FEBRUARY 2020

PROJECT GENERATORACTIVE IN JAMES BAY (QUÉBEC)

WWW.HARFANGEXPLORATION.COM

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Certain statements contained in this presentation may be deemed "forward-looking statements“ within the meaning of applicable Canadian and U.S. securities laws. Allstatements 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, futuredemand for and prices of commodities, business prospects and opportunities are forward looking statements based on certain estimates and assumptions, and noassurance can be given that the estimates and assumptions will be realized. Forward looking statements are statements that are not historical facts and are generally, butnot always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions orvariations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditionsprecedent to the closing of the transaction between the Corporation and Orion Mine Finance Group (the "Transaction") will be met and the realization of the anticipatedbenefits deriving therefrom for shareholders of the Corporation, the view on the quality and the potential of the Corporation’s assets. Although the Corporation believesthe expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties andother 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, uncertaintiesand 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. TheCorporation cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward-looking statementscontained herein should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that theexpectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and suchforward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. TheCorporation 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 Canadiansecurities legislation. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performanceor 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, butare not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, recent operating losses, uncertainty of title toproperties, risk associated with foreign operations, environmental risks and hazards, proposed legislation affecting the mining industry, litigation, governmental regulationof the mining industry, properties without known mineable reserves, uncertainty as to calculations of reserves, mineral deposits and grades, requirement of additionalfinancing, uninsured risks, competition, dependence on key management personnel, potential volatility of market price of the Company’s common shares, dilution andcertain 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

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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 partnership

PROJECT GENERATOR FOCUSED ON DEVELOPING EARLY-STAGE GOLD EXPLORATION IN JAMES BAY

WHY INVEST IN HARFANG EXPLORATION?

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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 October 31, 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 acquiresLake Tapiactic Project

12 Jun, 2019

Harfang Closes $200,000 Financing

17 Sep, 2019

Harfang announces trenches resultsat Menarik

10 Jan, 2019

Harfang heliborne magneticsurvey on Serpent

15 May, 2019

Harfang increases land position at Serpent

10 Dec, 2018

Discovery of 5 new high-grade gold occurrences at Serpent

17 Oct, 2019

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ANDRÉ GAUMOND, CHAIRMANDirector at Altius Minerals Corporation and Former President & CEO of Virginia Mines

JEAN-PIERRE JANSON, DIRECTORManaging Director at Richardson GMP Limited

and Chairman of the Board of Midland Exploration

FRANK MARIAGE, DIRECTORPartner at Fasken Martineau DuMoulin LLP

SYLVIE PRUD’HOMME, DIRECTORGeologist and former Manager, Investor Relations

for Osisko Mining Corporation

ROBIN VILLENEUVE, DIRECTORCFO at Opsens Inc. and ex-CFO of Virginia Mines

FRANÇOIS GOULET, M.SC., P.GEO.President & CEO

YVON ROBERT, CPAChief financial officer

MARC POTHIER, LL.B.Corporate secretary

& Legal advisor

FRANÇOIS HUOT, Ph.D., P.GEO.Chief geologist

BOARD OF DIRECTORS MANAGEMENT

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PROJECT LOCATION

ALL PROJECTS ARE IN THE QUÉBEC PROVINCE

▪ 7 IN JAMES BAY

▪ 2 IN NUNAVIK

▪ 1 IN ABITIBI-TÉMISCAMINGUE

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PROJECTS AND TARGET GENERATION IN JAMES BAY

▪ Good access & infrastructure▪ Underexplored area▪ Projects strategically located near recent

discoveries and specific geological features

EXPERIENCED & FIELD-ORIENTATED TEAM

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PROJECT SUMMARY:

▪ 552 claims (28,565 ha) located 80 km southeast of Radisson, adjacent to the James Bay paved road

▪ 100% owned by Harfang, no NSR

▪ Accessible by air transportation, ATV and boat

▪ Located 80 km northwest of Éléonore Mine, adjacent to the La Grande-Opinaca contact

▪ Under-explored area outside knowngreenstone belts

▪ Archean basement intruded by felsic to ultramafic magmas, minor highly-deformedand metamorphosed volcano-sedimentaryhorizons (including the Apple Formation)

▪ Discovery of orogenic gold (Au) and intrusion-related (Cu-Au-Ag) mineralizations

▪ High gold grain counts in till (up to 324 grains) defining a 4km2 gold-in-till anomaly

SERPENT PROJECT – DESCRIPTION

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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 associatedwith shear zone-hosted quartz veins (orogenic gold system)

▪ Cu-Au-Ag showings hosted in sedimentary rocks (intrusion-related system)

New claims

New claims

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

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▪ Sulfides mainly associated with quartz veining in the metamorphosed quartz-richsedimentary rock (stockwork-style)

▪ Folded and locally mylonitized mineralizedhorizon

▪ Anomalous content in Bi and Te in copper-rich samples

▪ Local Mo occurrences in a nearby felsicintrusion (up to 0.17% Mo)

SERPENT PROJECT – MISTA PROSPECT (MAIN TRENCH)

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View looking west

▪ 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

▪ The Lawr zone is divided into 2 sectors spaced100 m apart

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)

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View looking west

▪ Two examples of other 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

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SERPENT PROJECT – TILL SURVEYS (2018 and 2019)

Major Gold-in-till Anomaly (4 km2)

Other Gold-in-till Anomalies

Au and Cu-Au-Ag showing

Among the highest counts in any surveys in James Bay

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Background: First vertical derivative of the magnetic field from GDS survey (2019)

SERPENT PROJECT – GEOLOGICAL MAP, TILL & LINEAMENTS

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Viper Trend

Two structural lineaments interpreted frommagnetic discontinuities

Pegmatite

Late Felsic intrusive

Gabbro

Ultramafic/Mafic Dyke

Basalt

Arenite

Fuchsite-bearing Arenite

Gneissic Tonalite

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) / MénarikEast = 64 claims (3,289 ha)

▪ 5 km from James Bay paved road, propertiesaccessible 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 – DESCRIPTION

• 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

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Favourable structures(DDH targets)

LAKE MÉNARIK PROJECT – MONZONITE-ASSOCIATED GOLD

Some of the best mineralized intervals(DDH and Trenches)

DDH/Trench IntervalsDDH-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)

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 PROJECT – ABUNDANT GOLD OCCURRENCES

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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 PROJECT – CR-PGE AND AU SHOWINGS

MÉNARIK EAST PROJECT – 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 silicifiedserpentinized peridotites (listwanites), abundant arsenopyrite

▪ 3 refers to extensional joints (±faults) associated with the formation of an anticlinal dome

▪ The Camp and Lake Menarik faultswere probably major conduits for gold transportation; untested first priority targets

MenarikComplex

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

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GEOLOGICAL FEATURES:

▪ The volcano-sedimentary package is highly folded(polyphased deformation)

▪ Major shear zones dismember fold hinges and cutacross the entire volcano-sedimentary package

▪ Metamorphism grades from greenschist to amphibolite facies towards the north (metamorphicfront)

ORE POTENTIAL:

▪ Complex structural features combined with iron-richlithologies 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 withMusselwhite 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 beltdefined 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

▪ 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)

LAC FAGNANT PROJECT – GOLD AND POLYMETALLIC SHOWINGS

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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 than160 DDH (last drilling phase in 1988)

▪ 3 recent airborne geophysical surveys with onlylimited 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 TECHNICALSKILLS

MAINTAIN A STRONG COLLABORATION WITH LOCAL COMMUNITIES FOR EACH OF OURPROJECTS

KEEP LOOKING FOR MAJOR GOLD DEPOSITS IN JAMES BAYWITH OUR EXPERIMENTED FIELD-ORIENTATED TEAM

WHAT’S NEXT FOR HARFANG IN 2020 ?

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WWW.HARFANGEXPLORATION.COM

TSX-V: HAR

For more information, please contact:

François Goulet, P.Geo, M.Sc. President & CEO

514 627-1406Email: fgoulet@harfangexploration.com

www.harfangexploration.com 29