Mr. Michael Hudson reports

HANNAN RECEIVES GOVERNMENTAL APPROVAL FOR DRILL PAD CONSTRUCTION AT THE BELEN PROSPECT, VALIENTE PROJECT, PERU

Hannan Metals Ltd. has commenced site access preparation at its Belen prospect at the company's 100-per-cent-owned Valiente copper-gold project in Peru. This follows the receipt of the authorization for exploration activities permit from the Ministry of Mines (MINEM) announced in February, 2025.

Highlights:

• Access preparation work has begun at the Belen prospect following receipt of the authorization for exploration activities permit;
• Drill contract expected to be signed within the next week;
• Drilling to commence in early May, 2025, during the start of the dry season;
• Program will utilize up to 40 permitted platforms to test three key prospects:
  • Ricardo Herrera copper-gold porphyry (15 platforms);
  • Vista Alegre epithermal gold target (12 platforms);
  • Sortilegio copper-gold porphyry (13 platforms).

Michael Hudson, executive chairman and chief executive officer, stated: "The commencement of access preparation marks a major milestone for Hannan as we prepare to launch our maiden drill program at Belen. This is the culmination of our systematic mineral prospecting approach since discovering this new copper-gold belt in 2021. With all necessary permits now in place, we're excited to begin testing the extensive porphyry copper-gold and epithermal gold mineral systems across Ricardo Herrera, Vista Alegre and Sortilegio for the first time.

"The drilling preparatory work at Belen is proceeding while we continue prospecting the significant Previsto gold find, located 20 kilometres to the northwest, where we recently identified continuous outcrop of alkalic-type epithermal gold mineralization."

Project overview

The Belen prospect is situated within Hannan's Valiente project, which has identified a new Miocene-age porphyry copper-gold belt in Peru's central eastern region. Recent geophysical surveys have defined significant anomalies at all three main targets:

• At Ricardo Herrera, a substantial chargeability anomaly extends over 1,000 metres by 250 metres, coinciding with outcropping porphyry-style copper-gold mineralization within a multistage calc-alkaline intrusion. Surface mineralization shows moderate to strong phyllic and intermediate argillic alteration with both magnetite-bearing, quartz-biotite and quartz-K-feldspar veining.
• The Vista Alegre epithermal gold prospect features a 2.4-kilometre-long geophysical anomaly with two distinct signatures: a high-chargeability/low-resistivity zone coinciding with gold-in-soil anomalies up to 0.23 part per million; and high-chargeability/high-resistivity zones associated with mineralized quartz boulders assaying up to 1.98 grams per tonne gold.
• At Sortilegio, a 1.2-kilometre-long chargeability anomaly has been identified within an alkalic porphyry system, characterized by zoned and structurally controlled mineralization of shallow gold target and three alkalic copper-gold target within a 1.2-kilometre-long trend. The central mineralized zone measures 350 metres by 350 metres with high-density stockwork veining.

The Belen prospect represents approximately 4 per cent of Hannan's total Valiente landholding, where the company has identified 18 copper-gold porphyry and epithermal systems across a 140-kilometre-by-50-kilometre area in Peru's back-arc region.

The company is also pleased to announce that, further to its news release of March 17, 2025, it has completed the acceleration of the expiry date of common share purchase warrants of the company issued on May 9, 2023, as part of a private placement financing. Pursuant to the acceleration, the company has issued 3,512,230 common shares of the company at an exercise price of 35 cents per common share for total proceeds of $1,229,280.50. As at the date of this news release, there are 124,859,705 common shares issued and outstanding.

About Hannan Metals Ltd.

Hannan Metals is a resource and exploration company discovering and developing sustainable resources of metal needed to meet the transition to a low-carbon economy. Over the past decade, the team behind Hannan has forged a long and successful record of discovering, financing and advancing mineral projects in Europe and Peru.

Michael Hudson, FAusIMM, Hannan's chairman and chief executive officer, a qualified person as defined in National Instrument 43-101, has prepared, reviewed, verified and approved the technical contents of this news release.

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