Harfang Exploration Inc. is a gold exploration company focused on projects in James Bay, Quebec. It has 100%-owned properties including Lake Menarik and Menarik East, which host gold and PGE mineralization. Harfang also has joint venture projects like Lake Fagnant, which has untested gold showings. Harfang plans a $900,000 exploration program in 2018 involving mapping, sampling and drilling to evaluate targets across its portfolio. It is led by an experienced team and board to advance its projects in an underexplored but prospective mining district.

1. Corporate
Presentation
SEPTEMBER 2018
A NEW PLAYER AND PROJECT GENERATOR ACTIVE IN JAMES BAY
TSX-V: HAR

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.
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

3. 3
BOARD OF DIRECTORS
ANDRÉ GAUMOND,
CHAIRMAN
Director at Osisko Gold Royalties
and ex-President 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 and Chairman of the Québec
Mineral Exploration Association
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
MANAGEMENT
YVON ROBERT, CPA
CHIEF FINANCIAL OFFICER
MARC POTHIER, LL.B.
CORPORATE SECRETARY
& LEGAL ADVISOR
EXCEPTIONAL BOARD OF
DIRECTORS

4. PARTNERS
4

5. 55
EXPLORATION
UPDATE ON MÉNARIK
SERPENT PROPERTY
ACQUISITION
ACQUISITION OF LAC
FAGNANT
TSX-V: HAR
ACQUISITION OF LAC
AULNEAU
5
* APPROXIMATE VALUE AS AT JULY 31, 2018
PRICE:
$0.22
HIGH – LOW (since June 30th 2018):
$0.27 - $0.20
SHARE OUTSTANDING:
31.8 M
Options: 965,000 Warrants: 5,103,500 Market Cap: $7M
QC INSTITUTIONAL FUNDS
30%
OSISKO GOLD ROYALTIES
16%
BOARD OF DIRECTORS &
MANAGEMENT
7%
AS AT JULY 31, 2018
OWNERSHIP
TREASURY
CASH: $3.1 MILLION *
LONG-TERM DEBT: $0
RTO & $2.7M
FINANCING
SHARE STRUCTURE + TREASURY

6. VALUES
6
GOOD GOUVERNANCE
TRANSPARENCY
SOCIAL ACCEPTABILITY
LEAN & CLEAN

7.  PROJET GENERATOR
 PARTNERSHIPS ON ITS PROPERTIES
 STRATEGIC ACQUISITIONS
Focused on gold exploration in JAMES BAY
Developing early-stage gold properties
7
VISION
WHY INVEST IN HARFANG
 Excellent share structure with strong support from the
Osisko Group & Québec Institutional Funds
 Well financed with $3.1 million in working capital, no debt
 Properties 100%-owned by Harfang
 Experienced & field-oriented team
 Exceptional Board of Directors & management

8. PROJECTS IN JAMES BAY & NUNAVIK
1. https://www.lafrontiere.ca/actualites/economie/2017/5/10/eleonore--la-mine-de-tous-les-defis.html
 GOOD ACCESS &
INFRASTRUCTURE
 UNDEREXPLORED AREA
 NEARBY RECENT DISCOVERIES
World-Class Gold Discovery
GOLDCORP ÉLÉONORE MINE
8
LAC FAGNANT
PROJECT
MUSKEG
PROJECT
SERPENT
PROJECT
LAC AULNEAU
PROJECT
ÉLÉONORE
MINE MINE
RENARD
Fermont
Schefferville
Chibougamau
Matagami
Radisson
Kuujjuarapik
Wemindji
Kuujjuaq
LAC MENARIK & MENARIK
EAST PROJECTS

9. 9
EAST MENARIK
LAKE MENARIK
5 km
Camp
Camp
LAKE MENARIK & MENARIK EAST PROPERTIES – INFRASTRUCTURE
 Properties located 48 km
southeast of Radisson / 100%-
owned by Harfang (2% NSR Osisko
Gold Royalties on Lake Ménarik)
 Lake Ménarik = 93 claims (47.79
km2) / Menarik East = 68 claims
(34.94 km2)
 Two electric transmission lines run
through claims
 Near intersection between James
Bay paved and Transtaiga gravel
roads

10. Tonalite
Basalt
Wacke
Andesite
10
Conglomerate
Monzonite
LAKE MENARIK & MENARIK 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]
10

11. LAKE MENARIK PROPERTY – GOLD MINERALIZATION
11
8.09 g/t Au
7.37 g/t Au
1.04 g/t Au / 24.9 (trench)
1917 g/t Au
500 g/t Au
Wacke
Lake Menarik Fault
Unconformity
Auriferous
Monzonite
18.6 g/t Au
9.67 g/t Au
8.33 g/t Au
7.75 g/t Au
6.07 g/t Au
199.53 g/t Au
15.45 g/t Au
Conglomerate
 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 2000 g/t Au)
 Mineralization and alteration more abundant where monzonite is fractured, brecciated and/or sheared

12. 12
Syenite
Robert et al. (2001)
Timiskaming-type Conglomerate Monzonitic Dyke
QZ-CB Stockwork in monzonite
Deposit Size
(Production +
reserves)
Young-
Davidson
5,56 Mt @
3,28 g/t Au
Holt-
McDermott
7,0 Mt @
5,9 g/t Au
Macassa 7,15 Mt @
15,4 g/t Au
LAKE MENARIK PROPERTY – MONZONITE / SYENITE ASSOCIATED GOLD DEPOSIT ?
Similar to Timmins & Kirkland Lake mining camp

13. MENARIK EAST PROPERTY – CR-PGE-NI-CU & AU, AG, CU, ZN AND PB
 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
13
Resources* in Menarik Ultramafic complex :
6.34 Mt @ 7.73% Cr2O3, 398 ppb Pd & 105
ppb Pt &
1.06 Mt @ 0.38% Ni & 0.15% Cu
*Resources calculation non-compliant to CIM standards

14. 14
LAKE FAGNANT PROPERTY – GEOLOGY
*Resources calculation non-compliant to CIM standards
Esker
Cuesta
Sediments
Basalt
BIF
Great Whale greenstone belt
Gold showings (SIGÉOM)
 85 claims (41,9 km2), located 60 km
east of Kuujjuarapik (Nunavik) and 160
km north of Radisson (James Bay)
 40/40/20 Joint Venture with Kenorland
Minerals Ltd and UrbandGold
 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
 Never been drilled

15. 15
LAKE FAGNANT PROPERTY – GOLD MINERALIZATION (ESKER & CUESTA)
In
Out
 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. SERPENT PROPERTY GOLD AND COPPER MINERALIZATION
16
 255 claims (131.97 km2) 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
 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

17. 17
LAKE AULNEAU PROPERTY – GEOLOGY
Cross-section of the Redcliff zone
Lacroix(1990)
Marymac II
Marymac I
Island
VTEM survey done in 2011 - no follow up
*Resources calculation non-compliant to CIM standards

18. EXPLORATION BUDGET:
$900,000
EXPLORATION PROGRAM 2018
18
LAKE MENARIK
• Mechanical stripping and trenching
• Detailed mapping
MÉNARIK EAST
• Prospecting and geological mapping
LAKE FAGNANT
• Project evaluation - Field visit
SERPENT
• Prospecting, channel sampling and geological
mapping
LAKE AULNEAU
• Interpretation of the VTEM survey done in 2011
• Digital compilation
GENEX
• Target Generation and prospecting

19. 19
François Goulet, M.Sc. P.Geo, President & CEO
Harfang Exploration Inc.
fgoulet@harfangexploration.com
(514) 627-1406
WWW.HARFANGEXPLORATION.COM
TSX-V: HAR