Mr. John Dorward reports

ROXGOLD DRILLS 38.3 G/T AU OVER 12M, 28.3 G/T AU OVER 16M IN KOULA DEPOSIT AS SEGUELA ADVANCES TOWARD GOAL OF INITIAL PRODUCTION NEXT YEAR

Roxgold Inc. has released additional results and has successfully concluded the infill drilling program 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:

• 12 metres at 38.3 grams per tonne gold in drill hole SGRD1065 from 180 m including four m at 104.4 g/t Au from 181 m;
• 16 m at 28.3 g/t Au in drill hole SGRD1083 from 77 m including two m at 159.6 g/t Au from 83 m;
• 15 m at 24.0 g/t Au in drill hole SGRC1025 from 42 m including three m at 95.7 g/t Au from 47 m;
• Nine m at 30.5 g/t Au in drill hole SGRD1064 from 124 m including five m at 52.2 g/t Au from 124 m;
• 13 m at 15.1 g/t Au in drill hole SGRD1032 from 189 m including three m at 42.7 g/t Au from 195 m;
• 11 m at 13.9 g/t Au in drill hole SGRD1066 from 203 m including four m at 12.7 g/t Au from 205 m and one m at 72.3 g/t Au from 213 m;
• Five m at 19.1 g/t Au in drill hole SGRD1070 from 110 m including two m at 45.5 g/t Au from 112 m.

"The infill program for Koula to bring the deposit into the upcoming Seguela feasibility study has been successfully completed," commented John Dorward, president and chief executive officer of Roxgold. "Since announcing the discovery of Koula six months ago, we have seen the deposit repeatedly return some of the highest-grade intersections drilled to date on the property, reinforcing the December, 2020, Seguela resource update, which included a maiden inferred mineral resource from Koula of 281,000 ounces at 8.1 g/t -- making Koula among the highest-grade open-pit gold deposits in West Africa. The implications of the inclusion of Koula into the feasibility study are apparent, and we are confident that the market will see material improvements upon the already robust preliminary economic assessment when the feasibility study is released next quarter.

"While the infill program for Koula has been completed, our drills are still turning, as we look to test the extension potential of Koula along strike and at depth, as well as returning to Ancien to resume the extension testing program, which was deferred upon the discovery of Koula. Additionally, our scout drill program has resumed as we have over 28 named targets across the Seguela project and continue to identify further targets with boots on the ground. Seguela has already become a cornerstone asset for Roxgold, and we believe that the project will continue to grow in importance in our portfolio as we advance it toward initial production next year and expand its scope through additional exploration success."

Paul Weedon, vice-president, exploration, commented: "These outstanding high-grade results mark the conclusion of the indicated infill drill program ahead of modelling and inclusion in the forthcoming feasibility study due in the second quarter. These results continue the high-grade theme that we have seen at Koula, with results such as 12 m at 38.3 g/t from 180 metres downhole in SGRD1065, 16 m at 28.3 g/t Au in drill hole SGRD1083 from 77 m downhole, and 15 m at 24.0 g/t Au in drill hole SGRC1025 from 42 m downhole. With the deposit open down plunge, drilling has started on deep stepout holes approximately 120 m further down plunge from the previously deepest intersection of 14 m at 4.3 g/t intersected in SGRD971."

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 with the goal of infilling the deposit to 25 m centres to support an upgraded indicated classification has been completed. This further supports the 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 most recent phase of the indicated infill drilling program at Koula include:

• 12 metres at 38.3 grams per tonne gold in drill hole SGRD1065 from 180 m including four m at 104.4 g/t Au from 181 m;
• 16 m at 28.3 g/t Au in drill hole SGRD1083 from 77 m including two m at 159.6 g/t Au from 83 m;
• 15 m at 24.0 g/t Au in drill hole SGRC1025 from 42 m including three m at 95.7 g/t Au from 47 m;
• Nine m at 30.5 g/t Au in drill hole SGRD1064 from 124 m including five m at 52.2 g/t Au from 124 m;
• 13 m at 15.1 g/t Au in drill hole SGRD1032 from 189 m including three m at 42.7 g/t Au from 195 m;
• 11 m at 13.9 g/t Au in drill hole SGRD1066 from 203 m including four m at 12.7 g/t Au from 205 m and one m at 72.3 g/t Au from 213 m;
• Five m at 19.1 g/t Au in drill hole SGRD1070 from 110 m including two m at 45.5 g/t Au from 112 m;
• 13 m at 7.3 g/t Au in drill hole SGRD1034 from 108 m including two m at 30.7 g/t Au from 108 m;
• 10 m at 9.4 g/t Au in drill hole SGRD1086 from 44 m including two m at 31.3 g/t Au from 47 m;
• 11 m at 6.4 g/t Au in drill hole SGRD1029 from 34 m including two m at 14.4 g/t Au from 37 m;
• 11 m at 5.6 g/t Au in drill hole SGRD1033 from 158 m;
• 19 m at 3.9 g/t Au in drill hole SGRD1039 from 162 m;
• 12 m at 5.3 g/t Au in drill hole SGRD1073 from 188 m.

                                 CATALYSTS AND NEXT STEPS
Event                                                                        Timing

Continuing infill, expansion and satellite
target drilling program at Seguela                                          Q1 2021
District exploration drill results at Yaramoko                              Q1 2021
Underground drilling program in 55 zone at
Yaramoko mine complex                                                       Q2 2021
Boussoura exploration results                                               Q2 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 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.

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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