It is important to note however that applications E63/2020 and E63/2023 have seen little coverage with surface geophysics (electromagnetic). A ground EM survey will be completed by Hannans when the tenements are granted.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

ASX ANNOUNCEMENTS FOR 4TH QUARTER 2019/2020

Date	Announcement
30/04/2020	3rd Quarter Cashflow Report
30/04/2020	3rd Quarter Activities Report
20/05/2020	Forrestania Nickel Update
04/06/2020	Moogie Gold & Nickel-Copper-PGE Project
09/06/2020	Forrestania Nickel Geophysical Surveys
10/06/2020	Moogie Au & Ni-Cu-PGE Sampling

Table 1. ASX Announcements between the period 1 April 2020 to 30 June 2020

This ASX announcement has been authorised for release by Mr Damian Hicks, Executive Director.

- END -

COMPLIANCE STATEMENT

The information in this document that relates to exploration results at Forrestania and Fraser Range is based on information compiled by Adrian Black, a Competent Person who is a Member of the AIG (1364). Adrian Black is a consultant to Hannans Ltd and its subsidiary companies. Adrian Black has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

The information in this document that relates to exploration results at Moogie is based on information compiled by Amanda Scott, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Scott Geological AB. Amanda Scott is a Non-Executive director of Hannans Ltd and holds shares and options in the company. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

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HANNANS 4TH QUARTER ACTIVITIES REPORT 2019/2020

CURRENT TENEMENTS

		Interest 4th Quarter									Interest 4th Quarter
			2019/2020								2019/2020
	Tenement number		Start	End	Note					Tenement number		Start	End	Note
	HR FORRESTANIA PTY LTD 1
	Location: Forrestania, Australia
	E77/2460	100%	100%
	REED EXPLORATION PTY LTD 2
	Location: Queen Victoria Rocks, Australia
	E15/1416	100%	100%
	Location: Forrestania, Australia
	E77/2207-I	100%	100%	2						P77/4291	100%	100%	2
	E77/2219-I	100%	100%	2						E77/2489	100%	100%	3
	E77/2220-I	100%	100%	2						E77/2546	100%	100%
	E77/2239-I	100%	100%	2						E77/2610	100%	100%
	E77/2303	100%	100%	2						P77/4534	100%	100%
	P77/4290	100%	100%	2

Note:

1. HR Forrestania Pty Ltd (HRF) is a wholly owned subsidiary of Hannans Ltd. HRF is the registered holder of the tenements.
2. Reed Exploration Pty Ltd (REX) is a wholly owned subsidiary of Hannans Ltd. REX is the registered holder of the tenements. REX holds a 100% interest in all minerals excluding gold. REX holds a 20% free-carried interest in the gold rights.
3. REX voluntary partial surrender 14 sub-blocks during the period.

TENEMENTS UNDER APPLICATION

Tenement number

REED EXPLORATION PTY LTD

Location: Forrestania, Australia

Tenement number

Location: Fraser Range, Australia

E77/2579	E63/2020
Location: Moogie, Australia	E63/2021
E09/2373	E63/2022
E09/2374	E63/2023
E09/2417	E63/2024
Location: Milly Boo, Australia	E63/2025
E09/2418	E63/2026
Location: Maggie Hayes, Australia	E69/3780
E63/2016	E69/3781

RELINQUISHED, REDUCED OR LAPSED TENEMENTS

	Interest 4th Quarter				Interest 4th Quarter
	2019/2020				2019/2020
Tenement number	Start	End	Note		Tenement number	Start	End	Note
REED EXPLORATION PTY LTD
Location: Forrestania, Australia
E77/2488	100%	0%			E77/2498	100%	0%

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