Montreal, Quebec--(Newsfile Corp. - July 7, 2026) - Harfang Exploration Inc. (TSXV: HAR) ("Harfang" or the "Company") is pleased to announce it has signed a Letter of Intent (the "LOI") with the Eramet Group (PAR: ERA) ("Eramet") outlining a non-binding commercial framework for Eramet to farm into and form a joint venture on Harfang's wholly-owned Serpent Project (the "Project") in Eeyou Istchee James Bay, Québec. The LOI outlines the terms and conditions pursuant to which Eramet can earn up to a 65% 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 fund 100% 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% interest in the Project upon completion of the PEA (Phase 3), with Harfang retaining the remaining 35% 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 baselines from the earliest stage of exploration.
Exploration primarily targeting lithium potential at the Améliane-Milou spodumene corridor and open to all other commodities identified through the joint program.
Rick Breger, President and CEO 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% 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 Améliane-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 ha (~500km2), in Eeyou Istchee James Bay, Québec. The Project hosts a diversified suite of critical mineral and gold targets, with lithium exploration to date primarily focused on the Améliane-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 dykes swarm with associated lithium, tantalum, cesium, and beryllium. The Project is prospective for lithium across a large and underexplored footprint.