Mr. John Dorward reports

ROXGOLD RETURNS HIGH GRADE INTERCEPTS WITHIN NEW PROSPECT AT BOUSSOURA AS DRILL PROGRAM CONTINUES TO EXPAND MINERALIZED FOOTPRINT

Roxgold Inc. has released new exploration drilling results from the company's Boussoura project, located on the Hounde greenstone belt in southern Burkina Faso.

Boussoura project, Burkina Faso

Highlights from scout reverse circulation (RC) and diamond core (RD) drilling

Fofora -- Fofora Main:

• 10.7 m at 5.6 grams per tonne gold in drill hole BSR-20-RD-FFR-106 from 103 m including:
  • One m at 27.4 g/t Au from 103 m;
• 3.9 m at 14.4 g/t Au in drill hole BSR-20-RD-FFR-107 from 96.4 m including:
  • One m at 52.3 g/t Au from 97.8 m;
• 15.0 m at 1.9 g/t Au in drill hole BSR-20-RC-FFR-100 from 82 m;
• 18.9 m at 1.3 g/t Au in drill hole BSR-20-RC-FFR-98 from 112 m.

Fofora -- VC2:

• Five m at 17.0 g/t Au in drill hole BSR-20-RC-FFR-142 from 59 m including:
  • Two m at 40.9 g/t Au from 60 m;
• Eight m at 7.4 g/t Au in drill hole BSR-20-RC-FFR-150 from 100 m including:
  • One m at 48.9 g/t Au from 105 m;
• 10 m at 2.0 g/t Au in drill hole BSR-20-RC-FFR-134 from 28 m, followed by separate intervals of:
  • 14 m at 3.6 g/t Au from 44 m;
  • Three m at 15.6 g/t Au from 79 m;
• 23 m at 2.0 g/t Au in drill hole BSR-20-RC-FFR-143 from 41 m;
• 19.4 m at 1.1 g/t Au in drill hole BSR-20-RD-FFR-120 from 55.4 m, followed by a separate interval of:
  • 5.4 m at 5.4 g/t Au from 166 m.

Galgouli:

• Seven m at 15.8 g/t Au in drill hole BSR-20-RD-GAL-037 from 199 m including:
  • 4.7 m at 23.7 g/t from 199 m;
• Three m at 21.3 g/t Au in drill hole BSR-20-RC-020 from 47 including:
  • One m at 54.5 g/t from 47 m;
• Three m at 11.7 g/t Au in drill hole BSR-20-RC-019 from 105 m including:
  • One m at 30.9 g/t from 105 m;
• Two m at 8.4 g/t Au in drill hole BSR-20-RC-032 from 57 m.

"The Boussoura project is Roxgold's advanced-stage exploration project that is rapidly defining mineralization over multiple areas demonstrating its large-scale potential," stated John Dorward, president and chief executive officer. "In addition to positive new gold intercepts, which expand the Fofora Main footprint at Boussoura, today's announcement also includes high-grade drill results from VC2, a new discovery located less than 500 metres to the west of Fofora Main.

"A year ago, Roxgold announced the discovery of the Boussoura project and has since drilled over 150 holes with consistent assay returns demonstrating broad intersections of mineralization with lower-grade halos surrounding higher-grade quartz veins -- characteristic of the style of mineralization found within the prolific Hounde gold belt. The Boussoura project is still in its early days, yet we are growing more confident in the scale of this project, with a large land package host to numerous veined corridors running over extensive strike lengths and with numerous targets identified between Fofora and Galgouli with similar geochemistry and geophysical anomalies. We will continue to keep the drills turning at Boussoura, as we look to continue to expand and define the mineralized footprint towards the goal of a maiden resource by year-end."

Paul Weedon, vice-president, exploration, commented: "Drilling since September has included growing the footprint of Fofora Main where we are seeing additional parallel veins to the immediate east with multiple intervals returned from drilling and giving us confidence as we head towards a maiden inferred resource by year-end. I am also excited to see the success in scout drilling, testing the numerous targets within the vein corridors to the west of Fofora Main, which continues to highlight the potential of this large nine-square-kilometre artisanal field, with the new VC2 prospect shaping up as the next candidate with results such as 14 m at 3.6 g/t Au from 44 m in BSR-20-RC-FFR-134, five m at 17.0 g/t Au from 59 m in BSR-20-RC-FFR142 and 23 m at 2.0 g/t Au from 41 m in BSR-20-RC-FFR-143. In addition, results from extensions at Galgouli support the high-grade potential of this prospect, and where ongoing auger soil geochemistry results continue to highlight regional anomalism."

Boussoura project -- Burkina Faso

The Boussoura project is situated in the southern portion of the Hounde greenstone belt. The Hounde greenstone belt is host to several large-scale operating gold mines, including Roxgold's Yaramoko mine (190 km to the north) as well as multiple other producing mines and large-scale discoveries such as Endeavour's Hounde gold mine. The Boussoura tenement covers an area of over 250 square kilometres with an earn-in agreement in place for an additional 270 square kilometres of neighbouring permits. The primary targeted areas of the Boussoura project are Fofora, in the north, and Galgouli, in the south. Fofora has seen a minor amount of exploration in the past, while Galgouli was a new discovery by Roxgold last year (refer to company news release dated Feb. 3, 2020).

Fofora

The Fofora area is host to at least nine sets of shear zones and vein corridors that have been identified to date within an active three km by three km artisanal field. Scout drilling since September has progressively been testing the higher-priority targets across the field, with results confirming extensive zones of mineralization within the corridors.

Mineralization is typically associated with a series of sheared felsic dikes, associated quartz veining and intense silica alteration and replacement, with a variable dip from steep westerly to about 70 degrees east with coarse gold commonly seen in samples. Two mineralization styles have now been recognized at Fofora, with very broad lower-grade zones (typically 0.5 to 1.0 g/t) extending up to 60 m in width and interpreted as representing broad siliceous halos to much higher-grade quartz veins (10 to greater than 100 g/t intervals with high levels of coarse gold) over one to four m intervals.

A recently completed review of key structural controls has highlighted the interaction of a series of north-northwest-striking vein arrays within a regionally extensive set of northeast-trending fractures, often developing repetitions of en echelon subparallel zones as seen at Fofora Main, along with preferred host volcanic and intrusive lithologies. This review has also identified numerous additional target areas within and adjacent to the Fofora artisanal field, as well as highlighting the highly prospective nature of the 10 km corridor extending to Galgouli. At least five kilometres of this corridor are under thick laterite cover, limiting the effectiveness of historic broad spaced soil sampling, with several northeast-trending structures identified in regional geophysics. Further work is planned for this area.

Drilling at Fofora Main has intersected additional parallel veins to the east, with at least five vein sets identified as forming the bulk of Fofora Main. Results include 3.9 m at 14.4 g/t Au in BSR-20-RD-FFR-107 from 96.4 m and 10.7 m at 5.6 g/t Au in BSR-20-RD-FFR-106 from 103 m, with mineralization identified along approximately 700 m of strike and 200 m across strike. Further work is planned to continue to test for additional eastern footwall lodes as well as continuing to define the deposit dimensions as it remains open along strike and at depth.

Scout RC drilling (refer to company news release dated Sept. 14, 2020) has identified a new prospect approximately 500 m to the west of Fofora Main and named VC2, with very similar host lithology and mineralization styles. Highlight results include five m at 17.0 g/t Au in BSR-20-RC-FFR-142 from 59 m, 23 m at 2.0 g/t Au in BSR-20-RC-FFR-143 from 41 m and eight m at 7.4 g/t Au in BSR-20-RC-FFR-150 from 99 m. Similar to Fofora Main, VC2 consists of at least five parallel vein sets extending over at least 400 m along strike and remains open at depth and along strike.

Highlights from the most recent drilling include:

Fofora Main drilling:

• 10.7 m at 5.6 g/t Au in drill hole BSR-20-RD-FFR-106 from 103 m including:
  • One m at 27.4 g/t Au from 103 m;
• 3.9 m at 14.4 g/t Au in drill hole BSR-20-RD-FFR-107 from 96.4 m including:
  • One m at 52.3 g/t Au from 97.8 m;
• 15.0 m at 1.9 g/t Au in drill hole BSR-20-RC-FFR-100 from 82 m;
• 18.9 m at 1.3 g/t Au in drill hole BSR-20-RC-FFR-98 from 112 m.

VC2 drilling:

• Five m at 17.0 g/t Au in drill hole BSR-20-RC-FFR-142 from 59 m including:
  • Two m at 40.9 g/t Au from 60 m;
• Eight m at 7.4 g/t Au in drill hole BSR-20-RC-FFR-150 from 100 m including:
  • One m at 48.9 g/t Au from 105 m;
• 10 m at 2.0 g/t Au in drill hole BSR-20-RC-FFR-134 from 28 m, followed by separate intervals of:
  • 14 m at 3.6 g/t Au from 44 m;
  • Three m at 15.6 g/t Au from 79 m;
• 23 m at 2.0 g/t Au in drill hole BSR-20-RC-FFR-143 from 41 m;
• 19.4 m at 1.1 g/t Au in drill hole BSR-20-RD-FFR-120 from 55.4 m, followed by a separate interval of:
  • 5.4 m at 5.4 g/t Au from 166 m;
• 11 m at 1.9 g/t Au in drill hole BSR-20-RD-FFR-099 from 123 m;
• Four m at 4.7 g/t Au in drill hole BSR-20-RC-FFR-149 from 77 m including:
  • One m at 12.3 g/t Au from 78 m.

Galgouli

Exploration at Galgouli has transitioned to target delineation with an extensive auger program under way testing the northern and southern strike extension of the Galgouli structure and potential parallel zones. Several additional anomalies have been identified and are awaiting scout RC drill testing. Strike extension testing on 400 m spaced drill fences along strike from Galgouli has been successful in intersecting several zones interpreted as representing continuation of the main structure, with results including three m at 21.3 g/t Au from 47 m in BSR-20-RC-020 and three m at 11.7 g/t Au from 105 m in BSR-20-RC-019, with mineralization extending over 2.5 km along strike.

Approximately three km to the north of Galgouli and within the plus-10-kilometre northwest-trending structural corridor to Fofora, the recent structural study and field mapping have highlighted the similarities in structural setting and host lithologies of artisanal workings at Bantara, an area that has received minimal previous exploration. Recent numerous artisanal workings up to 500 m in strike length have been identified and several high-priority targets have been identified for auger/aircore and scout RC drilling.

Galgouli drilling:

• Seven m at 15.8 g/t Au in drill hole BSR-20-RD-GAL-037 from 199 m including:
  • 4.7 m at 23.7 g/t from 199 m;
• Three m at 21.3 g/t Au in drill hole BSR-20-RC-020 from 47 m including:
  • One m at 54.5 g/t from 47 m;
• Three m at 11.7 g/t Au in drill hole BSR-20-RC-019 from 105 m including:
  • One m at 30.9 g/t from 105 m;
• Two m at 8.4 g/t Au in drill hole BSR-20-RC-032 from 57 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                                       H2 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 Boussoura RC, AC and DD core samples were shipped to ALS Laboratories laboratory in Ouagadougou for preparation. Samples were dried and crushed by the laboratory and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200 g sample with routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the laboratory 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.