Harfang Exploration Inc. is a mining exploration company listed on the TSX that is exploring for gold in emerging districts in Quebec's James Bay region. It operates as a project generator, partnering on its properties and making strategic acquisitions. Its key projects include the 100%-owned Menarik and Serpent properties located near infrastructure in James Bay, within an underexplored greenstone belt of basalt and tonalite hosting recent gold discoveries. Harfang is well financed with no debt and strong shareholder support from institutional funds and Osisko Gold Royalties.

1. Corporate
Presentation
2018201820182018 Prospectors & Developers AssociationProspectors & Developers AssociationProspectors & Developers AssociationProspectors & Developers Association oooof Canadaf Canadaf Canadaf Canada ConferenceConferenceConferenceConference
MARCH 2017
A NEW PLAYER AND PROJECT GENERATOR ACTIVE IN JAMES BAYACTIVE IN JAMES BAYACTIVE IN JAMES BAYACTIVE IN JAMES BAY
TSXTSXTSXTSX----V:V:V:V: HARHARHARHAR

2. FORWARD-LOOKING STATEMENTS
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.
SafeSafeSafeSafe HarbourHarbourHarbourHarbour StatementStatementStatementStatement
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

3. Harfang Exploration Inc. is a mining exploration company listed on the TSX ("HAR") exploring emerging gold
districts in the province of Québec.
ABOUT HARFANG
 PROJECT GENERATORPROJECT GENERATORPROJECT GENERATORPROJECT GENERATOR
 PARTNERSHIPS ON ITS PROPERTIESPARTNERSHIPS ON ITS PROPERTIESPARTNERSHIPS ON ITS PROPERTIESPARTNERSHIPS ON ITS PROPERTIES
 STRATEGIC ACQUISITIONSSTRATEGIC ACQUISITIONSSTRATEGIC ACQUISITIONSSTRATEGIC ACQUISITIONS
WHY INVEST IN HARFANG
 Excellent share structure with strong support from the
Osisko Group & Québec Institutional Funds
 Well financed with $2.5 million in working capital, no debt
 Properties 100%-owned by Harfang
 Experienced & field-oriented team
 Exceptional Board of Directors & management
Focused on gold exploration in JAMES BAYJAMES BAYJAMES BAYJAMES BAY
Developing early-stage gold properties
3

4. 4
BOARD OF DIRECTORS
ANDRÉ GAUMOND,ANDRÉ GAUMOND,ANDRÉ GAUMOND,ANDRÉ GAUMOND,
CHAIRMAN
Director at Osisko Gold Royalties
and ex-President of Virginia Mines
JEANJEANJEANJEAN----PIERRE JANSON,PIERRE JANSON,PIERRE JANSON,PIERRE JANSON,
DIRECTOR
Managing Director at Richardson GMP
Limited and chairman of the board of
Midland Exploration
FRANK MARIAGE,FRANK MARIAGE,FRANK MARIAGE,FRANK MARIAGE,
DIRECTOR
Partner at Fasken Martineau DuMoulin
LLP and Chairman of the Québec
Mineral Exploration Association
SYLVIE PRUD’HOMMESYLVIE PRUD’HOMMESYLVIE PRUD’HOMMESYLVIE PRUD’HOMME
DIRECTOR
Geologist and former Manager, Investor
Relations, for Osisko Mining Corporation
ROBIN VILLENEUVEROBIN VILLENEUVEROBIN VILLENEUVEROBIN VILLENEUVE
DIRECTOR
CFO at Opsens Inc. and ex-CFO of
Mines Virginia Inc.
FRANÇOIS GOULET,FRANÇOIS GOULET,FRANÇOIS GOULET,FRANÇOIS GOULET, M.SC., P.GEO.
PRESIDENT & CEO
MANAGEMENT
YVON ROBERTYVON ROBERTYVON ROBERTYVON ROBERT, CPA
CHIEF FINANCIAL OFFICER
MARC POTHIERMARC POTHIERMARC POTHIERMARC POTHIER, LL.B.
CORPORATE SECRETARY
& LEGAL ADVISOR
EXCEPTIONAL BOARD OFEXCEPTIONAL BOARD OFEXCEPTIONAL BOARD OFEXCEPTIONAL BOARD OF
DIRECTORS & MANAGEMENTDIRECTORS & MANAGEMENTDIRECTORS & MANAGEMENTDIRECTORS & MANAGEMENT

5. 5
SHARE STRUCTURE + TREASURY
* APPROXIMATE VALUE AS AT MARCH 1, 2018
PRICE:
$0,24$0,24$0,24$0,24
HIGH – LOW (since June 30th 2018):
$$$$0.350.350.350.35 ---- $0.22$0.22$0.22$0.22
SHARE OUTSTANDING:
28 M28 M28 M28 M
Options: 672,500672,500672,500672,500 Warrants: 3,821,0003,821,0003,821,0003,821,000 Market Cap: $6,7M$6,7M$6,7M$6,7M
QC INSTITUTIONNAL
FUNDS
26%26%26%26%
OSISKO GOLD
ROYALTIES
18%18%18%18%
BOARD OF DIRECTORS
& MANAGEMENT
8%8%8%8%
FRIENDLY
HANDS
33%33%33%33%
AS AT JANUARY 10, 2018
OWNERSHIPOWNERSHIPOWNERSHIPOWNERSHIP
TREASURYTREASURYTREASURYTREASURY
CASH:CASH:CASH:CASH: $2,4 MILLION *
LONGLONGLONGLONG----TERM DEBT:TERM DEBT:TERM DEBT:TERM DEBT: $0
OTHER:OTHER:OTHER:OTHER: $200,000
TSXTSXTSXTSX----V:V:V:V: HARHARHARHAR
EXPLORATIONEXPLORATIONEXPLORATIONEXPLORATION
UPDATE ONUPDATE ONUPDATE ONUPDATE ON
MÉNARIKMÉNARIKMÉNARIKMÉNARIK
SERPENTSERPENTSERPENTSERPENT
PROPERTYPROPERTYPROPERTYPROPERTY
ACQUISITIONACQUISITIONACQUISITIONACQUISITION
RTORTORTORTO & $2.7M& $2.7M& $2.7M& $2.7M
FINANCINGFINANCINGFINANCINGFINANCING

6. PROJECTS IN JAMES BAY
1. http://www.sdbj.gouv.qc.ca/fr/offre-de-financement/secteur-minier/projetsminiers/
2. Modifié from http://www.mrif.gouv.qc.ca/en/Grands-dossiers/Plan-Nord/
3. https://www.lafrontiere.ca/actualites/economie/2017/5/10/eleonore--la-mine-de-tous-les-defis.html
TERRITOIRE DE LA BAIE JAMESTERRITOIRE DE LA BAIE JAMESTERRITOIRE DE LA BAIE JAMESTERRITOIRE DE LA BAIE JAMES
GOLDCORP ELEONORE MINE
Resources & reserves
JAMES BAY TERRITORYJAMES BAY TERRITORYJAMES BAY TERRITORYJAMES BAY TERRITORY
MENARIKMENARIKMENARIKMENARIK
PROJECTPROJECTPROJECTPROJECT
SERPENTSERPENTSERPENTSERPENT
PROJECTPROJECTPROJECTPROJECT
LAC FAGNANTLAC FAGNANTLAC FAGNANTLAC FAGNANT
 GOOD ACCESS &
INFRASTRUCTURE
 UNDEREXPLORED AREA
 NEARBY RECENT DISCOVERIES
WorldWorldWorldWorld----Class Gold DiscoveryClass Gold DiscoveryClass Gold DiscoveryClass Gold Discovery
GOLDCORP ÉLÉONOREGOLDCORP ÉLÉONOREGOLDCORP ÉLÉONOREGOLDCORP ÉLÉONORE MINEMINEMINEMINE
6

7. MÉNARIK EST
LAC MÉNARIK
5 km
Camp
Camp
LAC MÉNARIK AND MÉNARIK EAST PROPERTIES – INFRASTRUCTURE
 Properties located 48 km southeast of Radisson / 100%-owned by Harfang (2% NSR Osisko Gold Royalties on Lac Ménarik)
 Lac Ménarik = 91 claims (46.76 km2) / Ménarik East = 68 claims (34.94 km2)
 Two electric transmission lines run through claims
 Near intersection between James Bay paved and Transtaiga gravel roads
7

8. Tonalite
Basalt
LAC MÉNARIK AND MÉNARIK EAST PROPERTIES – REGIONAL GEOLOGY
 Archean greenstone belt made up of volcano-
sedimentary rocks / Yasinski Group basalt
 Polymictic conglomerate along deformation corridor
(Timiskaming-style) / early erosional unconformity?
[blue unit]
 Syenite-hosted and/or orogenic gold mineralization
styles
 Layered ultramafic-mafic igneous complex with Cr-
PGE±Ni±Cu occurrences [purple unit]
8

9. LAC MÉNARIK PROPERTY– GOLD MINERALIZATION STYLES
 Some of the best drilling intersections: 0.89 g/t Au over 68.25 m, 7.51 g/t Au over 1.41 m
 Very high tenors in individual quartz veins (up to 500 g/t Au)
 Mineralization and alteration more abundant where monzonite is fractured, brecciated and/or sheared
Feldspar-porphyritic
monzonite intrusion
 Large-feldspar porphyritic monzonite
intrusion spatially-associated to most gold
occurrences; gold also in basalts,
conglomerates, iron formations and
gabbros (syenite-hosted model)
 Most commonly in narrow quartz veins
(stockwork), less commonly disseminated
in host rock
 Alteration consists in quartz, sericite,
albite, calcite, dolomite, epidote, hematite;
sulphides (pyrite, chalcopyrite, rare galena)
in veins and host rock
 Lake Ménarik sits on a major fault marking
a sharp metamorphic contrast (greenschist
to amphibolite facies)
9

10. LAC MÉNARIK PROPERTY – NEW 2017 GOLD SHOWINGS
 Prospecting and geological mapping conducted by Harfang in 2016 and 2017
 Discovery of additional high-tenor gold showings along a propable structure
on the edge of the conglomerate unit (orogenic gold model)
 Trenching yielded 1.04 g/t Au over 24.9 m
 Geological setting located at intersection of several structural lineaments
 IP survey completed over monzonite (25 linear km’s) with several anomalies
10

11. LacMénarikProperty
MÉNARIK EAST PROPERTY – Cr-PGE-Ni-Cu MINERALIZATION
 Layered ultramafic-mafic igneous complex
 Main intrusive body [purple and brown units] with historical
resources*: 6.34 Mt @ 7.73% Cr2O3, 398 ppb Pd et 105 ppb Pt;
1.06 Mt @ 0.38% Ni et 0.15% Cu
 Abundant gabbroic dykes intruded into felsic basement
 Excellent drilling database (> 36,600 m)
 Possible genetic link between igneous complex and Lac Ménarik
Fault / Ancient deep-seated conduit permeable to mantle-derived
magmas and ore fluids?
 *Non compliant to NI 43-101
11

12. LacMénarikProperty
MÉNARIK EAST PROPERTY – GOLD MINERALIZATION
12
 Abundant tonalite-hosted gold showings associated with shear
zones / plus silicification and fuschite
 Common NNW-SSE and probable NE-SW shear zones / gold-
bearing secondary structures with respect to the main (first-
order) Lac Ménarik Fault?
 Gabbroic dykes found near gold showings
 Polymetallic showings with associated Au, Ag, Cu, Zn and Pb
(different mineralization style?)
 IP survey completed (17 linear km’s) with several anomalies to be
investigated

13. MÉNARIK EAST PROPERTY – 2017 GOLD SHOWINGS
13

14. Cuesta trendCuesta trendCuesta trendCuesta trend
Esker trendEsker trendEsker trendEsker trend
Sedimentary Rock
Basalt
Iron Formation
LacLacLacLac FagnantFagnantFagnantFagnant greenstonegreenstonegreenstonegreenstone beltbeltbeltbelt
Gold Showing (SIGEOM)
Property
Boundary
LAC FAGNANT PROPERTY LOCATION AND GENERAL GEOLOGY
 74 claims (36.48 km2), located 35 km east of Kuujjuarapik (Nunavik)
and 160 km north of Radisson (James Bay)
 Joint Venture with Kenorland Minerals Ltd
 Access by helicopter or floatplane
 Great Whale Archean greenstone belt defined over 16 km x 8 km
 Dominated by mafic volcanics; scarce terrigenous and
orthochemical sedimentary rocks, felsic lavas, and ultramafic and
felsic intrusions; major iron formations in the south
 Generally greenschist facies, higher metamorphic grade locally
 Geological mapping by the Federal and Québec
governments before 1983
 Exploration activities conducted in 1997, 1999 and
2000 by Virginia Gold Mines
 Airborne Mag-EM and ground Mag-IP surveys,
mapping and rock and till sampling done / no drilling
yet
 >30 gold showings mainly along the Esker and Cuesta
trends in the western branch / some with high Zn-Pb-
Cu-Ag tenors
 Significant portion of the property covered by esker
sediments / bedrock never investigated
14

15. Outline of the 2000 IP Survey
Cuesta trendCuesta trendCuesta trendCuesta trend
Esker trendEsker trendEsker trendEsker trend
Property
Boundary
Limit of the Lac Fagnant belt
LAC FAGNANT PROPERTY CHARACTERISTICS OF GOLD OCCURRENCES
 Gold mineralization is found in sheared and altered basalts and
in basalt-hosted quartz veins (orogenic gold model)
 Alteration minerals include chlorite, actinolite, epidote,
andalusite, K-feldspar, albite, sericite
 Sulphides include pyrite, pyrrhotite, arsenopyrite, chalcopyrite,
galena and sphalerite
 Mesothermal gold-rich veins reach up to 47 g/t Au and
polymetallic veins grade up to 29.2 g/t Au, 8.9% Zn, >1% Pb,
0.3% Cu, 70.2 g/t Ag in the western band
 Low mag zone for the volcanic-dominated
portion of the belt / iron formations in areas
with high mag signature
 Western volcanic band more altered and
deformed than eastern band / most probable
explanation for abundance of gold in the
former
 Quaternary sediments (Esker) hide gold-
bearing structures known to be associated
with gold occurrences
15

16. Property Boundary
In
Out
In
Out
IP Axes
Overburden
Basalt
Altered/faulted basalt
Tonalite
Diorite
Gold showing
0 300
metres
LAC FAGNANT PROPERTY IP SURVEY AND GOLD SHOWINGS
 IP axes mark altered, sheared and sulphide-
bearing zones spatially associated with gold
showings
 Several IP axes located under Quaternary
sediments (overburden)
 Bedrock not yet investigated by drilling
anywhere on the property
16

17. SERPENT PROPERTY LOCATION AND GENERAL GEOLOGY
 255 claims (131.97 km2) divided into two blocks
located 90 km southeast of Radisson and 11 km east
of the James Bay Road
 100% owned by Harfang, no NSR
 Accessible by helicopter, floatplane or boat
 Two electricity transmission lines run through the
property
 Located 80 km northwest of Éléonore Mine,
adjacent to La Grande-Opinaca contact
 Underexplored area outside known greenstone belts
South BlockSouth BlockSouth BlockSouth Block
North BlockNorth BlockNorth BlockNorth Block
17

18. SERPENT PROPERTY GOLD AND COPPER MINERALIZATION
 Grassroot prospecting in 2017 led to discovery of gold and copper
showings hosted in foliated and gneissic tonalite
 Best grab sample for gold: 4.11 g/t Au
 Best grab sample for copper: 2.11% Cu, 0.68 g/t Au, 19.1 g/t Ag
 Pyrite and chalcopyrite in quartz veins
 Minor quartz arenite (Apple
Formation) in southern block
 Mineralization could be linked to
an east-west deformation
corridor (blue area) defined by
structural data and magnetic
breaks
18

19. EXPLORATION BUDGET:EXPLORATION BUDGET:EXPLORATION BUDGET:EXPLORATION BUDGET:
$1,000,000$1,000,000$1,000,000$1,000,000
LAC MÉNARIKLAC MÉNARIKLAC MÉNARIKLAC MÉNARIK
• Mechanical stripping and trenching
• Drilling
MÉNARIK EASTMÉNARIK EASTMÉNARIK EASTMÉNARIK EAST
• Prospecting and geological mapping
• Mechanical stripping and trenching
LAC FAGNANTLAC FAGNANTLAC FAGNANTLAC FAGNANT
• Ground Mag and IP surveys
• Drilling
SERPENTSERPENTSERPENTSERPENT
• Prospecting and geological mapping
• Airborne Mag-EM Survey
EXPLORATION PROGRAM 2018
19

20. 20
François Goulet, M.Sc. P.Geo, President & CEO
Harfang Exploration Inc.
fgoulet@harfangexploration.com
(514) 627-1406
WWW.HARFANGEXPLORATION.COMWWW.HARFANGEXPLORATION.COMWWW.HARFANGEXPLORATION.COMWWW.HARFANGEXPLORATION.COM
TSXTSXTSXTSX----V: HARV: HARV: HARV: HAR