Mr. John Dorward reports

ROXGOLD INTERCEPTS 42.9 GPT OVER 14M & 46.2 GPT OVER 11M AT KOULA AS SEGUELA CONTINUES TO ADVANCE

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

Seguela gold project, Ivory Coast

Highlights from reverse circulation (RC) and diamond tail (RD) drilling

Koula:

• 14 metres at 42.9 grams per tonne gold in drill hole SGRD1000 from 61 m including three m at 83.7 g/t Au from 62 m and one m at 263.0 g/t Au from 67 m and one m at 46.1 g/t Au from 74 m;
• 11 m at 46.2 g/t Au in drill hole SGRC799 from 48 m including three m at 143.6 g/t Au from 48 m and two m at 36.5 g/t Au from 57 m;
• 18 m at 22.1 g/t Au in drill hole SGRD800 from 175 m including seven m at 40.1 g/t Au from 176 m and one m at 32.8 g/t Au from 186 m;
• 16 m at 21.3 g/t Au in drill hole SGRC982 from 174 m including two m at 82.0 g/t Au from 177 m;
• 24 m at 8.6 g/t Au in drill hole SGRD978 from 185 m including one m at 63.9 g/t Au from 206 m;
• 21 m at 9.2 g/t Au in drill hole SGRD1022 from 160 m including three m at 39.1 g/t Au from 166 m.

"It has been remarkable to see the advancement of the Koula deposit since announcing its discovery in September of last year," stated John Dorward, president and chief executive officer. "Today's results continue to demonstrate Koula's ability to add significant value to the Seguela gold project, through its ongoing expansion and the high-grade tenor of mineralization. Furthermore, these results support the recent Seguela mineral resource update, in which the Koula deposit had a maiden inferred resource of 281,000 ounces at an impressive 8.1 g/t, giving it the potential to be one of the highest-grade open pits in West Africa. We currently have four rigs at Koula continuing to conduct infill and extension drilling as the deposit remains open along strike and at depth.

"Since acquiring Seguela in April, 2019, we have seen the project grow at a rapid pace to over a million ounces of indicated and an additional 370,000 ounces of inferred mineral resources today. We continue to believe we have only begun to tap the potential of the Seguela project and are eager to continue to uncover and test the wealth of additional targets present on the property. While our accomplished exploration team continues their work at Seguela, the critical path for the Seguela project plan is on track with the feasibility study scheduled for the second quarter of this year, followed soon thereafter by a construction decision towards the goal of achieving first gold pour at Seguela in 2022."

Paul Weedon, vice-president, exploration, commented: "These excellent results from the infill drilling at Koula, such as 14 m at 42.9 g/t from 61 metres downhole in SGRD1000, 11 m at 46.2 g/t Au from 48 metres downhole in SGRC799 and 18 m at 22.1 g/t Au from 175 metres downhole in SGRD800, continue to emphasize the high-grade nature of the deposit. With drilling continuing and the deposit open down plunge, I'm looking forward to seeing the continued growth at Seguela."

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. A four-rig infill program of RC and diamond drilling is 80 per cent complete with the primary objective of infilling the deposit to 25 m centres to support an upgraded indicated classification. This further supports its rapid advancement and inclusion in the forthcoming 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 with hole SGRD971 intersecting 14 m at 4.3 g/t Au from 273 m downhole.

Highlights from the indicated infill drilling program at Koula include:

• 14 metres at 42.9 grams per tonne gold in drill hole SGRD1000 from 61 m including three m at 83.7 g/t Au from 62 m and one m at 263.0 g/t Au from 67 m and one m at 46.1 g/t Au from 74 m;
• 11 m at 46.2 g/t Au in drill hole SGRC799 from 48 m including three m at 143.6 g/t Au from 48 m and two m at 36.5 g/t Au from 57 m;
• 18 m at 22.1 g/t Au in drill hole SGRD800 from 175 m including seven m at 40.1 g/t Au from 176 m and one m at 32.8 g/t Au from 186 m;
• 16 m at 21.3 g/t Au in drill hole SGRC982 from 174 m including two m at 82.0 g/t Au from 177 m;
• 24 m at 8.6 g/t Au in drill hole SGRD978 from 185 m including one m at 63.9 g/t Au from 206 m;
• 21 m at 9.2 g/t Au in drill hole SGRD1022 from 160 m including three m at 39.1 g/t Au from 166 m;
• 10 m at 14.6 g/t Au in drill hole SGRC989 from 74 m including two m at 39.0 g/t Au from 74 m;
• Six m at 21.2 g/t Au in drill hole SGRD980 from 142 m including two m at 55.2 g/t Au from 145 m;
• 11 m at 11.4 g/t Au in drill hole SGRC979 from 17 m including three m at 35.2 g/t Au from 18 m.

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

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.

Roxgold's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 and under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM council, as may be amended from time to time by the CIM. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves.

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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