Mr. John Dorward reports

ROXGOLD RECEIVES MINING PERMIT AND BREAKS GROUND AT SEGUELA AHEAD OF INITIAL GOLD PRODUCTION IN 2022

Roxgold Inc. has received confirmation of the signed exploitation (mining) permit from the government of Ivory Coast to develop and operate the Seguela gold project in Ivory Coast. Alongside this development, Roxgold has commenced early works at Seguela to protect the project critical path and facilitate a rapid ramp-up to full construction next year toward commissioning of Seguela in 2022.

"We are delighted to announce the approval of the exploitation permit, which represents a significant milestone in the development of Seguela," commented John Dorward, president and chief executive officer. "It has been an exceptional year in progressing Seguela having grown the total mineral resources to over a million ounces, announcing maiden resources at Koula, Ancien, Agouti and Boulder, completing a preliminary economic assessment, and culminating in the environmental and exploitation permit approvals. We thank the government of Cote d'Ivoire for its demonstrated support and commitment to fostering a positive investment climate and we look forward to a lasting and mutually beneficial partnership. The Seguela project continues to be a key priority for Roxgold, and we believe that the development of the project will provide significant value to all our stakeholders.

"In addition to the positive impact Seguela will have on the surrounding communities, the project has the potential to more than double our production for shareholders within a short time frame and without the need for additional equity. The confirmation of the permit and the start of early works is a major accomplishment towards achieving our goal of becoming West Africa's next multiasset producer."

Exploitation permit

The exploitation permit has been approved by the Council of Ministers and signed as a mining decree by the President of Ivory Coast, and other governmental authorities. The decree grants Roxgold an industrial mining permit for development and operation of the Seguela gold project. The permit is valid for 10 years, from Dec. 9, 2020, with opportunities to renew as further growth and expansion are proven.

The company's final permitting milestone at Seguela is the completion of the mining convention negotiation process. Discussions with the government of Ivory Coast are continuing.

Early works

Following the receipt of the environmental and social impact assessment in September of this year (refer to company press release dated Sept. 28, 2020) and in anticipation of a positive development decision, the company has broken ground at Seguela to optimize the project critical path activities and expedite production at Seguela.

Initial works include upgrading the site access road, construction of the accommodation village and front-end engineering of the processing plant. The intention of the early works activities is to enable a rapid ramp-up to full construction next year with the aim of production commencing in 2022.

The company is on track to complete the feasibility study for Seguela in the first half of 2021.

                        CATALYSTS AND NEXT STEPS
Event                                                             Timing

Continuing infill, expansion and satellite
target drilling program at Seguela                               Q1 2021
Drilling results from Boussoura                                  Q1 2021
Underground drilling program in 55 zone
at Yaramoko mine complex                                         Q1 2021
Feasibility study for Seguela                                    H1 2021
Formal Seguela construction decision                             H1 2021
Initial resource at Boussoura                                    H2 2021
Commissioning of Seguela gold project                               2022

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.