Mr. John Dorward reports

ROXGOLD CONTINUES TO RAPIDLY ADVANCE SEGUELA TOWARDS FORMAL CONSTRUCTION

Roxgold Inc. has provided an update on the advancement of the Seguela gold project in Ivory Coast. The company has taken several key steps in advancing Seguela toward project construction in the coming months.

Seguela gold project status update

• EPC (engineering, procurement and construction) contractor selection: Roxgold has awarded preferred contractor status to Lycopodium Minerals Pty. Ltd. and is currently negotiating the EPC agreement for the 1.25-million-tonne-per-annum carbon-in-leach processing facility and other supporting infrastructure to be constructed at Seguela. Lycopodium has a long-established record of developing and commissioning high-quality gold projects on time and on budget in West Africa, having completed the construction of more than a dozen gold development projects in West Africa since 2009, including three projects in Ivory Coast in the last three years. The fixed price agreement increases confidence in the total capital cost for the project, as it is by far the largest scope at Seguela. With this agreement in the final stages of negotiation and several other key scopes now tendered and priced, approximately 65 per cent of the preproduction capital estimate has now been fixed or finalized. This level of detail provides increased confidence around the preproduction capital estimate, which is expected to be in line with the previous estimate of $142-million, as outlined in the preliminary economic assessment (PEA) for the definitive feasibility study. The feasibility study results are due for release next quarter.
• Long-lead/critical path items: Along with the award of the preferred contractor status to Lycopodium, the company has commenced detailed engineering and procurement of long-lead time items. Specifically, the SAG (semi-autonomous grind) mill order has been awarded to Metso Outotec Corp. Similarly, the plant site bulk earthworks tender has been awarded and contract expected to be executed and works commenced in Q2 to support the project's critical path.
• Infrastructure early works: The company has continued to advance its early works program at the site, including upgrading of the site access road and construction of the accommodation village. Contracts were awarded for camp bulk earthworks and camp construction, with the first concrete poured last month. Surveying has been completed for the 33-kilovolt and 90 kV power lines to tie into the existing 90 kV transmission line running across the property, which is connected to the 225 kV ring main system around the country. These early work activities will enable a rapid ramp-up to full construction upon completion of the feasibility study and mine financing in the second quarter of this year.
• Mining contract: The company has undertaken a competitive tender process and has conducted a detailed assessment of proposals received. The company is currently completing diligence on the short-listed parties and plans to award the mining contract later this year to allow for contractor mobilization, site establishment and commencement of preproduction mining early next year.

"The Seguela project has rapidly become a cornerstone asset for Roxgold, and we believe that the project will provide significant value to all our stakeholders," commented John Dorward, president and chief executive officer. "The feasibility study is on track to be announced in the second quarter, which we believe will demonstrate the ongoing evolution of the Seguela PEA with an enhanced mine life and project economics with the inclusion of the high-grade Koula deposit into the mine plan.

"With today's announcement awarding Lycopodium as our preferred EPC contractor, we now have direct visibility on a fixed-cost basis of over half of the overall project capital requirement. This has provided more certainty that the capital estimate in the feasibility study will be consistent with the estimate of $142-million in the PEA study.

"Meanwhile, our early works activities have allowed us to begin our engagement with the local communities, initiating a Roxgold training program and hiring over 100 local workers in support of the project, with additional subcontracting employment opportunities to carry out minor works. Roxgold is committed to having an enduring positive impact on our people and on the communities near our operations with the conviction that our presence in host communities should provide employees and neighbours with opportunities for growth and development."

                                 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                                                   mid-2021
Initial resource at Boussoura                                                    H2 2021 
Commissioning of Seguela gold project                                            H2 2022 

About Roxgold Inc.

Roxgold is a Canadian-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.