Mr. Ian Campbell reports

HARFANG ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Harfang Exploration Inc. has completed a non-brokered private placement for gross proceeds of $940,500.

Pursuant to the private placement, Harfang issued an aggregate of (a) 2,733,333 flow-through common shares as a part of a charity arrangement at 30 cents per charity FT share and (b) 573,811 flow-through common shares at 21 cents per FT share.

"We are excited to welcome a new institutional shareholder to Harfang and would like to thank the continued support of our existing shareholders participating in this placement," said Rick Breger, president. "With this additional liquidity, we further reinforce our optionality and financial flexibility. We, at Harfang, are all looking forward to an exciting 2024 and wish all our stakeholders and happy and safe holiday season."

The proceeds from the private placement will be used for exploration expenditures on the company's projects located in the province of Quebec. More particularly, the proceeds will be used for Canadian exploration expenses within the meaning of the Income Tax Act (Canada), and be incurred on or before Dec. 31, 2024, and renounced to the subscribers with an effective date no later than Dec. 31, 2023. In addition, the proceeds arising from the issuance of the charity FT shares will, once renounced, qualify as flow-through critical mineral mining expenditures within the meaning of the Income Tax Act (Canada). Finally, the proceeds will qualify under the Taxation Act (Quebec) as (a) an expense for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of the Taxation Act (Quebec) and (b) an expense for inclusion in the exploration base relating to certain Quebec surface mining expenses within the meaning of the Taxation Act (Quebec).

An insider of the company has participated in the private placement for an amount of $10,500 under the same terms and conditions as the other investors. The participation of this insider is exempt from the formal valuation and shareholder approval requirements under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25 per cent of the market capitalization of the company.

The securities issued under the private placement are subject to a four-month-and-one-day statutory hold period expiring on April 23, 2024. As a result of the closing of the private placement, there are 64,166,000 common shares of Harfang issued and outstanding. The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

Finders' fees related to the private placement equal to an aggregate amount of $3,525 were paid to arm's-length third parties of Harfang.

About Harfang Exploration Inc.

Harfang Exploration is well financed with approximately $6.7-million in the treasury as of Dec. 22, 2023, and is a technically driven mineral exploration company with the primary mission to discover ore deposits in Quebec and Ontario. The company is managed by an experienced team of industry professionals with a proven record of success, and controls a portfolio of highly prospective projects. Harfang is dedicated to best practices through engagement with all stakeholders and commitment to the environment.

We seek Safe Harbor.