Harfang and SOQUEM Expand Gold Footprint at Menarik West, Quebec

On December 9, 2025, Harfang Exploration announced additional high-grade gold results from its Fall 2025 exploration program at the Menarik West Property in Quebec, which is being advanced in partnership with SOQUEM. The program, which consisted of surface grab sampling, expanded the mineralized footprint of the main "Pierre Zone" and identified a new "Cox Zone" approximately five kilometres to the northeast. The Cox Zone exhibits a different style of mineralization (replacement-style) and returned locally high grades from a newly outlined 250-metre shear corridor.

Of 72 grab samples collected, 11 returned assays greater than 1.0 g/t Au and 10 returned between 0.1-1.0 g/t Au. The company notes these results will be used to prioritize targets for future work in 2026. The release also mentioned a minor amendment to its option agreement with Fancamp Exploration on the Egan Project, setting a minimum price for share-based payments.

The news is incrementally positive but routine for an active exploration company. It confirms the continued prospectivity of the Menarik West property and demonstrates the effectiveness of the partnership with SOQUEM, which is funding the exploration work. This aligns with Harfang's strategy of advancing its portfolio without depleting its own treasury.

However, the impact is limited for several reasons: - Early-Stage Data: The results are from surface grab samples, which are selective by nature and not representative of the overall grade of mineralization. While encouraging, they do not carry the same weight as drill intercepts. - Incremental Progress: This news follows a similar announcement on October 29, 2025, which also highlighted high-grade grab samples from Menarik West. Today's release builds on that work but does not represent a new discovery or a significant de-risking event. - Market Focus: The market's primary focus is likely on the Sky Lake project in Ontario, where Harfang made a high-grade drill discovery in May 2025 (e.g., 7.0 g/t Au over 18.0 m). News from other early-stage projects, while positive, is secondary until they are advanced to the drill stage.

The financing in November 2025 for ~$1.125M was a more significant event, securing the company's short-term operational runway. This exploration update confirms that capital from partners is being put to work effectively, but it does not materially change the company's valuation or risk profile. It is a step in the right direction, not a leap forward.

Harfang Exploration Inc. is a Canadian mineral exploration company focused on projects in Quebec and Ontario. The company operates a project generator model, advancing certain core projects while seeking partners to fund exploration on other properties to minimize shareholder dilution.

The company's flagship project is the Sky Lake Gold Project in Ontario's Pickle Lake Gold District. In May 2025, Harfang announced a new discovery with significant drill intercepts, including 6.96 g/t Au over 17.95 m and 4.54 g/t Au over 15.60 m. This project is the company's most advanced asset and primary value driver. Other key projects include the partner-funded Menarik (Gold, Copper, Nickel, PGE) and Pontax (Lithium) properties in Quebec.