Mr. John Dorward reports

ROXGOLD EXTENDS KOULA DOWN PLUNGE WITH 26.5 G/T OVER 16M & 18.5 G/T OVER 15M AT SEGUELA GOLD PROJECT

Roxgold Inc. has released assay results from down-plunge extension drilling below the 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

• 16 metres at 26.5 grams per tonne gold in drill hole SGRD1084 from 233 m including two m at 115.3 g/t Au from 234 m and one m at 24.7 g/t Au from 246 m and one m at 31.0 g/t Au from 248 m;
• 15 m at 18.5 g/t Au in drill hole SGRD1088 from 256 m including five m at 24.2 g/t Au from 260 m and three m at 45.1 g/t Au from 268 m;
• Seven m at 22.3 g/t Au in drill hole SGRC1085 from 256 m including one m at 104.5 g/t Au from 261 m;
• 17 m at 7.7 g/t Au in drill hole SGRD1081 from 193 m including two m at 41.6 g/t Au from 194 m and one m at 15.3 g/t Au from 206 m.

"As Seguela moves closer to a construction decision, we continue to push towards the goal of defining additional mineralization in support of our vision of Seguela becoming a 150,000-ounce-per-year producer over 10-plus years," commented John Dorward, president and chief executive officer of Roxgold. "The assay results today, while still early, build our confidence in the potential for Koula to conceptually extend its life via a high-grade underground operation. The strength of mineralization at depth at Koula is similar to what we were seeing at depth down plunge in Ancien last year -- a program which was temporarily put on hold in order to infill and upgrade the in-pit-defined inferred mineral resource at Koula for inclusion into the upcoming feasibility study. While we had initially viewed Koula as an attractive satellite opportunity it is now clear that it has the potential to be the most important deposit defined at Seguela so far. In addition, our drills have resumed extension testing at Ancien, the other ultrahigh-grade deposit discovered to date.

"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 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: "Building off the recent high-grade results from the conclusion of the infill program, these new results highlight the potential for an underground target extending down plunge from Koula and provide a high degree of confidence in the high grades over at least 150 m down plunge. Coupled with the 14 m at 4.3 g/t intersected in SGRD971 we see mineralization extending at least 250 m at depth and I am looking forward to the results from the next round of stepout drilling, which is testing the potential a further 120 m down plunge."

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 diamond drill rig is continuing to test for down-plunge extensions to the high-grade Koula mineralization, targeting the next 120 m to 150 m stepout more down plunge from the previously deepest intersection of 14 m at 4.3 g/t in SGRD971.

Mineralization is hosted by quartz-carbonate veining associated with a well-developed mylonitic fabric within and along the interpreted margins of a tholeiitic basalt, with a very strong structural control evident in the association of a crosscutting north-northeast-trending structure. This mylonitic zone can be traced for several kilometres along strike on the regional magnetics and looks to also be associated with the mineralization at Ancien, about six km to the south.

Highlights from the most recent phase of the indicated infill drilling program at Koula include:

• 16 metres at 26.5 grams per tonne gold in drill hole SGRD1084 from 233 m including two m at 115.3 g/t Au from 234 m and one m at 24.7 g/t Au from 246 m and one m at 31.0 g/t Au from 248 m;
• 15 m at 18.5 g/t Au in drill hole SGRD1088 from 256 m including five m at 24.2 g/t Au from 260 m and three m at 45.1 g/t Au from 268 m;
• Seven m at 22.3 g/t Au in drill hole SGRC1085 from 256 m including one m at 104.5 g/t Au from 261 m;
• 17 m at 7.7 g/t Au in drill hole SGRD1081 from 193 m including two m at 41.6 g/t Au from 194 m and one m at 15.3 g/t Au from 206 m;
• Seven m at 5.4 g/t Au in drill hole SGRC1082 from 233 m including one m at 29.0 g/t Au from 235 m.

                               CATALYSTS AND NEXT STEPS
Event                                                                            Timing

Continuing infill, expansion and satellite target
drilling program at Seguela                                                     Q2 2021
District exploration drill results at Yaramoko                                  Q2 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

See the full listing of drill results from the recent drilling programs at the Seguela gold project in the associated table.

Note

All results are reported as downhole intervals, which represent approximately 65 per cent of true width.

Hole ID              From          To        Width          Au
                      (m)         (m)          (m)       (ppm)

SGRD1081              193         210           17        7.69
                      194         196            2       41.65
                      206         207            1       15.25
SGRD1082              233         240            7        5.38
                      235         236            1       29.00
SGRD1084              233         249           16       26.53
                      234         239            5       64.78
                      234         236            2      115.25
                      246         247            1       24.70
                      248         249            1       31.00
SGRD1085              256         263            7       22.26
                      260         262            2       70.85
                      261         262            1      104.50
SGRD1088              256         271           15       18.51
                      260         265            5       24.20
and                   268         271            3       45.13

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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