Hannans : Response to ASX Price Query

1 February 2022

Mr Raj Logarajah

Listings Compliance Adviser

ASX

Level 40, Central Park

152-158 St Georges Terrace

Perth WA 6000

Dear Raj

Price-Query Response

I refer to your letter dated 19 January 2022.

1. Is HNR aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

Hannans has been engaging with ASX regarding a potential material transaction and a possible change in the scale and nature of its operations since mid-December 2021. The nature of this engagement has not previously been disclosed to the market.

2. If the answer to question 1 is "yes".

a. Not applicable.

b. Hannans announced today its plans to re-comply with ASX Listing Rules Chapters 1 and 2 following execution of a material agreement and receipt of conditional ASX approvals on 31 January 2022.

c. Not applicable.

3. If the answer to question 1 is "no", is there any other explanation that HNR may have for the recent trading in its securities?

Not applicable.

4. Please confirm that HNR is complying with the Listing Rules and, in particular, Listing Rule 3.1.

Hannans is complying with the Listing Rules, particularly Listing Rule 3.1.

The answers to these questions have been approved by Damian Hicks, Executive Director in compliance with Hannans' continuous disclosure policies.

Best regards,

Damian Hicks

Executive Director

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

19 January 2022

Reference: 45410

Mr Ian Gregory

Company Secretary

Hannans Ltd

By email: [e-mail];

Dear Mr Gregory

Hannans Ltd ('HNR'): Price - Query

ASX refers to the following:

1. The change in the price of HNR's securities from an opening of $0.048 on 17 January 2022 to a high of $0.059 today.
2. The significant increase in the volume of HNR's securities traded from 17 January 2022 to 19 January 2022.

Request for information

In light of this, ASX asks HNR to respond separately to each of the following questions and requests for information:

1. Is HNR aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
2. If the answer to question 1 is "yes".
3. 1. Is HNR relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in HNR's securities would suggest to ASX that such information may have ceased to be confidential and therefore HNR may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.
   2. Can an announcement be made immediately? Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).
   3. If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?
4. If the answer to question 1 is "no", is there any other explanation that HNR may have for the recent trading in its securities?
5. Please confirm that HNR is complying with the Listing Rules and, in particular, Listing Rule 3.1.
6. Please confirm that HNR's responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of HNR with delegated authority from the board to respond to ASX on disclosure matters.

ASX Limited [[Listings]]

ASX Customer Service Centre 131 279 | asx.com.au

When and where to send your response

This request is made under Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 10 AM AWST Wednesday, 19 January 2022. You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, HNR's obligation is to disclose the information 'immediately'. This may require the information to be disclosed before the deadline set out in the previous paragraph and may require HNR to request a trading halt immediately.

Your response should be sent to me by e-mail at [e-mail]. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is "yes" and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in HNR's securities under Listing Rule 17.1. If you wish a trading halt, you must tell us:

• the reasons for the trading halt;
• how long you want the trading halt to last;
• the event you expect to happen that will end the trading halt;
• that you are not aware of any reason why the trading halt should not be granted; and
• any other information necessary to inform the market about the trading halt, or that we ask for.

We require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions.

Suspension

If you are unable to respond to this letter by the time specified above, ASX will likely suspend trading in HNR's securities under Listing Rule 17.3.

Listing Rules 3.1 and 3.1A

In responding to this letter, you should have regard to HNR's obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B. It should be noted that HNR's obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

Release of correspondence between ASX and entity

We reserve the right to release a copy of this letter, your reply and any other related correspondence between us to the market under Listing Rule 18.7A.

Questions

If you have any questions in relation to the above, please do not hesitate to contact me.

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ASX Customer Service Centre 131 279 | asx.com.au

Regards

Raj Logarajah

Adviser, Listings Compliance (Perth)

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ASX Customer Service Centre 131 279 | asx.com.au