Sphinx Resources

Sphinx appoints Daniel Deschambault as CEO and Director

Montréal, August 24, 2021 – Sphinx Resources Ltd. (“Sphinx” or the “Corporation”)
(TSX-V: SFX) is pleased to announce the appointment of Daniel Deschambault as Chief
Executive Officer and President, effective immediately. He is also being appointed a
Director. Jeremie Ryan has resigned as Chief Executive Officer and President as well
as Director, but will remains available for the transition process.

Mr. Deschambault is a member of the Chartered Public Accountants for 35 years and
was a Certification Partner for 22 years for a major Canadian firm. He has acquired
good experience in the mining field and more particularly in mineral exploration and also
participated in mergers and acquisitions and sale of companies.
Sphinx will continue to evaluate any business opportunities that could improve the
return for its shareholders.

On behalf of the Board, Pierre-André Viens stated: “We are pleased to have Mr.
Deschambault take on the role of CEO and President, and also to welcome him as a
member of the Board. We would like also thank Mr. Ryan for his involvement in the
Corporation since 2018”.

Sphinx is pleased to announce that 3,000,000 stock options (the “Options”) have been
granted to Mr. Deschambault. These Options have an exercise price of $0.05 per share
and are exercisable during a 10-year period. All Options will vest in three equal
tranches. These Options have been granted in accordance with Sphinx’s stock option

About Sphinx

Sphinx is a mineral exploration company that focuses its activities in southwestern Quebec in search of deposits of precious metals (palladium, platinum, gold and silver) and base metals (zinc, copper, lead). Sphinx is particularly active in the MRC Pontiac where its President and Chief Executive Officer resides. It has a strong local shareholding that contributes towards social acceptability.

For further information, please consult Sphinx’s website or contact:

Jeremie Ryan
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

All forward-looking statements in this press release are made as of the date of this press release. Sphinx does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.