Hannans : LiB Recycling in the Nordic Region (Updated)

22 November 2021

Shareholders

Hannans Ltd

Level 12, 197 St Georges terrace

Perth, West Australia

Dear Shareholders

Updated Presentation

We're pleased to provide the attached presentation, "Lithium Battery Recycling in the Nordic Region (Updated)".

Please note today's presentation replicates the presentation released to ASX on 5 November 2021 but for:

• inclusion of the following paragraph on page 11:

"The financial information on this page was sourced from multiple sources, including page 6 of Neometals Ltd (ASX:NMT) ASX release dated 7 May 2021 which itself referenced pricing information sourced from Fastmarkets (Cobalt, Nickel, Manganese - Spot) and HIS Markit Trade Data (Lithium - Spot) and Neometals Management (Copper Products - Forecast). Information pertaining to battery cell composition and product recoveries for cobalt 82%, nickel 83%, lithium 82%, copper 88% combined manganese 78% were sourced from Neometals Management. Information on multiples was sourced from BMO Capital Markets research note on Li-Cycle dated 9 September 2021. Information on this page represents a combination of industry wide metrics plus metrics released by the licensor of the recycling technology; and is not financial forecast information that shareholders should be relying on."

• removal of the statement on page 11 "potentially strong margins circa +100%" because this is forecast is not compliant with the ASX Listing Rules.

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

Best regards,

Damian Hicks

Executive Director

www.hannans.com	@Hannans_Ltd	Hannans_Ltd	[e-mail]
Level 12, 197 St Georges Terrace, Perth, Western Australia	ASX: HNR	ABN: 52 099 862 129

Lithium Battery Recycling in the Nordic Region (Updated)

www.hannans.com

ASX:HNR

22 November 2021

Summary

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Hannans aims to recover high purity metals from scrap and spent lithium batteries (LiB) in Norway, Sweden, Denmark and Finland (Nordic region). The LiB recycling technology is being proven, is scalable, safe and sustainable.

The Nordic region has plans for four Gigafactories, has the highest electric vehicle (EV) penetration rates in the world, a strong recycling culture and raw material security of supply concerns. Hannans is constantly evaluating rapid growth options for its LiB recycling ambitions.

Hannans will focus on securing LiB feedstock and obtaining permits before making a final investment decision on the first plant.

Transaction Summary

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Critical Metals Ltd (Critical) holds an exclusive license to commercialise a LiB recycling technology in the Nordic Region in consideration for payment of a gross revenue royalty to Neometals Ltd (ASX:NMT).

Hannans signed a Memorandum of Understanding (MoU) with Critical on 9 September 2021 providing it with the right to earn a 50% interest in each and every LiB recycling plant developed in the Nordic region by funding activities through to a final investment decision (FID) with respect to each plant.

Hannans alone has the right to decide whether to make a positive FID. If Critical elects not to contribute Hannans has the right to 100% of that particular plant.

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Technology Ownership