Mr. John Dorward reports

ROXGOLD DRILL PROGRAM CONTINUES TO RETURN HIGH GRADE INTERSECTIONS FROM THE SEGUELA GOLD PROJECT

Roxgold Inc. has released additional drilling results from the company's Seguela gold project located in Ivory Coast.

Highlights:

Ancien -- reverse circulation (RC) and diamond drilling (DD) drilling:

• 12 metres at 13.8 grams per tonne gold in drill hole SGRD526 from 47 m including:
  • Five m at 28.0 g/t Au from 47 m;
• 36 m at 3.0 g/t Au in drill hole SGRD524 from 317 m including:
  • Three m at 11.9 g/t Au from 317 m;
• 16 m at 6.8 g/t Au in drill hole SGRD531 from 132 m including:
  • Two m at 15.9 g/t Au from 135 m;
  • Two m at 29.4 g/t Au from 139 m;
• 15 m at 6.3 g/t Au in drill hole SGRD527 from 86 m including:
  • One m at 10.3 g/t Au from 90 m;
  • One m at 20.1 g/t Au from 99 m;
• Five m at 6.4 g/t Au in drill hole SGRD537 from 213 m including:
  • One m at 18.5 g/t Au from 216 m;
• 13 m at 4.0 g/t Au in drill hole SGRC706 from 131 m including:
  • One m at 29.2 g/t Au from 139 m.

Agouti -- RC drilling and DD:

• 11 m at 8.2 g/t Au in drill hole SGRD627 from 27 m including:
  • One m at 10.3 g/t Au from 30 m;
  • One m at 63.4 g/t Au from 33 m;
• 13 m at 5.1 g/t Au in drill hole SGRC588 from one m including:
  • One m at 38.3 g/t Au from seven m;
• Five m at 7.8 g/t Au in drill hole SGRC601 from 27 m;
• Seven m at 5.0 g/t Au in drill hole SGRC659 from 63 m including:
  • One m at 15.1 g/t Au from 63 m;
• Five m at 6.9 g/t Au in drill hole SGRD555 from 70 m including:
  • One m at 15.7 g/t Au from 70 m;
• Six m at 5.5 g/t Au in drill hole SGRD604 from 59 m including:
  • Two m at 12.8 g/t Au from 61 m.

Boulder -- RC drilling:

• Six m at 5.8 g/t Au in drill hole SGRC672 from 182 m including:
  • One m at 31.3 g/t Au from 183 m;
• Six m at 8.8 g/t Au in drill hole SGRC673 from 169 m including:
  • Two m at 19.5 g/t Au from 170 m;
• 13 m at 1.3 g/t Au in drill hole SGRC676 from 134 m;
• 19 m at 1.2 g/t Au in drill hole SGRC661 from 28 m.

"We continue to see the growth potential of the Seguela project through the efforts of our exploration team," stated John Dorward, president and chief executive officer. "The high-grade results from infill and extension drilling at Ancien, Agouti and Boulder were received following the cut-off for the excellent preliminary economic assessment released last week and are expected to further underpin and increase the current mineral resource estimates, potentially adding meaningful ounces for inclusion into the feasibility study. The ongoing exploration success at Seguela continues to highlight the potential value accretion of the project from the existing satellite pits with further upside from an additional 21 targets on the property yet to be tested."

Paul Weedon, vice-president, exploration, commented: "These drill results illustrate the resource potential at Seguela. We are also eagerly awaiting the results from more than 30 additional holes, testing depth and strike extensions at Ancien and Agouti, with a significant grouping of holes at depth in Ancien, which had visible gold marked during the logging. These assays are currently in the laboratory. Additionally, the recent aeromagnetic program has highlighted several additional target areas and favourable structural repetitions with at lease three emerging structural corridors identified."

Seguela gold project

Exploration activities have continued to progress with the objective of extending and infilling the existing inferred mineral resources within close proximity to Antenna to support the feasibility study. Agouti, Boulder and Ancien are within 10 kilometres of the Antenna deposit.

Ancien

An additional 59 RC/DD holes have been completed at Ancien since the drill hole data cut-off date in early February for the updated inferred mineral resource estimate (261,000 ounces at 6.1 g/t) announced in the Seguela preliminary economic assessment (refer to the company release on April 14, 2020). To date, the company has received results from 37 drill holes with the balance at the laboratory. Infill drilling of the high-grade core has continued to return excellent grades and continuity including 12 m at 13.8 g/t from SGRD526 and 16 m at 6.8 g/t in SGRD531.

Extension drilling testing the down-plunge projections was also very successful with SGRD524 intersecting 36 m at 3.0 g/t, including three m at 11.9 g/t, with mineralization remaining open at more than 300 m below surface and significantly extending mineralization below the current conceptual pit shell. In addition, several extension drilling holes recorded visible gold while being geologically logged, which are presently in the laboratory.

Highlights from the most recent drilling at Ancien include:

• 12 m at 13.8 g/t in drill hole SGRD526 from 47 m including:
  • Five m at 28.0 g/t Au from 47 m;
• 36 m at 3.0 g/t Au in drill hole SGRD524 from 317 m including:
  • Three m at 11.9 g/t Au from 317 m;
• 16 m at 6.8 g/t Au in drill hole SGRD531 from 132 m including:
  • Two m at 15.9 g/t Au from 135 m;
  • Two m at 29.4 g/t Au from 139 m;
• 15 m at 6.3 g/t Au in drill hole SGRD527 from 86 m including:
  • One m at 10.3 g/t Au from 90 m;
  • One m at 20.1 g/t Au from 99 m;
• Five m at 6.4 g/t Au in drill hole SGRD537 from 213 m including:
  • One m at 18.5 g/t Au from 216 m;
• 13 m at 4.0 g/t Au in drill hole SGRC706 from 131 m including:
  • One m at 29.2 g/t Au from 139 m;
• Three m at 12.7 g/t Au in drill hole SGRC528 from 28 m.

Agouti

The first stage of an infill and extension drilling program at Agouti to upgrade and extend the resource confidence to indicated status was completed. Agouti currently has an inferred mineral resource estimate of 110,000 ounces at 2.6 g/t Au (refer to the company release on April 14, 2020). Infill results support the higher grades and continuity between sections. In addition, results from several drill holes testing down-plunge continuity beyond the conceptual pit shells show the deposit remains open at depth.

Highlights from the most recent drilling at Agouti include:

• 11 m at 8.2 g/t Au in drill hole SGRD627 from 27 m including:
  • One m at 10.3 g/t Au from 30 m;
  • One m at 63.4 g/t Au from 33 m;
• 13 m at 5.1 g/t Au in drill hole SGRC588 from one m including:
  • One m at 38.3 g/t Au from seven m;
• Five m at 7.8 g/t Au in drill hole SGRC601 from 27 m;
• Seven m at 5.0 g/t Au in drill hole SGRC659 from 63 m including:
  • One m at 15.1 g/t Au from 63 m;
• Five m at 6.9 g/t Au in drill hole SGRD555 from 70 m including:
  • One m at 15.7 g/t Au from 70 m;
• Six m at 5.5 g/t Au in drill hole SGRD604 from 59 m including:
  • Two m at 12.8 g/t Au from 61 m;
• 11 m at 2.1 g/t Au in drill hole SGRD625 from 68 m including:
  • Three m at 11.6 g/t Au from 83 m;
• 12 m at 2.8 g/t Au in drill hole SGRD626 from 65 m.

Boulder

A small infill and extension drilling program at Boulder was completed with encouraging results received from a number of holes testing potential depth extensions below the southern section of the Boulder conceptual pit shell.

Highlights from the most recent drilling at Boulder include:

• Six m at 5.8 g/t Au in drill hole SGRC672 from 182 m including:
  • One m at 31.3 g/t Au from 183 m;
• Six m at 8.8 g/t Au in drill hole SGRC673 from 169 m including:
  • Two m at 19.5 g/t Au from 170 m;
• 13 m at 1.3 g/t Au in drill hole SGRC676 from 134 m;
• 19 m at 1.2 g/t Au in drill hole SGRC661 from 28 m.

                                 CATALYSTS AND NEXT STEPS
Event                                                                                Timing

Release of outstanding assay results from balance of Seguela drilling               Q2 2020
Commencement of expansion and geotechnical drilling program at Seguela              Q2 2020
Drilling results from Boussoura                                                     Q3 2020
Underground drilling program in 55 zone at Yaramoko mine complex                    H2 2020
Feasibility study for Seguela                                                       H1 2021
Seguela construction decision                                                       H1 2021

Quality assurance/quality control

All drilling data completed by Roxgold utilized the following procedures and methodologies. All drilling was carried out under the supervision of Roxgold personnel.

RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-litre plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped and drilling was converted to diamond core tails. Aircore (AC) drilling was collected in one-metre intervals and sampled in a similar fashion to RC methods. Once collected, RC and AC samples were riffle split through a three-tier splitter to yield a 12.5-per-cent representative sample for submission to the analytical laboratory. The residual 87.5-per-cent sample was stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.

DD drill holes were drilled with HQ-sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre. Samples were then cut into equal halves using a diamond saw. One-half of the core was left in the original core box and stored in a secure location at the company core yard at Seguela or Yaramoko. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Seguela RC, AC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamassoukro for preparation. Samples were dried and crushed by the lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200 g sample. Samples are then shipped via commercial courier to ALS's analytical facility in Ouagadougou, Burkina Faso, where routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the lab inserted its own quality control samples.

Qualified persons

Paul Weedon, MAIG, vice-president, exploration, for Roxgold, a qualified person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release pertaining to drilling and exploration, including the QA/QC, sampling, analytical and test data underlying this information. Mr. Weedon verified the information in the news release by reviewing the drill logs, geological interpretations and supporting analytical data. No limitations were imposed on Mr. Weedon's verification process. For more information on the company's QA/QC and sampling procedures, please refer to the company's annual information form dated Dec. 31, 2018, available on the company's website and on SEDAR.

About Roxgold Inc.

Roxgold is a Canada-based gold mining company with assets located in West Africa. The company owns and operates the high-grade Yaramoko gold mine, located on the Hounde greenstone belt in Burkina Faso, and is also advancing the development and exploration of the Seguela gold project, located in Ivory Coast.

We seek Safe Harbor.