Mr. Normand Champigny reports

SPHINX: CORPORATE UPDATE

Sphinx Resources Ltd. will hold its annual general and special meeting on Oct. 6 in Montreal. The record date is July 29, 2016.

Stock option plan

Sphinx has amended its stock option plan. The amendment increases the maximum number of shares issuable upon exercise of the options granted to directors, officers, key employees and consultants of Sphinx pursuant to the stock option plan from 1,543,000 to 4.7 million. Such number represents less than 10 per cent of the total number of shares issued and outstanding. The amendment is conditional to the approval by the TSX Venture Exchange.

Warrants extension

Sphinx has also extended, subject to approval by the TSX-V, the 8,389,615 warrants due to expire on Sept. 5, 2016, and the 1,925,000 warrants due to expire Sept. 12, 2016, respectively, for two years such that the new expiry dates are Sept. 5, 2018, and Sept. 12, 2018, respectively.

We seek Safe Harbor.