SphinxResourcesLtd.May2017

SuccessfullyGeneratingRobustPreciousMetalsandZincProjects

Forward-Looking Statements

This corporate presentation may contain forward-lookingstatements that are subject to known and unknown risks anduncertainties that could cause actual results and activities to varymaterially from targeted results and planning. Such risks anduncertainties include those described in Sphinx’s periodic reportsincluding the annual report or in the filings made by Sphinx fromtime to time with securities regulatory authorities.

The technical information contained in this presentation has beenreviewed and approved by Normand Champigny,(Eng., B.A.Sc., M.A.Sc.), President and CEO of Sphinx, qualifiedperson for the purposes of National Instrument 43-101,Standards of Disclosure for Mineral Projects.

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Summary

TSX-V listed (ticker SFX) corporation focused on,and headquartered in, QuebecProject generator business model key to maximizing long term shareholder valueTeam of proven mine finders in Quebec/Labrador:ü Éléonore and Rainy River (gold)

ü Bracemac-McLeod (zinc-copper)

ü Voisey’s Bay (nickel)

Focus on precious metals & high-grade zinc + precious metalsAll projects within proximity of existing or previous minesActively identifying new projects

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Ownership

Shares outstanding: 84 M

Fully diluted: 129 M

Management, Board & Advisory Committee: 12 %

Quebec institutions: 20 %

Top 100 shareholders: 85 % of shares

Very few shareholders outside Canada

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Successful Project Generator

Socialacceptability

Groundaccess

Precious&basemetalspotential

Highgrademetamorphicterranes

Dealflowwithstrategicpartners

Projectgeneration Long-termshareholdervalue

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Projects

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Value drivers

2017Drilling on 3 projectsü Calumet-Sud (zinc, silver, gold)ü Green Palladium (palladium)ü Chemin Troïlus (gold)

Drill target definitionü Cheechoo-Éléonore Trend (gold)

Partner identification & drillingü Somanike (gold, nickel-copper,

platinum group elements)

Five-year plan

ü Advance projects that are socially acceptable with year-round access

ü Make one or more mine discoveriesü Create significant shareholder value

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AppendixSupplemental information

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DataSources:S&PCapitalIQandYahooFinanceSource:FundamentalResearchCorp.

OutperformedtheTSX-V

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Strategy & Focus

Maximize deal flow with strategic partners

Generate quality projects with:ühigh-grade precious metals and a focus on zincügood social acceptabilityü low cost exploration through a focus on drilling and leveraging

strategic partnerships

Maintain a diverse portfolio with projects:ü in different high grade metamorphic terranes

of different levels of advancement

Concentrate first on Quebec with potential expansion into other Canadian provinces

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Why Quebec?

Quebec:6th rank on worldwide investment attractiveness index

Fraser Institute - Survey of mining companies 2016

Significant tax advantages (tax credit and low after-tax cost for flow-through-share)

Sphinx’s team has considerable experience in Quebec

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2014 to 201611 transactions including:

Sirios Resources (50% joint venture) 2016 discover of the year in QuebecüCheechoo-Éléonore Trend: gold

Soquem (50% option and joint venture)Quebec’s exploration agency, 50 years, 350 projects, 8 minesü Calumet-Sud: zinc-lead-silver-gold, palladium-platinum-copper

Les Ressources Tectonic (100% Sphinx)ü Chemin Troïlus: gold-copper

Gardin - Michel Gauthier (100% Sphinx)üCalumet-Sud: zinc-lead-silver-goldüGreen Palladium: palladium-platinum-copper

Osisko Gold Royalties, RNC Minerals, Globex (100% Sphinx)ü Somanike: nickel-copper and platinum-group elements

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Team

Normand Champigny, M.A.Sc., Eng. - President , Chief Executive Officer & Directorü 36 years of experience in exploration and management in Canada and internationally

John Hick, BA, LL.B. - Chairman of the Boardü More than 30 years of experience in the mining industry in management positions and

as independent director

Kerry Sparkes, M.Sc. - Directorü 25 years of experience in the mining industry, exploration geologist and executiveü Key person involved in the exploration, delineation and development of both the

Voisey’s Bay nickel and the Rainy River gold depositsü Currently V.P. Geology for Franco-Nevada Corporation.

Michel Gauthier, Ph.D. - Directorü 44 years of experienceü Professor of mineral prospecting at l’Université du Québec in Montréalü Co-baptized a gold prospect, named Éléonore, in the James Bay region

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François Biron, Eng. - Directorü More than 40 years of experience in project evaluations and operations

managementü Considerable experience with environmental issues and social acceptability of

mining projects

Ingrid Martin, CPA, CA - Chief Financial Officer & Directorü Over 25 years of experience in accounting and finance of public companies and

since 2004 involved with several mining exploration companies

Robin N. Adair, M.Sc. (géo., P. Geol.) - Advisory Committee ü 32 years of experience including 25 years with Noranda and Falconbridgeü Participated to the discovery of the Bracemac-McLeod zinc-copper mine

Team (continued)

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Projects

Projects

Zinc: Calumet-Sud - 100% under option agreement with SOQUEM

PGE–copper: Green Palladium - 100%

Gold: Cheechoo-Eleonore Trend – 50% with Sirios

Gold: Chemin Troïlus - 100%

Nickel-copper-PGE, gold: Somanike -100%

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Cheechoo-Éléonore Trend Project

50-50% joint venture with Sirios Resources (operator)

Minimum of $ 500,000 by each party over the next 5 years

Combination of deep gold expertise in the Eeyou Istchee James Bay territory

Underexplored gold trend continuing from: ü Sirios’ Cheechoo gold discovery ü Éléonore gold mine (operated by Goldcorp)

Planned program:ü Till sampling survey along trend (completed)ü Identify best gold anomalies and investigate in the field – Q2-Q3 2017

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Calumet-SudGreen Palladium ProjectsCalumet-Sud

Strong 1,800-metre long lead-zinc anomalyNew electromagnetic anomalies, 2 to 3 km from New Calumet MineTrenches include 3% Zn over 10 m6.9% Zn over 1 m100% owned, 50% option to SOQUEM 2% NSR to GardinExtension of SW portion of palladium mineralization of Green PalladiumCompleted 13-hole program: zinc mineralization found,assay results - Q2 2017

Green Palladium3.44g/t PGE discovered by drilling3.3 g/t, 2.3 g/t and 0.6 g/t Pd as well as 3.2%, 3.3% and 0.2% Cu surface sampleObwondiag layered igneous complex discoveredNew and untested PGE reef with a potential extent of 11 km2 or possibly 3 potential horizons of interest for PGE, open in all directions100% owned, 2% NSR to GardinCompleted 10-hole program: 800 m mineralized reef confirmed, assay results - Q3 2017

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Palladium-copper Mineralization

Sample MB250414-013.2 g/t Pd, 3.2% Cu, 0.18% Ni, 84 ppb Pt, 143 ppb Au

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Green Palladium ProjectSurface mineralization

Cloudy &disseminated chalcopyrite

Mingling texturespyroxenite in gabbro

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Green Palladium Surface Geochemistry

Sample MB250414-013.2 g/t Pd, 3.2% Cu, 0.18% Ni, 84 ppb Pt, 143 ppb Au

Soil geochemistry(Niton portable XRF)

Copper = main indicator

Spot cobalt

Palladium-CopperDiscovery

3.45g/tPGE/0.40m1.25g/tPGE/1.50m

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Chemin Troïlus Project

Q3 2016, recovered pristine gold grains in tills suggesting proximal source in bedrock of mineralized boulders

Within corridor containing former gold-copper Troilus mine (produced 2 million ounces of gold and 70,000 tonnes of copper), discovered by boulder tracing and drilling

Located 110 km north-northwest of Chibougamau, Eeyou Istchee James Bay territory, good road access

Acquired from Les Ressources Tectonic, 33 km2 (100% owned)

Planned program: Surface geophysics (completed), define and test drill targets - Q2-Q3 2017

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Gold-bearing boulder, sample 963314 : 1.57 g/t

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2130

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Somanike Project

Drilling: 1.41% Ni, 0.05% Cu, 0.30 g/t Pd, 0.04 g/t Pt @ 0.5 m,includes former Marbridge mine: 0.7 Mt @ 2.3% Ni, 0.1% Cu

Unrecognized potential for gold and VMS (zinc-copper-silver-gold)

Drill targets ü Open depth and strike extension of Marbridge’s Mine 2 - 0.15 Mt > 3% Niü Other areas: 8 new targets identified (conductors) over 4 km of cumulative length

Acquisition from Virginia/Royal Nickel/Globex, 47 km2 (100% owned)

Cooperation agreement with Abitibiwinni first nation/Pikogan

Planned program (new targets generated): ü Identify strategic project partner - Q2-Q3 2017ü Drill on selected high-grade nickel-platinum group elements targets and

gold or VMS targets in and around Marbridge mine and elsewhere

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Somanike ProjectFormer Marbridge Mine

No environmental legacyStrong community support and understanding of miningNo agriculture over project area

FirstproductionMarbridgeMine,1962

Past Producer

Marbridge

Mine2

Mine1

Somanike ProjectMarbridge Mine - 3D

GrademapLookingsoutheast

2- 10%Ni1 - 2%Ni

Mine2 Mine1Mine4Mine3

CompositeGrades

200m

400m Open

OpenUnexplored

High-grade nickel sulphide mineralization with ultramafic rocksExtensive untested ultramafic rocks identifiedLimited lateral drilling

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Montreal,QC H3B4W5T:1514979-4746