Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021

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Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
Goose Gold Project, Back River, Nunavut, Canada

Updated Feasibility Study for the Goose Gold Mine at the
100% owned Back River Gold District in Nunavut, Canada
                                                               March 2021
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
2

Forward Looking Information
Statements relating to our belief as to the results of development studies, timing of receipt of necessary authorizations and licenses,
the availability of project financing, the timing of the start of construction and the first gold pour, and the results of further
optimization studies to the UFS, the potential tonnage and grades and contents of deposits and the potential production from and
viability of Sabina’s properties are forward looking information within the meaning of securities legislation of certain Provinces in
Canada. Forward looking information are statements that are not historical facts and are generally, but not always identified by the
words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “opportunities,” and similar
expressions, or that events or conditions “will,” “would.” “may,” “could,” or should occur. The forward looking information is made of
the date of this presentation. This forward looking information is subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected in the forward looking information, including, without limitation: the
effects of general economic conditions; changing foreign exchange rates; risks associated with exploration and project development;
the calculation of mineral resources and reserves; risks related to fluctuations in metal prices; uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work arising from weather,
logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential
of the Company’s properties; risk of accidents, equipment breakdowns and labour disputes; access to project funding or other
unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; title
matters; government regulation; obtaining and receiving necessary licenses and permits; the risk of environmental contamination or
damage resulting from Sabina’s operations and other risks and uncertainties including those described in Sabina’s annual information
form for the year ended December 31, 2019 available at www.sedar.com
Forward looking information is based on the beliefs, estimates and opinions of Sabina’s management on the date the statements are
made. Sabina undertakes no obligation to update the forward-looking information should management’s beliefs, estimates or
opinions, or other factors, change, except as required by applicable law
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
3

Creating value from 80 km Back River Gold District in Northern Canada
 Goose Mine – one of five 100% owned prospective properties of gold bearing iron formation in the belt

 Assets                             Partners                          Catalysts
 ▪ Large gold resources/reserves    ▪ Experienced management          ▪ Detail Engineering due H1, 2021
 ▪ High grade (6g/t Au open           and Board                       ▪ Project Debt Process being
   pits)                            ▪ Successful track record           refreshed
 ▪ District scale                   ▪ Supportive strategic and        ▪ Production Decision subject to
 ▪ Offers development flexibility     institutional shareholders        project financing due H1, 2021
 ▪ Mining friendly jurisdiction     ▪ Strong community support        ▪ Camp opening early March 2021
 ▪ Robust economics at US$1600      ▪ Landowners aligned              ▪ 2021 Exploration at Goose and
   gold price (After tax C$1.1B       shareholders                      to begin at George Property
   NPV & ~28% IRR )
 ▪ Hackett River Silver royalty

     Updated Feasibility study demonstrates high-confidence, de-risked
       project with longer mine life and increased production profile
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
4

                                                                                                   Development Companies by size and grade
                                         14               ARTG
                                                                            NovaGold
                                                                            23MMoz at 2.1g/t

                                         12
                                                                                                                                                     One of the few fully permitted
                                                                        Median target resource
                                                                        grade since 2013 = 1.9 g/t
                                                                                                                                                    projects in a tier one jurisdiction
                                         10
Gold equivalent resource (Moz) - M&I+I

                                                                                FPC                                     SBB
                                                                 FF
                                                    TLG
                                          8                      PPTA

                                                               OLA
                                                               OIII                    ODV
                                                    RIO
                                          6                  BSX
                                                           LR
                                                  KORE    ORE
                                                           ITR                                                SKE
                                          4       KOR                   MOZ                        INV                          FURY
                                                          GSV   PRB                                                                           AOT                    Median target resource size since 2013 = 2.7 Moz
                                                   FVL   RVG
                                                                                             ORR
                                              CMM      TML
                                                         DEG   NHK                                                              BTR                                   BGL
                                          2       CAI                                                                                                                                                               SIL
                                              WVM       AGC    WGO                                 GWM                                                                      BSR
                                                        MGM                                              MAE GTR         BNAU
                                              MAI  KIN RGD          BME
                                                        G                                                                                            LIO      HIGH                  AUT
                                              LGD            YGT
                                                                                                                                                    RDS
                                          0
                                              0            1            2          3           4          5         6           7         8           9         10            11          12        13         14         15
                                                                                                                        Gold equivalent grade (g/t) - M&I+I
                                              RBC Capital Markets 02/23/21
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
5

 Over 575,000 meters of drilling completed at Back River
  Reserve Tonnes                 Grade          Ounces               With a historic resource to reserve conversion rate of 73%, and all deposits
  Proven    8,008                5.54           1,426               open, we will be mining at Goose long past the 15 year mine life in this study
  Probable 10,684                6.29           2,162
  Resource         Tonnes Grade                 Ounces
  M&I              33,452 5.88                  6,321
  Inferred         13,794 6.44                  2,856
 Grade in g/t

▪ Updated resource estimate added:
   ▪ 988koz Au to M&I
   ▪ 1Moz Au to Inferred

▪ Reserve Estimate added 1M oz Au

 All in finding costs (since 2014)
      are C$24.95 per ounce
See slides #35 & 36for resource/reserve estimate QA/QP.
Mineral Resources are not Mineral Reserves and as such do not have demonstrated economic viability.
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
6

Back River – World Class Grade
Only Project with +5 g/t average grade with an Open Pit component
                                          OP                                                            10

                                     12                                                                 9
                                               OP
 Total Gold – All Categories (Moz)

                                                                                                        8
                                               UG
                                     10
                                                                                                        7

                                                                                                            Average Gold Grade (g/t)
                                                    OP
                                     8                                                                  6

                                                         UG
                                                                                                        5
                                                              UG
                                     6
                                                                                                        4
                                                                    OP
                                                                              UG    OP                  3
                                     4
                                                                                         UG
                                                                                                        2
                                                                                              UG   OP
                                     2
                                                                                                        1

                                                                                                        0
                                     0

Notes: Select development projects with gold reserves/resources greater than 1Moz
Source: Various Company Technical Reports
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
7

Key Project Enhancements
   This level of engineering significantly de-risks the Project, bringing a higher level of
certainty to capital and contingency estimates when compared to most feasibility studies
▪   An updated gold price of US$1,600/ounce and exchange rate of $C:US$ of 1.31:1.00
▪   56% improvement on capital efficiency compared to the IFS (NPV/Initial CAPEX)
▪   Higher confidence in CAPEX and changes to project scope to de-risk execution & operations
▪   1M of increase in reserve
▪   High-grade Umwelt underground earlier increases production profile (peak production of 312 koz Au in year 3)
▪   Process plant expansion from 3,000 tpd to 4,000 tpd at end of year two of production
▪   Echo open pit and underground, Goose Main underground, Llama underground added to mine plan
▪   No requirement for TSF, the most complicated and highest civil capital risk to the Project. Exhausted pits used for
    tailings storage
▪   Pre-production mining at Echo and Umwelt pits place 2.2 Mt and 372K oz stockpiled material, prior to
    commencement of milling operations (sufficient for two years of mill feed)
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
8

 Key Project Enhancements Continued
 ▪     OP vs UG – 53%/47% (tonnes)
 ▪     Significant earthworks completed: box-cut for underground exploration ramp, 4 km of roads, airstrip extension,
       and site prep for the process pad and accommodation complex
 ▪     Construction of Port and receipt of three sealifts successfully testing logistics and supply chain from the South
 ▪     Construction and operation of a 172km Winter Ice Road from the Port to the Goose Property, gaining valuable
       experience in the Project’s key infrastructure
 ▪     Significant infrastructure including fuel tanks, batch plant, construction crushers and construction/mobile
       equipment mobilized in 2019/2020 with two maintenance shops
 ▪     Basic engineering completed with detailed engineering substantially completed
 ▪     Constructability and operability review by third party Arctic construction team
 ▪     A prominent Original Equipment Manufacturer engaged to complete the process plant equipment design with a
       fixed price contract

See slides 35,36 & 37 for QP information
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
9

UFS delivers a Project with a high degree of confidence compared to others
▪   The Project is fully permitted with no costly changes needed to accommodate future permitting requirements;
▪   The cost of Social License has been incorporated (IBA & Royalties);
▪   Detailed engineering is substantially complete based upon material take off quantities versus estimates and
    factoring;
▪   Major logistics infrastructure and supply chain has been built and successfully tested;
▪   Substantial civil earthworks have been completed at Port and Goose Site;
▪   A third-party experienced Arctic contractor has provided a review on constructability and operability;
▪   Bonding amounts certain and agreed to by federal/Inuit Stakeholders and incorporated into the Project;
▪   Deliberate increase in CAPEX initiatives to provide lower operational/execution risk;
▪   Mineral Resource Estimates provide foundation for future reserves to extend mine life;
▪   Constructor has been involved in development of project schedule and resource loading;
▪   Framework for 3 year construction labour costs agreed to in principle;
▪   Additional capex has been allocated for operational readiness.
▪   Additional time for commissioning and ramp up has been added from IFS
Updated Feasibility Study for the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada - March 2021
10

 UFS 2021 Highlights vs IFS 2015                                  See slide 37 for QP Information

                                         Unit        2015 IFS        2021 UFS
                                                                                                      Peak production Y3 of
 Gold Production LOM                      Moz           2.32           3.35                           312koz. LOM average
                                                                                                         recovery 93.4%
 Annual Gold Production                   Moz        250 (Y1-8)     287 (Y1-5)
 Annual Gold Production LOM               Moz           198            223                            CAPEX Increase due to
 Mine Life                                years         11.8            15                          change in Project scope to
                                                                                                    de-risk, cost escalation of
 Initial Capital Cost                      $M           415       610 (US$466)                        12% and Underground
 Sustaining Capital Cost                   $M           185       419 (US$320)                       development in Year -2
 Closure Cost                              $M            64             42
                                                                                                    Addition of four UG mining
 Operating Cost                            $/t          115            141                            zones and inclusive of
 Cash Costs                              US$/oz         534            679                                 closure costs
 All-In Cash Costs (AISC)                US$/oz         620            775
 Pre-Tax IRR                                %           28.2            33                          Removal of TSF reduces
                                                                                                        closure costs
 Pre-Tax NPV 5%                            $M           699            1.7B
 Post-Tax IRR                               %           24.2           27.7
 Post-Tax NPV 5%                           $M           480       1.1B (US$860)
 Payback/Break Even Gold Price        Years/US$ oz    2.9/795        2.3/955
All CAD$ Unless Otherwise Specified
11

                                                                                                                    Initial   Sustaining     LOM
     Economics – Capital Cost                                                                   CAPEX             ($ million) ($ million) ($ million)
                                                                                 Mining1                               56        348          404
                                                                                 On-Site Development                    6           3           9
                 PRE-PRODUCTION CAPEX BREAKOUT
                                                                                 Ore Crushing and Handling             28           0          28
                    Owner’s Costs      Mining/development
      Contingency      11%                    10%
                                                         Ore Crushing            Process Plant                         91         13          104
          9%                                             and Handling
                                                              5%                 On-Site Infrastructure (Goose)        97           5         102
     EPCM
                                                                 Process Plant
      1%
                                                                     15%         Off-Site Infrastructure               1           0            1
                                                                                 Port                                 19           4           23
                                                                                 Tailings                              5           0            5
                                                                                 Indirect Costs2                     177           4          181
Indirect Costs
     29%
                                                                   On-Site
                                                               Infrastructure
                                                                                 EPCM                                  6           0            6
                            Tailings           MLA/Off-site
                                                                    16%          Owner’s Costs                        68           0           68
                                              Infrastructure
                              1%
                                                    3%
                                                                                 Reclamation                           0          42           42
                                                                                 Subtotal                            554         419          973
                                                                                 Contingency                          56           -           56
                                                                                 Total CAPEX                         610         419        1,029
Notes: 1 Includes labour and mining equipment purchases only.
       2 Includes preproduction mining explosives, fuel, maintenance spares, and consumables.

       Numbers may not add due to rounding.
12

Economics – Operating Costs

                                                                                                                        LOM OPEX
                                                            LOM                                             G&A                    Open Pit Mining
                    OPEX                                                                                    16%                         14%
                                                        ($ million)
Open Pit Mining                                                355                           Freight &
                                                                                            Site/Offsite
                                                                                              Services
Underground Mining                                             714                              17%
                                                                                                                                                     Underground
Processing                                                     693                                                                                     Mining
                                                                                                                                                        27%
Freight & Site/Offsite Services                                450
G&A                                                            415
Total OPEX                                                  2,627                                          Processing
                                                                                                              26%

Notes: 1 Average LOM open pit mining cost amounts to $4.16/t mined at a 10:1 strip ratio;
       average LOM underground mining cost amounts to $81/t mined (including power and
       logistics).
13

Annual And Cumulative Cash Flows
                                                            Annual Cash Flow                                                                                    Cumulative Cash Flow
                               700                                                                                                                 2250

                               600                                                                                                                 2000
Annual (Canadian $ millions)

                               500                                                                                                                 1750

                               400                                                                                                                 1500

                                                                                                                    Annual (Canadian $ millions)
                                                                                                                                                   1250
                               300
                                                                                                                                                   1000
                               200
                                                                                                                                                    750
                               100
                                                                                                                                                    500
                                 0
                                      -3 -2 -1 1        2   3   4   5   6   7   8   9 10 11 12 13 14 15 16 17                                       250
                               -100
                                                                                                                                                      0
                               -200
                                                                                                                                                           -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
                                                                                                                                                    -250
                               -300
                                                                        Project Year
                                                                                                                                                    -500
                                      Operating costs                                  Capital costs                                                -750
                                      Working capital & bonding                        Taxes                                                       -1000
                                      Net revenue                                      Post-tax cash flow, annual                                                             Project Year
14

Sensitivities to Gold Price and FX/ Post-Tax
          NPV 5% ($M)                     Au price (US$/oz)
            IRR (%)       1,000   1,300         1,600         1,900   2,200
                          (379)    178           601          1,005   1,407
                   0.95
                          -6.8%   9.3%          18.4%         25.7%   32.2%
                          (263)    283           721          1,146   1,570
                   0.90
                          -2.4%   11.7%         20.7%         28.1%   34.6%
                          (132)    397           854          1,304   1,752
                   0.85
                           1.6%   14.2%         23.1%         30.6%   37.2%
                             2     523          1,005         1,481   1,958
                   0.80
       CAD to              5.1%   16.8%         25.7%         33.3%   40.0%
        USD                 93     625          1,126         1,626   2,125
                   0.76
                           7.3%   18.8%         27.7%         35.4%   42.2%
                           261     821          1,367         1,912   2,455
                   0.70
                          11.2%   22.5%         31.6%         39.4%   46.4%
                           408    1,004         1,590         2,176   2,760
                   0.65
                          14.4%   25.7%         34.9%         42.9%   50.0%
                           576    1,215         1,851         2,484   3,117
                   0.60
                          17.9%   29.2%         38.6%         46.8%   53.9%
15

Sensitivities to CAPEX & OPEX / Post-Tax
   NPV 5% ($M)                                CAPEX
     IRR (%)        -15.0%   -10.0%   -5.0%       0.0%   +5.0%   +10.0%   +15.0%
                     1,371    1,343   1,315      1,286   1,258    1,230    1,201
           -15.0%
                     35.3%    33.5%   31.9%      30.5%   29.1%    27.8%    26.6%
                     1,318    1,290   1,261      1,233   1,205    1,176    1,148
           -10.0%
                     34.3%    32.6%   31.0%      29.6%   28.2%    27.0%    25.8%
                     1,265    1,236   1,208      1,180   1,151    1,123    1,095
            -5.0%
                     33.3%    31.6%   30.1%      28.7%   27.3%    26.1%    25.0%
                     1,211    1,183   1,155      1,126   1,098    1,070    1,041
  OPEX      0.0%
                     32.3%    30.7%   29.1%      27.7%   26.5%    25.3%    24.1%
                     1,158    1,130   1,101      1,073   1,045    1,017     987
            +5.0%
                     31.3%    29.7%   28.2%      26.8%   25.6%    24.4%    23.3%
                     1,105    1,076   1,048      1,020    992      963      934
           +10.0%
                     30.3%    28.7%   27.2%      25.9%   24.7%    23.5%    22.4%
                     1,051    1,023    995        967     938      909      880
           +15.0%
                     29.2%    27.7%   26.3%      25.0%   23.8%    22.6%    21.6%
16

Logistics and Transportation- Port
                                     ▪   Freight shipped to Sabina Port
                                         during summer months (July to
                                         September)
                                     ▪   equipment and supplies stored
                                         until winter then haul to site via
                                         Winter Ice Road
               Port                  ▪   Three sealifts received since
                      Goose Site
                                         2018
17
                                              16

Port & Marine Laydown Area – Completed 2018
18

KM 0                                   Winter Ice Road 172 km long from Port
   Bathurst
                                       Facility to Goose Property
   Inlet
                                       Project logistics - Haul equipment and supplies brought to Port via
                                       summer sealift to Goose Property for construction and operations
          Bathurst
          Lake
                                       Annual Process:
         Forward Camp – 1st position
                                       ▪ Open Port camp
                                       ▪ Construct the Winter Ice Road from two headings (Port and Goose
                                         Site) over 8 weeks
                                       ▪ Utilize “Forward Camps” – mobile camps that can be used to house
       Forward Camp – 2nd position
                                         crew along the route versus considerable daily travel back and forth
                                         to Port
                                       ▪ Haul freight to Goose Property over 10 weeks
                                       ▪ First Winter Ice Road completed successfully in 2019

                       KM 171
19

Winter Ice Road – “The Connector” Completed 2019
20
                    20

Goose Site Layout
21

Plant & Accommodation Complex Layout
  Process Plant 3-D Model, Mineralized
     Material Feed from Lower Right

                                             Crushing and Storage 3-D Model
                                         Mineralized Material Fed from Right to Left
22

Processing – Tonnes, Grade Milled and Gold Produced
                                   1,600                                                                                                                 12.0

                                                                                                                                                         11.0
                                   1,400
                                                                                                                                                         10.0

                                   1,200                                                                                                                 9.0
and Gold Produced (koz)
Tonnes Milled (ktonnes)

                                                                                                                                                         8.0

                                                                                                                                                                Grade Milled (g/t)
                                   1,000
                                                                                                                                                         7.0

                                    800                                                                                                                  6.0

                                                                                                                                                         5.0
                                    600
                                                                                                                                                         4.0

                                    400                                                                                                                  3.0

                                                                                                                                                         2.0
                                    200
                                                                                                                                                         1.0

                                      0                                                                                                                  0.0
                                            1        2      3      4      5      6        7       8       9     10     11     12    13      14     15
                   Tonnes Milled           935     1186   1460   1460   1460   1460     1460    1460    1460   1460   1460   1460   865    682    429
                   Gold Produced (kozs)    285     261    312    281    295    226       215     236    250    237    224    219    125    114    72
                   Grade Milled            10.18   7.37   7.2    6.45   6.76   5.16      4.9     5.35   5.67   5.37   5.06   4.95   4.82   5.54   5.54
                                                                                      Project Year
Mill Feed (Including Stockpile) by Quarter
                                                                                          Mill Feed
         400,000                                                                                                                                                                    12.00

         350,000
                                                                                                                                                                                    10.00

         300,000

                                                                                                                                                                                    8.00
         250,000
Tonnes

                                                                                                                                                                                            Au, g/t
         200,000                                                                                                                                                                    6.00

         150,000
                                                                                                                                                                                    4.00

         100,000

                                                                                                                                                                                    2.00
          50,000

              -                                                                                                                                                                     -
                   1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
                     -3      -2      -1         1        2    3          4       5    6          7         8    9        10        11    12          13        14    15   16
                                                                                          Year - Quarter

                                          High-Grade Tonnes       Mid-Grade Tonnes    Low-Grade Tonnes         Mill Feed Target Tonnes        Mill Feed Grade, g/t
                                                                                                                                                                               23
24

Permitting & Social License Achieved – UFS Project is Permitted
                                        ▪ All Major authorizations for construction and
                                          operations received
                                        ▪ Finalized Agreements with landowner
                                          Kitikmeot Inuit Association
                                            ▪ Will provide training, jobs, contracting
                                               opportunities and royalty payments to
                                               Kitikmeot Region
                                            ▪ Renewable 20- year land use lease
                                            ▪ Kitikmeot Inuit Association is an aligned
                                               shareholder
                                            ▪ Regional wealth creation initiative
                                               payments – creating jobs outside of the
                                               mining industry – new precedent in
                                               Nunavut

Widespread support from communities
25

Opportunities for Further De-risking and Growth
▪ Stockpile of 2.2 Mt of mill feed and 372 koz Au ready prior to
  commissioning;
▪ High confidence in conversion of further resources into reserves at
  all deposits with a historical 73% conversion rate.
▪ All deposits in the UFS are open to depth with both new resources at
  Llama Extension and Nuvuyak showing significant expansion
  potential along trend.
▪ Sabina has advanced engagement with companies on alternative
  energy generation for reduced carbon footprint options;
▪ Additional time, resources and funds for testing, commissioning,
  start-up and ramp-up have been incorporated into the analysis;
▪ Expansion and development of the 2 M oz George Property as a
  second potential mine; and
▪ Strong additional discovery potential of new economic gold zones
  over the 80km Back River Gold District
26

Nunavut Canada – Over four decades of prosperity in mining

▪ Nunavut is well endowed with sizeable
  gold deposits

▪ Many historic and operating mines in the
  region

▪ Agnico Eagle – Meadowbank Mine, a good
  performing mine at ½ grade of Back River

▪ Agnico has two new mines in Nunavut and
  has just acquired TMAC/Hope Bay

▪ A safe jurisdiction with certainty of tenure
  and district scale opportunities
27
                                                                                                                         Back River Property

 Back River: A District Scale Gold Opportunity                                                            Port

                                                                                                   Bath                                 LEGEND
  100% OWNED BY SABINA
                                                                                                                                              Camp

 Multigenerational Mining opportunities:                                                                                                      Area of Interest

 ▪
                                                                                                                                              Claim
      5 claim blocks on the 80km belt
                                                                                                                                              Lease

 ▪    Most advanced is Goose – initial mine – 8km of iron                                                                               Inuit Owned Land
      formation                                                                                                                               Surface

 ▪    Second most advanced is George – 50 km from                                                                                             Subsurface and Surface

      Goose Mine                                            Indicated: 1.2 M oz @ 5.34 g/t
                                                            Inferred: 1.0 M oz @6.12 g/t
 ▪    Continue to generate brownfield & greenfield                                                               George Project
      targets.                                                                                                                              80 Km
 ▪    Growth to be generated internally
                                                                                                                           Boulder
                                                                                                                                        Boot

     Significant existing resources at George on 20km                                        M&I: 5.1 M oz at 6.02 g/t Au
                                                                                             Inferred: 1.8 M oz at 6.64 g/t
       of largely unexplored iron formation offering                                                                                    Goose Project
     opportunity for another mining complex on the                                                                                Del
     Back River district. As development continues at
           Goose, exploration will turn to George.
                                                                                                                                               0         12.5      25

See slides #27 & 28 for resource/reserve estimate QA/QP                                                                                               Kilometres
28

Few permitted advanced exploration projects in Canada’s North
            George Property 50 km from first mine at Goose. Next area of development?

                                 Northern Exploration Projects
                                                                                            Company                  Market
            Atac Minerals - Orsis and Tiger                                                                       Capitalization
               Rockhaven Resources - Kaza                                                   Gold Mining Inc          $320m
                                                                    2
Gold Terra Resource - Yellowknife City Gold                                                 White Gold Corp           $93m
           White Gold - Golden Saddle/Arc          7
                                                                                            Nighthawk Gold            $54m
 Gold Mining Inc - Yellowknife Gold Project
                Nighthawk Gold - Colomac                            6                       Gold Terra Resource       $49m
                                                                                            Corp.
                   Sabina - George Project
                                                                                            Rockhaven                 $34m
                                                                                            Resources
                                                                                            Atac Resources            $31m
                                              0        1    2           3   4   5   6   7
                                                                5
                      4     Grade (g/t Au)        Resource Ounces Gold (MOz)

         Sabina’s George Project is more advanced, higher grade and
           permitted for exploration. Minimal value being realized
29

Back River is a Company Maker – What is Next?
Upcoming Milestones
▪   Completion of detailed
    engineering 1H, 2021
▪   Debt Process being
    refreshed using updated
    feasibility metrics
▪   Preparing for financing
    window to make a
    production decision 2021
▪   Mobilizing for camp March
    2021
▪   Exploration at George
    (first since 2013)

 Sabina is fortunate to own one of the best development projects in the sector.
Shovel ready, district scale, large, high grade and in Canada: positioned for a re-
                    rating once a production decision is made
30

Sabina is Poised for a re-rating once a production decision is made
                                                  No Value ascribed for

                                                  ▪   Multi-generational district owned 100%
                                                      by Sabina – imbedded growth
                                                  ▪   Premier jurisdiction
                                                  ▪   Remaining ounces in mineral resource
                                                      estimate & exploration upside
                         Sabina is here           ▪   Compelling economics and achievable
                                                      mine plan
                                                  ▪   enhancing economics and production
                                                      profile and reducing payback period
                                                  ▪   Hackett River Royalty – option on silver
                                                      for the future
                                                  ▪   Environmental and Social Licenses in
                                                      hand

Back River is a company maker and a coveted Project
31

Capital Structure             Major Shareholders                    Analyst Coverage
Share Price       C$2.70      Zhaojin International     ~9.9%       BMO                   Andrew Mikitchook
TSX               SBB         Dundee Precious           ~9%         Canaccord             Kevin Mackenzie
OTCQX             SGSVF       Metals                                Cantor Fitzgerald     Matt O’Keefe
Market Cap        C$870m      Van Eck                   ~8%         Cormark               Brock Colterjohn
I&O               ~326m       Sun Valley Gold           ~6%         Echelon               Ryan Walker
Fully Diluted     ~340m       Wheaton Precious          ~4%         Industrial Alliance   George Topping
Cash (Q3, 2020)   C$65m       Metals                                National Bank         Jonathan Egilo
Debt              None        Directors and             ~1.1%       Paradigm              Lauren McConnell
                              Management                            RBC                   Wayne Lam
                                                                    Sprott                Brock Salier
                              Share Ownership Breakdown             TD                    Arun Lumba
                      1.1 % Management          22.9% Strategic
                                                                        Average 12-month target
                                                                             price: ~C$4.00
                           41% Retail
                                                35% Institutional
32

Management & Board of Directors                  David Fennell
                                                                              Nominating & Governance
                                                                              Committee, HS&E Committee
                                                                              Nominating & Governance
Bruce McLeod       President & CEO               James Morton                 Committee Chair, Audit
                   Vice-President, Finance &                                  Committee
Elaine Bennett
                   CFO                                                        HS&E Committee Chair,
                                                 David Rae
                   Vice-President,                                            Compensation Committee
Nicole Hoeller     Communications &              Walter Segsworth, Chair of   Compensation Committee
                                                 the Board                    Chair, HS&E Committee
                   Corporate Secretary
                                                                              Audit Committee,
Angus Campbell     Vice-President, Exploration   Anna Stylianides
                                                                              Compensation Committee
                   Vice-President, Environment                                Nominating & Governance
Mathew Pickard                                   Anna Tudela
                   & Sustainability                                           Committee
                                                                              Audit Committee Chair,
                                                 Anthony Walsh                Nominating & Governance
                                                                              Committee
                                                                              Compensation Committee,
                                                 Leo Zhao                     Nominating & Governance
     Combined exploration, mine                                               Committee
development, permitting operations &             D. Bruce McLeod              President & CEO

capital markets experience in over 110
         projects & companies
33

APPENDIX
34

     Mineral Resource Estimate – December 2020
Mineral Resources are not Mineral Reserves and as such do not                                               Source: AMC, 2020.
                                                                                                            Notes:           CIM Definition Standards (2014) were used for
have demonstrated economic viability.                                                                       reporting the Mineral Resources.
Resource                                                        Grade (g/t Metal (koz                       The Qualified Person is Dinara Nussipakynova, P.Geo. of AMC
                                       Tonnes (kt)                                                          Mining Consultants (Canada) Ltd.
Classification                                                     Au)       Au)                            Measured and Indicated Mineral Resources are inclusive of Mineral
                                                                                                            Reserves.
Measured                                    9,707                  5.75     1,796                           Metal price: US$1,550 /troy oz for gold
                                                                                                            Exchange rate: 1.00 US$:1.31 C$.
Indicated                                  23,745                  5.93     4,525                           Process Recovery: Goose deposits is 93% and for George deposits
Measured and                                                                                                is 95%.
                                           33,452                     5.88                  6,321           Cut-off grade: for Goose and George deposits, open pit is 1.4 g/t Au.
Indicated                                                                                                   Goose deposits underground is 3.0 g/t Au. George deposits
                                                                                                            underground is 3.5 g/t Au.
Inferred                                   13,794                     6.44                  2,856           Goose Mineral Resources deposits are Goose Main, Umwelt, Echo,
 •    Geological and mineralization 3D wireframes were created by Sabina in Leapfrog Geo software,          Llama, Llama Extension and Nuvuyak.
      and were informed with diamond drilling intersected lithologies, alteration, sulphidation, gold       George Mineral Resources deposits are LCP North, LCP South,
      assays and structure, as well as surface mapping data. Gold domains range from two to 40 metres       Locale 1, Locale 2, GH, and Slave.
      in true thickness and occur predominantly within antiform fold hinges and limbs of oxide iron         Open pit Mineral Resources are constrained by an optimized pit shell
      formation. The number of gold domains across the property range from two at Echo to 24 at             using gold price and exchange stated above.
      Goose Main, reflecting the increase in structural complexity at the deposits.                         The George underground Mineral Resources were estimated within
 •    Ten block models were updated and two block models were created, all produced using                   mineral domains expanded to a minimum horizontal width of 2 m.
      DatamineTM Studio RM software. Block sizes within the block models vary by deposit ranging            Drilling results for Goose Main, Echo, Llama Extension and Nuvuyak
      between two and ten metres in length, width and height, and all models were sub-blocked by            are up to November 15, 2020.
      geology and mineralization. All models except the Echo deposit were rotated to align to deposit       Drilling results for Umwelt are up to October 16, 2020.
      specific mineralization.                                                                              Drilling results for Llama and all George deposits are up to
 •    Estimation was carried out predominantly by Ordinary Kriging (OK), with smaller or less populated     December 31, 2013.
      gold domains by Inverse Distance Squared (ID2). At the George Site, 2D Accumulation was utilized      The numbers may not add due to rounding.
      at the Locale 1, Locale 2, GH and Slave deposits prior to estimation. All parameters for estimation
      were informed by variography on composited intervals.
35

   Mineral Reserve Estimates Jan 15, 2021
                                                                                                                 Contained
                                                         Diluted Tonnes              Diluted Grade                    Au
        Area                  Classification                 (‘000s)                    (Au g/t)                  (oz ‘000s)
Total Open Pit             Proven                      7,471                       5.42                         1,302
                           Probable                    2,412                       4.80                         372
Total Underground          Proven                      537                         7.21                         124
                           Probable                    8,272                       6.73                         1,790
Total Back River           Proven                      8,008                       5.54                         1,426
Property                   Probable                    10,684                      6.29                         2,162
          A gold price of US$1500/oz is assumed.
          An exchange rate of CDN$1.31 to US$1.00 is assumed.
          The numbers might not add due to rounding.
          Diluted Au grades are shown/listed for both COG and Mineral Reserves.
          Notes for open pit:
          Dilution and recovery factors are applied as per open pit mining method.
          A COG of 1.72 g/t was used on undiluted grade for the Umwelt Open Pit Mineral Reserve Estimate.
          A COG of 1.74 g/t was used on undiluted grade for the Llama Open Pit Mineral Reserve Estimate.
          A COG of 1.70 g/t was used on undiluted grade for the Goose Main Open Pit Mineral Reserve Estimate.
          A COG of 1.60 g/t was used on undiluted grade for the Echo Open Pit Mineral Reserve Estimate
          Notes for underground:
          Dilution and recovery factors are applied as per underground mining method.
          A COG of 3.9 g/t was used for the Umwelt underground Mineral Reserve Estimate.
          A COG of 4.1 g/t was used for the Llama underground Mineral Reserve Estimate
          A COG of 4.1 g/t was used for the Goose Main underground Mineral Reserve Estimate
          A COG of 3.5 g/t was used for the Echo underground Mineral Reserve Estimate
36

Updated Feasibility Study – QP/QA
Qualified person   Company              QP Responsibility/Role                                   Authors and Qualified Persons Statement
Denis Thibodeau    Sacré-Davey          Executive Summary, Introduction, UG Mining,
                                                                                                 The UFS was prepared under the direction of Sacré-Davey Engineering consultants
                   Engineering          Infrastructure, Market Studies, CAPEX/OPEX, Other
                                        Relevant Data, Interpretations, Recommendations,
                                                                                                 and subject matter experts, all Qualified Persons (QP) under National Instrument 43-
                                        References, Abbreviation                                 101. The QPs have reviewed and approved the content of this news release.
Jacinta Klabenes   Mining Plus          Underground Mining, Open pit Mining Methods,             Consultants and QP are identified in the table below.
                   Canada Consulting    Overall Production Schedule, Waste Rock Storage
                   Ltd                                                                           Mr. Vincy Benjamin, P. Eng, PMP, and Director of Engineering for Sabina Gold & Silver
Maurice Mostert    Mining Plus          Underground Reserves, Open Pit Reserves                  Corp. is a Qualified Person within the meaning of NI 43-101 and has reviewed the
                   Canada Consulting                                                             technical content of this news release and has approved its dissemination.
                   Ltd
John Morton        AMC Mining           Property Description, Accessibility, History, Geology,
                                                                                                 The Mineral Resources for the Back River Property were prepared and approved by
Shannon            Consultants          Deposits, Exploration, Drilling, Sample Preparation,
                   (Canada) Ltd         Adjacent Properties
                                                                                                 Ms. Dinara Nussipakynova P. Geo of AMC Mining Consultants (Canada) Ltd, who is
Dinara             AMC Mining           Mineral Resource Estimates, Data Verification            independent of Sabina and a qualified person within the meaning of NI 43-101. Ms.
Nussipakynova      Consultants                                                                   Dinara Nussipakynova has approved the contents of this press release as it pertains
                   (Canada) Ltd                                                                  to the estimation work and results.
Richard Cook       Knight Piésold Ltd   Environment, Water Management Planning, Tailings
                                        Disposal, Closure                                        Mr. James Maxwell P. Geo. and Director of Exploration for Sabina Gold & Silver Corp.
Amber Blackwell    Knight Piésold Ltd   Geochemistry                                             is a Qualified Person under the terms of NI 43-101 and has reviewed the technical
Ben peacock        Knight Piésold Ltd   Geomechanical                                            content in relation to geoscience of this press release for the Back River Property and
John Kurylo        SRK Consulting       Water Management Infrastructure, Tailings                has approved its dissemination.
                                        Deposition
Shervin Teymouri   Sacré-Davey          Market Studies and Contracts, Economic analysis          Sabina Gold and Silver corporation is also grateful for the assistance from Subject
                   Engineering                                                                   Matter Experts, PriceWaterHouse Cooper and Sacre-Davy Engineering.
Stacy              Canenco              Metallurgy, Recoveries, Process
Freudigmann        Consulting Corp
UFS Metrics
Category                 Unit             2015 IFS           2021 UFS     Initial CAPEX                C$M        415     610
Inventory                Kt
                                                                         Sustaining CAPEX              C$M        185     377
Grade                    g/t                           6.3           6.0
Contained                koz Au                      2,503         3,588 Sustaining CAPEX/Year         C$M         16         25
Recovery                 %                            93.0          93.4
                                                                         Closure Cost                  C$M         64         41
Throughput               tpd                         2,882         3,670
Total Production         Koz Au                      2,319         3,351 Gold Price                    US$       1,150   1,600
                                                                          Discount Rate                %           5%      5%
Average Annual           Koz Au                       198           223 (US$:CAD)                      1 CAD =    0.80    0.76
Production LOM
                                                                         NPV at build start pre-tax    C$M
Yrs 1-5 avg annual       Koz Au                       275      287 (peak
production                                                       312 Y3) NPV at build start post tax   C$M        480    1,126
Cash Costs               US$                           534           679
                                                                         IRR at build start pre-tax    C$M
AISC                     US$                           620           775
Mine Life                Years                        11.8            15 IRR at build start post tax   %          24.2    27.7
NSR Royalties &          C$M                           121           354
                                                                         Operating Margin              %          57%     61%
Refining
UG Mining Cost           C$/t mined                     64            81 Annual Average FCF            C$M        110     160
OP Mining Cost           C$/t mined                   3.35          4.16
                                                                         LOM FCF                       C$M        782    2,026
Mining Cost              C$/t ore mined                 45           57
Processing Cost          C$/t processed                 37            37 Payback                       Years       2.9     2.3
Site/Off-site Services   C$/t processed                 15            25
                                                                         Break Even post tax gold      US$        795     955
(incl freight)
                                                                         price (NPV5%=0)
G&A                      C$/t processed                18             22
Operating cost           C$/t processed               115            141
                                                                                                                         37
38

Projected Life Of Mine Production
 Projected LOM Production
 Open pit ore to process               kt              9,883     53%
 Underground ore to Process            kt              8,815     47%
 ROM to Process – Total                kt             18,698    100%
 Ore Grade
  ROM Grade to Process - O/P         g/t Au               5.3
  ROM Grade to Process - U/G         g/t Au               6.8
 ROM Grade to Process - Average      g/t Au               6.0

 Operating Metrics
  LOM Production - O/P               koz Au            1,674     47%
  LOM Production - U/G               koz Au            1,914     53%
 LOM Production - Total              koz Au            3,588    100%

 Avg. Annual Production           koz Au / year          223
 Mine Life                            Years               15

 O/P Strip Ratio                                         10:1
 Mill Design Throughput               tpd         3,000-4,000
 Gold Recovery (LOM)                   %                 93.4
39

                           Mined versus Milled Tonnage
                                                                                              Mined versus milled tonnage
       1800

       1600

       1400
Thousand tonnes per year

       1200

       1000

                  800

                  600

                  400

                  200

                           0
                                 -3       -2    -1          1    2            3           4   5            6          7       8         9          10         11        12   13   14   15   16   17
                           Project year        Total ore mined       Total tonnes processed       Total mined from open pit       Underground mill feed tonnes as mined
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