Mr. Graeme Jennings reports

ROXGOLD UTILIZES PRE-EMPTIVE RIGHTS TO BUY BACK 0.3% NSR ON THE SEGUELA GOLD PROJECT

Roxgold Inc. has exercised its buyback right and repurchased a 0.3-per-cent net smelter return royalty from an original property owner with respect to the company's Seguela gold project. In consideration for the repurchase of the NSR royalty, Roxgold paid cash consideration of $700,000 (U.S.) from cash on hand. Roxgold exercised its rights under the royalty agreement to pre-empt an arm's-length acquisition between the original property owner and an international royalty company. After the close of the transaction, Seguela continues to have a 1.2-per-cent NSR royalty held by another original property owner under the same terms.

The company's next permitting milestones at the Seguela gold project are the receipt of the exploitation (mining) permit and completion of the mining convention negotiation process. The company is continuing to advance the project toward the completion of a feasibility study, which is targeted for release within the first half of 2021. Roxgold anticipates early works at site, including the upgrading of site access through a road improvement program and some initial site works for the accommodation village, will be commenced before the end of the year. The intention of the early works activities is to enable a rapid ramp-up to full construction next year.

                   CATALYSTS AND NEXT STEPS
 
Event                                                  Timing 

Continuing infill, expansion and 
satellite target drilling program at Seguela          Q4 2020
Drilling results from Boussoura                       Q4 2020
Underground drilling program in 
55 zone at Yaramoko mine complex                      H1 2021
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)                   H2 2021

Qualified person

Paul Criddle, FAusIMM, chief operating officer 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.

About Roxgold Inc.

Roxgold is a Canadian-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. Roxgold trades on the Toronto Stock Exchange under the symbol ROXG and as ROGFF on OTCQX.

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