Hannans will grant JLM Resources, which Michael runs, 250,000 shares in exchange for 1200-day pre-emptive rights to acquire all natural resources sourced by JLM.
Should it choose to do so, Hannans will form an equal joint venture with JLM to develop each project.
The company said the agreement was its first step towards obtaining exposure to projects outside Australia.
Michael, the first PNG national to play senior Australian Rules football, was a member of the Brisbane Lions in 2001-03. He also established the Mal Michael Foundation in 2006 that aims to raise money to help give PNG youth the opportunity to play the sport.