Zhaojin Participation Increases Project Financing Package to ~US$530m

Sabina Gold & Silver Corp. (TSX:SBB) (OTCQX:SGSVF) is pleased to announce that it has closed the second tranche of the equity private placement from Orion Mine Finance and Wheaton Precious Metals Corp. in connection with the previously announced Project Financing Package. The equity private placement with Zhaojin International Mining Co. Ltd has also closed.

The second tranche of the private placement comprises the issuance of 16,905,354 common shares of the Company to Orion, 4,508,094 common shares of the Company to WPM and 8,784,310 common shares of the Company to Zhaojin for total net proceeds of approximately CAD$39.3 million.

“This funding gives us the financial flexibility to continue site activities and hedge against inflation with the early procurement of items needed for the building of the Goose Mine,” said Bruce McLeod, President & CEO. “We look forward to closing the third tranche of this financing in Q2, 2022.”

About Sabina

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

Sabina recently filed an Updated Feasibility Study 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 NPV_5% of C$1.1B. 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 received its final major authorization on June 25, 2020 and is now in receipt of all major permits and authorizations for construction and operations.

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.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.