Sabina Gold & Silver Announces Interim Financial Results For The Quarter Ended September 30, 2021

10 November 2021

$42.4 million in cash, pre-development activities continue

November 10, 2021, VANCOUVER –Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF - OTCQX) reports the interim financial results for the three and nine months ended September 30, 2021.

“Sabina continues to progress pre-development activities at Back River during the quarter,” said Bruce McLeod, President & CEO. “Work on the Umwelt underground exploration ramp continues as well as other civil works at site to better prepare the project for a production decision once financing is obtained. At the Port Facility, the Company received five vessels during the shipping season delivering equipment needed for 2022 activities. Work is now focused on preparing equipment for construction of a winter ice road during the first quarter of 2022 so that all procured items can be delivered from the Port Facility to the Goose site next spring. Additionally, during the quarter, the Company completed a field program at the George Property, the next exploration focus for the Back River Belt. The team also completed detailed engineering on the process plant and progressed the project financing process.”

Q3 2021 Highlights:

  • The Company has cash and cash equivalents of $42.4 million on September 30, 2021.
  • In August, Sabina entered a US$20 million senior secured credit facility to fund critical path activities while management continues to advance full project financing.
  • Multiple sealifts were successfully received at the Port Facility containing critical path procurement items, including the first phase of the permanent camp accommodation complex, the mill building, bulk construction supplies and a variety of mobile equipment. Additionally, the Company received its first shipment of bulk diesel with two million liters transferred from the shoreline pad to the new 10-million liter bulk storage tank.
  • The Company acquired a variety of mobile equipment through equipment financing loans with two suppliers, including the phase one open pit mining fleet and certain underground equipment for the exploration ramp.
  • During the quarter, the Company completed detailed engineering for the process plant and the Goose fuel farm design.
  • For the three and nine months ended September 30, 2021, the Company reported net losses of $2.4 million or $0.01 per share and $5.4 million or $0.02 per share, respectively.

For the September 30, 2021, interim financial statements and the associated Management’s Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com or on SEDAR.

Sabina Gold & Silver Corp

Sabina Gold & Silver Corp. is well-financed and is an emerging precious metals company with district scale, advanced, high grade gold assets in Nunavut, Canada.

Sabina recently filed an Updated Feasibility Study (the “UFS”) on its 100% owned Back River Gold Project 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. 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.

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