Hannan Metals Ltd. announce definition of the third porphyry copper target at the at the 100% owned Valiente project in central Peru. The new Divisoria copper porphyry is located 10 km east of the Belen area where two outcropping porphyry targets (Ricardo Herrara and Sortilegio) and associated epithermal and skarn targets have been defined. All targets lie within a previously unknown Miocene-age porphyry-epithermal copper-gold mineralized belt.

The Company is also pleased to announce that 1). Public participation meetings and environmental studies at Belen have progressed well and final submission of the Declaracion de Impacto Ambiental ("DIA") will be made shortly and 2) Social licence permissions for the first time have been received across a broad area of Valiente, including the Previsto target area, and initial field work has commenced. The first exploration work reported from the Divisoria area has identified a zoned copper porphyry target over a 2,000 m by 500 m area.

Discovery of abundant high-grade hydrothermal zinc-lead-silver breccias and quartz-pyrite veins where values up to 8.0 m @ 3.3% Zn including 0.5 m 33.4 % Zn from outcrop channel sampling. These veins are interpreted to represent a distal polymetallic veins district peripheral to a porphyry core. The host rock to the base metal veins is a fine-grained dioritic porphyry intrusion with moderate to strong propylitic alteration, typically associated in the outer margins of a porphyry system.

Social teams at Valiente have been active: Field work for the DIA or Environmental Impact Statement at Belen is complete with archaeological and environmental data collected and community participation meetings complete. Broad support was received. Submittal for approval to the General Directorate of Mining Environmental Affairs of the Ministry of Energy and Mines is anticipated by the end of November 2023.

Initial social licence permissions to the Previsto area have been received allowing exploration access to this highly prospective alkalic Cu-Au porphyry target area.