Mr. Rick Breger reports

HARFANG AND ERAMET SIGN LOI TO ADVANCE THE SERPENT PROJECT IN QUÉBEC

Harfang Exploration Inc. has signed a letter of intent (the LOI) with the Eramet Group (PAR: ERA) outlining a non-binding commercial framework for Eramet to farm into and form a joint venture on Harfang's wholly owned Serpent project in Eeyou Istchee James Bay, Que. The LOI outlines the terms and conditions pursuant to which Eramet can earn up to a 65-per-cent interest in the project over the next four years by funding exploration expenditures through to the completion of a preliminary economic assessment (PEA).

Highlights

• Eramet to finance 100 per cent of the exploration expenditures across three phased earn-in stages, from early stage surface exploration through to the completion of a PEA.
• Harfang to receive cash payments over the earn-in period.
• Eramet to earn a 65-per-cent interest in the project upon completion of the PEA (phase 3), with Harfang retaining the remaining 35-per-cent interest.
• Harfang to remain operator of day-to-day field operations through completion of a PEA, with Eramet having a supervisory role during this period.
• Phased and co-developed program, integrating advanced mineralogy, metallurgy, and ESG (environmental, social and governance) baselines from the earliest stage of exploration.
• Exploration primarily targeting lithium potential at the Ameliane-Milou spodumene corridor and open to all other commodities identified through the joint program.

Rick Breger, president and chief executive officer of Harfang, commented: "Signing this letter of intent with Eramet is a landmark moment for Harfang and a strong validation of the work our team has put into building the Serpent project. Eramet is one of the world's foremost mining and metallurgical groups, with deep expertise in lithium and other critical minerals which is exactly the kind of partner we sought for a project of this scale and complexity. With exploration funding 100 per cent covered by Eramet up to the PEA, a phased and rigorous technical program, and Harfang remaining as operator, this arrangement is structured in a way that maximizes value for our shareholders while ensuring the project is advanced to the highest standard. The Serpent property has already demonstrated exceptional lithium potential at the Ameliane-Miliou corridor, and we look forward to unlocking that potential with a partner of Eramet's calibre."

About the Serpent project

The Serpent project is a wholly owned mineral exploration property comprised of 988 exclusive exploration rights (EERs) covering approximately 50,000 hectares (about 500 square kilometres), in Eeyou Istchee James Bay, Que. The project hosts a diversified suite of critical mineral and gold targets, with lithium exploration to date primarily focused on the Ameliane-Milou spodumene-bearing lithium corridor, which was first discovered by Harfang's team in 2023. Subsequent exploration programs have confirmed the presence of a spodumene-rich LCT pegmatite dikes swarm with associated lithium, tantalum, cesium and beryllium. The project is prospective for lithium across a large and underexplored footprint.

About Harfang Exploration Inc.

Harfang is a discovery-driven mineral exploration company focused on identifying and advancing high-potential ore deposits in Quebec and Ontario. The company leverages rigorous geoscience, disciplined capital deployment and a partnership-oriented mind set to maximize discovery potential. Harfang is run by a team of enthusiastic industry professionals with varied experience and a proven record. In November, 2024, Harfang completed the acquisition of NewOrigin Gold Corp., consolidating high-quality gold assets, including properties in the Pickle Lake and Abitibi regions. Harfang is committed to sustainable exploration practices, engaging closely with local stakeholders and prioritizing environmental stewardship.

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