Sabina Gold & Silver Announces Interim Financial Results for the Quarter Ended September 30, 2022


Sabina Gold & Silver Corp.

C$80.6 million in cash and short-term investments

VANCOUVER, British Columbia, Nov. 08, 2022 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF – OTCQX) publishes the interim financial results for the quarter ended September 30, 2022.

“The summer marked another successful quarter for the Company,” said Bruce McLeod, President and CEO of the Company. “Underground development continues to progress with approximately 1,200 meters completed with the first side access to the Umwelt area and preparations for the first ventilation raise commencing. The plant, camp and depot civil works are complete with pre-stripping at the Echo pit well advanced with the first ore now encountered. In addition, civil works continued at the port facility, enabling the delivery of materials and fuel for our 2022 sealift. Our human resources team continued its major recruitment and training campaign. hiring with many key positions filled in the third quarter. Additionally, we opened the George Camp for the first time in a decade and completed a field program in preparation for exploration drilling in the spring of 2023. Preparations are now underway for the construction of the ice road in winter, which, when completed, will allow the transportation of critical materials. construction supplies and equipment in Goose in early spring 2023.”

Third Quarter 2022 Highlights:

  • The Company ended the quarter with cash and cash equivalents and short-term investments of $80.6 million.

  • Following a formal construction decision in early September, on September 28, 2022, the Company received the first of four payments of US$31.25 million on the US$125 million gold stream arrangement with Wheaton Precious Metals Corp.

  • During the quarter, the Company advanced various initiatives for the construction of the Goose Mine, including the 2022 sealift of critical supplies and equipment to the port facility and a $9.2 million bulk fuel delivery. liters of diesel, internal quality checks related to various engineering design packages and activities related to finalizing performance warranties with FLSmidth on key equipment in the Goose mine flowsheet.

  • The Company has completed a summer field exploration program at George, which involved the re-logging of selected historical drill core sections and targeted field assessments to construct a revised structural map that will provide critical checks on the gold mineralization. A drilling program is planned for the spring of 2023.

  • For the three and nine months ended September 30, 2022, the Company reported net income of $19.0 million or $0.03 per share and net income of $27.4 million or $0. $06 per share, respectively. Reported net income was primarily attributable to unrealized gains on the change in fair value of construction financing bonds, with after-tax amounts of $21.5 million and $37.1 million for the three and nine months ended September 30, 2022, respectively.

For the complete interim financial statements as of September 30, 2022 and the MD&A, please visit the company’s website at or on SEDAR.


Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the advanced, high-grade Back River gold district in Nunavut, Canada.

Sabina has filed an Updated Feasibility Study (the “UFS”) on its first mine in the District, the Goose Mine, which outlines a project that will produce approximately 223,000 ounces of gold per year (average of the first five years of 287,000 ounces per year with a peak production of 312,000 ounces in the third year) for approximately 15 years with a rapid return on investment of 2.3 years, with an after-tax IRR of approximately 28% and an NPV of 5% of C$1.1 billion at a gold price of US$1,600. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The project has received all major construction and operating permits and approvals.

The Company has put in place a complete financial package for the project including:

  • A US$425 million senior secured credit facility, prepayment and gold flow package with Orion Mine Finance and Wheaton Precious Metals Corp. ; and

  • $221 million in equity, including Zhaojin’s stake.

The Company is also very committed to its Inuit stakeholders, with a focus on Inuit employment and opportunities. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and is committed to various sustainability initiatives as part of the agreement.

The Company continues to advance exploration and project optimization, including ramping up the planned mill expansion to 4,000 tonnes per day from year two to initial start-up.

All press releases and further information can be found on the Company’s website at or on SEDAR at All technical reports have been filed on

For more information, please contact:

Forward-looking information
This press release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including, but not limited to, statements relating to the intended use of proceeds from the construction finance package and projections and assumptions of UFS results. These forward-looking statements are made as of the date of this press release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, results or results anticipated or implied by such forward-looking statements will occur or that the plans, intentions or expectations about which the forward-looking statements are based will occur. Although we have based these forward-looking statements on our expectations regarding future events as of the date such statements were prepared, the statements are not guarantees that such future events will occur and are subject to risks, uncertainties, assumptions and other factors that could cause events or results to differ materially from those expressed or implied by such forward-looking statements. These factors and assumptions include, among others, the uncertainty of production, development plans and cost estimates for the Back River Gold Project; differences between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs; interpretation of drilling, metallurgical testing and other exploration results; the Company’s ability to retain its key management and qualified and experienced personnel; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these and other risks and uncertainties ; property and mining title risks, including defective title to mining claims or property; the effects of general economic conditions, commodity prices, changing exchange rates and actions of governmental and regulatory authorities; and errors in judgment in preparing forward-looking statements. In addition, there are known and unknown risk factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional funding; calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; metal price fluctuations; the title matters; government regulations; obtain and renew necessary licenses and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest between some of our officers or directors; the absence of dividends; currency fluctuations; labor disputes; competition; dilution; volatility in the price and volume of our common stock; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our annual information form, financial statements and MD&A for the year ended December 31, 2021 filed with the Canadian Securities Administrators and available at Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actual actions, events or results are not those anticipated, estimated or intended. . There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or change any forward-looking statements, except as required by applicable securities laws.

Bruce McLeod, President and CEO
1800-555 Burrard Street, Center Two Bentall
Vancouver, BC V7X 1M9
Such. 604 998-4175 Fax. 604 998-1051

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