Developing the Goose Gold Mine at the 100% owned Back River Gold District in Nunavut, Canada

Corporate Presentation – January 2021

Goose Gold Project, Back River, Nunavut, Canada

Forward Looking InformationStatements 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 furtheroptimization studies to the feasibility study, the potential tonnage and grades and contents of deposits and the potential productionfrom and viability of Sabina’s properties are forward looking information within the meaning of securities legislation of certainProvinces in Canada. Forward looking information are statements that are not historical facts and are generally, but not alwaysidentified 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 informationis made of the date of this video. This forward looking information is subject to a variety of risks and uncertainties which could causeactual events or results to differ materially from those reflected in the forward looking information, including, without limitation: theeffects 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 sufficientfinancing 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 potentialof the Company’s properties; risk of accidents, equipment breakdowns and labour disputes; access to project funding or otherunanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; titlematters; government regulation; obtaining and receiving necessary licenses and permits; the risk of environmental contamination ordamage resulting from Sabina’s operations and other risks and uncertainties including those described in Sabina’s annual informationform 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 aremade. Sabina undertakes no obligation to update the forward-looking information should management’s beliefs, estimates oropinions, or other factors, change, except as required by applicable law

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Assets Partners Catalysts

Creating value from the 80km Back River Gold District in Northern CanadaGoose Mine – one of seven prospective properties of gold bearing iron formation in the belt – 100% owned by Sabina

• Large gold resources/reserves• High grade (6g/t au open pits)• District scale• Offers development flexibility• Mining friendly jurisdiction• Robust economics at US$1150

gold price (being updated at US$1600)

• Hackett River Silver royalty

• Experienced management and Board

• Successful track record• Supportive strategic and

institutional shareholders• Strong community support• Landowners aligned

shareholders• Well funded ($65m Q3,

2020)

• Updated Resource Estimate and Feasibility Study due Q1, 2021

• Detail Engineering due H1, 2021• Production Decision subject to

project financing due H1, 2021• Camp opening and collaring of

Under ground exploration ramp, 2021

• Exploration to begin at George Camp in 2021

New Resource Estimate and Updated Feasibility Study ImminentAdded to GDXJ December 2020

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Development Companies by size and grade

RBC Capital Markets 12/20/21

SBB

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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

Over 575,000 meters of drilling completed at Back River

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2021

• Back River – Deposits are well drilled, well understood and ALL OPEN

• UPDATED RESOURCE: 6.32M ounces at 5.88 g/t Au in M&I and 2.86M ounces 6.44 g/t Au in the Inferred category.

• All in finding costs of C$24.95 per ounce (since 2014)

• Foundation for Reserve estimate in UFS later in Q1, 2021

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

Mineral Resources are not Mineral Reserves and as such do not have demonstrated economic viability.

Back River: A District Scale Gold Opportunity100% OWNED BY SABINA

Multigenerational Mining opportunities:

• 7 claim blocks on the 80km belt

• Most advanced is Goose – initial mine – 8km of iron formation

• Second most advanced is George – 50 km from Goose Mine

• Continue to generate brownfield & greenfield targets.

• Growth to be generated internally

Back River Property

80 Km

Kilometres

0 12.5 25

LEGEND

Inuit Owned Land

Camp

Area of Interest

Claim

Lease

Surface

Subsurface and Surface

George Project

BootBoulder

Goose Project

Del

Bath

7

Port

Significant existing resources at George on 20km of largely unexplored iron formation offering opportunity for another mining complex on the Back River district. As development continues at Goose, exploration will turn to George.

Indicated: 1.1 m oz @ 5.6g/t AuInferred: 980k oz @ 6.32g/t Au

M&I: 5.3m oz @ 5.87g/t AuInferred: 1.8m oz@ 7.43g/t Au

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

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There are few permitted advanced exploration Stories in the Canadian North that Compare

George Property 50km from first mine at Goose.Next area of development?

0 1 2 3 4 5 6 7

Sabina - George Project

Nighthawk Gold - Colomac

Gold Mining Inc - Yellowknife Gold…

White Gold - Golden Saddle/Arc

Gold Terra Resource - Yellowknife City…

Rockhaven Resources - Kaza

Atac Minerals - Orsis and Tiger

Northern Exploration Projects

Grade (g/t Au) Resource Ounces Gold (MOz)

Company Market

Capitalization

Gold Mining Inc $440m

White Gold Corp $104m

Nighthawk Gold $75m

Gold Terra Resource

Corp.

$60m

Rockhaven

Resources

$40m

Atac Resources $32m

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

Back River is Permitted, Shovel Ready and Offers Robust Economics

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• At US$1150 gold price and $.80 FX generates 24.2% after tax IRR with cash costs of US$534 and all in LOM costs of US$763 (9/15 Feasibility Study)

• Simple executable first mine produces ~200,000 Oz per year for ~12 years. Expanded mine life demonstrated.

• Fully permitted and shovel ready. Strong government and community support;

• Social license in hand

CAD millions After Tax 5% discount

FS gold price sensitivity NPV IRR Payback

USD 2,100, forex 0.758 $ 1,817 58.3% 1.0

USD 2,000, forex 0.758 $ 1,686 55.6% 1.1

USD 1,900, forex 0.758 $ 1,555 52.8% 1.2

USD 1,800, forex 0.758 $ 1,423 49.9% 1.3

USD 1,700, forex 0.758 $ 1,290 46.9% 1.4

USD 1,600, forex 0.758 $ 1,159 43.7% 1.5

USD 1,500, forex 0.758 $ 1,027 40.4% 1.6

Updated Feasibility Study underway incorporating higher-grade underground material. This will increase the production profile and with a current gold price, will positively impact the already robust project economics.

See slides #29 for Feasibility Study QA/QP

Key Milestones in the Project since the Feasibility Study

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Sep 2015-Goose Feasibility Study Announced

Nov 2017 – Vault & Llama extension delineated

Apr 2018 – IIBA Signed, social license received

Aug 2018 – NuvuyakZone discovered

Sep 2018 – Port Sabina constructed three sealifts received

June 2020 – all major permits and licenses in hand

May 2019 – Winter Ice Road and haulage of equipment to site completed

Aug 2020 – high grade V2 Zone at Umwelt delineated demonstrating high grade underground corridor

Dec 2020 – significant civil works completed and equipment procured at Goose with no COVID cases

Oct 2020 - Updated resource estimate and feasibility study started along with detail engineering

Raised approximately $225m in equity financings through markets and strategic shareholders during opportunistic financing windows. Project Debt

process being updated.

Dec 2020 –Addition to GDXJ

Jan 2021New Resource Announced9 million ounces in all categories

Environment, Permitting and Social License Achieved

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• Completed Environmental Assessment Process – Project certificate received

• All Major authorizations for construction and operations received including authorizations for recent changes in Project scope.

• Finalized Agreements with landowner Kitikmeot Inuit Association (KIA)• Will provide training, jobs,

contracting opportunities and royalty payments to Kitikmeot Region

• Renewable 20- year land use lease• KIA an aligned shareholder• Regional wealth creation initiative

payments – creating jobs outside of the mining industry – new precedent in Nunavut

Unprecedented support from communities

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EVOLVING THE GOOSE PROJECT GOLD SYSTEM – THE FIRST MINE

Targeting 10 million ounces

Umwelt High Grade Corridor – 2020 drilling

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• High-grade corridor within current under ground resource extending up and down plunge from the Vault zone

• Average 2020 grades encountered are 2x to 3x the Umwelt resource of 7g/t with greater than average mining widths

• V2 zone identified below the bottom of the open pit providing opportunity for additional higher-grade ounces to come in earlier in the mine lifeUpdate for all 2020 holes

Exploration Decline Ramp at Umwelt to further explore high grade corridor

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• Since the Feasibility Study, exploration at Umwelt has demonstrated higher grades underground (Vault & V2 Zones) to drive increased production perhaps earlier in the mine life

• To facilitate more efficient drilling of these areas an underground exploration ramp will be collared in early 2021 to begin initial underground drilling at V2 Zone in 2022

• Preparations completed in 2020 include box cut and shop pads with 2km of connecting roads

Box Cut development for underground ramp completed in 2020

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Significant Site Progress

• Extension of all-weather airstrip from 3,000 to 4,500 feet• Completion of 220 flights hauling fuel, equipment, supplies

and personnel completed safely during the year;• The procurement and transport of underground equipment

required for 2021 to collar and advance the explorationramp;

• Completion of the box cut excavation for the futureunderground exploration ramp, in preparation for collaringof the decline in spring 2021;

• Completion of the underground equipment workshop padand major earthworks for the underground water settlingpond;

• Construction of approximately 4 km of all-weather roadsconnecting the exploration camp, the underground portalworkshop/collar area, the underground water settlingpond, the fuel tank pads and the permanentaccommodation camp complex area.

2020 Work

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Port Sabina – Completed 2018

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Winter Ice Road – “The Connector” Completed 2019

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All weather Air Strip Expansion to accommodate large aircraft - 2020

First Hercules aircraft lands on all weather strip at Goose

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Underground equipment procured, hauled and assembled - 2020

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4km of roads built in 2020

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Hackett Silver Royalty

• Significant potential cash flow at no costfrom silver royalty.

• 22.5% x 190 million ounces of silver = cash equivalent of ~3 million ounces of silver per year; and

• 12.5% x of silver production after 190 million ounces

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0

20

40

60

80

100

120

140

160

PRECIOUS METALSBASE METALS

To

nn

es

( m

illi

on

s)

Data source: alley et al. , Mineral deposits of Canada, 2007 and selected company websites. Metal distribution using

Wardrop PEA metal prices, 2.00 Cu, 0.80 Zn, 0.50 Pb, 14.00 Ag, 600 Au

Sabina mineral resource estimate:

Indicated resources of 25 million tonnes at 4.2% Zn and 130 g/t Ag

Inferred resources of 57 million tonnes at 3% Zn and 100 g/t Ag

60km west of Back River, one of world’s largest undeveloped silver rich VMS deposits

QA/QC – slide 30

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A re-rating to come with financing and a production decision

Back River is a Company Maker

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• Updated feasibility and resource estimate due Q1, 2021

• Completion of detailed engineering 1H, 2021

• Debt Process being refreshed with new project parameters concurrently with updated feasibility

• Preparing for financing window to make a production decision

Upcoming Catalysts

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

Last Bull Gold Market – 1800%

Next Bull Gold Market?

Sabina is Poised for a re-rating once a production decision is made

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No Value ascribed for:

• Multi-generational district owned 100% by Sabina – imbedded growth

• Premier jurisdiction• Remaining ounces in mineral

resource estimate & exploration upside

• Revised mine plan to release high-grade ore earlier in mine life 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

Sabina is here

Capital Structure

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Major Shareholders Analyst Coverage

Share Price C$2.50

TSX SBB

OTCQX SGSVF

Market Cap C$820m

I & O ~326m

Fully Diluted ~340mCash (Q3, 2020) C$65mDebt None

Zhaojin International ~9.9%Dundee Precious

Metals

~9%

Van Eck ~8%Sun Valley Gold ~6%Wheaton Precious

Metals

~4%

Directors and

Management

~1.1%

BMO Andrew Mikitchook

Canaccord Kevin MackenzieCantor Fitzgerald Matt O’KeefeCormark Brock ColterjohnEchelon Ryan WalkerIndustrial Alliance George ToppingNational Bank Jonathan EgiloParadigm Don MacLeanRBC Wayne LamSprott Chris TonkinTD Arun LumbaShare Ownership Breakdown

22.9% Strategic

35% Institutional

41% Retail

1.1 % management

Average target price: $3.70

Management & Board of Directors

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Bruce McLeod President & CEOElaine Bennett Vice-President, Finance &

CFONicole Hoeller Vice-President,

Communications &

Corporate SecretaryAngus Campbell Vice-President, ExplorationMathew Pickard Vice-President,

Environment &

Sustainability

Combined exploration, mine development, permitting operations & capital markets experience in over 110 projects & companies

David Fennell Nominating & Governance Committee, HS&E Committee

James Morton Nominating & Governance Committee Chair, Audit Committee

David Rae HS&E Committee Chair, Compensation Committee

Walter Segsworth, Chair of the Board

Compensation Committee Chair, HS&E Committee

Anna Stylianides Audit Committee, Compensation Committee

Anna Tudela Nominating & Governance Committee

Anthony Walsh Audit Committee Chair, Nominating & Governance Committee

Leo Zhao Compensation Committee, Nominating & Governance Committee

D. Bruce McLeod President & CEO

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Appendix

Mineral Resource Estimate – December 2020

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Resource

ClassificationTonnes (kt)

Grade (g/t

Au)

Metal (koz

Au)

Measured 9,707 5.75 1,796

Indicated 23,745 5.93 4,525

Measured and

Indicated33,452 5.88 6,321

Inferred 13,794 6.44 2,856

Source: AMC, 2020.

Notes: CIM Definition Standards (2014) were used for

reporting the Mineral Resources.

The Qualified Person is Dinara Nussipakynova, P.Geo. of AMC

Mining Consultants (Canada) Ltd.

Measured and Indicated Mineral Resources are inclusive of Mineral

Reserves.

Metal price: US$1,550 /troy oz for gold

Exchange rate: 1.00 US$:1.31 C$.

Process Recovery: Goose deposits is 93% and for George deposits

is 95%.

Cut-off grade: for Goose and George deposits, open pit is 1.4 g/t Au.

Goose deposits underground is 3.0 g/t Au. George deposits

underground is 3.5 g/t Au.

Goose Mineral Resources deposits are Goose Main, Umwelt, Echo,

Llama, Llama Extension and Nuvuyak.

George Mineral Resources deposits are LCP North, LCP South,

Locale 1, Locale 2, GH, and Slave.

Open pit Mineral Resources are constrained by an optimized pit shell

using gold price and exchange stated above.

The George underground Mineral Resources were estimated within

mineral domains expanded to a minimum horizontal width of 2 m.

Drilling results for Goose Main, Echo, Llama Extension and Nuvuyak

are up to November 15, 2020.

Drilling results for Umwelt are up to October 16, 2020.

Drilling results for Llama and all George deposits are up to

December 31, 2013.

The numbers may not add due to rounding.

• Geological and mineralization 3D wireframes were created by Sabina in Leapfrog Geo software,

and were informed with diamond drilling intersected lithologies, alteration, sulphidation, gold

assays and structure, as well as surface mapping data. Gold domains range from two to 40 metres

in true thickness and occur predominantly within antiform fold hinges and limbs of oxide iron

formation. The number of gold domains across the property range from two at Echo to 24 at

Goose Main, reflecting the increase in structural complexity at the deposits.

• Ten block models were updated and two block models were created, all produced using

DatamineTM Studio RM software. Block sizes within the block models vary by deposit ranging

between two and ten metres in length, width and height, and all models were sub-blocked by

geology and mineralization. All models except the Echo deposit were rotated to align to deposit

specific mineralization.

• Estimation was carried out predominantly by Ordinary Kriging (OK), with smaller or less populated

gold domains by Inverse Distance Squared (ID2). At the George Site, 2D Accumulation was utilized

at the Locale 1, Locale 2, GH and Slave deposits prior to estimation. All parameters for estimation

were informed by variography on composited intervals.

Mineral Resources are not Mineral Reserves and as such do not have demonstrated economic viability.

Mineral Reserve Estimate - August, 2015

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Mineral Reserve Estimate Aug/15

Classification

Tonnes (kt) Au (g/t) Au (koz)

Total Open PitProven 6,983 5.97 1,340

Probable 1,885 5.52 335

Total UndergroundProven 20 9.52 6

Probable 3,471 7.37 822

Total Back River

Property

Proven 7,003 5.98 1,346

Probable 5,356 6.72 1,157

Included in Mineral Resource Estimate

Back River Feasibility Study QA/QCThe FS was prepared under the direction of JDS Energy & Mining Inc. by leading independent industry consultants,all Qualified Persons (QP) under National Instrument 43-101.

Angus Campbell, P.Geo, Vice-President, Exploration, is a qualified person under NI-43-101 where the information relates to mineral resource estimates and Jeff Eng, P.EngDirector, Engineering are qualified persons under NI 43-101 for the feasibility study and both approve the scientific and technical information contained herein. Furtherinformation can be found at Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut” dated October 28, 2015 and filed on SEDAR athttp://www.sedar.com.

Qualified Person, Designation Company QP Responsibility/Role

Gord Doerksen, P.Eng. JDS Energy & Mining Inc.

Executive Summary, Introduction, Reliance on Other Experts, Reserves,

Infrastructure, Market Studies, Capex, Opex, Economic Analysis, Adjacent

Properties, Environmental, Other Relevant Data, Interpretations,

Recommendations, References, Abbreviations, Project Execution Plan,

Logistics, Infrastructure, G&A

Dino Pilotto, P.Eng. JDS Energy & Mining Inc. Mining Methods

Andrew Fowler, MAusIMM, CP (Geo) AMC Mining Consultants (Canada) Ltd. Mineral Resource Estimates for George

Dinara Nussipakynova, P.Geo AMC Mining Consultants (Canada) Ltd. Mineral Resource Estimates for Goose

John Morton Shannon, P.Geo AMC Mining Consultants (Canada) Ltd.Property Description, Accessibility, History, Geology, Deposits, Exploration,

Drilling, sample Preparation, Data Verification

Maritz Rykaart, P.Eng. SRK Consulting (Canada) Inc. Geochemistry, Tailings Management, Water Management

Stacy Freudigmann, P.Eng Canenco Canada Inc. Metallurgy, Recoveries, Process

Rob Mercer, Ph.D., P.Eng Knight Piésold Ltd. Geomechanical

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Hackett River QA/QC

The updated mineral resource estimate was originally prepared by Glencore (previously Xstrata) under the JORC code and was reported by Glencore on May 3, 2013 in its annual report of mineral resources and reserves as at December, 31, 2012. Glencore’s updated mineral resource estimate has been reviewed by Sabina and is stated in the Report dated July 31, 2013 and titled “Sabina Gold & Silver Corp. Hackett River Property Royalty NI 43-101 Technical Report, Nunavut, Canada” in accordance with NI 43-101 thus conforming to CIM Definition Standards. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

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