Mr. John Dorward reports

ROXGOLD DRILL PROGRAM RETURNS 20 METRES AT 28 GPT GOLD IN ANCIEN DEPOSIT AT SEGUELA GOLD PROJECT

Roxgold Inc. has released further infill and extension drilling results from the Ancien deposit at the company's Seguela gold project located in Ivory Coast.

Highlights from Ancien

Reverse circulation (RC) and diamond (DD) drilling

Infill drilling:

• 20 metres at 28.0 grams per tonne gold in drill hole SGRC730 from 28 m including:
  • Three m at 94.2 g/t Au from 30 m;
  • Four m at 18.7 g/t Au from 38 m;
  • Three m at 51.5 g/t Au from 43 m;
• 13 m at 12.8 g/t Au in drill hole SGRC733 including:
  • Three m at 41.7 g/t Au from 38 m.

Extension drilling

• Seven m at 28.8 g/t Au in drill hole SGRD725 from 238 m including:
  • Three m at 64.6 g/t Au from 240 m;
• 14 m at 4.3 g/t Au in drill hole SGRD723 from 344 m including:
  • Seven m at 5.8 g/t Au from 344 m;
  • Three m at 6.1 g/t Au from 354 m;
• 14 m at 2.6 g/t Au in drill hole SGRD720 from 268 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 continuing high-grade results from infill and extension drilling at Ancien further underpin the excellent preliminary economic assessment results released recently and are expected to add meaningful ounces for inclusion into the feasibility study early in 2021. With four rigs currently turning, I am confident that we will continue to unearth further upside from the existing four deposits as well as near-term targets on the property, which are yet to be tested."

Paul Weedon, vice-president, exploration, commented: "The first two results from this six-hole infill program infilling of the high-grade shoot are very encouraging and correlate well to the high levels of visible gold seen in the samples. Designed to confirm geostatistical support for the very high-grade and continuous nature of the Ancien mineralized shoot, I am eagerly anticipating the remaining results. Also, the latest extension drilling results continue to highlight the resource upside at Ancien and follow on from the recent excellent results released on April 29, which included 10 m at 59.4 g/t from SGRD705 and which is outside of the conceptual shell used for the PEA. These new results have extended the strike extent at depth by an additional 50 m to the south where it remains open, while the seven m at 28.8 g/t in SGRD725 emphasizes the emerging high-grade potential of the hangingwall shoot, which also remains open along strike."

Seguela project

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

Ancien

An additional 69 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 release dated April 14, 2020). Further to the results from 59 holes reported in April (refer to company releases dated April 20 and April 29, 2020), the company has received results from eight drill holes completed since the resumption of field activities in late May.

These most recent results reflect the two objectives of the current programs, namely a dedicated infill program for geostatistical support of the very high-grade and continuous nature of the core Ancien mineralization, and targeting depth and strike extensions to the high-grade core beyond the PEA $1,550-(U.S.)-per-ounce conceptual pit shell.

The results from the first two of six holes of the high-grade infill program highlight the broad nature of high-grade intervals, both along strike as well as across the mineralized zone, and correlate well with the high levels of visible gold logged in the samples. The remaining four drilled intervals also recorded similar levels of visible gold during logging and these results will be available in the coming weeks.

Drill testing of the down-plunge extension continues to expand the shoot to the south with results such as 14 m at 4.3 g/t from SGRD723 and 14 m at 2.6 g/t from SGRD720, expanding the strike length to at least 250 m where it remains open beyond 350 m below surface. Lower-grade results from SGRD724 (three m at 1.0 g/t Au) support an interpretation of a gradual flattening in the plunge of the main zone of mineralization.

Extension drilling testing the down-plunge projections of the emerging high-grade hangingwall lode was also successful with SGRD725 intersecting seven m at 28.8 g/t, approximately 75 m below the conceptual pit base and further confirming the high-grade nature of this second high-grade lode, and follow on from the recent SGRD715 (three m at 26.1 g/t) and SGRD541 (four m at 17.4 g/t) results (refer to company release dated April 29) and which also remains open at depth and along strike to the north.

An image on the company's website highlights the extent of additional high-grade mineralization beyond what was used to support the PEA, in particular the down-plunge extensions beyond the conceptual pit shell. The resource infill program within the conceptual shell has also extended mineralization along strike to the south and highlighted the potential for further resource growth.

Highlights from the most recent drilling at Ancien include:

Infill drilling:

• 20 metres at 28.0 grams per tonne gold in drill hole SGRC730 from 28 m including:
  • Three m at 94.2 g/t Au from 30 m;
  • Four m at 18.7 g/t Au from 38 m;
  • Three m at 51.5 g/t Au from 43 m;
• 13 m at 12.8 g/t Au in drill hole SGRC733 including:
  • Three m at 41.7 g/t Au from 38 m.

Extension drilling:

• Seven m at 28.8 g/t Au in drill hole SGRD725 from 238 m including:
  • Three m at 64.6 g/t Au from 240 m;
• 14 m at 4.3 g/t Au in drill hole SGRD723 from 344 m including:
  • Seven m at 5.8 g/t Au from 344 m;
  • Three m at 6.1 g/t Au from 354 m;
• 14 m at 2.6 g/t Au in drill hole SGRD720 from 268 m.

Geotechnical drilling

Good progress has been made with all geotechnical drilling completed for Ancien, Antenna, Agouti and Boulder for inclusion into the open-pit design component of the feasibility study. Samples are in the process of being forwarded to Perth, Western Australia, for rock property analysis. Initial field logging supports the assumptions used for the PEA inputs into the $1,550 (U.S.) conceptual pit shells.

                            CATALYSTS AND NEXT STEPS
Event                                                                          Timing

Continuing infill, expansion and
feasibility-support drilling program at Seguela                               Q3 2020
Satellite target exploration at Seguela                                       H2 2020
Drilling results from Boussoura                                               H2 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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