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SABINA GOLD & SILVER CORP.
Developing the high grade Back River Gold Project.
Sabina has the asset, leadership, visionand people to become a leading goldproducer.
We aim to provide value to shareholdersby building a profile in the sector as asuccessful gold miner and a companycontrolling a world class mining districtin Canada.
June 2020
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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With Major permits and social license received, Sabina is shovel ready
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Why Sabina?
*1 2019 average grade of open pit and U/g deposits with gold as primary commodity in M&I. S&P Global Intelligence
Advanced, large, high grade -6 g/t open pits vs world average of 1.2 g/t*1
A mining district in a stellar jurisdictionNunavut, Canada
Critical project components de-riskedlogistics and supply chain built and demonstrated
from south to site
Robust economics at US$1150 gold –significant leverage to increasing gold price
Well funded with exceptional people
Back River Gold Project
COVID-19 Global Health Crisis Response Measures Implemented
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Course of Action: What we did❑ Work from home protocol initiated March 15;❑ First Company in Nunavut to make the decision
to de-mobilize camp, deferring exploration to later in the year and protecting our northern community stakeholders from unnecessary risk of exposure;
❑ Decelerated project development activities to preserve cash and wait for more stable market conditions; and
❑ Implement reporting tracking system of employee health through self quarantine period after returning home from camp or travel and in general.
Meanwhile, we have close to 10 million ouncesof gold in the most secure bank anywhere – in the ground that we own!
Course of Action: what we are doing❑ working in consultation with external parties to
phase in camp re-opening and develop camp protocols to ensure the safety of our workforce and the surrounding communities.
❑ Continuing to engage with local governments, the KIA and Kitikmeot communities
❑ Protocols will be modified based on new information to ensure our safety measures remain appropriate.
❑ Slowly and safely phasing in corporate office re-opening
❑ Maintaining vigilant approach with safety of our employees being number 1
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A…AOT
AUG BGL
BMEBRB
BSR
BSX
BTR
CAI
CDV
CMM
FF
FPC
GSV
HIGH
ITR
KIN
KOR
LGD LIO
LR
MAEMAI
MAX
MOZ
NHK
OIII
OLA
ORE
ORG
ORR
OSK
PGM
PRB
RGD
RVG
SBB
SIL
SKE
TIG
TLG
TML
VGCX
WAF
WGO
YGT0
2
4
6
8
10
12
14
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Go
ld e
qu
ival
ent
reso
urc
e (M
oz)
-M
&I+
I
Gold equivalent grade (g/t) - M&I+I
NovaGold 23MMoz at 2.1g/t
Median target resource grade since 2013 = 1.9 g/t
Median target resource size since 2013 = 2.7 Moz
Based on 2014 resource estimate not including three new high grade
discoveries
There are few advanced gold projects that are large, high grade, district scale and in good jurisdictions.
Back River is advanced engineered, permitted and has obtained social license
The Investment Opportunity
Development Companies By Size and Grade
RBC Capital Markets – June 2/20
Nunavut, Canada –Over 4 decades of
prosperity in mining
0
1
2
3
4
5
6
7
8
1998 2002 2007 2009 2010 2012 2015
Gold ResourceMillions oz
Indicated Inferred
Back River – Deposits are Well Drilled , Well Understood and Open. Over 568,000 meters of drilling completed. Opportunities to increase resources with infill drilling
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Under Sabina
Ownership
*See mineral reserves and resources estimate slide 30 for details
Mineral Resource EstimateOct/14 Tonnes (kt) Au (g/t) Metal (koz Au)
Measured 10,273 5.27 1,740
Indicated 17,969 6.22 3,593
Measured and Indicated 28,242 5.87 5,333
Inferred 7,750 7.43 1,851
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
80% of open pit reserve is in Proven Category
1980’s & 90s 1997-2009 June 2009 2010-2014
George & Goosedeposit discoveries
Project owned by Arauco, Kinross, Miramar & DPM
Project acquiredby Sabina
+325% resourcegrowth under Sabina
Measured & Indicated
Inferred
Back River A District Scale Gold Opportunity100% OWNED BY SABINA
Significant extended productionopportunities exist through:
❑ Deposits not included in first mine plan(at both Goose and George)
❑ Low risk resource opportunities with infill program
❑ Direct extensional potential for all deposits
❑ Numerous blue sky brownfield targets
❑ Continued greenfield and generativeexploration future
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
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George Property Existing Mineral Resources:
Indicated 1.1m oz @ 5.6 g/t
Inferred 980k oz @ 6.32 g/t
Included in prior Feasibility ~600 k oz
Port
Significant existing resources at George on 20km of largely unexplored iron formation offering opportunity for another mining complex on the Back River district
QA/QC Slide 30
Significant Work Completed over the last two years to advance the project
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Back River is Permitted, Shovel Ready and Offers Robust Economics
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❑At US$1150 gold price and $.80 FX generates 24.2% after tax IRR (9/15 Feasibility Study)
❑Simple executable first mine produces ~200,000 Oz per year for ~12 years. Expanded mine life demonstrated.
❑Fully permitted and shovel ready. Strong government and community support;
❑ social license in hand
Sabina has one of the lowest capital intensity ratios relative to peers
✓ Back River is a Company Maker with embedded growth in a world class jurisdiction✓ 6.2 g/t Au open pits – highest grade undeveloped pits ✓ Robust Economics✓ Capex geared to a company Sabina’s size✓ Competitive Opex✓ Strong Production Profile✓ 12 year mine life with significant expansion demonstrated
QA/QP – see slide 29
55% 61% 81% 81%
103%
164%
364%
480%
530%
Orla Orezone Rubicon Sabina Gold Standard Belo Sun Cardinal INV Falco
Initial Capital Expenditures as a % of Market Capitalization
High-Grade Open Pits are among the lowest cost gold producersMine Country Owner Processed
Grade
Q418
(Au g/t)
C1 Cash
Costs
Q418
(US$/0z)
2018
Annual
Productio
n
(Au Oz)
Kumtor Kyrgzstan Centerra
Gold Inc.
5.5 $319 535,000
Red
Rabbit
Turkey Ariana
Resources
PLC
5.2 $349 20,000
Pueblo
Viejo
Dominica
n Republic
Barrick
Gold Corp.
4.2 $425 580,000
Svetloye Russia Polymetal
Internatio
nal PLC
3.5 $265 135,000
Lihir Papua
New
Guinea
Newcrest
Mining
Ltd.
3.1 $663 900,000
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Sep/15 Feasibility Study – Goose Project, Back River
❑ Projected to produce 250,000 ounces of gold from years 1 – 8 from a combination of three open pits (72%) and one underground (28%)
❑ With 6.2 g/t Au open pits, total cash costs are forecast at US$534 per ounce.
❑ Life of mine all in sustaining costs, including initial capital, sustaining and closure capital are estimated at US$763 per ounce.
❑ Three new discoveries since Feasibility Study have demonstrated opportunity for extended mine life
Source: Company public documents. See QA/QC Slide 29
Offers Robust Economics at US$1,150 Gold Price (Sep/15 Feasibility Study) Leveraged to Increasing Gold Price
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Summary Results @US$1,150/oz Gold/ 0.80 Exchange
Pre-Tax NPV(5%) & IRR C$M / %$699 / 28.2%
After-Tax NPV(5%) & IRR C$M / %$480 / 24.2%
Payback Years 2.9Total Cash Cost $US/oz $534All-In Sustaining Cost $US/oz $620LOM All-In Cash Cost* $US/oz $763
Post-Tax
Gold Price ($/oz)
NPV-5% (C$M)
IRR
$1,000 289 17.4
$1,150 480 24.2
$1,250 606 28.3
$1,350 732 32.2
Post-Tax
ExchangeRate ($US:$C)
NPV-5% (C$M)
IRR
0.75 577 27.40.80 480 24.20.85 394 21.2
0.90 317 18.4
Based on current spot prices andusing the estimated production ratein the Feasibility Study, goldrevenues would increase by C$199million or ~39% in the first full yearof production (net of royalties).
See slide 29
Continuing to utilize our treasury prudently as we advance the project
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❑ Logistics and supply route❑ Construction of Port and Winter
Ice Road completed. Equipment moved from Port to Goose Site
❑ First 10 million litre fuel tank constructed
❑ CAPEX number❑ Securing a fixed bid and
performance guarantee provides more confidence in CAPEX for the processing plant
❑ Balance of project CAPEX on first Principles to be updated
❑ Negotiated Project Debt on favourableterms❑ Contingent on access to equity❑ In a state of readiness to execute at the
right time
Environment, Permitting and Social License Achieved
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❑ Completed Environmental Assessment Process – Project certificate received▪ Wildlife Monitoring and Mitigation new standard for Nunavut▪ Caribou protection plans are “State-of-the-Art in Arctic
Canada” – Paul Emingak, ED. KIA
❑ All Major authorization for construction and operation received.
❑ Finalized Agreements with land owner Kitikmeot Inuit Association (KIA)▪ Will provide training, jobs, contracting opportunities and
royalty payments to Kitikmeot Region▪ 20 year lease▪ KIA an aligned shareholder▪ Regional wealth creation initiative payments – creating jobs
outside of the mining industry – new precedent in Nunavut
❑ Environmental Assessment process completed
❑ Unprecedented support from communities
Evolving The Goose Project Gold System – The First Mine
Targeting 10 Million Ounces of Gold in Banded Iron Formation
LLAMA UMWELT GNS HACKLESECHOKOGOYOK NUVUYAK
DifTarget
525 mLlama Plunge
Extension
Dif Target
OpenOpen
VaultOpen
Open
-1000m
-500m
GOOSE MAIN
DifTarget
Hook
Resource MI&I
Drill Target
2017-2019 DDH
Umwelt
Llama
Vault NuvuyakOpen
3600 m
>1200 m
>4000 m
GooseMain
Approximated Plunge Length of Banded Iron Formation Stratigraphy
Combined Resource plunge length
De-risked discoveries plunge length
Untested upside potential plunge length
5.2 Moz
+Moz
++Moz
Average BIF potential of
1.4 Moz Gold per 1000 m
Extension
1000m 600m 900m
200m 1500m 800m400m 500m1500m1600m
Three new discoveries in the last three years
Opportunities for 2020 and beyond!
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2020 Drilling Program Umwelt High Grade Corridor
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❑ Central core of high grade mineralization within current under ground resource is shown to extend Up and 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 planned for later in 2020 contingent on safe access to site
Umwelt Drilling Since 2014 Mineral Resource update, & Proposed DDH Locations for funded summer 2020 program
Exploration Decline Ramp at Umwelt to further explore high grade corridor
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❑ Under current Feasibility Study, underground at Umwelt comes on line in year 3 (after payback)
❑ Since the Feasibility Study, exploration at Umwelt has demonstrated higher grades at depth (Vault)
❑ These high grade zones need to be verified with close spaced drilling and/or bulk sample from underground
❑ Portal preparations to be undertaken this summer with collaring in spring 2021. Drilling could begin from ramp in approximately 18 months
If this drilling is successful it could potentially provide for the earlier release of high-grade ores to the mine plan and positively impact the production profile
and project economics.
Back River Project: A District Scale Gold Opportunity
11.8 Year Mine Life
Goose~20 km BIF
George~60km BIF
Regional~90km BIF
HighDiscoveryPotential
5.1M oz 2.1M oz
GeorgeBIF ~60km
District
Opportunities
GooseBIF ~20km
ExtensionBrownfieldsGreenfields
ExtensionBrownfieldsGreenfields
1998 2002 2007 2009 2010 2012 2014
-
2.0
4.0
6.0
8.0
Gold
Reso
urc
e in M
illions
of
oz.
1980’s & 90s
George & Goose
deposit discoveries
1997-2009
Project owned by Arauco,
Kinross, Miramar & DPM
2010-2014
Resource tripled
under Sabina
June 2009
Project acquired
by Sabina
Three new discoveries in the last 18 months not included in resource calculation
Well funded to continue to deliver on exploration
See slide 29 & 30 for QA/QC
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Opportunities to add further underground at Umwelt, Llama, Nuvuyak & Goose Main later in the Mine Plan
❑ Discovery drilling has been widely spaced, testing interpretation and hypotheses from historic drilling & desk top work
❑ To drill off new discoveries would require:To Inf: 32,000 meters = ~$20mTo Ind: 81,000 meters = ~$48m
❑ High level internal upside studies have been completed to determine potential economic impact and plans for infill drilling
Proposed Earth works and pre-development activities for 2020- Contingent on Safe Access to Site --
❑ Extension of Goose airstrip to allow heavy lift aircraft
❑ Goose site roads from proposed infrastructure to drill/deposits
❑ Pre-development of pads and lay down areas at the Goose site.
❑ Completion of detail engineering which when complete will be the basis for an updated capital cost estimate for the project
❑Procurement opportunities
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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 tonnesat 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 31
ESG - Our Corporate Culture is built on integrity and proactive approaches to ensure the health, safety and wellbeing of the environment, our stakeholders and our people. Through this culture we will build value for
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Environment
Social
Governance
Wildlife protectionWater use & managementWaste management & reductionGHG emissions Energy use & reductionAir qualityWaste rock & tailings managementNoise managementCommunity focused fisheries offsetClosure & reclamation
Inuit Framework AgreementInuit Impact Benefit AgreementCommunity engagementStakeholder engagementCommunity support & developmentHiring practices
Transparency & disclosuresManagement structureBusiness ethicsCompensationDiversity & inclusionRisk & incident managementData security & privacy
Sabina embraces diversity in all of our workplaces which has contributed to maintaining a happy and safe workforce and environment
Sabina undervalued compared to similarly advanced peers
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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
❑ Vault, Llama & Nuvuyak potential for extended mine life and enhanced economics
❑ 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
Capital Structure & CoverageSabina Gold & Silver Corp.
Symbol SBB
Listed exchange OTCQX
Market capitalization ~C$560million
Shares outstanding ~325million
Shares outstanding (diluted) ~340 million
Cash (pro-forma after all closings)
~C$80 million
Debt None
52 week trading range C$.99 -$2.28
Recent Price ~C$2.00
Analyst Coverage
BMO Capital Markets Andrew Mikitchook
Paradigm Capital Don MacLean
Cormark Securities TBD
RBC Capital Markets Mark Mihaljevic
Canaccord Kevin MacKenzie
Echelon Partners Ryan Walker
TD Securities Arun Lamba
Industrial Alliance George Topping
Cantor Fitzgerald Matt O’Keefe
National Bank Financial John Sclodnick
Sprott Capital Partners Chris Tonkin Major Shareholders Holdings (I&O)
Dundee Precious Metals 10.2%
Sun Valley Gold 8.5%
Zhaojin 9.9%
Wheaton Precious 4.3%
Management (options incl.) 1.8%
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Average 12 month
target price C$3.00
Management & Board
Combined exploration, mine development, permitting operations & capital markets experience in over 87 projects & companies
Executive Management
Bruce McLeodPresident, CEO & Director
Elaine BennettVP Finance & CFO
Nicole HoellerVP Communications & Corp. Secretary
Technical Management
Angus CampbellVP Exploration
Matthew PickardVP Environment & Sustainability
Walter Segsworth (Chairman)
David Fennell
James Morton
Anthony Walsh
Anna Stylianides
Leo Zhao
David Rae
Bruce McLeod, President & CEO
Board of Directors
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Thank you!
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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CIM definitions were used for the resources.
Ms. D. Nussipakynova, P.Geo. and Dr. A. Fowler, Ph.D., MAusIMM, CP (Geo), both from AMC and Qualified Persons under NI 43-101, take responsibility for the Mineral Resource Estimates.
Open pit resources are constrained by an optimized pit shell at a gold price of US$1,500 oz. The cut-off grade applied to the open pit resources is 1.0 g/t Au.
The underground cut-off grade is 4.0 g/t Au for all George resources (LCPN, LCPS, LOC1, LOC2, GH, and Slave), 3.5 g/t Au for Goose Main, Echo, and Llama, and 4.5 g/t for the Umwelt deposit.
The George resources were estimated within mineral domains expanded to a minimum width of 2 m for the underground resources.
Drilling results up to December 31, 2013 are included, except for Echo (July 4, 2014) and LOC1 and LOC2 (July 21, 2014).
The numbers might not add due to rounding.
Measured and Indicated Resources are inclusive of Reserves.
Resources that are not reserves do not have demonstrated economic viability.
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A gold price of US$1,250/oz is assumed.
An exchange rate of CDN$1.15 to US$1.00 is assumed.
The numbers might not add due to rounding.Notes for open pit:Dilution and recovery factors are applied as per open pit mining method.A COG of 2.08 g/t was used for the Umwelt Open Pit Mineral Reserve Estimate.A COG of 2.14 g/t was used for the Llama Open Pit Mineral Reserve estimate.A COG of 2.07 g/t was used for the Goose Main Open Pit Mineral Reserve estimate.
Notes for underground:Dilution and recovery factors are applied as per underground mining method.A COG of 3.86 g/t was used for the Umwelt underground Mineral Reserve Estimate.
Mineral Resources Estimate Mineral Reserve Estimate
Back River Mineral Resource and Reserve Estimates QA/QC
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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