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NOVEMBER 2019
PROJECT GENERATOR
ACTIVE IN JAMES BAY
TSX-V: HAR
HARFANGEXPLORATION.COM

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

SAFE AND PROVEN MINING JURISDICTION
 Québec is consistently rated among the top 10 mining jurisdictions in the world
 Proven collaboration with local communities
EXCELLENT SHARE STRUCTURE
 Strong support from the Osisko Group & Québec Institutional Funds
 Well financed with 2.9 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?
3

CAPITALIZATION
Shares outstanding 37.1 million
Warrants 5.1 million
Options 1.2 million
Fully diluted shares outstanding 43.4 million
Treasury (as of July 31st, 2019) $2.9 million
OWNERSHIP
Retail 35%
Québec institutional funds 26%
Osisko Gold Royalties Ltd. 17%
Close associates 15%
Board of directors & management 7%
CAPITAL STRUCTURE & OWNERSHIP
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
4

BOARD OF DIRECTORS MANAGEMENT
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

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

7
EXPERIENCED & FIELD-ORIENTATED TEAM

SERPENT PROJECT – DESCRIPTION
PROJECT SUMMARY:
 327 claims (16,922 ha) located 90 km southeast
of Radisson and 10 km east of 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
8

Background: Residual Magnetic Field
from GDS survey (2019)
Blue labels refer to showings
discovered during summer 2019
SERPENT PROJECT – GOLD AND BASE METAL SHOWINGS
HIGHLIGHTS:
 7 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)
9

SERPENT PROJECT – MISTA PROSPECT (INTRUSION-RELATED SYSTEM)
 The Mista corridor extends for at least 350 m in a WNW-ESE direction
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
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
10

SERPENT PROJECT – MISTA PROSPECT (MAIN TRENCH)
 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)
11

SERPENT PROJECT – TILL SURVEYS
SUCCESSFUL FOLLOW-UP ON THE SMALL-SCALE
2018 TILL SURVEY AROUND MISTA:
 2 clusters with anomalous quantities of gold grains in tills
were highlighted
 Northern cluster with sheelite grains, southern cluster with
loellingite grains
 3 possible sources for gold grains were highlighted and
prospected
 Targeting resulted in the discovery of the Lawr zone and
nearby showings up-ice from the anomalous clusters
A LARGE-SCALE TILL SURVEY WAS CONSIDERED A
PRIORITY FOR 2019:
 Till samples were collected during fall 2019 in the
southwestern sector of the property (55 km2), results are
pending
 Further prospecting is planned in 2020
12

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
View looking west
SERPENT PROJECT – LAWR SHOWING (OROGENIC GOLD)
 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
Note: The Lawr East and West zones are 100 m apart
13

SERPENT PROJECT – OTHER OROGENIC GOLD OCCURRENCES
 OTHER DISCOVERED HIGH-GRADE GOLD QUARTZ VEINS
View looking west
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)
14

SERPENT PROJECT – PRELIMINARY STRUCTURAL INTERPRETATION
 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
15

LAKE MÉNARIK & MÉNARIK EAST PROJECTS – DESCRIPTION
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 = 68 claims (3,494 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)
16

LAKE MÉNARIK PROJECT – ABUNDANT GOLD OCCURRENCES
 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)
17

LAKE MÉNARIK PROJECT – MONZONITE-ASSOCIATED GOLD
Favourable structures
(DDH targets)
SOME OF THE BEST
MINERALIZED INTERVALS
(DDH AND TRENCHES)
DDH/Tren
ch
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)
18

LAKE MÉNARIK PROJECT – ABUNDANT GOLD OCCURRENCES
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)
19

MÉNARIK EAST PROJECT – CR-PGE AND AU SHOWINGS
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
20

LAKE TAPIATIC PROJECT – DESCRIPTION
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
21

LAKE TAPIATIC PROJECT – LOCAL GEOLOGY
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
22

LAKE FAGNANT PROJECT – DESCRIPTION
PROJECT SUMMARY:
 90 claims (4,437 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 along
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 showings (SIGÉOM)
Cuesta
Esker
23

 Historical exploration work from 1997 to 2000
 Field visit by Harfang and Kenorland in 2018 confirming the high-grade gold and polymetallic mineralization
LAC FAGNANT PROJECT – GOLD AND POLYMETALLIC SHOWINGS
24

LAKE AULNEAU PROJECT – DESCRIPTION
PROJECT SUMMARY:
 139 claims (6,532 ha); 125 km south of Kuujjuaq and 265
km NNW of Schefferville; 100% Harfang; no NSR
 Access by air transportation
 One of the largest Ni-Cu-PGE resources in the Labrador
Trough (5 significant prospects)
o Marymac II
o Marymac [Lepage/Island/Marymac I]
o Float
o Redcliff
o Nine South
 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
o AeroTEM II (2003)
o VTEM (2011)
o Mag-Spectro (2011, MERN)
Calculated resources are not
compliant with NI 43-101
25

WHAT’S NEXT FOR HARFANG IN 2020 ?
KEEP LOOKING FOR MAJOR GOLD DEPOSITS IN JAMES BAY WITH
OUR EXPERIMENTED FIELD-ORIENTATED TEAM
Advance exploration on our projects
 Serpent: Assays pending for till and rock samples (fall program), IP survey
during winter, follow-up during summer
 Lake Ménarik: 3D modeling to better define drill targets
 Lake Aulneau: Geophysical Compilation
Keep generating first-priority targets through a scientific approach and fieldwork
 2019 targets: Assays pending from rock samples (fall program)
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
26

WWW.HARFANGEXPLORATION.COM
TSX-V: HAR
For more information, please contact:
François Goulet, M.Sc. P.Geo
President & CEO
514.627.1406
Email: fgoulet@harfangexploration.com
HARFANGEXPLORATION.COM

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Harfang Exploration Corporate Presentation - November 2019

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Harfang Exploration Corporate Presentation - November 2019