Mr. John Dorward reports

ROXGOLD PRODUCES 133,940 OUNCES EXCEEDING 2020 PRODUCTION GUIDANCE AND PROVIDES OUTLOOK FOR 2021

Roxgold Inc. has released its preliminary production results for the fourth quarter and full year of 2020. The company has also released its 2021 production and operating guidance for the Yaramoko mine complex, located in western Burkina Faso. All amounts are in U.S. dollars unless otherwise indicated.

2020 highlights

Operations:

• Preliminary 2020 gold production of 133,940 ounces exceeded the company's annual consolidated production guidance of between 120,000 and 130,000 ounces;
• Achieved record annual plant throughput of 512,276 tonnes, exceeding nameplate capacity by 27 per cent;
• Reported preliminary gold production of 35,191 ounces in Q4 2020;
• Mined a record 149,347 tonnes in Q4 2020;
• Continued management and mitigation of COVID-19 to minimize impacts on operations with reduced personnel due to travel restrictions and protection protocols.

Financial:

• Sold 135,310 ounces of gold for annual gold revenues totalling approximately $240-million;
• Generated strong free cash flow (before growth spend) of over $47-million increasing the company's cash balance from $41.8-million to approximately $61.7-million as of Dec. 31, 2020;
• Strong balance sheet with a net cash position of over $26-million as of Dec. 31, 2020 (cash balance of approximately $61.7-million and long-term debt face value balance of $35.6 million).

Growth:

• Received exploitation (mining) permit and environmental approvals from the government of Ivory Coast to develop and operate the Seguela gold project;
• Expanded Seguela project with discovery of the Koula deposit and an updated mineral resource estimate outlining total indicated mineral resources of 1,044,000 ounces of gold at 2.5 grams per tonne and inferred mineral resources of 370,000 ounces at 4.8 g/t;
• Initiated early works at Seguela to enable a rapid ramp-up to full construction later this year following completion of the feasibility study, which is anticipated for completion in the second quarter of this year;
• Measured and indicated mineral resources at Yaramoko increased 4 per cent to 857,000 ounces Au, increasing the mineral endowment of measured and indicated mineral resources plus cumulative production to date at Yaramoko to 1.4 million ounces;
• Tested additional mineralization corridors at Boussoura, in southern Burkina Faso, identifying over nine mineralized vein sets over four vein corridors with high-grade results such as 4.8 metres at 26.9 grams per tonne gold from BSR-20-RD-FFR-040 and nine m at 10.7 g/t Au from BSR-20-RC-FFR-063.

"Roxgold continued its long track record of outperformance, navigating an extraordinary year to deliver on our production guidance and strengthening our balance sheet by generating strong free cash flow whilst delivering significant value accretion through the advancement of the Seguela project, the Boussoura discovery and increasing the reserves at Yaramoko by 8 per cent," commented John Dorward, president and chief executive officer. "The Yaramoko mine complex produced 133,940 ounces in the year, on the back of a strong fourth quarter, as we continue to manage and mitigate the operational challenges related to the ongoing COVID-19 pandemic while ensuring a safe and secure working environment for our employees, contractors and local communities.

"Yaramoko continues to be the cash flow engine for this company, generating strong free cash flow (before growth expenditures) of over $47-million in 2020, which has enabled us to strengthen our balance sheet to finish the year with a cash balance of approximately $61.7-million. Since starting production in 2016, Yaramoko has produced over 610,000 ounces of gold and, as the recent resource update highlighted, continues to demonstrate its ability to replace production and maintain a long mine life.

"Looking ahead, the pace of progress at Roxgold continues to accelerate, as we announced last month that we broke ground at the Seguela gold project in Cote d'Ivoire, following receipt of the environmental and social impact assessment and exploitation permits. The goal of pouring first gold from Seguela next year is within our reach with early works at Seguela already initiated to enable a rapid ramp-up to full construction following completion of the feasibility study in the second quarter of this year. We currently have four drills turning at Seguela and are eager to share with the market the results of the program which has been focusing on extension and infill drilling at Koula and the continued scout testing of the extensive portfolio of targets within our land package."

                     2020 PRELIMINARY FOURTH QUARTER AND FISCAL YEAR KEY METRICS
 
                                                 Q1 2020      Q2 2020      Q3 2020      Q4 2020         2020

Ore mined (tonnes)                               134,472      112,523      109,767      149,347      506,109
Ore processed (tonnes)                           125,879      127,309      131,029      128,059      512,276
Ore processed (tpd)                                1,383        1,399        1,424        1,392        1,400
Head grade (g/t)                                     8.7          8.2          7.7          9.3          8.5
Recovery (%)                                        97.9         98.0         98.2         98.2         98.1
Gold ounces produced                              32,380       32,812       33,557       35,191      133,940
Gold ounces sold                                  30,126       36,279       30,401       38,504      135,310
Gold sales ($000s)                               $48,045      $62,107      $57,379      $72,158     $239,689
Average realized selling price (per ounce)        $1,595       $1,712       $1,887       $1,874       $1,771

Operating summary

In 2020, the Yaramoko mine complex produced 133,940 ounces, based on processing a record 512,276 tonnes at an average head grade of 8.5 g/t and mill recoveries of 98.1 per cent. The processing plant availability was 96.3 per cent over the year and averaged a throughput rate of 1,400 tonnes per day exceeding nameplate capacity by approximately 27 per cent. Mining activities totalled 506,109 tonnes of ore mined at an average mined grade 8.3 g/t. Mining rates increased in Q4 2020 as operations were able to mitigate COVID-19 protection protocol impacts.

On a quarterly basis, the Yaramoko mine complex produced 35,191 ounces, based on processing 128,059 tonnes at an average head grade of 9.3 g/t and mill recoveries of 98.2 per cent. The processing plant reported availability of 94.8 per cent in the quarter, averaging a throughput rate of 1,392 tonnes per day. Mining activities increased with a quarterly record of 149,347 tonnes of ore mined, at an average grade of 7.9 g/t, with the 55 zone accounting for 63 per cent of mined ore and 37 per cent coming from Bagassi South. High levels of mine productivity in the quarter are due to increased levels of stope availability at zone 55 and Bagassi South, following the completion of development activities at Bagassi South.

Corporate update

Roxgold reported annual gold sales of 135,310 ounces at record average realized gold prices of $1,771 per ounce. In Q4 2020, gold sales of 38,504 ounces were above production due to the timing of gold shipments at the end of the third quarter.

Roxgold generated strong free cash flow (before growth spend) of over $47-million increasing the company's cash balance from $41.8-million to approximately $61.7-million as of Dec. 31, 2020. This enabled the company to continue to strengthen its balance sheet ending the year with a net cash position of over $26-million. The company continues to have an additional $20-million (U.S.) as a revolving credit facility that remains unutilized at the end of the year.

                                2021 OPERATING OUTLOOK
                                                                                    2021

Production (oz)                                                          120,000-130,000
Cash operating cost ($/oz produced)                                            $580-$640
All-in sustaining cost ($/oz sold)                                             $895-$975
Sustaining capital spend (included in AISC)                      $25-million-$30-million
Non-sustaining capital spend                                      $5-million-$10 million
Growth spend (includes exploration and Seguela study spend)      $15-million-$20 million

Roxgold anticipates the Yaramoko mine complex will produce between 120,000 and 130,000 ounces in 2021 with cash operating costs of $580 to $640/oz and all-in sustaining costs (AISC) of $895 to $975/oz. Sustaining capital is expected to decline this year compared with 2020 due to the completion of decline development at Bagassi South, allowing the operation to focus on stoping operations. The higher gold price increased the impact of royalties by approximately $30/oz.

The production and cost guidance assumes no material operational impacts due to COVID-19. A prolonged COVID-19-related delay or significant deterioration in operating conditions may have an impact on production and cost guidance.

                             UPCOMING CATALYSTS
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                                        Q2 2021
Seguela construction decision                                        H1 2021
Initial resource at Boussoura                                        H2 2021
Commissioning of Seguela gold project                                   2022

2020 financial results and conference call

Roxgold is scheduled to release its fourth quarter and full-year 2020 financial results on Wednesday, March 3, 2021, after market close in North America. The company will host a conference call and live webcast on Thursday, March 4, 2021, at 8 a.m. Eastern Time to discuss its financial results and business outlook.

Listeners may access a live webcast of the conference call from the events section of the company's website or by dialling toll-free 1-844-607-4367 within North America or 1-825-312-2266 from international locations. Registration is open through the live call, but to ensure you are connected for the full call, the company suggests registering a minimum of 10 minutes before the start of the call.

An on-line archive of the webcast will be available by accessing the company's website. A telephone replay will be available for two weeks after the call by dialling toll-free 1-800-585-8367 within North American or 1-416-621-4642 from international locations and entering pass code 6383668.

Qualified persons

Paul Criddle, FAusIMM, chief operating officer for Roxgold, a qualified person within the meaning of National Instrument 43-101, has reviewed, verified and approved the scientific and technical disclosure contained in this news release.

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.