Mr. John Dorward reports

ROXGOLD RETURNS HIGH GRADE EXPLORATION RESULTS FROM SEGUELA GOLD PROJECT

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

Seguela satellite prospects

Seguela gold project, Ivory Coast

Highlights from reverse circulation (RC) and diamond (DD) drilling:

Ancien:

• 14 metres at 13.3 grams per tonne gold in drill hole SGRD732 from 71 m including:
  • Four m at 24.5 g/t Au from 71 m;
  • Two m at 18.8 g/t Au from 82 m;
• 35 m at 5.5 g/t Au in drill hole SGDD066 from 136 m including:
  • Three m at 23.1 g/t Au from 137 m;
  • Three m at 23.4 g/t Au from 154 m;
• Five m at 35.6 g/t Au in drill hole SGRD731 from 61 m including:
  • Three m at 54.8 g/t Au from 63 m;
• Nine m at 2.2 g/t Au in drill hole SGRD735 from 78 m:
  • 13 m at 5.6 g/t Au from 95 m;
• 10 m at 3.9 g/t Au in drill hole SGRC745 from 61 m.

Antenna North:

• 15 m at 2.8 g/t Au in drill hole SGRC807 from 15 m;
• Seven m at 3.0 g/t Au in drill hole SGRC812 from 26 m;
• Three m at 5.4 g/t Au in drill hole SGRC813 from 19 m;
• Five m at 7.5 g/t Au in drill hole SGRC815 from 20 m;
• Four m at 6.8 g/t Au in drill hole SGRC816 from 24 m.

"The exploration successes we continue to demonstrate at Seguela builds our confidence that the feasibility study, due for completion early next year, will outline a larger more robust project than what was defined in the preliminary economic assessment," stated John Dorward, president and chief executive officer. "The continuing high-grade results from infill and extension drilling at Ancien further underpin the high-grade, high-value contribution potential of the deposit to the mine plan. With four rigs currently turning, I am confident that we will continue to unearth further upside from the existing four deposits, while preliminary testwork on a suite of early-stage targets on the property has demonstrated encouraging results and will be accelerated for drill testing later this year."

Paul Weedon, vice-president, exploration, commented: "The infill results of the high-grade core of Ancien continue to support the excellent continuity we see from section to section, following on from the high-grade results released on June 26, which included 20 m at 28.0 g/t from SGRD730. With two RC/DD rigs continuing to test and infill depth extensions beyond the PEA conceptual pit, I am confident we will see further upside emerge from Ancien. In addition to the Ancien results, we have received very encouraging shallow infill results from the Antenna North satellite pit, extending mineralization further north within the PEA conceptual pit."

Seguela project

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

Ancien

Results from an additional 14 RC/DD holes have been received from Ancien, bringing to a total of 81 holes 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).

These most recent results reflect the two objectives of the current program, namely a dedicated tightly spaced 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 (preliminary economic assessment) $1,550-(U.S.)-per-ounce conceptual shell.

The results from the final four of six holes of the high-grade infill program reinforce the broad nature of the high-grade intervals previously intersected, both along strike as well as across the mineralized zone, and correlate well with the high levels of visible gold logged in the samples. These close-spaced infill results support the high-grade tenor of the deposit and provide a strong degree of confidence in the geostatistical and geological continuity of the high-grade core.

Infill drilling below the conceptual pit base returned 35 m at 5.5 g/t from SGDD066 in the centre of the high-grade core while, in an area previously modelled as waste in the conceptual pit, extension drilling returned 10 m at 3.9 g/t Au from SGRC745 and five m at 2.5 g/t Au from SGRC744, extending mineralization an additional 25 m to the south where it remains open.

Highlights from the most recent drilling at Ancien include:

Infill drilling:

• 14 metres at 13.3 grams per tonne gold in drill hole SGRD732 from 71 m including:
  • Four m at 24.5 g/t Au from 71 m;
  • Two m at 18.8 g/t Au from 82 m;
• 35 5.5 g/t Au in drill hole SGDD066 from 136 m including:
  • Three m at 23.1 g/t Au from 137 m;
  • Three m at 23.4 g/t Au from 154 m;
• Five m at 35.6 g/t Au in drill hole SGRD731 from 61 m including:
  • Three m at 54.8 g/t Au from 63 m;
• Nine m at 2.2 g/t Au in drill hole SGRD735 from 78 m:
  • 13 m at 5.6 g/t Au from 95 m;
• 12 m at 2.3 g/t Au in drill hole SGRD734 from 73 m;
• 20 m at 1.0 g/t Au in drill hole SGRC738 from 172 m.

Extension drilling:

• 10 m at 3.9 g/t Au in drill hole SGRC745 from 61 m;
• Five m at 2.5 g/t Au in SGRC744 from 32 m.

Antenna North

An infill program designed to upgrade the drill spacing of the Antenna North deposits to indicated spacing has been completed, with encouraging shallow results including:

• 15 m at 2.8 g/t Au in drill hole SGRC807 from 15 m;
• Seven m at 3.0 g/t Au in drill hole SGRC812 from 26 m;
• Three m at 5.4 g/t Au in drill hole SGRC813 from 19 m;
• Five m at 7.5 g/t Au in drill hole SGRC815 from 20 m;
• Four m at 6.8 g/t Au in drill hole SGRC816 from 24 m.

Seguela regional reconnaissance

Mapping and reconnaissance sampling at Seguela continue to emphasize the regional prospectivity of the property package with several prospects identified where rock chip samples recorded several instances of high-grade visible gold. In addition to continuing detailed field mapping, auger drilling is under way targeting the southern extensions of key favourable structural corridors that host the Antenna, Ancien-Boulder-Agouti and Elephant-Kwenko North mineralization. Follow-up scout RC drilling is planned in the second half of the year across these prospects.

                    CATALYSTS AND NEXT STEPS
Event                                                       Timing

Drilling results from Boussoura                            Q3 2020
Continuing infill, expansion and
feasibility-support drilling program at Seguela            Q3 2020
Satellite target exploration at Seguela                    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 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 samples were 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. 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 Yamoussoukro 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 person

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, including the quality assurance/quality control, 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 advancing the development and exploration of the Seguela gold project, located in Ivory Coast.

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