Sabina Gold & Silver Corp. (TSX:SBB) (OTCQX:SVSVF) is pleased to announce that it has closed the third tranche of the US$95 million equity private placement to Orion Mine Finance and Wheaton Precious Metals Corp. in connection with the previously announced Project Financing Package to fund construction and development of the Goose Mine at Sabina’s 100% owned Back River Project in Nunavut, Canada.

The first tranche of the Orion and Wheaton financings closed on February 11, 2022, resulting in the issuance of 46,209,769 common shares of the Company to Orion and 12,322,605 common shares of the Company to Wheaton for gross proceeds of $76.1 million.

The second tranche of the Orion and Wheaton financings closed on March 7, 2022, resulting in the issuance of 16,905,354 common shares of the Company to Orion and 4,508,094 common shares of the Company to Wheaton for gross proceeds of $27.8 million. To maintain its 9.9% ownership of the Company and pursuant to its participation right under the shareholder agreement between Zhaojin International Mining Co. Ltd. (“Zhaojin”) and the Company, on February 16, 2022, Zhaojin agreed to purchase 10,122,875 common shares in two separate tranches. Concurrently with the closing of the second tranche, the Company issued 8,784,310 common shares to Zhaojin for total gross proceeds of approximately $11.4 million.

The third tranche of the Orion and Wheaton financings closed today after receiving shareholder approval on May 25, 2022, resulting in the issuance of 9,617,569 Common Shares to Orion and 2,564,685 Common Shares to WPM for total net proceeds of approximately $15.8 million. With the closing of the third tranche and receipt of shareholder approval, the Company will also issue 1,338,565 Common Shares to Zhaojin, for gross proceeds of approximately $1.7 million.

About Sabina

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 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 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 tpd from Year two to initial startup.