TSX-V: SFX Successfully Generating ROBUST ZINC PROJECTS Corporate Presentation December 2018 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 CEO 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 (ticker SFX) companies: Goldcorp, exploration company Osisko Metals, SOQUEM Focused on Project generator Quebec and zinc business model key to maximizing long term shareholder value Team oF three mine finders in Eastern Canada 3 OWNERSHIP Shares outstanding 103 M Fully diluted 151 M Management, Board 13% Quebec institutions 18% Top 100 shareholders 99% of shares Key suppliers and Pontiac area shareholders 19% 4 TEAM: Management and Directors Normand Champigny, M.A.Sc., Eng. John W. W. Hick, B.A., LL.B. President, Chief Executive Officer and Director Chairman of the Board 37 years of experience in exploration More than 30 years of experience in the and management in Canada and mining industry in management positions internationally and as independent director Jeremie Ryan Michel Gauthier, Ph.D. VP Corporate Development Director Resident of the Pontiac 44 years of experience 35 years of experience in the natural Professor of mineral prospecting at resources sector l’Université du Québec in Montréal Owned and operated local businesses Co-baptized a gold prospect, named Éléonore, in the Eeyou Istchee Involved with several non-profit and James Bay territory community organizations 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 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 Precious and base metals potential HIGH GRADE METAMORPHIC TERRANES 8 WHY ZINC? Supply and Inventory Declining Zinc Price vs. Inventory (2010 – current) Source: Macquarie, April 27, 2018 9 ZINC DEMAND DRIVERS Infrastructure and New Applications Source: Osisko Metals, May, 2018 Global infrastructure projects and New applications driving zinc consumption: urbanization continue to drive need for zinc agriculture (nutrient/fertilizer), electrically- charged zinc-air batteries, renewable power Global demand growth expected of 2.4%* storage and fuel cells (batteries market could Tightening environmental regulations in represent a 3% - 6% annual impact on future China forcing closures, 6% decrease in demand - Stormcrow Capital, February 2018) Chinese production in 2017, and 40% increase in zinc imports * Source: National Bank Analyst, Shane Nagle, 2018 10 WHY QUEBEC? Quebec: 6th 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-share) Sphinx’s team has considerable experience in Quebec 11 2013 to 2018 15 Transactions including Osisko Metals Sirios Resources (50% joint venture) (Sold to QPM June 2018) Grenville Project: Zinc Cheechoo-Éléonore Trend: Gold SOQUEM Goldcorp and Quebec Precious (50% joint venture) Metals Corporation (QPM) Quebec’s exploration (closed June 2018) agency, 50 years, Cheechoo-Éléonore Trend, 350 projects, 8 mines Chemin Troïlus and Calumet-Sud: Zinc Somanike: Gold Gardin - Michel Gauthier (100% Sphinx) Calumet-Sud and Tessouat: Zinc and GPd: Palladium 12 OSISKO METALS Joint Venture Grenville Zinc Project: Joint management committee 50-50% JV with to explore to design and oversee for zinc in highly prospective the exploration program areas of the Grenville geological province in Sphinx acts as operator southern Quebec If a party's interest dilutes to Minimum of $1,250,000 by 10% or less, its interest shall each party over the next five be converted to a 2% net years including $100,000 smelter return royalty during the first year 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) Tessouat (13 km2) 100% Sphinx Similar to Balmat-Edwards- 2 Pierrepont zinc district, GPd (41 km ) 100% Sphinx New York state Tessouat-Sud (177 km2) 100% Sphinx 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 24 holes drilled to date 13.1% zinc over 1.0 m within 8.1% Zn over 1.5 m 3.8% zinc over 5.0 m 6.7% Zn over 1.0 m 9.0% zinc over 1.0 m within 3.3% Zn over 4.0 m 3.1% zinc over 6.4 m 3.2% Zn over 6.0 m 6.6% zinc over 1.4 m within 3.0% zinc over 6.8 m Drill mineralized horizon to establish continuity and resource potential – Q4 2018 and 2019 16 SPHALERITE Bands Sphalerite bands 17 NEW CALUMET MINES AREA Pontiac MRC, Québec, Canada 18 CALUMET-SUD PROJECT 19 CALUMET-SUD PROJECT 20 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 21 SPHINX RESOURCES LTD. 1000 De La Gauchetière, Suite 2100, Montreal, QC H3B 4W5 T: 1 514 979-4746 sphinxresources.ca.