TSX-V: SFX

Successfully Generating ROBUST ZINC PROJECTS

Corporate Presentation

March 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 Normand Champigny, ing., B.A.Sc., M.A.Sc., President and director of Sphinx, qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

2 SUMMARY

TSX-V listed Deals made with strong partners: (ticker SFX) Osisko Metals, SOQUEM exploration company

Focused on Project generator and zinc business model key to maximizing long term shareholder value

Kerry Sparkes and Michel Gauthier: mine finders in Eastern

3 OWNERSHIP

Shares outstanding 123 M Stock options 5.4 M Warrants 46 M Agent options 1.2 M Fully diluted 175 M

Management, Board 14%

Quebec institutions 21%

Top 100 shareholders 97% of shares

Key suppliers and Pontiac area shareholders 14%

4 TEAM: Management and Directors

Jeremie Ryan, John W. W. Hick, B.A., LL.B. President, Chief Executive Officer and Director Chairman of the Board

Resident of the Pontiac More than 30 years of experience in the industry in management positions 35 years of experience in the natural and as independent director resources sector including,Cambior, Placer Dome Owned and operated local businesses and TVX Involved with several non-profit and community organizations

Normand Champigny, M.A.,Sc., Eng. Michel Gauthier, Ph.D. Director Director

Former CEO of Sphinx. 37 years of 44 years of experience experience in exploration Professor of mineral prospecting at and management in Canada and l’Université du Québec in Montréal internationally including PwC and IBM. Co-baptized a gold prospect, named Éléonore, in the Eeyou Istchee James Bay territory

5 TEAM: Management and Directors (continued)

François Biron, Eng. Kerry E. Sparkes, M.Sc. Director Director More than 40 years of experience in More than 25 years of experience in project evaluations and operations the mining industry, exploration geologist management and executive Considerable experience with Key person involved in the exploration, environmental issues and social delineation and development of both the acceptability of mining projects Voisey’s Bay nickel and the Rainy River gold deposits Currently V.P. Geology for Franco-Nevada Corporation

Sylvain Laberge Ingrid Martin, CPA, CA Advisory Committee Chief Financial Officer

More than 25 years of experience in Over 25 years of experience in the mining industry and corporate accounting and finance of public communications 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: Zinc (± other base and precious metals) Maintain a diverse portfolio Good social acceptability with projects: Low cost exploration In different high grade through a focus on drilling metamorphic terranes of and leveraging strategic different levels of advancement partnerships Concentrate on 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 ZINC? Supply and Inventory Declining

Zinc Price vs. Inventory (2004 – current)

Source: Macquarie, January 10, 2019 9 ZINC SUPPLY, DEMAND AND END USE

10 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

11 2013 to 2018 Deals include:

Osisko Metals Gardin - Michel Gauthier (50% joint venture) (100% Sphinx) Grenville Project: Zinc Calumet-Sud, Tessouat: Zinc GPd: Palladium SOQUEM (50% joint venture) Quebec’s exploration agency, 50 years, 350 projects, 8 mines Calumet-Sud: Zinc

12 OSISKO METALS Joint Venture

Grenville Project: Joint management committee 50% joint venture with Osisko to design and oversee Metals to explore for zinc in the exploration program highly prospective areas of the Grenville geological Sphinx acts as operator province in southern Quebec If a party's interest dilutes to Minimum of $1,250,000 by 10% or less, its interest shall be each party over five years converted to a 2% net smelter return royalty

13 ZIAC (‘ZINC-PONTIAC’) DISTRICT

40 km long northwest Projects within the Ziac (301 km2) trending corridor defined Calumet-Sud (12 km2) by zinc bearing rocks 50% Sphinx (excluded from joint venture 50% SOQUEM with Osisko Metals) Tessouat (13 km2) $2.3 M invested in the 100% Sphinx ground since 2014 GPd (41 km2) 100% Sphinx Similar to Balmat-Edwards- Tessouat-Sud (177 km2) Pierrepont zinc district, 100% Sphinx New York state Obwondiag (57 km2) 100% Sphinx

14 PROJECTS

15 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 29 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 Drill mineralized horizon to establish 6.6% zinc over 1.4 m within continuity and resource potential – Q4 3.0% zinc over 6.8 m 2018 and 2019

16 SPHALERITE Bands

Sphalerite bands

17 NEW CALUMET MINES AREA Pontiac Municipal Regional County, Québec, Canada

18 CALUMET-SUD PROJECT

19 CALUMET-SUD PROJECT

20 GPd PROJECT EXPLORING FOR PALLADIUM

21 VALUE DRIVERS

2019 Five-Year Plan Drill and establish Advance projects with strong resources potential partners that are socially Calumet-Sud acceptable with year-round access Define targets and drill Tessouat (trench and drill) Make one or more Obwondiag and Tessouat-Sud mine discoveries (soil sampling) Create significant Execute regional program shareholder value Grenville Zinc Project with Osisko Metals

Identify partner to drill GPd project

22 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