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Sabina Gold & Silver Announces Interim Financial Results For The Quarter Ended June 30, 2022

Press Release

August 15, 2022

VANCOUVER –Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF – OTCQX) reports the interim financial results for the quarter ended June 30, 2022.

“The second quarter was extremely busy for the Company,” said Bruce McLeod, the Company’s President & CEO. “We continued with our procurement efforts, our civil works and advancing the underground exploration ramp. In addition, we completed a very successful exploration program with results continuing to demonstrate opportunities for delivery of higher-grade material earlier in the mine life. We have also focused on building our team with a major recruiting and hiring campaign as we prepare for full construction next year. The quarter culminated at PDAC when we received the sustainability award for Leadership in Environmental Protection and/or Good Community Relations. We share this award with the many constituents of the Kitikmeot region and the Kitikmeot Inuit Association who helped to develop our state-of-the-art protocols.”

Q2 Highlights

• In relation to the equity component of the construction financing package that was announced on February 8, 2022, the third and final tranche of the Orion Mine Finance and Wheaton Precious Metals Corp. financings closed on May 31, 2022, resulting in the issuance of 9,617,569 common shares of the Company to Orion and 2,564,685 common shares of the Company to Wheaton for gross proceeds of $15.8 million. Concurrently, the second and final tranche of Zhaojin’s financing closed, resulting in the issuance of 1,338,565 common shares of the Company resulting in gross proceeds of $1.7 million.

• On June 13, 2022, in relation to a bought deal financing that closed in March 2022 and to maintain their 9.9% pro-rata holding, Zhaojin completed a private placement financing with the Company comprised of 7,797,831 common shares at $1.55 per common share for gross proceeds of $12.1 million.

• On May 6, 2022, Sabina repaid the US$20 million Sprott bridge loan with a payment of US$20.8 million, which was inclusive of the minimum nine-months interest that was payable on early repayment.

• During the quarter, the Company:

    • Advanced various initiatives related to project execution, including both a CAT train resupply program and an airlift campaign to the Goose project site, ongoing procurement related to the summer sealift season and associated logistics of getting materials and equipment to the port facility, sub-base road improvement activities in preparation for the winter ice road for 2023, and continued efforts to move engineering work packages forward in order to help facilitate the delivery of long lead items next year.
    • Completed a spring exploration drill program at Goose of 1,886 meters over 10 holes, including one geomechanical hole at the base of the Umwelt open pit for rock property data collection.

• For the three months ended June 30, 2022, the Company reported net income of $49.0 million or $0.09 per share compared to a net loss of $40.7 million or $0.10 per share during the first quarter of 20221. The second quarter 2022 reported net income is driven primarily by unrealized gains of $51.2 million (after-tax) compared to first quarter 2022 unrealized losses of $35.3 million (after-tax) on the change in fair value of the construction financing obligations. For the six months ended June 30, 2022, the Company reported net income of $8.3 million or $0.02 per share.

For the full June 30, 2022 interim financial statements and Management’s Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com or on SEDAR.

On August 15, 2022, the Company filed a renewal Preliminary Base Shelf Prospectus with the securities regulatory authorities in each of the provinces and territories of Canada.

After a receipt is issued for the Final Base Shelf Prospectus Sabina will be able to conduct offerings in the maximum aggregate amount of $290 million of any combination of common shares, debt securities, warrants, subscription receipts and units during the 25-month period that the Final Base Shelf Prospectus, including any amendments thereto, remains valid. The nature, size and timing of any such financings (if any) will depend, in part, on Sabina’s assessment of its requirements for funding and general market conditions. The specific terms of any future offering will be set out in a prospectus supplement to the Final Base Shelf Prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities.

A copy of the Preliminary Base Shelf Prospectus is available on SEDAR (www.sedar.com) and also may be obtained by contacting the Vice-President, Communications & Corporate Secretary of the Company at Suite 1800 – Two Bentall Centre, 555 Burrard Street, Vancouver, British Columbia, Canada, V7X 1M7, telephone 604 998-4175.

1 The Company’s previously reported results for the three months ended March 31, 2022 and as at March 31, 2022 did not include the change in fair value of the gold prepay and gold stream. As such, the previously reported Q1 2022 net loss of $5.4 million has been restated. As a result, the Q1 2022 net loss has been increased by $35.3 million to $40.7 million and the Q1 2022 net loss per share has been increased by ($0.09) to ($0.10) to reflect the unrealized loss on the change in fair value of construction financing obligations. Additionally, the previously reported March 31, 2022 total liabilities of $105.7 million have been restated. As a result, the March 31, 2022 total liabilities have been increased by $35.3 million to $141.0 million to reflect the unrealized loss on the change in fair value of construction financing obligations. Refer to note 13 of the unaudited condensed consolidated interim financial statements of the Company for the three and six months ended June 30, 2022.

SABINA GOLD & SILVER CORP

Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.

Sabina filed an Updated Feasibility Study (the “UFS”) on its first mine on the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, with a post-tax IRR of ~28% and NPV5% of C$1.1B at a gold price of $1,600 USD. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The Project has received all major permits and authorizations for construction and operations.
The Company has arranged a comprehensive project financing package comprised of:

  • A US$425 million senior secured debt facility, gold prepay and stream package with Orion Mine Finance and Wheaton Precious Metals Corp.; and
  • US$221 million in equity including Zhaojin’s participation.

The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.

The Company continues to advance exploration and project optimization, including advancing the planned plant expansion to 4,000 tonnes per day from year two to initial startup.

All news releases and further information can be found on the Company’s website at www.sabinagoldsilver.com or on SEDAR at www.sedar.com. All technical reports have been filed on www.sedar.com

For further information please contact:

Nicole Hoeller, Vice-President, Communications: 1 888 648-4218
[email protected]

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