Mr. John Dorward reports

ROXGOLD INTERSECTS 109 GPT OVER 4M AND 49.3 GPT OVER 9M AT KOULA PROSPECT IN SEGUELA GOLD PROJECT

Roxgold Inc. has released additional results from the new high-grade prospect, Koula, at the Seguela gold project located in Ivory Coast.

Seguela gold project, Ivory Coast

Highlights from reverse circulation (RC) drilling

Koula:

• Four metres at 108.9 grams per tonne gold in drill hole SGRC919 from 32 metres including:
  • One m at 174.5 g/t Au from 32 m;
  • One m at 257.0 g/t Au from 34 m;
• Nine m at 49.3 g/t Au in drill hole SGDD072 from 73 m including:
  • One m at 201.0 g/t Au from 74 m;
• Nine m at 30.1 g/t Au in drill hole SGRD935 from 205 m including:
  • Three m at 81.8 g/t Au from 211 m;
• 32 m at 8.9 g/t Au in drill hole SGRC920 from 138 m including:
  • Two m at 28.6 g/t Au from 141 m;
  • Three m at 31.4 g/t Au from 157 m;
• 18 m at 8.8 g/t Au in drill hole SGRC922 from 25 m including:
  • Two m at 49.8 g/t Au from 31 m;
• 25 m at 7.4 g/t Au in drill hole SGRC930 from 135 m including:
  • Two m at 43.7 g/t Au from 140 m;
  • One m at 25.3 g/t Au from 143 m;
• 11 m at 11.2 g/t Au in drill hole SGRC929 from 79 m including:
  • One m at 101.0 g/t Au from 86 m;
• 19 m at 5.2 g/t Au in drill hole SGRC916 from 88 m including:
  • One m at 18.0 g/t Au from 92 m;
  • One m at 28.8 g/t Au from 106 m.

"With this second round of drilling results, the Koula prospect is rapidly demonstrating its potential to add material value to the Seguela gold project," stated John Dorward, president and chief executive officer. "Koula was a recent addition to what is already a considerable portfolio of prospects and is continuing to demonstrate many similarities to the high-grade Ancien deposit with comparable consistency and style of the high-grade core, alteration style and southerly plunging nature. With a fourth rig due to join the program in the coming days, we are looking forward to seeing this high-grade prospect emerge as high-value deposit -- joining Antenna, Ancien, Agouti and Boulder in the forthcoming feasibility study.

"Our goal this year at Seguela has been to build upon the PEA and demonstrate the potential for the project to grow in quality, scale and scope. We believe that this year's stream of exploration results, reinforced again with today's results from Koula, build confidence in the potential for Seguela to ultimately achieve this goal and that further exploration upside will continue to be realized as we progressively work across the high-priority Seguela prospects. Permitting discussions continue to progress well, as evidenced by the recently approved environmental and social impact assessment (ESIA) and our feasibility study remains on track for completion in the first half of next year."

Paul Weedon, vice-president, exploration, commented: "The follow-up results from Koula underscore what is shaping up to be another high-grade addition to the Seguela portfolio, with outstanding results such as four m at 108.9 g/t from 32 metres downhole in SGRC919, nine m at 30.1 g/t from 205 metres downhole in SGRC935 and nine m at 49.3 g/t Au from 73 metres in SGDD072. Mineralization remains open along strike to the south and extends at least 350 m downplunge, with the deepest mineralized intersection of nine m at 30.1 g/t Au approximately 175 m below surface indicating that mineralization remains strong."

Koula

Located approximately one km to the east of Antenna, Koula was discovered through field reconnaissance and coincident recent artisanal workings in an area previously considered to be a lower exploration priority.

An infill program of RC and diamond drilling to 50 m centres has started, following up from the initial and very successful, 10-hole reconnaissance RC drill program. With three drill rigs operating at Koula and a fourth to join shortly, infill drilling to 50 m centres will support the rapid advancement to an initial inferred resource for Koula with the potential to include the prospect in the upcoming feasibility study.

Mineralization is hosted by quartz-carbonate veining associated with a well-developed mylonitic fabric within and along the interpreted margins of a tholeiitic basalt, which in turn has been tightly folded. Coarse gold is commonly recorded in the higher-grade zones, with drilling highlighting a consistent moderate southerly plunge to the high-grade core over at least 350 m, and where it remains open to the south.

Three shallow RC holes (SGRC913, 915 and 917), which returned relatively lower grades, have been interpreted as intersecting the remnant halos of near-surface high-grade mineralization associated with shallow (less than 10 m vertical) artisanal mining activity.

Relogging of the initial 10-hole discovery program indicated the discovery hole, SGRC854 (12 m at 32.1 g/t Au), stopped short in an unmineralized dike, and has subsequently been extended to 189 m, with visible mineralization and alteration resuming approximately one m farther on from the previous barren end of hole, and extending a further 20 m. Assays for this interval are pending. A second hole on the same section (SGRD855 -- initially NSI) will also be extended to test for potential extensions.

Highlights from the first phase of infill drilling program at Koula include:

• Four metres at 108.9 grams per tonne gold in drill hole SGRC919 from 32 m including:
  • One m at 174.5 g/t Au from 32 m;
  • One m at 257.0 g/t Au from 34 m;
• Nine m at 49.3 g/t Au in drill hole SGDD072 from 73 m including:
  • One m at 201.0 g/t Au from 74 m;
• Nine m at 30.1 g/t Au in drill hole SGRD935 from 205 m including:
  • Three m at 81.8 g/t Au from 211 m;
• 32 m at 8.9 g/t Au in drill hole SGRC920 from 138 m including:
  • Two m at 28.6 g/t Au from 141 m;
  • Three m at 31.4 g/t Au from 157 m;
• 18 m at 8.8 g/t Au in drill hole SGRC922 from 25 m including:
  • Two m at 49.8 g/t Au from 31 m;
• 25 m at 7.4 g/t Au in drill hole SGRC930 from 135 m including:
  • Two m at 43.7 g/t Au from 140 m;
  • One m at 25.3 g/t Au from 143 m;
• 11 m at 11.2 g/t Au in drill hole SGRC929 from 79 m including:
  • One m at 101.0 g/t Au from 86 m;
• 19 m at 5.2 g/t Au in drill hole SGRC916 from 88 m including:
  • One m at 18.0 g/t Au from 92 m;
  • One m at 28.8 g/t Au from 106 m;
• Five m at 12.2 g/t Au in drill hole SGRC924 from 25 m including:
  • Two m at 27.6 g/t Au from 27 m;
• Seven m at 2.2 g/t Au in drill hole SGRC925 from 86 m.

                               CATALYSTS AND NEXT STEPS 
Event                                                                               Timing 

Continuing infill, expansion and satellite target drilling program at Seguela      Q4 2020
Interim mineral resource and reserve statement for the Yaramoko mine complex       Q4 2020
Drilling results from Boussoura                                                    Q4 2020
Underground drilling program in 55 zone at Yaramoko mine complex                   Q4 2020
Feasibility study for Seguela                                                      H1 2021
Seguela construction decision                                                      H1 2021
Annual mineral resource and reserve update at 
Yaramoko mine complex (incorporating current underground drill campaign)           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 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. 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 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 advancing the development and exploration of the Seguela gold project located in Ivory Coast.

We seek Safe Harbor.