Harfang Exploration Corporate Presentation - November 2020

1. TSX.V: HAR
AN ACTIVE PLAYER AND PROJECT GENERATOR
IN JAMES BAY
November 2020
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.
FORWARD-LOOKING STATEMENTS
2

3. • PROJECT GENERATOR
• EARLY-STAGE PROJECTS
• GOLD FOCUSED IN JAMES BAY
• WELL FINANCED AND STRONG SUPPORT FROM QC FUNDS AND
OSISKO
HARFANG EXPLORATION HIGHLIGHTS
3

4. CAPITAL STRUCTURE & OWNERSHIP
CAPITALIZATION
Shares outstanding 48.8 million
Warrants 8.7 million
Options 1.7 million
Fully diluted shares outstanding 59.2 million
Treasury (as of July 31, 2020) $4.5 million
OWNERSHIP
Retail 35%
Québec institutional funds 24%
Osisko Gold Royalties Ltd. 14%
Close associates 13%
Board of directors & Management 6%
4
Figure as at November 1st, 2020

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
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
EXCEPTIONAL BOARD OF DIRECTORS & MANAGEMENT
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6. EXPERIENCED & FIELD-ORIENTATED TEAM
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HIGHLY EFFICIENT ON THE GROUND

7. OUR PROJECTS IN JAMES BAY
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 Good access & infrastructure
 Underexplored areas with gold potential
 Located near recent discoveries
 Proven collaboration with local communities

8.  100% owned by Harfang, no NSR
 552 claims (28,565 ha) located 80 km SE of
Radisson, adjacent to the James Bay paved
road
 Located 75 km northwest of Éléonore mine,
adjacent to the La Grande-Opinaca contact
 Underexplored area prior to the creation of the
property
 Archean basement intruded by felsic to
ultramafic magmas, minor highly-deformed
and metamorphosed volcano-sedimentary
horizons (including the Apple Formation)
 Discovery of multiple orogenic gold (Au) and
intrusion-related (Cu-Au-Ag) mineralizations
 Major gold-in-till anomaly (>8 km2) associated
with gold showings
SERPENT PROJECT – OUR FLAGSHIP ASSET
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9. Gold-in-till
Anomaly
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 At least 35 Au occurrences (>1 g/t Au)
 grabs: up to 186 g/t Au
 channels: up to 7.78 g/t Au over
6.15 m
 1 extensive Cu-Au-Ag prospect (Mista)
with 0.99 % Cu, 0.2 g/t Au and 7.7 g/t
Ag over 11.7 m
Background: Residual Magnetic Field from GDS survey (2019)
SERPENT - HIGHLIGHTS

10. 10
222,58 g/t Au Vein
• 13% of the samples >50 gold grains (regional
background: 3-5 gold grains)
• Scheelite is very abundant (high W content)
MAJOR GOLD-IN-TILL ANOMALY (> 8 KM2)

11. 11
 Pristine gold grains = Mineralized bedrock source likely proximal
HIGH RATIOS OF PRISTINE GOLD GRAINS IN TILL
Gold in till sample E46238

12. MULTIPLE VISIBLE GOLD OCCURRENCES IN ROCKS
12
Gold Specks
Visible gold in a quartz vein
grading 222.58 g/t Au
Sasquatch Area
Sasquatch AreaAna

13. HUGE QUARTZ VEINS ASSOCIATED WITH SHEAR ZONES
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NNW-SSE Extensional Vein
(Drusy Quartz)
E-W Shear Zone Vein
10 m
Sasquatch Structure
N
 Deformation corridors (5-10 m wide and up to 350 m long) are found inside or on the edge of the differentiated
ultramafic to mafic intrusion spatially associated with the gold-in-till anomaly

14. 14
OTHER MAJOR QUARTZ VEINS AND SHEAR ZONES
 7.78 g/t Au over 6.15 m, including 24.06 g/t Au
over 1.8 m and 2.00 g/t Au over 2.25 m
7.78 g/t Au over 6.15 m (TR-SER-20-001)
8.85 g/t Au and 2.10 g/t Au (TR-SER-20-007)
Exploration camp
8.95 g/t Au over 0.45 m (TR-SER-20-005)
TR-SER-20-001
Moby-Dick Structure (N245°/80°)

15. Map modified from Goutier et al. (1999)
• Previous mapping (before 2018)
indicated only intermediate and
felsic intrusive rocks, slivers of
metasediments, no showing
• Since 2018, discovery of major
gold-bearing deformation
corridors associated with a
differentiated ultramafic to
dioritic intrusion
NEW GEOLOGICAL MODEL
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Gold-in-till
Anomaly
Differentiated Mafic Intrusion
(NEW UNIT)

16. 16
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 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
CU-AU-AG MINERALIZATION

17. 17
SERPENT BUDGET (2021)
• Serpent Project (Winter 2021 : 1,330,000$)
 IP survey and Grid cutting (60 km) = 312,000$
 Drilling Campaign (4,000 m, approx. 30 DDH) = 1,018,000$
• Serpent and other projects (Summer & Fall 2021 : 1,321,000$) [SUMMER & FALL]
 Excludes possible drilling campaign
• 2021 Budget : >2.65 M$ (excludes any drilling phases during summer and fall)
DDH planned
IP Survey

18.  100% owned by Harfang (2% NSR Osisko Gold
Royalties on most claims on Lake Ménarik)
 Located 48 km SE of Radisson
 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 [Lake Ménarik]
 Layered ultramafic-mafic igneous complex with a
Cr and PGE resource (not NI 43-101 compliant)
[Ménarik East]
 Orogenic gold associated with listwanite and
related rocks [Ménarik East]
LAKE MÉNARIK & MÉNARIK EAST PROJECTS
READY TO ADVANCE THROUGH PARTNERSHIP
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19.  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 with 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 – ABUNDANT GOLD OCCURRENCES
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20. Favourable structures
(DDH targets)
LAKE MÉNARIK – MONZONITE-ASSOCIATED GOLD
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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 and 0.41% Cu over 0.88 m (David)
Channel 1.04 g/t Au over 24.9 m (Greco)

21. Brecciated, chloritized and hematized monzonite
(2.35 g/t Au over 5.09 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 – ABUNDANT GOLD OCCURRENCES
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22. Calculated resources* in the Menarik layered
ultramafic complex : 6.335 Mt @ 7.73% Cr2O3,
398 ppb Pd & 105 ppb Pt
*Not compliant with NI 43-101
MÉNARIK EAST – CR-PGE AND AU SHOWINGS
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23. MÉNARIK EAST – OROGENIC GOLD POTENTIAL
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 The northern half of the Menarik Complex dips towards north
 Gold is mainly located in the felsic/mafic hanging wall of the
Complex and favorably aligned into NNW-SSE structures
 Mineralization near the Complex is more polymetallic (Ni, Cu, ±Co,
Pb, Zn, Ag) and associated with carbonatized and silicified
serpentinized peridotites (listwanites), abundant arsenopyrite
 σ3 refers to extensional joints
(±faults) associated with the
formation of an anticlinal dome
 The Camp and Lake Menarik faults
were probably major conduits for
gold transportation; untested first
priority targets
Menarik
Complex

24. 24
BONFAIT AND LA PASSE PROJECTS
PROJECT SUMMARY
 Located 90 km SE of Radisson and adjacent to Lake Sakami; Bonfait claims are 2 km south of the Transtaiga road and
the La Grande-3 airport
 Bonfait (194 claims; 9,940 ha) and La Passe (80 claims; 4,117 ha) projects are 100% owned by Harfang; accessible by
boat and air transportation
 Dominant lithologies include wacke and
paragneiss with less common
pegmatite and polygenic conglomerate
 Adjacent to the prolific contact
between the La Grande and Opinaca
subprovinces
 Straddles the limit between the
greenschist and amphibolite facies
 No sustained historical exploration work
 Metallogenic model: Sediment-hosted
disseminated gold similar to the
Éléonore deposit and the La Pointe
prospect
Lake Sakami

25. 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
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26.  Except for one mineralized site, 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;
discovery of one showing (3.22 g/t Au and 1.8 g/t Ag)
LAKE FAGNANT – GOLD AND POLYMETALLIC SHOWINGS
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27. 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
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28. 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 28