Harfang Exploration Inc. (HAR) has entered into a non-binding letter of intent with Eramet Group regarding its Serpent Project in Eeyou Istchee James Bay, Québec. The agreement outlines a formal earn-in arrangement through which the French mining group can acquire up to a 65% interest in the property over the next four years. Under the proposed terms, Eramet will fund 100% of all exploration expenditures across three distinct phases, culminating in the delivery of a Preliminary Economic Assessment.

The partnership focuses on evaluating the lithium potential of the Améliane-Milou spodumene corridor. While the project spans approximately 50,000 hectares and remains prospective for other critical minerals, the program will integrate advanced mineralogy, metallurgy, and environmental baselines from the outset. Harfang will retain a 35% stake in the project upon completion of the earn-in and will continue to lead day-to-day field operations, with Eramet providing supervisory input throughout the development period.

"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."

— Rick Breger, President and CEO of Harfang

The arrangement secures capital for critical milestones through the transition from early-stage exploration to formal economic evaluation. This phased approach serves as a key upcoming catalyst for the project’s advancement.

Read the full announcement: Harfang and Eramet Sign LOI to Advance the Serpent Project in Québec