Mr. Rick Breger reports

HARFANG ANNOUNCES NEW PARTNERSHIP WITH SOQUEM TO ADVANCE LAKE MENARIK

Harfang Exploration Inc. has signed a definitive option and joint venture agreement with Soquem Inc., a subsidiary of Investissement Quebec, to advance exploration at the company's wholly owned Lake Menarik property in Eeyou Istchee James Bay, Quebec. The agreement outlines the terms and conditions that give Soquem the option to earn a 50-per-cent interest in Lake Menarik's west zone.

Highlights:

• Soquem will have the option to earn a 50-per-cent undivided interest in Menarik West, with Harfang owning the other 50 per cent and being the operator.
• Soquem will finance $3-million of exploration at Menarik West over a three-year period, of which the first $1-million is a firm commitment.
• Soquem will make cash payments to Harfang totalling $200,000 over a two-year period.

Rick Breger, president and chief executive officer of Harfang, commented: "This is a significant and sought-after development for Harfang. Soquem has a great track record of participating in successful mining projects and we are delighted to have them as a partner. Our team has successfully demonstrated the potential at Menarik West with the discovery of wide zones of gold mineralization. Highlights from the 2023 diamond drill program include 1.15 grams per tonne gold over 47 metres and 1.75 g/t Au over 21 metres. In addition, the company has also found several high-grade gold grab samples across the property, including 1,918 g/t Au, 91 g/t Au and 62 g/t Au. Channel samples also show incredible potential as demonstrated by 12.46 g/t Au over 3.6 metres. These results, along with other favourable indications, such as strong chargeability targets and a familiar geologic setting, make Menarik West the logical choice for a partnership promoting its advancement to the next phase of exploration."

Agreement terms and conditions

According to the agreement, Soquem will have the option to earn a 50-per-cent undivided interest in the project over a period of three years beginning July 25, 2025, by fulfilling the following conditions:

• Financing exploration activities totalling $3-million, with the first $1-million as a firm commitment, and according to the following schedule:
• • $500,000 before July 26, 2026 (Year 1);
  • An additional $1-million before July 26, 2027;
  • An additional $1.5-million before July 26, 2028;
• Making cash payments to Harfang totalling $200,000 according to the following schedule:
  • $100,000 on the signing of the agreement (received);
  • $50,000 on or before July 25, 2026;
  • $50,000 on or before July 25, 2027.

Once all the above conditions have been met and Soquem earns its 50-per-cent interest in the project, the parties will form a joint venture, the terms and conditions of which are set out in the agreement. Harfang will remain the operator during the option period.

About Menarik West

Menarik West is known for its gold potential related to monzonite-associated and orogenic mineralization styles hosted in an Archean greenstone belt of the La Grande subprovince. High-grade gold occurrences are abundant in the main monzonitic intrusion and adjacent volcano-sedimentary rocks, particularly associated with quartz veins and shear zones.

Monzonitic intrusions are the primary focus of exploration at Menarik West. Historic and recent drilling, including Harfang's 2023 program, demonstrated the presence of mineralized envelopes, highlighted by the Pierre showing, which returned 0.89 g/t Au over 68 metres and 1.15 g/t Au over 47 metres. Mineralization consists of brecciated and highly altered monzonite with zones of silicification, hematization, sericitization and albitization, with chlorite and quartz-carbonate veining. Disseminated pyrite is common within the altered matrix of the monzonite, in chlorite veinlets, and in quartz-carbonate veins and stockworks. The best gold intervals are associated with sericitization, silicification (veins and silica flooding) and pyrite. These results, combined with the mineralization style, demonstrate the potential for a bulk-tonnage, intrusion-related gold system, comparable with known systems in the Abitibi region such as the Kirkland Lake and Timmins camps. Mineralization at Menarik West remains open laterally and at depth.

In addition, two extensive alteration corridors consisting of massive ankerite are known in the eastern part of the property. The most extensive system is hosted in a highly sheared mafic unit and extends over 700 metres in strike and up to 50 metres wide. These ankerite zones exhibit brecciation, disseminated pyrite, arsenopyrite and a network of mineralized quartz-calcite veins.

Reference is made to the company's May 11, 2023, press release for all previously disclosed results.

Exploration program

Menarik West has been intermittently explored since the early 2000s, with drilling primarily focused on the Pierre intrusion. As a result, much of the property remains underexplored. Harfang has initiated a technical reinterpretation of the project using advanced modelling techniques to generate and prioritize target areas.

The summer 2025 exploration program, in collaboration with Soquem, will focus on detailed geological mapping and prospecting across priority target areas. The objective, this summer, is to assess the potential for intrusion-related gold systems beyond the Pierre showing. Additionally, previously untested induced polarization (IP) anomalies will be examined in the field.

The Year 1 exploration budget of $500,000 will include the summer 2025 exploration program as well as 3-D modelling of historic and recent drill data, select core reassaying, and additional desktop studies. This work will culminate in generating targets that will form the basis for a 5,000-to-7,000-metre diamond drill program during the remainder of the option period.

With in-depth geological targeting and systematic drilling, Menarik West presents excellent discovery potential both along strike and at depth.

Qualified person

Ludovic Bigot, PGeo, vice-president, exploration, of Harfang, has reviewed and approved the technical information contained in this news release. Mr. Bigot is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Harfang Exploration Inc.

Harfang Exploration is a mineral exploration company focused on discovering ore deposits in Quebec and Ontario. The company is run by a team of enthusiastic industry professionals with varied experience and a proven record. The company holds a portfolio of prospective projects, maintains a strong financial position, and is dedicated to best practices by engaging with all stakeholders and prioritizing environmental responsibility.

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