Sabina Gold & Silver Released its Interim Financial Results for the Fiscal Quarter

Sabina Gold & Silver Corp. announced interim financial results for the fiscal quarter ending September 30, 2022. "Summer witnessed another outstanding quarter for the Company," stated Bruce McLeod, President and CEO of the Company. "Underground development continues to progress, with roughly 1,200 meters completed, including the first lateral access to the Umwelt zone and the start of preparations for the first ventilation lift." The plant, camp, and laydown civil works are finished, and pre-stripping at the Echo pit is well underway, with the first ore discovered.

Additionally, civil construction at the Port Facility progressed, allowing materials and fuel for our 2022 sealift to be delivered. In Q3, our human resources team maintained its big recruiting and hiring push, filling numerous essential jobs. In addition, for the first time in a decade, we opened the George camp and finished a field program in preparation for exploration drilling in the spring of 2023. Construction of the Winter Ice Road is already underway, and when completed, it will allow vital construction materials and equipment to be transported to Goose early in the spring of 2023."

Highlights from the third quarter of 2022: The company concluded the quarter with $80.6 million in cash and cash equivalents and short-term investments. Following a formal construction decision in early September, the Company received the first of four payments of US$31.25 million under the US$125 million gold stream agreement with Wheaton Precious Metals Corp. on September 28, 2022.

During the quarter, the Company advanced a number of initiatives related to the Goose Mine's construction, and including 2022 sealift of critical supplies and equipment to the Port Facility and a bulk fuel delivery of 9.2 million litres of diesel, internal quality controls related to the various engineering design packages, and activities related to the finalization of performance guarantees with FLSmidth on key equipment for the Goose Mine processing flowsheet.

The Company conducted a summer exploration field campaign at George that included the re-logging of select historic drill core sections as well as targeted field assessments to create an updated structural map that will offer key controls on gold mineralization. A drill campaign is scheduled for the spring of 2023.

The Company reported net income of $19.0 million or $0.03 per share for the three and nine months ended September 30, 2022, respectively, and net income of $27.4 million or $0.06 per share. The reported net income is principally driven by unrealized gains on the change in fair value of construction finance commitments, which were $21.5 million and $37.1 million, respectively, for the three and nine months ended September 30, 2022.

Please check the Compan. for the complete September 30, 2022 interim financial statements and Management's Discussion & Analysis.

Sabina Gold & Silver Corp. is a growing gold mining business that controls 100% of Nunavut, Canada's district size, advanced, high grade Back River Gold District.

Sabina filed an Updated Feasibility Study (the "UFS") on its first mine in the district, the Goose Mine, presenting a project that will produce 223,000 ounces of gold per year (first five years average of 287,000 ounces per year with peak production of 312,000 ounces in year three) for 15 years with a rapid payback of 2.3 years, a post-tax IRR of 28%, and an NPV5% of C$1.1B at a gold See the March 3, 2021 "National Instrument (NI) 43-101 Technical Report - 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada."

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