Harfang Provides Winter Exploration Update

• Most Recent Update (April 16, 2026): Harfang completed its winter exploration program across four projects (Serpent, Menarik West, Blakelock, Sky Lake).
  • Serpent: Maiden drilling at Mista target completed (~1,300m in 6 holes). Preliminary logging confirms mineralization. Assays expected mid-May to end of May 2026.
  • Menarik West: DC-IP survey completed with SOQUEM; targets identified for winter 2027 drilling.
  • Blakelock: DC-IP survey underway, completion expected late April 2026.
  • Sky Lake: Engagement continues with Mishkeegogamang Ojibway Nation (MON) regarding Traditional Knowledge and Land Use Study (TKLUS). Exploration paused pending study resolution.
• Historical Progression (Oldest to Most Recent):
  • May 2025: Sky Lake maiden drilling announced high-grade intercepts (7.0 g/t Au over 18m), initially rated Material - Positive.
  • July 2025: Summer plans outlined; Sky Lake field work paused pending First Nations election and agreement.
  • October/November 2025: Menarik West and East announced high-grade gold and polymetallic discoveries (up to 19.2 g/t Au, 8.57% CuEq). SOQUEM JV signed ($3M funding for 50%). Flow-through financing completed ($1.1M).
  • February 2026: Sky Lake update confirmed high-grade shoot continuity but reiterated TKLUS pause as a constraint on permitting. Rated Routine - Negative due to operational halt.
  • April 2026 (Current): Confirms execution of winter program at Serpent and geophysical work elsewhere, but assays remain pending and Sky Lake remains paused for community study.

• Execution vs. Catalyst: The news confirms the company executed its planned winter program without major delays outside of the known Sky Lake TKLUS issue. However, it lacks immediate price-moving catalysts because assay results are not yet released (expected mid-May).
• Market Expectations: The market has already priced in the drilling completion given the stock's decline from $0.12 to $0.05 over the past year. The news is incremental confirmation rather than a surprise discovery.
• Risk Mitigation: Completion of Serpent drilling reduces execution risk for that specific asset, but the reliance on pending assays introduces uncertainty. The Sky Lake TKLUS delay remains an unresolved operational drag that has persisted since mid-2025.
• Verdict: Routine - Positive. It validates management's ability to spend capital and execute plans, but without assay results or a resolution to the First Nations agreement, it does not materially alter the investment thesis immediately.

• Company: Harfang Exploration Inc., a junior explorer focused on Quebec and Ontario assets.
• Flagship Projects:
  • Serpent (Quebec): Copper-Gold-Silver system. Mista target is the current focus for maiden drilling.
  • Sky Lake (Ontario): Gold project with high-grade intercepts (7 g/t Au over 18m). Currently paused due to First Nations engagement.
  • Menarik West/East (Quebec): High-grade gold and polymetallic (Cu-Ni-PGE-Cr) projects. Menarik West has a JV partner (SOQUEM); Menarik East shows Ring of Fire-like potential.
• Development Stage: Exploration phase. No production, no resources defined under NI 43-101 standards yet.