Sphinx Resources Ltd. March 2017

Successfully Generating Robust Precious Metals and Zinc Projects

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, (Eng., 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.

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Sphinx Resources Ltd.

Summary Successful project generator Strategy & focus Why Quebec? Deals Team Ownership Projects Value drivers

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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

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Successful Project Generator

Social acceptability

Ground access

Precious & base metals

potential

High grade metamorphic terranes

Deal flow with strategic partners

Project generation Long-term shareholder value

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

Outperformed the TSXV

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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

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Why Quebec?

Quebec: 6th rank on worldwide investment attractiveness index Fraser Institute - Survey of mining companies 2016

Significant tax advantages (tax credit and low after-tax cost for flow-through-share) Sphinx’s team has considerable experience in Quebec

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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

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Ownership

Shares outstanding: 84 M Fully diluted: 129 M Management, Board & Advisory Committee: 12 % Quebec institutions: 20 % 70 shareholders: 72 % of shares

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Team

Normand Champigny, M.A.Sc., Eng. - 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

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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 Over 25 years of experience in accounting and finance of public companies and

since 2004 involved with several mining exploration companies

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

Team (continued)

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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

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Calumet-Sud Green Palladium Projects Calumet-Sud

Strong 1,800-metre long lead-zinc anomaly New electromagnetic anomalies, 2 to 3 km from New Calumet Mine Trenches include 3% Zn over 10 m 6.9% Zn over 1 m 100% owned, 50% option to SOQUEM 2% NSR to Gardin Extension of SW portion of palladium mineralization of Green Palladium Planned program: drill Q1 2017

Green Palladium 3.44g/t PGE discovered by drilling 3.3 g/t, 2.3 g/t and 0.6 g/t Pd as well as 3.2%, 3.3% and 0.2% Cu surface sample Obwondiag layered igneous complex discovered New and untested PGE reef with a potential extent of 11 km Presence of 4 kilometric scale target zones within the complex 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

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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

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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

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Value drivers

Calumet-Sud/Green Palladium Drill surface zinc-silver-gold

and palladium reef targets (Q1)

Cheechoo-Éléonore Trend

Perform more sampling of tills and prospecting

Define drill targets (Q2-Q3)

Chemin Troilus Project Perform surface geophysics,

to identify source of boulders & define and test drill targets (Q2-Q3)

Somanike Project Identify project partner Drill on selected targets

in and around Marbridge mine

Continue to review project generation and acquisition opportunities

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Appendix Maps of projects & results

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Sphinx Projects

Projects Zinc: Calumet Sud: 100% under Agreement with SOQUEM PGE–copper: Green Palladium: 100% Gold: Eleonore – Cheechoo Trend: under agreement with SIRIOS Gold: Chemin Troilus: 100% Nickel–copper–PGE, gold: Somanike: 100%

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Calumet-Sud & Green Palladium Projects- Geology

Obwondiag layered igneous complex

Calumet Mine 3.8 Mt @ 5.8% Zn, 1.6% Pb,

65 g/t Ag, 0.4 g/t Au

Zinc Discovery 5.4% Zn over 2 m

Pd + Pt + Au Discovery 3.45 g/t Pd+Pt+Au / 0.40m, and 1.25 g/t Pd+Pt+Au / 1.50m.

Located in the Pontiac Regional County Municipality in southern Québec Exploration and mining friendly region

Excellent infrastructure

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

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Palladium-copper Mineralization

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

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Green Palladium Project Surface mineralization

Cloudy & disseminated chalcopyrite

Mingling textures pyroxenite in gabbro

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Green Palladium Surface Geochemistry

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

Soil geochemistry (Niton portable XRF)

Copper = main indicator Spot cobalt

Palladium-Copper Discovery 3.45 g/t PGE /0.40m 1.25 g/t PGE / 1.50m

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Green Palladium Project

2017 Exploration Program A – Main showing 3 DDH

B – SW Extension 2 DDH 1 deepening

C - Outer trend 2 DDH

D – Inner Trend Field check 1 DDH

E – Zone Nord Field check 1 DDH

Field check airborne picks

A

B C

E

D

Palladium-Copper Discovery 3.45 g/t PGE /0.40m 1.25 g/t PGE / 1.50m

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

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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.

Ultramafic rocks Marbridge Mine (past producer)

Legend

Targeting Drill-ready Ni–Cu–PGE targets Nickel showings - 2015

Sphinx discovery: 1.41 % Ni / 0.5 m

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

Project = 51.5 km2

VTEM anomalies - 2014 34

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Somanike Project Former Marbridge Mine

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

First production Marbridge Mine, 1962

Past Producer

Marbridge

Mine 2

Mine 1

Somanike Project Marbridge Mine - 3D

Grade map Looking southeast

2 - 10% Ni

1 - 2% Ni

Mine 2 Mine 1 Mine 4 Mine 3

Composite Grades

200m

400m Open

Open Unexplored

High-grade nickel sulphide mineralization with ultramafic rocks. Extensive untested ultramafic rocks identified. Limited lateral drilling.

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Sphinx Resources Ltd. 1000 De La Gauchetière, Suite 2100

Montreal, QC H3B 4W5 T: 1 514 979-4746