Harfang Exploration - Corporate Presentation, January 2020

1. JANUARY 2020
PROJECT GENERATOR
ACTIVE IN JAMES BAY
WWW.HARFANGEXPLORATION.COM

2. Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. All
statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Harfang Exploration Inc. (the
"Corporation” or “Harfang” ) expects to occur, including managements’ expectations regarding the Corporation’s growth, results of operations, estimated future revenues,
requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, gold equivalent ounces, production costs and revenue, future
demand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and no
assurance can be given that the estimates and assumptions will be realized. Forward looking statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or
variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions
precedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipated
benefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets. Although the Corporation believes
the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and
other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. The forward
looking statements contained in this presentation are based upon assumptions management believes to be reasonable. For additional information on risks, uncertainties
and assumptions, please refer to the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The
Corporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements
contained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the
expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such
forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. The
Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
other than as required by applicable law.
Safe Harbour Statement
Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian
securities legislation. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company, or other future events, including forecast production, earnings and cash flows, to be materially different from any future results,
performances or achievements or other events expressly or implicitly predicted by such forward-looking statements. Such risks, uncertainties and other factors include, but
are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, recent operating losses, uncertainty of title to
properties, risk associated with foreign operations, environmental risks and hazards, proposed legislation affecting the mining industry, litigation, governmental regulation
of the mining industry, properties without known mineable reserves, uncertainty as to calculations of reserves, mineral deposits and grades, requirement of additional
financing, uninsured risks, competition, dependence on key management personnel, potential volatility of market price of the Company’s common shares, dilution and
certain anti-takeover effects. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available.
The Company does not intend to update this information and disclaims any legal liability to the contrary.
2
FORWARD-LOOKING STATEMENTS

3. 3
SAFE AND PROVEN MINING JURISDICTION
• Québec is consistently rated among the top 10 mining jurisdiction in the world
• Proven collaboration with local communities
EXCELLENT SHARE STRUCTURE
• Strong support from the Osisko Group & Québec Institutional Funds
• Well financed with 3.0 million in cash, no debt
HIGHLY QUALIFIED PEOPLE
• Exceptional board of directors & management
• Experienced & field-orientated team
HIGH QUALITY GOLD AND BASE METAL PROJECTS
• Most of properties are 100% owned by Harfang
• Partnership on the Lake Fagnant project (Joint venture model)
• Strategic acquisition through target generation and partnerships
PROJECT GENERATOR FOCUSED ON DEVELOPING EARLY-STAGE GOLD
EXPLORATION IN JAMES BAY
WHY INVEST IN HARFANG EXPLORATION?

4. 4
CAPITAL STRUCTURE & OWNERSHIP
CAPITALIZATION
Shares outstanding 40.0 million
Warrants 5.5 million
Options 1.2 million
Fully diluted shares outstanding 46.7 million
Treasury (as of Oct. 31st, 2019) $3.0 million
OWNERSHIP
Retail 35%
Québec institutional funds 26%
Osisko Gold Royalties Ltd. 17%
Close associates 15%
Board of directors & management 7%
Harfang Closes
$1.5M Financing
20 Mar 2019
Harfang acquires
Lake Tapiactic Project
12 Jun, 2019
Harfang Closes
$200,000 Financing
17 Sep, 2019
Harfang announces trenches results
at Menarik
10 Jan 2019
Harfang heliborne
magnetic on Serpent
15 mai, 2019
Harfang increases Land
Position at Serpent
10 Dec, 2018
Discovery of 5 new high-grade
gold occurrences at Serpent
17 Oct, 2019

5. ANDRÉ GAUMOND, CHAIRMAN
Director at Altius Minerals Corporation and
Former President & CEO of Virginia Mines
JEAN-PIERRE JANSON, DIRECTOR
Managing Director at Richardson GMP Limited
and Chairman of the Board of Midland
Exploration
FRANK MARIAGE, DIRECTOR
Partner at Fasken Martineau DuMoulin LLP
SYLVIE PRUD’HOMME, DIRECTOR
Geologist and former Manager, Investor Relations
for Osisko Mining Corporation
ROBIN VILLENEUVE, DIRECTOR
CFO at Opsens Inc. and ex-CFO of Virginia
Mines Inc.
FRANÇOIS GOULET, M.SC., P.GEO.
President & CEO
YVON ROBERT, CPA
Chief financial officer
MARC POTHIER, LL.B.
Corporate secretary
& Legal advisor
FRANÇOIS HUOT, Ph.D., P.GEO.
Chief geologist
5
BOARD OF DIRECTORS MANAGEMENT

6. 6
PROJECT LOCATION
ALL PROJECTS ARE IN THE
QUÉBEC PROVINCE
 5 IN JAMES BAY
 2 IN NUNAVIK
 1 IN ABITIBI-TÉMISCAMINGUE

7. 7
EXPERIENCED & FIELD-ORIENTATED TEAM

8. 8
PROJECT SUMMARY:
 528 claims (27,065 ha) located 90 km
southeast of Radisson, adjacent to the James
Bay paved road
 100% owned by Harfang, no NSR
 Accessible by air transportation and boat
 Located 80 km northwest of Éléonore Mine,
adjacent to the La Grande-Opinaca contact
 Under-explored area outside known
greenstone belts
 Archean basement intruded by felsic to
ultramafic magmas, minor highly-deformed
and metamorphosed volcano-sedimentary
horizons (including the Apple Formation)
 Discovery of orogenic gold (Au) and intrusion-
related (Cu-Au-Ag) mineralizations
SERPENT PROJECT – DESCRIPTION

9. 9
Background: Residual Magnetic Field
from GDS survey (2019)
SERPENT PROJECT – GOLD AND BASE METAL SHOWINGS
HIGHLIGHTS:
 At least 14 Au and 2 Cu-Au-Ag showings discovered since 2017
 Gold-rich showings associated to shear zone-hosted quartz veins
(orogenic gold system)
 Cu-Au-Ag showings hosted in sedimentary rocks (intrusion-
related system)

10. 10
MAIN TRENCH
0.99% Cu, 0.20 g/t Au, 7.7 g/t Ag over 11.7 m (Channel)
1.47% Cu, 0.26 g/t Au, 12.8 g/t Ag (Grab)
1.56% Cu, 0.26 g/t Au, 9.0 g/t Ag
(Grab)
1.17% Cu, 0.31 g/t Au, 7.6 g/t Ag (Grab)
1.69% Cu, 0.96 g/t Au, 15.4 g/t Ag (Grab)
Aerial view looking west
Only grab samples with Cu >1% are shown
 The Mista corridor extends for at least 350 m in a WNW-ESE direction
0.59% Cu, 0.25 g/t Au, 6.42 g/t Ag over 5.60 m (Channel)
0.59% Cu, 0.21 g/t Au, 7.66 g/t Ag over 2.05 m (Channel)
0.88% Cu, 0.12 g/t Au, 6.31 g/t Ag over 2.35 m
(Channel)
0.25% Cu, 0.74 g/t Au, 2.12 g/t
Ag over 3.30 m (Channel)
Open
Open
SERPENT PROJECT – MISTA PROSPECT (INTRUSION-RELATED SYSTEM)

11. 11
 Sulfides mainly associated to quartz
veining in the metamorphosed quartz-rich
sedimentary rock (stockwork-style)
 Folded and locally mylonitized mineralized
horizon
 Anomalous content in Bi and Te in copper-
rich samples
 Local Mo occurrences in a nearby felsic
intrusion (up to 0.17% Mo)
SERPENT PROJECT – MISTA PROSPECT (MAIN TRENCH)

12. 12
View looking west
 Lawr zone discovered during summer 2019
 Grab samples grading up to 186 g/t Au and 200
g/t Ag in a quartz vein between gabbro and
tonalite; 9.79 g/t Au over 1.25 m (channel)
 Visible gold at surface
186.0 g/t Au
44.3 g/t Au
6.45 g/t Au
41.9 g/t Au
9.79 g/t Au / 1.25 m
136.0 g/t Au
8.1 g/t Au / 0.5 m
Note: The Lawr East and West zones are 100 m apart
SERPENT PROJECT – LAWR SHOWING (OROGENIC GOLD)

13. 13
View looking west
 Other discovered high-grade gold quartz veins
3 quartz veins grading 11.5, 1.31 and 0.96 g/t Au
Camp showing
Python showing
Quartz vein grading 20.5 g/t Au
IDENTIFIED VEIN TYPES:
 Shear-hosted vein (locally multiphased)
 Extensional vein
 Pegmatite-associated vein (magmatic affiliation)
SERPENT PROJECT – OTHER OROGENIC GOLD OCCURRENCES

14. 14
SERPENT PROJECT – TILL SURVEYS (2018 and 2019)
Major Gold-in-till Anomaly
Other Gold-in-till Anomalies
Precious and base metal showing

15. 15
 Deformation increases towards the southern part of the property
 North-south orientation of known showings confined into the east-west deformation corridor
 Regional thrust faults (with a dextral movement) interpreted from the magnetic signature
Deformation
Corridor
SERPENT PROJECT – PRELIMINARY STRUCTURAL INTERPRETATION

16. 1616
PROJECT SUMMARY:
 Located 48 km SE of Radisson
 100% owned by Harfang (2% NSR Osisko Gold
Royalties on most claims on Lake Ménarik)
 Lake Ménarik = 110 claims (5,653 ha) / Ménarik
East = 64 claims (3,289 ha)
 5 km from James Bay paved road, properties
accessible by ATV trails
 Archean greenstone belt (Yasinski Group)
 Polymictic conglomerate (Timiskaming-style)
along a regional deformation corridor
 Monzonite-hosted and orogenic gold
mineralization styles
 Layered ultramafic-mafic igneous complex with a
chromium resource (not NI 43-101 compliant)
LAKE MÉNARIK & MÉNARIK EAST PROJECTS – DESCRIPTION

17. 17
• Very high-grade gold occurrences in quartz veins (up to 1,918 g/t Au) hosted in monzonite and adjacent volcano-
sedimentary assemblage; higher gold grades in monzonite
• Gold commonly associated to high contents in Ag, Te and Bi, locally with Cu
• The Lake Menarik fault represents a sharp metamorphic contrast (greenschist to amphibolite facies)
LAKE MÉNARIK PROJECT – ABUNDANT GOLD OCCURRENCES

18. 18
TSX.V: HAR
Favourable structures
(DDH targets)
LAKE MÉNARIK PROJECT – MONZONITE-ASSOCIATED GOLD
Some of the best mineralized intervals
(DDH and Trenches)
DDH/Trench Intervals
DDH-1404-03 0.89 g/t Au over 68.25 m (Pierre)
DDH-1404-05 2.53 g/t Au over 4.72 m (Benoît)
DDH-1404-17 0.76 g/t Au over 34.28 m; 0.75 g/t Au over 10.44 m (Pierre)
Channel 12.46 g/t Au and 25.5 g/t Ag over 3.60 m (Gordie)
Channel 18.75 g/t Au, 31.1 g/t Ag, 0.41% Cu over 0.88 m (David)
Channel 1.04 g/t Au over 24.9 m (Greco)

19. 19
Brecciated, chloritized and hematized monzonite
(8.75 g/t Au over 0.26 m) [Pierre showing]
Gordie showing
12.46 g/t Au and 25.5 g/t Ag over 3.60 mPolygenic conglomerate (Ekomiak Formation)
LAKE MÉNARIK PROJECT – ABUNDANT GOLD OCCURRENCES

20. 20
Calculated resources* in the Menarik layered
ultramafic complex : 6.34 Mt @ 7.73% Cr2O3, 398
ppb Pd & 105 ppb Pt
*Not compliant with NI 43-101
MÉNARIK EAST PROJECT – CR-PGE AND AU SHOWINGS

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PROJECT SUMMARY:
 146 claims (7,430 ha) located 2 km north of of LG-3 hydroelectric powerplant; 110 km east of Radisson
 Easily accessible all-year round by ground transportation (Transtaiga gravel road)
 Dominated by feldspathic wacke and iron formation with less abundant basalt, conglomerate and paragneiss
(Yasinski Group)
 Located in the La Grande Subprovince in areas affected by metamorphic gradients (close to the Minto and
Opinaca Subprovinces)
 One of the largest Archean
sedimentary basins near the La
Grande – Opinaca contact, rocks
similar to the Low Formation which
hosts the Éléonore Mine
 No significant historical exploration
activity reported
 Highly prospective for gold, copper
and iron
LAKE TAPIATIC PROJECT – DESCRIPTION

22. 22
GEOLOGICAL FEATURES:
 The volcano-sedimentary package is highly folded
(polyphased deformation)
 Major shear zones dismember fold hinges and cut
across the entire volcano-sedimentary package
 Metamorphism grades from greenschist to
amphibolite facies towards the north
ORE POTENTIAL:
 Complex structural features combined with iron-rich
lithologies offer a strong potential for gold
mineralization in both structural and chemical traps
 Copper anomalies in lake sediments are found in the
southern part of the property
 Overall geological setting shares similarities with
Musselwhite and Red Lake Areas
LAKE TAPIATIC PROJECT – LOCAL GEOLOGY

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PROJECT SUMMARY:
 68 claims (3,352 ha) located 60 km east of
Kuujjuarapik and 160 km north of Radisson;
access by air transportation
 Joint Venture between Harfang (40%),
Kenorland Minerals Ltd. (40%) and
UrbanGold Minerals Inc. (20%)
 Great Whale Archean greenstone belt
defined over 16 km x 8 km
 Dominated by mafic volcanics; minor
terrigenous and orthochemical sedimentary
rocks, felsic lavas, and ultramafic and felsic
intrusions; major iron formations in the
south
 Many high-grade gold showings
(mesothermal shear zones and possible syn-
volcanic Au-rich VMS/intrusion-hosted
system)
 Gold and polymetallic occurrences aligned
on two structural trends (Esker and Cuesta)
 Channels up to 3.6 g/t Au over 8.8 m and
18.19 g/t over 0.54 m
 Never been drilled
Sedimentary Rock
Basalt
Banded Iron Formation
Great Whale greenstone belt
Gold showing (SIGÉOM)
Cuesta
Esker
LAKE FAGNANT PROJECT – DESCRIPTION

24.  All showings were discovered during historical exploration work (1997 to 2000)
 Field visit by Harfang and Kenorland in 2018 confirmed the high-grade gold and polymetallic mineralizations
24
LAC FAGNANT PROJECT – GOLD AND POLYMETALLIC SHOWINGS

25. 25
PROJECT SUMMARY:
 143 claims (6,720 ha); 125 km south of Kuujjuaq and
265 km NNW of Schefferville
 100% Harfang; no NSR
 Access by air transportation
 5 significant Cu-Ni-PGE prospects in the Labrador
Trough
 Marymac II
 Marymac [Lepage/Island/Marymac I]
 Float
 Redcliff
 Nine South
 One of the largest Ni-Cu-PGE resources in the
Labrador Trough
 Historical work from 1950’s to late 1980’s, more than
160 DDH (last drilling phase in 1988)
 3 recent airborne geophysical surveys with only
limited follow-up on the ground
 AeroTEM II (2003)
 VTEM (2011)
 Mag-Spectro (2011, MERN) Calculated resources are not
compliant with NI 43-101
LAKE AULNEAU PROJECT – DESCRIPTION

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ADVANCE EXPLORATION ON OUR PROJECTS
 Serpent: IP survey during winter 2020, follow-up with prospecting,
mechanical trenching and more till sampling during summer
 Lake Ménarik: 3D modeling to better define drill targets
KEEP GENERATING FIRST-PRIORITY TARGETS THROUGH A SCIENTIFIC APPROACH AND
FIELDWORK
DEVELOP JOINT VENTURE PARTNERSHIP TO ADVANCE SOME OF OUR PROJECTS
CONTINUE BUILDING AN IN-HOUSE EXPERTISE WITH SCIENTIFIC AND TECHNICAL
SKILLS
MAINTAIN A STRONG COLLABORATION WITH LOCAL COMMUNITIES FOR EACH OF OUR
PROJECTS
KEEP LOOKING FOR MAJOR GOLD DEPOSITS IN JAMES BAY
WITH OUR EXPERIMENTED FIELD-ORIENTATED TEAM
WHAT’S NEXT FOR HARFANG IN 2020 ?

27. WWW.HARFANGEXPLORATION.COM
TSX-V: HAR
For more information, please contact:
François Goulet, P.Geo, M.Sc.
President & CEO
514 627-1406
Email: fgoulet@harfangexploration.com
www.harfangexploration.com