Hannan Metals Limited ('Hannan' or the 'Company') (TSXV: HAN) (OTCPK: HANNF)is pleased to provide an update on the Belen copper-gold ('Cu-Au') target at the 100% owned Valiente project in Peru where a large field team has continued to be active over the last months.

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 project is contained within a 140 km by 50 km area, named the Valiente Project, where Hannan's exploration team has identified at least seven intrusion related porphyry/epithermal/skarn targets, of which Belen is the most advanced and described here in more detail.

Highlights

Geology: Field teams have been active over last quarter with a 10-person exploration team continuing to build and strengthen the exploration targets at Belen.

Mineralization has been defined over an expanded footprint from 8 km to 10 km strike.

Initial indications of high-grade system developing at Sortilegio with assays up to 16.0% Cu and 4.4 g/t Au from a porphyry boulder grab sample.

Geophysics: After a completing a 4,880 line km aeromagnetic survey across all of its 100% owned mining concessions at Valiente late in 2022, the Company has recently undertaken and completed a 19.4 line km pole-dipole induced polarization ('IP') geophysical survey at the Ricardo Herrera porphyry and Vista Alegre epithermal gold target. Results will be released after all data has been processed and interpreted.

Permitting: Permissions to start the Declaracion de Impacto Ambiental ('DIA') or Environmental Impact Statement at Belen been received from authorities. The DIA is the primary environmental certification required to allow low impact mineral exploration programs, that includes drilling programs, to proceed in Peru. A multi-disciplinary team will be mobilized in the coming weeks. Work will involve archaeological investigations, community workshops and liaison activities to collect appropriate information necessary to make the submittal for approval to the General Directorate of Mining Environmental Affairs of the Ministry of Energy and Mines, Peru.

Further results from the IP geophysical surveys, mapping and channel sampling will be released soon.

Michael Hudson, CEO, states: 'Despite the political challenges Peru has seen over the last months, Hannan's teams have remained very active in the field with positive interactions with local stakeholders continuing. Momentum at Valiente remains high. The work by our field team continues to successfully expand and refine the mineral system at Belen. The high-grade copper gold boulders at Sortilegio, within the Belen trend, demonstrate the potential of a new high-grade target at Sortilegio and importantly, we are now mapping mineralization over a large footprint. This is highlighted by the development of the 4 km long base metal gold skarn target east of Sortilegio within the 10 km long linked porphyry copper-gold and epithermal gold mineral system. With permissions received to commence our detailed drill permitting, we look forward to 2023 with great enthusiasm.'

Geological Discussion

At the Sortilegio porphyry target, detailed geological mapping has now commenced with 70% of the area mapped (5 sq km) . A total of 22 channel samples have been taken for 130.7 m. Assays are pending. In addition, 450 soil samples have been collected demonstrating moderate to strong copper (gold) values over 1,800 m by 900 m. Two zones of interests have emerged: Hornblende felspar porphyry of diorite composition overprinted by phyllic alteration and secondary copper oxides seen within multiple boulders in creeks. Assays are pending.

Board supergene mineralization marked by fine grains of native copper hosted by a lamprophyre intrusive that is broadly coinciding with the soil copper anomaly covering 1,800 m of strike.

The potential for high-grade mineralization at Sortilegio has been highlighted by the discovery of high-grade copper-gold bearing massive goethite boulders with remnants of secondary biotite with one boulder assaying 16.0% Cu and 4.4 g/t Au . In total 147 boulders ranged from

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