Hannan Defines Large-Scale IP Geophysical Anomaly at The Ricardo Herrera Copper-Gold Porphyry, Valiente Peru

VANCOUVER, December 19, 2024 - Hannan Metals Ltd. ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to report the discovery of a significant chargeability anomaly at the Ricardo Herrera copper-gold porphyry project within the Company's 100%-owned Valiente copper-gold project in Peru (Figure 1).

Michael Hudson, CEO, states: "The identification of this extensive IP anomalies at Ricardo Herrera marks a pivotal development in our understanding of the copper-gold porphyry potential at Valiente. The convergence of multiple exploration indicators - from geophysics to surface geochemistry - has provided us with highly promising drill targets. With our recently approved DIA permit and 14 drill platforms in place, we are excellently positioned to test this compelling porphyry system in Q2 2025."

Geophysical Interpretation

Ricardo Herrera represents an outcropping Miocene calc-alkalic porphyry system where surface copper mineralization coincides with extensive phyllic and intermediate argillic alteration over 800 m x 250 m. Following a successful 2D IP orientation survey in 2023 that mapped the system to 500 m depth, our new 3DIP survey has significantly advanced the subsurface understanding and further de-risked our upcoming drill program. Two distinct anomalies have been identified:

1. The Main Anomaly : This extensive feature correlates directly with surface mineralization, exhibiting:

   • A robust chargeability anomaly extending over 1,000 m strike length and 250 m width

   • Chargeability values typically ranging 12ms to15ms with peaks up to 26ms

   • Strong correlation with surface mineralization and alteration patterns

   • Clear definition to at least 350 m depth (Figures 4 to 6)

2. The Parallel Target : This newly identified anomaly presents compelling characteristics:

   • Located immediately SW of and parallel to the main anomaly

   • Dimensions of 400 m length by 200 m width

   • Strong chargeability values ranging from 8ms to -26ms

   • No surface expression, representing an exciting blind target within the permitted drilling area

The geophysical results strongly support surface observations, confirming Ricardo Herrera as the upper portion of a substantial multistage high-K calc-alkalic porphyry system. While surface mineralization is strongly leached, the chargeability data reveals a large chargeable body persisting to at least 350 m depth, suggesting preservation of the mineralizing system at depth.

Geophysical Survey Details

The Induced Polarization ("IP") geophysical survey was carried out by GeoMad E.I.R.L, a Lima-based consultancy company. The survey employed a pole-dipole electrode configuration on single lines with electrode spacing at 100 m intervals. Four lines were surveyed with lengths varying between 1.2 km and 6.8 km. Equipment used included:

• Huntec 10Kw 20A transmitter

• 10 channel ELREC PRO receiver

• LECIA GS15 GNSS for station recording

Geological Setting and Mineralization

Ricardo Herrera is an outcropping Miocene calc-alkalic porphyry target hosted within a grey to greenish porphyritic intrusion with hornblende and feldspar phenocrysts. The mineralization shows:

• Strong phyllic and intermediate argillic alteration over 800 m x 250 m

• Both M (magnetite-bearing), B (quartz/biotite) and A-veins (saccharoidal quartz/K-feldspar) with encouraging densities of approximately 6 veins per metre

• Evidence of supergene enrichment in lower topographic levels where chalcocite replaces chalcopyrite

• Secondary copper within manganese oxides (neotocite) and red iron oxides (hematite) in the leached zone with values exceeding 0.1% Cu

About the Valiente Project

Hannan Metals' Valiente Project identified a Miocene porphyry copper-gold belt in Peru's back-arc, with 18 Cu-Au porphyry and epithermal systems across 140 km x 50 km. The Belen Prospect (Figure 1), 19 km east of Tingo Maria, features three main targets: Ricardo Herrera, Vista Alegre, and Sortilegio. Despite being only 4% of Hannan's holdings, Belen shows significant potential through extensive anomalies.

Technical Background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using traceable parcels. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property. Gold was analyzed by ALS in Lima using a standard sample preparation and 30g fire assay sample charge.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)

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

Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.

SOURCE: Hannan Metals Ltd.