TSX-V: SFX

Corporate Presentation August 2019 FORWARD-LOOKING STATEMENTS

This corporate presentation may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

All forward-looking statements in this corporate presentation are made as of the date of this presentation. Sphinx does not undertake to update any such forward- looking statements whether as a result of new information, future events or otherwise, except as required by law.

The technical information contained in this presentation has been reviewed and approved by François Biron, Eng., Michel Gauthier, PhD., FSEG, PGeo., and Jean Laforest, Eng., directors of Sphinx, qualified persons for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

2 SUMMARY

TSX-V listed Deals made with strong partner: (ticker SFX) SOQUEM exploration company

Focused on Project generator precious& base metals business model key to in southwestern maximizing long term shareholder value

Michel Gauthier & Jean Laforest: mine finder and award winning project generator in Quebec 3

OWNERSHIP

Shares outstanding 126 M Stock options 5 M Warrants 31M Agent options 1 M Fully diluted 163 M

Management, Board 13 %

Quebec institutions 25 %

Top 100 shareholders 94% of shares

Key suppliers and Pontiac area shareholders 4%

4 TEAM: Management, Directors, Advisors

Jeremie Ryan Lawrence Cannon, C.P., B.A., M.A.A. President, Chief Executive Officer and Director Chairman of the Board

Resident of the Pontiac Born in Québec and resident of Gatineau 35 years of experience in the natural Long history of public service at the resources sector municipal, provincial and federal levels including Canadian Ambassador to France Owned and operated local businesses Served on Board of directors and as Involved with several non-profit and government affairs executive for many community organizations organizations

Jean Laforest, Eng. Michel Gauthier, Ph.D., FSEG, PGeo. Director Director 32 years of experience 44 years of experience Geological consultancy provider and private Professor of mineral prospecting at exploration company l’Université du Québec in Montréal Attributed in 2017 the Nicolas Denys medal Co-baptized a prospect, named from the AEMQ which recognizes the career Éléonore, in the Eeyou Istchee of a prospector James Bay territory

5 TEAM: Management, Directors, Advisors (cont’d)

François Biron, Eng. Michel Lemieux, B. Sc., RI Director Director More than 40 years of experience in More than 24 years of significant project evaluations and operations experience in organizational development management to elaborate and deploy management and support strategies and programs across a Considerable experience with range of manufacturing and service environmental issues and social companies acceptability of projects

Ingrid Martin, CPA, CA Chief Financial Officer

Over 25 years of experience in accounting and finance of public companies and since 2004 involved with several mineral exploration companies including Midland Exploration 6 STRATEGY and Focus

Maximize deal flow with strategic partners

Generate quality projects with: Precious and base metals

Good social acceptability Maintain a diverse portfolio Low cost exploration with projects: through a focus on drilling In different high grade and leveraging strategic metamorphic terranes of partnerships different levels of advancement

Concentrate on southwestern Quebec

7 SUCCESSFUL Project Generator

Social acceptability Project generation LONG-TERM SHAREHOLDER Ground access Deal flow VALUE with strategic partners

Base and precious metals potential

HIGH GRADE METAMORPHIC TERRANES

8 WHY QUEBEC?

Quebec: 4th rank on worldwide investment attractiveness index Fraser Institute - Survey of mining companies 2018

Significant tax advantages (tax credit and low after-tax cost for flow-through shares)

Sphinx’s team has considerable experience in Quebec

9 2013 to 2019 Deals include:

SOQUEM Gardin/Tranchemontagne - (50% joint venture) Michel Gauthier Quebec’s exploration (100% Sphinx) agency, 50 years, Calumet-Nord: Gold-- 350 projects, 8 mines Calumet-Sud, Tessouat: Zinc Calumet-Sud: Zinc GPd: Palladium

Patrie & Soufflot: Gold

10 ZIAC DISTRICT

Corridor defined by zinc Projects within the Ziac (117 km2) bearing rocks and containing Gold-silver-copper gold-silver-copper Calumet-Nord (25 km2) mineralization 100% Sphinx $2.5 M invested in the Palladium ground since 2014 GPd (41 km2) - 100% Sphinx Zinc Similar to Balmat-Edwards- Calumet-Sud (12 km2) Pierrepont zinc district, USA, 50% Sphinx, 50% SOQUEM large Cannington silver-lead- 2 gold mine, Australia Tessouat (13 km ) 100% Sphinx

Tessouat-Sud (22 km2) 100% Sphinx

Obwondiag (14 km2) 100% Sphinx 11 SOUTHWESTERN QUEBEC PROJECTS – PONTIAC MRC

12 CALUMET-SUD - Zinc Project

50-50% joint venture with SOQUEM, 2% NSR to Gardin Stratiform, shallow-dipping and near-surface horizon over 1,500 m strike length, adjacent to New Calumet Mines Channel sample composites 22.1% Zn over 1.0 m incl. 6.6% Zn over 5.0 m 53 holes drilled to date 12.8% zinc over 1.0 m within 8.1% Zn over 1.5 m 2.2% zinc over 10 m 6.7% Zn over 1.0 m 13.1% zinc over 1.0 m within 3.3% Zn over 4.0 m 3.8% zinc over 5.0 m 3.2% Zn over 6.0 m 9.0% zinc over 1.0 m within 3.1% zinc over 6.4 m Review results and drill eastern 6.6% zinc over 1.4 m within extensions of mineralized 3.0% zinc over 6.8 m – Q4 2019

13 SPHALERITE Bands

Sphalerite bands

14 CALUMET-NORD – Gold-silver-copper project

15 GPd – Palladium project

16 SOUTHERN ABITIBI-TÉMISCAMINGUE– PATRIE AND SOUFFLOT - Gold projects

17 VALUE DRIVERS

Q4 2019 – Q1 2020 Five-Year Plan Soil sampling, geophysics Advance projects with strong and drill partners that are socially Calumet-Nord acceptable with year-round access Drill and establish extensions Make one or more Calumet-Sud mine discoveries

Define targets and drill Create significant Patrie and Soufflot shareholder value (soil sampling and drill) Tessouat (trench and drill) Obwondiag and Tessouat-Sud (soil sampling) Identify partner to drill GPd

18 SPHINX RESOURCES LTD. 1000 De La Gauchetière, Suite 2100, Montréal, QC H3B 4W5

Jeremie Ryan, President, CEO and Director T: 1 514 664-2632 sphinxresources.ca