A A Gold Miner i r in the Making Corporate Presentation December - PowerPoint PPT Presentation

Goose Gold Project, Back River, Nunavut, Canada A A Gold Miner i r in the Making Corporate Presentation – December 2019

2 Forward L Look ooking I g Inform ormation on Statements relating to our belief as to the results of exploration activities, 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 feasibility study, 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 video. 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, 2018 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

3 With m major permits a and s soci cial l lice cense rece ceived, S Sabina i is shovel ready!  Permitted with Social License  Highest grade open pit  80km long multi-generational  Sabina management have a received project at 6.2g/t Au mining district with track record of successful embedded growth in a good mine building and delivering  De-risked project through pre-  Annual gold production jurisdiction value to all stakeholders development work and of ~200koz at cash costs transportation corridor  Continued exploration drilling  Has successfully tripled of US$530/oz Au completed with new discoveries still resource by under Sabina  Robust project being made ownership since 2010  ESG Compliant economics with after-tax  Low risk resource conversion IRR of 24% at $1,150/oz  Strong balance sheet with gold opportunities and numerous ~C$21.9 million in treasury blue sky brownfield potential (Q3/19)

4 Nuna navut, C Canada da – Over 4 4 decad cades es o of p prosperity i in m mining  A long history or operating mines in the region  Four currently operating gold mines (two open pit and two underground)  A secure jurisdiction with certainty of tenure and Amaruq district scale opportunities

5 Global al B BIF-hos osted G Gold De Deposits Back River Gold Project Back River  Compares favourably to successful Canadian BIF-hosted gold projects  Attractive to Major Gold Producers  Producing  Meadowbank  Musselwhite  Meliadine (Agnico)  Developing  Amaruq (Agnico)  Hardrock (Centerra/Premier)  Back River (Sabina)  Closed  Lupin (Kinross)

6 Back ck R River is Permitted, Shovel R Ready and Offers R Robust E Economics cs  At US$1150 gold price and $.80 FX Initial Capital Expenditures as a % of Market Capitalization generates 24.2% after tax IRR 3,058%  Current mine plan uses 2.3 million Sabina has one of the lowest capital ounces of global 7.3 million ounce intensity ratios relative to peers 104% 117% 120% 173% 459% 711% resource (in all categories) to 98% (200,000 Oz per year for 12 years) 75% 92% 54%  Simple executable mine plan for first mine; develop district from cash  Back River is a Company Maker with embedded growth in a flow world class jurisdiction  6.2 g/t Au open pits – highest grade undeveloped pits  Fully permitted and shovel ready.  Robust Economics Strong government and community  Capex geared to a company Sabina’s size support; social license in hand  Competitive Opex  Strong Production Profile  Have demonstrated longer mine life  12 year mine life with significant expansion demonstrated potential with new discoveries QA/QP – see slide 26

7 Offers R Robust E Economics cs a at CAD$ Gold P Price ce Gold Price CAD 2,500.0 High margins in both US$ and CAD$ terms 2,000.0  USD Gold Price: $1480 1,500.0  CAD Gold Price: $1950 1,000.0 Feasibility Study  LOM AISC: USD$763 500.0 September 14, 2015 C$1464.90 Gold Price *LOM All-In Cash Cost includes initial, sustaining and closure capital QA/QP (see slide 30) 0.0 Gold Price as of Dec 13, 2019 QA/QP – see slide 25

8 Back R Rive ver r – Deposits a are W e Well D Drilled ed , Well U Under erstood a and O Open en. Over er 568,000 m met eter ers of drilling g completed ed. Opportunities es to to i increa ease r resources es w with i infill d drilling Mineral Resource Estimate Gold Resource Oct/14 Tonnes (kt) Au (g/t) Metal (koz Au) Measured & Indicated Indicated Inferred Inferred Millions oz Measured 10,273 5.27 1,740 8 Indicated 17,969 6.22 3,593 Under Sabina 7 Ownership Measured and Indicated 28,242 5.87 5,333 6 5 Inferred 7,750 7.43 1,851 4 3 Mineral Reserve Estimate Aug/15 Classification Tonnes (kt) Au (g/t) Au (koz) 2 Proven 6,983 5.97 1,340 Total Open Pit 1 Probable 1,885 5.52 335 0 Proven 20 9.52 6 Total Underground 1998 2002 2007 2009 2010 2012 2015 Probable 3,471 7.37 822 Proven 7,003 5.98 1,346 Total Back River 1980’s & 90s 1997-2009 June 2009 2010-2014 Property Probable 5,356 6.72 1,157 George & Goose Project owned by Arauco, Project acquired +325% resource deposit discoveries Kinross, Miramar & DPM by Sabina growth under Sabina 80% of open pit reserve is in Proven Category *See mineral reserves and resources estimate slide 27 for details

Evolving T The G Goose Project Gold S System Targeting 10 Million Ounces of Gold in Banded Iron Formation LLAMA UMWELT KOGOYOK ECHO HACKLES NUVUYAK GOOSE MAIN GNS Dif Dif Target Dif Target Open -500m Target Hook 525 m Open Vault Llama Plunge Open Open Extension - 1000m Approximated Plunge Length of Banded Iron Formation Stratigraphy Goose Open Vault Nuvuyak Umwelt Main 1600m 200m 1500m 1500m 400m 500m 800m Llama Extension 1000m 600m 900m 5.2 Moz Combined Resource plunge length 3600 m Drill Target Average BIF potential of Resource MI&I De-risked discoveries plunge length +Moz >1200 m 1.4 Moz Gold per 1000 m 2017-2019 DDH ++Moz Untested upside potential plunge length >4000 m

10 Nuvu vuyak: Most significant d discovery s since ce U Umwelt.  Discovery hole 18GSE545 returns 11.58 g/t over 39.50 meters.  Drill hole 18GSE558 returns new zones including 16.39 g/t Au over 13.20 meters  Drill hole 18GSE558W2 returns 5.81 g/t Au over 34.60 m  Drill Hole 18GSE559W1 returns QA/QC Slides 27/28 12.41 g/t Au over 8.70 m For QA/QP See slide 30  Drill hole 19GSE566 returns Early interpretations of the Nuvuyak zone and its 10.04 g/t Au over 18 m similarities to the high-grade Umwelt Vault zone recognize the potential for a large-scale mineral trend extending from Goose Main to Umwelt Vault

11 Umwelt High G Grade C Corridor – Opportunities  Central core of high grade Umwelt Drilling Since 2014 Mineral mineralization within current Resource update, & Proposed under ground resource is DDH Locations for funded shown to extend Up and Spring 2020 program down plunge from the Vault zone  Plan to extend scoping for higher grade and thicker mineralized intersections within approximate 100m wide corridor  ~6,500 meters of drilling to commence in spring of 2020