Mr. John Dorward reports

ROXGOLD DRILL PROGRAM HITS 59.4 GPT OVER 10 METRES AT DEPTH IN ANCIEN DEPOSIT AT THE SEGUELA GOLD PROJECT

Roxgold Inc. has released additional high-grade drill results from the company's Seguela gold project located in Ivory Coast.

Highlights:

Ancien -- diamond drilling (DD):

• 10 metres at 59.4 grams per tonne gold in drill hole SGRD705 from 207 m including:
  • Two m at 175.0 g/t Au from 209 m;
• Three m at 26.1 g/t Au in drill hole SGRD715 from 193 m;
• Seven m at 10.4 g/t Au in drill hole SGRD709 from 124 m including:
  • Two m at 32.1 g/t Au from 124 m;
• Four m at 17.4 g/t Au in drill hole SGRD541 from 99 m including:
  • One m at 58.6 g/t Au from 101 m;
• 11 m at 5.9 g/t Au in drill hole SGRD545 from 113 m including:
  • One m at 13.8 g/t Au from 117 m and one m at 29.2 g/t Au from 122 m.

"These latest results from the Ancien deposit continue to highlight the exceptional growth potential of the Seguela gold project," stated John Dorward, president and chief executive officer. "Since the cut-off date for drilling that was incorporated into the PEA resource estimate, we have continued to delineate additional high-grade mineralization along strike and at depth at Ancien and the other satellite deposits. Additionally, infill drilling at Ancien and Agouti is anticipated to have converted a portion of the in-pit material, previously categorized as waste, into mineralized material. We expect this to result in resource growth from these primary deposits, which will add meaningful ounces for inclusion into the feasibility study early in 2021. Meanwhile, as the feasibility process continues, we are continuing to test the extensions of the Ancien, Agouti and Boulder deposits and expect to commence initial work on the additional untested 21 targets on the property later in the year."

Paul Weedon, vice-president, exploration, commented: "These drilling results continue to reinforce the resource upside at Ancien and the excellent results released last week. Hole SGRD705, which returned 10 metres at 59.4 g/t, supports the significant amount of visible gold seen during the logging process and highlights the strength of the high-grade shoot below the pit base used in the PEA. Additionally, the high-grade results from SGRD715 of three metres at 26.1 g/t and SGRD541 of four metres at 17.4 g/t support the potential for an additional mineralized shoot below the main Ancien structure. Not only will these results likely increase the lateral and depth extent of the current open-pit resource, but they also highlight the potential for a future underground operation."

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 63 RC/DD holes have been completed at Ancien since the drill hole data cut-off date (Feb. 12, 2020) used to support the inferred resource estimate in the PEA of 261,000 ounces (refer to company news release dated April 14, 2020). Further to the results from 37 holes reported on April 20 (refer to company news release dated April 20, 2020), the company has received results from an additional 22 drill holes with the balance expected in May. Infill drilling of the high-grade core within the PEA $1,550 (U.S.) per ounce conceptual shell has continued to return excellent grades as well as expanding the shoot to the south with results such as seven m at 10.4 g/t from SGRD709 and 11 m at 5.9 g/t from SGRD545.

Extension drilling testing the down-plunge projections was also very successful with SGRD705 intersecting 10 m at 59.4 g/t, including two m at 175.0 g/t, approximately 35 m below the conceptual pit base and further confirming the continuation of the central high-grade shoot. In addition, results from SGRD715 (three m at 26.1 g/t) and SGRD541 (four m at 17.4 g/t) are suggestive of a second shoot below the central high-grade shoot, which remains open at depth and along strike to the north.

Highlights from the most recent drilling at Ancien include:

• 10 metres at 59.4 grams per tonne gold in drill hole SGRD705 from 207 m including:
  • Two m at 175.0 g/t Au from 209 m;
• Three m at 26.1 g/t Au in drill hole SGRD715 from 193 m;
• Seven m at 10.4 g/t Au in drill hole SGRD709 from 124 m including:
  • Two m at 32.1 g/t Au from 124 m;
• Four m at 17.4 g/t Au in drill hole SGRD541 from 99 m including:
  • One m at 58.6 g/t Au from 101 m;
• 11 m at 5.9 g/t Au in drill hole SGRD545 from 113 m including:
  • One m at 13.8 g/t Au from 117 m;
  • One m at 29.2 g/t Au from 122 m;
• Five m at 8.0 g/t Au in drill hole SGRD530 from 79 m including:
  • Two m at 15.1 g/t Au from 81 m;
• 7.6 m at 2.8 g/t Au in drill hole SGRD713 from 55 m.

Note: All results are reported as downhole intervals, which represent approximately 80 per cent of true width.

                             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.

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