Mr. Bruce McLeod reports

SABINA PLANS BACK RIVER PROJECT RE-OPENING

Plans are now in place for a phased reopening of Sabina Gold & Silver Corp.'s Back River project in Nunavut, Canada.

With a fully subscribed offering scheduled to close on June 3, 2020, the commencement of the deferred exploration drill program, along with other project predevelopment activities, is planned to begin in July.

In addition, Zhaojin International Mining Co. Ltd. has elected to exercise its participation right under its shareholder agreement with the company to maintain its 9.9-per-cent holdings in Sabina's common shares.

Contemporaneously with the closing of the financing, an additional 151,083 flow-through common shares of the company at $2.40 per share have been subscribed for and will also close on June 3, 2020.

"We are pleased to have developed plans to enable us to safely return to the Goose site to commence exploration and predevelopment activities," said Bruce McLeod, president and chief executive officer. "Although we will be working at a reduced camp capacity due to recently established COVID-19 safety protocols, we can once again begin derisking the project as we advance towards becoming a gold producer. We anticipate camp reopening in early July and are looking forward to getting back to work. Over the last two years, while markets have not been conducive to obtaining full project financing on acceptable terms, we were able to fund and complete some initiatives critical to the success of the project. These proceeds will enable us to continue to do this and to advance the project to a state of readiness for a production decision when the time is right."

Summer drilling and planned exploration decline at Umwelt

Since demobilizing personnel from the Goose camp in March due to the COVID-19 pandemic, the company has been working in consultation with external parties to develop camp protocols to ensure the safety of its work force and the surrounding communities. Sabina will continue to engage with relevant parties, including the government of Nunavut, the government of the Northwest Territories, Kitikmeot Inuit Association and Kitikmeot communities, as additional information on the pandemic becomes available. Protocols will be modified based on new information to ensure safety measures remain appropriate. The company expects that its planned drilling campaign will recommence in July.

Approximately 6,500 metres will test for the definition and expansion of a thickened, high-grade corridor of mineralization within the Umwelt underground, initially at the Vault zone and in the up-plunge direction toward the bottom of the proposed pit. Recent drilling and modelling show that the high-grade corridor extends through Vault, up and down plunge, with potential for significant optimization through additional drilling.

Additionally, flow-through proceeds raised from this offering will be used to commence civil works for the establishment of an exploration decline, which will allow the company to fully evaluate and further explore the high-grade Umwelt deposit. If this drilling is successful, it could potentially provide for the earlier release of high-grade ores to the mine plan and positively impact the production profile and project economics.

Further, internal studies have been completed to evaluate the potential to add resources to the project from new discoveries at Umwelt, Llama and Nuvuyak, as well as include already-defined resources at Goose Main and Echo that are not currently included in the mine plan. These internal studies could serve as the basis to plan infill drilling programs going forward.

Project development activities

Commencing this summer, the company plans to undertake other predevelopment works, including: the extension of an airstrip to allow heavy-lift aircraft; roads; and the predevelopment of pads and laydown areas at the Goose site. The company also plans to complete detailed engineering, which, when complete, will be the basis for an updated capital cost estimate for the project.

Budgets and work plans for the remainder of 2020 and 2021 are currently under way and will be announced once completed.

About Sabina Gold & Silver Corp.

Sabina Gold & Silver is well financed and is an emerging precious metal company with district-scale, advanced, high-grade gold assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.

We seek Safe Harbor.