Hannan Metals Limited reported Hannan has doubled the number of systematic channel samples collected at the Tabalosos East prospect within the San Martin JOGMEC Joint Venture ("JV") sediment-hosted copper-silver project in Peru. Results continue to demonstrate high grades with continuity. Highlights: Definition of a new zone of mineralization at Renaco that extends mineralization 3 kilometres further south than previously recognized, where a total of 17 channels average 1.1 metres @ 2.1% copper and 29 g/t silver.

Highlights at Renaco include some of the highest grades seen on the project to date: CH3927: 0.4 metres @ 10.8% copper and 124 g/t silver; CH243: 2.5 metres @ 2.7% copper and 61 g/t silver; and CH22317: 0.9 metres @ 4.4% copper and 76 g/t silver. Systematic surface channel sampling of the mineralized copper shale at surface has been conducted over 5 separate areas within a 9-kilometre-long by 1-kilometre-wide area that is interpreted to extend with shallow dips to the west for between 2-4 kilometres, with a target depth ranging from surface to 500 metres (Figures 2 and 3). New channel results include: CH4321: 3.0 metres @ 3.4% copper and 36 g/t silver; CH22330: 1.4 metres @ 5.5% copper and 68 g/t silver; CH3917: 2.8 metres @ 1.9% copper and 34 g/t silver; Across Tabalosos East, which represents only 1% of Hannan's 656 sq km of tenure at the San Martin JV area, a total of 91 channels average 1.0 metre @ 1.9% copper and 28 g/t silver using a lower cut of 0.5% copper over 0.2 metres and range from 3.0 metres @ 3.4% copper and 36 g/t silver to 0.2 metres @ 0.6% copper and 2 g/t silver.

Widths and grades remain consistent with the drill discovery of the Kupferschiefer copper-silver deposits in 1957. A geophysical trial induced-polarization pole-dipole survey will commence in February at Tabalosos East with the aim to map mineralization to depth. A public participation meeting with all stakeholders, to conclude the DIA drill permitting field work component, is expected to be held in February when recently implemented Peruvian COVID-19 capacity restrictions are lifted.