Sphinx Resources Ltd.March 2018

Successfully Generating Robust Zinc and Gold 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,

(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

2

Summary

TSX-V listed (ticker SFX) corporation focused on,

and headquartered in, 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 high-grade zinc + gold

All projects within proximity of existing or previous mines

Actively identifying new projects

3

Ownership

Shares outstanding: 91 M

Fully diluted: 138 M

Management, Board

& Advisory Committee: 16 %

Quebec institutions: 18 %

Top 100 shareholders: 89 % of shares

Very few shareholders outside Canada

4

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

5

Projects

6

Value drivers

2018

Drill & establish

resources potential

✓ Calumet-Sud (zinc)

Define targets & drill

✓ Tessouat (zinc)

✓ Chemin Troïlus (gold)

✓ Cheechoo-Éléonore Trend (gold)

Identify partner & drill

✓ GPd (palladium)

✓ Somanike (gold, nickel)

Five-year plan

✓ Advance projects with

strong partners that are

socially acceptable with

year-round access

✓ Make one or more

mine discoveries

✓ Create significant

shareholder value

7

Appendix

Supplemental information

8

Strategy & Focus

Maximize deal flow with strategic partners

Generate quality projects with:✓high-grade zinc or precious metals

✓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

9

Why Quebec?

Quebec:

6th rank on worldwide investment attractiveness index Fraser Institute - Survey of mining companies 2017

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

Sphinx’s team has considerable experience in Quebec

10

2013 to 2017

13 transactions including:

Sirios Resources (50% joint venture) 2016 discovery of the year in Quebec

✓Cheechoo-Éléonore Trend: gold

Soquem (50% joint venture)Quebec’s exploration agency, 50 years, 350 projects, 8 mines

✓ Calumet-Sud: zinc

Les Ressources Tectonic (100% Sphinx)

✓ Chemin Troïlus: gold

Gardin - Michel Gauthier (100% Sphinx)

✓Calumet-Sud & Tessouat: zinc

✓GPd: palladium

Osisko Gold Royalties, RNC Minerals, Globex (100% Sphinx)

✓ Somanike: gold, nickel

11

Team

Normand Champigny, M.A.Sc., Eng. - President , Chief Executive Officer & Director

✓ 36 years of experience in exploration and management in Canada and internationally

John W. W. 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 E. 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 Eeyou Istchee James Bay territory

12

François Biron, Eng. - 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 mineral 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, Quebec

Sylvain Laberge - Advisory Committee

✓ More than 25 years of experience in the mining industry and corporate communications

Team (continued)

13

Projects

Projects

Gold: Cheechoo-Eleonore Trend - 50% with Sirios

Gold: Chemin Troïlus - 100%

Zinc: Calumet-Sud - 50-50% with SOQUEMObwondiag, Tessouat, Tessouat-Sud - 100%

Palladium: GPd - 100%

Gold, nickel: Somanike -100%

14

Ziac (‘Zinc-Pontiac’)

District

40-km long northwest trending corridor defined by zinc-bearing rocks

Similar to Balmat-Edwards-Pierrepont zinc district, New York state

New projects within the Ziac:

✓ Tessouat-Sud (177 km2)

✓ Obwondiag (53 km2)

In addition, the Ziac includes:

✓ Calumet-Sud (12 km2), 50% Sphinx, 50% SOQUEM

✓ Tessouat (13 km2), 100% Sphinx

✓ GPd (41 km2), 100% Sphinx

15

16

Calumet-Sud

Zinc Project

50-50% joint venture with SOQUEM, 2% NSR to Gardin

Strong 1,800 m long lead-zinc anomaly adjacent to New Calumet Mines

First 13-hole drill program✓ 3 m at 4% zinc in an extensive mineralized zone (over 1 km2)

Second 11-hole drill program✓ 13.1% zinc over 1.0 m within 3.8% zinc over 5.0 m

✓ 9.0% zinc over 1.0 m within 3.1% zinc over 6.4 m

✓ 6.6% zinc over 1.4 m within 3.0% zinc over 6.8 m

✓ stratiform, shallow-dipping and near-surface horizon over a surface area 113 m by 60 m

Channel sample composites✓ 20.3 m at 2.4% Zn

✓ 6.0 m at 3.2% Zn

✓ 4.0 m at 3.3% Zn

Drill mineralized horizon to establish continuity & resource potential

17

19

Sphalerite bands

Sphalerite bands

Sphalerite bands

Sphalerite bands

18

19

9.0% zinc @1 m incl. 3.1% zinc @ 6.4 m

20

21

Tessouat

Zinc Project

Strong 400 m by 400 m lead-zinc anomaly UP TO 5,650 ppm

zinc over favourable host rock

100%-owned by Sphinx, 2% NSR to Gardin

Follow-up program: trenching and drilling - Q2-Q3 2018

22

GPd

Palladium Project

3.44 g/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% 0.2% Cu surface sample

Obwondiag layered igneous complex discovered

New and untested PGE reef with a potential extent of 11 km

2 or possibly 3 potential horizons of interest for PGE, open in all directions

100% owned, 2% NSR to Gardin

Completed 19-holes (1,931 m): 800 m mineralized ‘reef’ supported -

seeking drilling partner

23

24

Cheechoo-Éléonore Trend

Gold 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)

Completed & planned programs:

✓ Till sampling surveys identified 4 gold anomalies along trend

✓ Prospected on 2 best targets (completed, results pending), follow-up - Q2-Q3 2018

Opinaca geological sub-province

Source: NRCAN geoscan

All of this suggests that there is a gold-bearing granitic province on the outskirts of Opinaca.

Michel Gauthier, Presentation Quebec Mines conference November 2017

Cheechoo

ÉléonoreSakami

25

26

27

Chemin Troïlus

Gold Project

Q3 2016, recovered pristine gold grains in tills suggesting proximal source in

bedrock of mineralized boulders

Within corridor containing former Troïlus gold mine

(produced 2 million ounces of gold, 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)

Completed initial drill program, 2.5 g/t Au over 0.9 m,

two significant trends, follow-up till & rock sampling,

seek partner & drill – Q2-Q3 2018

28

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

2129

30

Somanike

Gold, Nickel 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

Unrecognized potential for iron-formation gold and zinc-copper-silver-gold

Drill targets ✓ Open depth and strike extension of Marbridge’s Mine 2 - 0.15 Mt > 3% Ni

✓ Other areas: 8 new targets identified (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 (new targets generated): ✓ Identify partner – Q2-Q3 2018

✓ Drill on selected high-grade nickel-platinum group elements targets and

gold or zinc-copper-silver-gold targets in and around Marbridge mine and elsewhere

31

Somanike

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

Former Marbridge Mine

Grade mapLooking southeast

2 - 10% Ni

1 - 2% Ni

Mine 2Mine 1Mine 4Mine 3

Composite Grades

200m

400m Open

OpenUnexplored

High-grade nickel sulphide mineralization with ultramafic rocks

Extensive untested ultramafic rocks identified

Limited lateral drilling

32

Sphinx Resources Ltd.1000 De La Gauchetière, Suite 2100

Montreal, QC H3B 4W5T: 1 514 979-4746