1

SABINA GOLD & SILVER CORP.

Developing the high- grade Goose Mine at the Back River Gold District.

The work done on Back River over thelast two years offers opportunity to bringhigher-grade ounces in earlier in themine life, providing for increasedproduction profile and economics andreduced payback; improving on analready top tier project.

This work will form the basis of anupdated Feasibility Study and ResourceEstimate due Q1/21.

August 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-riskedProject optimizations underway to increase production profile and enhance economics

Robust economics at US$1150 gold –significant leverage to increasing gold price

Well funded with exceptional peopleC$75m at Q2/2020

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❑ worked in consultation with external parties to

phase in camp re-opening with camp protocols that 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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Based on 2014 resource estimate not including three new high-grade

discoveriesThere 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 – Aug 23/20

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 and optimize reserves 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

Infill drilling for new resource estimate underway

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

❑ Increase production profile by brining forward higher-grade underground resources

❑ Numerous blue sky and 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

8

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

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

Sensitivities in Current

EnvironmentAfter Tax 5% discount

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Running sensitivities based on the 2015 Feasibility Study economics

An internal optimized mine plan has been developed that will be used as the basis for an updated feasibility study and resource estimate due Q1, 2021. This includes bringing higher-grade material earlier into the mine life, increasing production profile, economics and reducing payback period.

CAD millions

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

QA/QP – See Slide 20

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

Significant Work Completed to advance the project

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Key Milestones on the Project since the Feasibility Study

❑ Full Permits and social license received

❑ Built infrastructure to support construction and operations

❑ Basic engineering done. Detailed engineering commenced

❑ Metallurgical testing to support design of flow sheet.

❑ 3 new discoveries

❑ Advancement of a Project Debt term sheet

❑ Gold price increase from ~C$1,438/oz in our FS to C$2,575/oz significantly impacting project economics

❑ Internal studies revisiting mine scheduling to increase economics, production profile and lower payback period 13

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

❑ Internal Studies❑ FS utilizes only 2.3m of 7.3 m oz

resource & 3 new discoveries since

❑ Opportunities to adjust mine scheduling to bring in higher grades earlier and increase production profile

❑ 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 landowner 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

Opportunities for 2020 and beyond!

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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

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

❑ Initial 2020 drill hit grades are double the Umwelt resource of 7g/t with widths sufficient to minimize dilution

❑ Potential for a second Vault type zone below the bottom of the open pit offering opportunity for higher-grade ounces to come in earlier in the mine life

Inclined section of the Umwelt underground mineralization showing gram meter intercepts and

2020 drilling results to date.

Exploration Decline Ramp at Umwelt to further explore high grade corridor

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❑ Under current Feasibility Study, underground at Umwelt comes online in year 3 (after payback)

❑ Since the Feasibility Study, exploration at Umwelt has demonstrated higher grades at depth (both up and down plunge from Vault)

❑ These high-grade zones need to be verified with close spaced drilling and/or bulk sample from underground

❑ Portal preparations being undertaken this summer with collaring in early 2021.

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.

Ramp will take approximately three years to complete with initial underground drilling beginning in 2022

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Opportunities to add further underground at Umwelt, Llama, Nuvuyak & Goose Main later in the Mine Plan – target: 300k oz/year producer

❑ 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 target increased production at similar throughput to determine potential economic impact and plans for infill drillingFigure2: Plan map of the Goose property showing the 1st derivative airborne magnetic survey overlain by the cross axial quadrature 5500

electro-magnetic airborne survey. Selected targets defined by geophysical responses, known gold occurrences and by prospective lithology are shown by yellow-dotted ellipses.

The Goose Project offers flexibility to adjust mine scheduling to impact production profile and economics

Proposed Earth works and pre-development activities for 2020

❑ Extension of Goose airstrip to allow heavy lift aircraft and support early construction

❑ Goose site roads from proposed infrastructure to drill/deposits

❑ Pre-development of pads and lay down areas to proposed plant site and portal site

❑ Commencement of detailed engineering

❑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

Investment Highlights and Catalysts

❑ Continued drilling results

❑ Commencement of detailed engineering

❑ Updated feasibility and resource estimate due Q1, 2021

❑ Continued pre-development earthworks to prepare for underground ramp

❑ Ready for financing window to make a production decision 24

Back River is a Company Maker

+1800%

This Bull Gold Market?

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

Sabina Share Price 2005-current

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

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P/NAV – Gold Developers

Source: National Bank Financial August 23, 2020

Capital Structure & CoverageSabina Gold & Silver Corp.

Symbol SBB

Listed exchange OTCQX

Market capitalization ~C$850million

Shares outstanding ~325million

Shares outstanding (diluted) ~340 million

Cash ~C$75 million

Debt None

52 week trading range C$.71 -$2.66

Recent Price ~C$2.60

Analyst Coverage

BMO Capital Markets Andrew Mikitchook

Paradigm Capital Don MacLean

Cormark Securities Brock Colterjohn

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 9.8%

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$3.40

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

29

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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