Successfully Generating Robust Precious Metals and Zinc Projects

Sphinx Resources Ltd. February 2017 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.

The technical information contained in this presentation has been reviewed and approved by Normand Champigny, (ing., B.A.Sc., M.A.Sc.), President and CEO of Sphinx, qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

1 Sphinx Resources Ltd.

Summary

Successful project generator

Strategy & focus

Why ?

Deals

Team

Ownership

Projects

Value drivers

2 Summary

TSX-V listed (ticker SFX) corporation headquartered and focused on Quebec Project generator business model key to maximizing long term shareholder value Team of proven mine finders in Quebec/Labrador:  Éléonore and Rainy River ()  Bracemac-McLeod (zinc-)  Voisey’s Bay (nickel) Focus on precious metals and high-grade zinc-precious metals All projects within proximity of existing or previous mines Actively identifying new projects

3 Successful Project Generator

Social acceptability

Project generation Long-term Ground access shareholder value Deal flow with strategic partners Precious & base metals potential

High grade metamorphic terranes

4 Outperformed the TSXV

Data Sources: S&P Capital IQ and Yahoo Finance Source: Fundamental Research Corp. 5 Strategy & Focus

Maximize deal flow with strategic partners

Generate quality projects with:  high-grade precious metals with focus on zinc  good social acceptability  low cost exploration through a focus on drilling and leveraging strategic partnerships

Maintain a diverse portfolio with projects:  in different high grade metamorphic terranes of different levels of advancement

Concentrate first on Quebec with potential expansion into other Canadian provinces

6 Why Quebec?

Quebec: 8th rank on worldwide investment attractiveness index Survey of companies 2015

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

Sphinx’s team has considerable experience in Quebec

7 2014 to 2016 11 transactions including:

Sirios Resources (50% joint venture) 2016 discover of the year in Quebec  Cheechoo-Éléonore Trend: gold Soquem (50% option and joint venture) Quebec’s exploration agency, 50 years, 350 projects, 8 mines  Calumet-Sud: zinc-lead--gold, palladium-platinum-copper Les Ressources Tectonic (100% Sphinx)  Chemin Troilus: gold-copper Gardin - Michel Gauthier (100% Sphinx)  Calumet-Sud: zinc-lead-silver-gold  Green Palladium: palladium-platinum-copper Osisko Gold Royalties, RNC Minerals, Globex (100% Sphinx)  Somanike: nickel-copper and platinum-group elements 8 Ownership

Shares outstanding: 60 M

Fully diluted: 81 M

Management, Board & Advisory Committee: 18 %

Institutional funds: 34 %

70 shareholders: 85 % of shares

9 Team

Normand Champigny, M.A.Sc., ing. - President , Chief Executive Officer & Director  35 years of experience in exploration and management in and internationally

John Hick, BA, LL.B. - Chairman of the Board  More than 30 years of experience in the mining industry in management positions and as independent director

Kerry Sparkes, M.Sc. - Director  25 years of experience in the mining industry, exploration geologist and executive  Key person involved in the exploration, delineation and development of both the Voisey’s Bay nickel and the Rainy River gold deposits  Currently V.P. Geology for Franco-Nevada Corporation.

Michel Gauthier, Ph.D. - Director  44 years of experience  Professor of mineral prospecting at l’Université du Québec in Montréal  Co-baptized a gold prospect, named Éléonore, in the James Bay region

10 Team (continued)

François Biron, ing. - Director  More than 40 years of experience in project evaluations and operations management  Considerable experience with environmental issues and social acceptability of mining projects

Ingrid Martin, CPA, CA - Chief Financial Officer & Director  24 years of experience in finance and company acquisitions including several mining and exploration companies in Québec

Robin N. Adair, M.Sc. (géo., P. Geol.) - Advisory Committee  32 years of experience including 25 years with Noranda and Falconbridge  Participated to the discovery of the Bracemac-McLeod zinc-copper mine

11 Cheechoo-Éléonore Trend Project

50-50% joint venture with Sirios Resources (operator)

Minimum of $ 500,000 by each party over the next 5 years

Combination of deep gold expertise in the Eeyou Istchee James Bay territory

Underexplored gold trend continuing from:  Sirios’ Cheechoo gold discovery  Éléonore gold mine (operated by Goldcorp)

Planned program:  Till sampling survey along trend (completed)  Identify gold anomalies and investigate in the field

12 Calumet-Sud Green Palladium Projects

Calumet-Sud Green Palladium Strong 1,800-metre long lead-zinc 3.44g/t PGE discovered by drilling anomaly 3.3 g/t, 2.3 g/t and 0.6 g/t Pd as well as New electromagnetic anomalies, 3.2%, 3.3% and 0.2% Cu surface 2 to 3 km from New Calumet Mine sample Trenches include 3% Zn over 10 m Obwondiag layered igneous complex 6.9% Zn over 1 m discovered 100% owned, 50% option to SOQUEM New and untested PGE reef with a 2% NSR to Gardin potential extent of 11 km Extension of SW portion of palladium Presence of 4 kilometric scale target mineralization of Green Palladium zones within the complex Planned program: drill Q1 2017 2 or possibly 3 potential horizons of interest for PGE, open in all directions 100% owned, 2% NSR to Gardin Planned program: drill Q1 2017 13

Chemin Troïlus Project

Q3 2016, recovered pristine gold grains in tills suggesting proximal source in bedrock of mineralized boulders

Within corridor containing former gold-copper Troilus mine (produced 2 million ounces of gold and 70,000 tonnes of copper), discovered by boulder tracing and drilling

Located 110 km north-northwest of Chibougamau, Eeyou Istchee James Bay territory, good road access

Acquired from Les Ressources Tectonic, 33 km2 (100% owned)

Planned program: Perform surface geophysics, define and test drill targets - Q2-Q3 2017 14 Somanike Project

Drilling: 1.41% Ni, 0.05% Cu, 0.30 g/t Pd, 0.04 g/t Pt @ 0.5 m, includes former Marbridge mine: 0.7 Mt @ 2.3% Ni, 0.1% Cu

Drill targets  Open depth and strike extension of Marbridge’s Mine 2 - 0.15 Mt > 3% Ni)  Other areas: 10 conductors over 4 km of cumulative length

Acquisition from Virginia/Royal Nickel/Globex, 47 km2 (100% owned)

Cooperation agreement with Abitibiwinni first nation/Pikogan

Planned program:  Identify strategic project partner  Drill on selected high-grade nickel-platinum group elements targets in and around Marbridge mine 15

Value drivers

Calumet-Sud/Green Palladium Chemin Troilus Project  Drill surface zinc-silver-gold  Perform surface geophysics, and palladium reef targets to identify source of boulders (Q1) & define and test drill targets (Q2-Q3)

Cheechoo-Éléonore Trend Somanike Project  Perform more sampling of tills  Identify project partner and prospecting  Drill on selected targets  Define drill targets in and around Marbridge mine (Q2-Q3) Continue to review project generation and acquisition opportunities

16 Appendix Maps of projects & results

17 High Grade Metamorphic Terranes

18 19 20 Calumet-Sud & Green Palladium Projects- Geology

Calumet Mine 3.8 Mt @ 5.8% Zn, 1.6% Pb, 65 g/t Ag, 0.4 g/t Au Obwondiag layered igneous complex Located in the Pontiac Pd + Pt + Au Discovery 3.45 g/t Pd+Pt+Au / 0.40m, and Regional County Municipality 1.25 g/t Pd+Pt+Au / 1.50m. in southern Québec

Zinc Discovery Exploration and mining 5.4% Zn over 2 m friendly region Excellent infrastructure

Potential for:  Magmatic PGE  Magmatic Ni-Cu-PGE  Carbonate-hosted zinc  Gold-rich VMS

21 22 Palladium-copper Mineralization

Sample MB250414-01 3.2 g/t Pd, 3.2% Cu, 0.18% Ni, 84 ppb Pt, 143 ppb Au

23 Green Palladium Project Surface mineralization

Cloudy & disseminated chalcopyrite

Mingling textures pyroxenite in gabbro 60

24 25 Gold-bearing boulder, sample 963314 : 1.57g/t Au

26

27

21

28 21 Somanike Project Exploration Potential

2014 airborne survey identified abundant and previously unknown ultramafic rocks. Both “Raglan type” and “Kambalda type”. Ni -Cu potential demonstrated by the recent nickel discovery by Sphinx in 2015. Marbridge Mine: high-grade nickel with strong potential for discoveries. Project = 51.5 km2

Marbridge Mine 702,366 tonnes of ore grading 2.28% Ni, 0.1% Cu

Sphinx discovery: 1.41 % Ni / 0.5 m Legend Ultramafic rocks

Marbridge Mine (past producer) Targeting

Drill-ready Ni–Cu–PGE targets Nickel showings - 2015 VTEM anomalies - 2014 29 Somanike Project Former Marbridge Mine

No environmental legacy. Strong community support and understanding of mining. No agriculture over project area.

Marbridge

Mine 1

Mine 2

First production Marbridge Mine, 1962

Past Producer

30 Somanike Project Marbridge Mine - 3D

High-grade nickel sulphide mineralization with ultramafic rocks. Extensive untested ultramafic rocks identified. Limited lateral drilling. Mine 2 Mine 3 Mine 4 Mine 1

200m Open Unexplored

400m Open

Composite Grades 2 - 10% Ni Grade map

1 - 2% Ni Looking southeast 31 Sphinx Resources Ltd. 1000 De La Gauchetière, Suite 2100 Montreal, QC H3B 4W5 T: 1 514 979-4746