CORPORATE PRESENTATION February 2020 HUNTING FOR ELEPHANTS Forward - PowerPoint PPT Presentation

T S X V : S A E CORPORATE PRESENTATION February 2020 HUNTING FOR ELEPHANTS

Forward Looking Statements Certain statements in this presentation document are forward-looking statements, which reflect the expectations of management regarding the business development objectives and plans of Sable Resources Ltd. and it’s subsidiaries (collectively referred to as “Sable” or the “Company”. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward- looking statements in this presentation include: statements regarding the company’s pro posed targets for production and for other exploration and development plans; statements regarding exploration upside; statements regarding projected metallurgical recoveries; statements regarding plans for 2018 exploration and development; statements regarding expected costs; statements regarding the mill; and statements regarding 2018 objectives and targets. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward looking statements reflect management’s current views and are based on certain expectations, estimates and assu mptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with gold and silver exploration, (3) a decreased demand for gold and silver, (4) any number of events or causes which may delay exploration and development of the Company’s property interests, such as environme ntal liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, and (8) other factors beyond the Company’s control. These forward looking statements are made as of the date of this presentation and the Company assumes no obligation to update these forward looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company’s public filings with Canadian securities regulators, available on SEDAR at www.sedar.com. Any Resou rces, Reserves or other estimates as to the volume of mineralized rock contained herein are historical estimates and were completed prior to the implementation of NI 43-101 unless expressly stated. Sufficient work to classify the historic mineral resource as a current mineral resource has not been completed. Hence, the resource estimate should not be relied upon. 2 T S X V : S A E

Corporate Sable Leadership – Board & Management Team • Ruben Padilla – President & CEO • Tom Obradovich – Executive Chairman, Director • Brent Gilchrist – Director • Terry Harbort – VP Corporate Development, Director • Andres Tinajero – Director • Jonathon Rubenstein – Director • Luis Arteaga – VP Exploration, QP • Jason Kosec – VP Strategic Development F e b r u a r y 2 0 2 0 3 T S X V : S A E

Corporate Share Structure and Capitalization Capital Structure (C$M Except Per Share Figures) Dilutive Securities Type total warrants and options Amount Current Price (as at January 15, 2019) C$0.12 Options 12,500,000 52-Wk High C$0.36 Warrants 20,618,617 52-Wk Low C$0.09 OSK Financing (Shares) 16,000,000 Total 33,118,617 Other Shares Outstanding 162,141,897 (Add) Basic Shares Outstanding 162,141,897 Market Capitalization ( MCAD) $15 Fully Diluted Shares Outstanding 195,260,514 Cash (MCAD) 4.3 1 Year Share Price Performance Insiders Institutions Share Structure Retail Management & Board Own 13.1% 4.3 (M CAD) In The Treasury F e b r u a r y 2 0 2 0 4 T S X V : S A E

Sable Investment Summary TARGETING LAND POSITION PARTNERSHIPS Focused on underexplored Large size mineral tenure JDS Energy and Mining projects with good potential packages to allow for Inc., and Talisker for camp size projects to mineral belt scale Exploration Services Inc. allow for organic growth exploration and discovery of world class deposits INTELLECTUAL PROGRAM MANAGEMENT PROPERTY EXECUTION Proven management team Well proven systematic Big company exploration with over 47 M oz of scientific methodology and with experienced well- greenfield discoveries proprietary knowledge on trained country based epithermal and intrusion teams with local knowledge related systems and skills F e b r u a r y 2 0 2 0 5 T S X V : S A E

Strategy Scientific, Systematic and Phased Based Exploration Methodology F e b r u a r y 2 0 2 0 6 T S X V : S A E

Sable 2020 Work Program Disciplined Multi Target Exploration Plan Vinata – Mexico • Phase 1 Drilling – 4000 m • 2 Au/Ag epithermal target • Drill permits in hand • Completion - Q3 2020 • G&A 1 M USD Don Julio – Argentina • Target definition • 3000 m drill program 3.35 M USD • Drill permits in hand 2020 Budget • 6 drill targets ready • Completion - Q4 2020 • Aero mag survey • 2 M USD Scorpius – Peru • Phase 1 drilling permitting Exploration • Drill permitting Q3 completion • Completion - Q3 2020 • Farm out • 150 K USD Escarpe – Mexico • Target definitions complete • Permitting drill program • Completion - Q4 2020 • 20 K USD F e b r u a r y 2 0 2 0 7 T S X V : S A E

Sable Highlights Project Summary Phase 1 – Target Generation • + 1.26 million hectares in mineral applications and mineral titles. • 106 anomalies with pending and ongoing follow up work. Phase 2 – Drill Target Definition • 4 targets: Escarpe, Tocota and La Gringa porphyry targets, and the Fermin – base metal skarn. Phase 3 – Exploration Drilling • 7 projects • San Gabriel, Lodo Norte, Lodo South, Colorado, Vinata North, Vinata South – High grade Au-Ag epithermal veins. • Scorpius – Au High sulphidation epithermal heap-Leaching - OP target Phase 4 – Resource Drilling • 1 deposit: Margarita – open pitable Ag epithermal deposit. F e b r u a r y 2 0 2 0 8 T S X V : S A E

Projects Technical Material Technical Appendix F e b r u a r y 2 0 2 0 9 T S X V : S A E

Discovery Approach and Strategy Systematic Approach 1-Area selection: from large (country scale) to small scale (district scale) 2-Project management: from conceptual to resource definition (maintain pipe line flow) 3-Right budget and Persistence: minimum 3 years to decision point PIPE LINE: PROJECT MANAGEMENT Lonely Giant Conceptual P2 P3 P4 P1 stage Resource Drilling drilling Drill target 7 Projects 1 Deposit definition Mineral Belt Mineral Province 4 targets District Target generation 106 anomalies 1,262,482 ha. total: • Mexico 1,201 453 ha. • San Juan (Argentina) 58,629 ha. • Peru 2400 ha. 95% staked and 100% owned by Sable. F e b r u a r y 2 0 2 0 10 T S X V : S A E

Don Julio District Systematic Exploration in an Endowed Terrain 58,629 ha land package o 19 initial aster-mineral occurrence anomalies o First 2 years work done over 9 of the 19 anomalies Sable’s work has defined multiple large porphyry - o epithermal systems Potential for large Au-Ag – base metal deposits o Pascua-Lama – El Indio Extension o 6 targets ready to drill at the end of 2020 o Drill permits ready 59 km to Barrick’s Alturas deposit (8.9Moz inferred o resource) as of December 2018 130 km to Barrick’s Veladero mine (2.5 MOz reserves; o 1.8MOz resources) as of December 2018; plus past production o Possible Extension of El Indio-Pascua District (50Moz+) o Extensive Au, Ag, Cu, base metals surface anomalies Located in Argentina’s Mining Friendliest San o Juan Province o Option to Earn 100% F e b r u a r y 2 0 2 0 11 T S X V : S A E

The Don Julio Cluster of Targets – San Juan Argentina Large Porphyry – Epithermal Environment – 100% Land Control San Gabriel Tocota 7 KM Heaven Hill Esperanza Punta Cana 12 KM 6 DRILL TARGETS • 2 advanced argillic - high sulphidation centres • Multi-kilometers intermediate sulphidation peripheral veins • 1 outcropping Zn-Pb-Cu-Ag skarn • 2 interpreted concealed porphyries F e b r u a r y 2 0 2 0 12 T S X V : S A E

Vinata Grassroots Finding From Systematic Exploration o Grassroots Finding o Two targets: Vinata North and Vinata South o Not Previously Drilled o Strong Pathfinder Indicators o Low-Sulphidation Epithermal Au o Mining Friendly Chihuahua o 100% Sable Owned o Completed 43-101 o 7 Holes Completed o Drilling Ongoing F e b r u a r y 2 0 2 0 13 T S X V : S A E

Escarpe Multiple Drill Ready Targets o Grassroots finding o Upper Level Low-Sulphidation Epithermal Au o Close to Infrastructure o Chalcedonic to Opaline Textures o Mineralized Above Bonanza Au to 1.5g/t, Ag to 66g/t o 100% Sable Owned o Completed 43-101 F e b r u a r y 2 0 2 0 14 T S X V : S A E