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 Quebec? 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 (gold) Bracemac-McLeod (zinc-copper) 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 mining 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-silver-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 Canada 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 Nickel showings - 2015 Drill-ready Ni–Cu–PGE targets 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 .