Mr. John Dorward reports

ROXGOLD PRODUCES 35,308 OUNCES AT YARAMOKO IN FIRST QUARTER

Roxgold Inc. has released its preliminary production results for the first quarter of 2021 from the company's Yaramoko mine complex located in Burkina Faso. All amounts are in U.S. dollars unless otherwise indicated.

Quarterly highlights:

• Produced 35,308 ounces of gold at an average head grade of 8.0 grams per tonne gold in Q1 2021;
• Reported quarterly plant throughput of 1,419 tonnes per day (tpd) for a total of 127,667 tonnes;
• Mined a record 153,256 tonnes from underground in the quarter as operations have adjusted to COVID-19 protocols;
• Continued management and mitigation of COVID-19 to minimize impacts on operations with reduced personnel due to travel restrictions and protection protocols;
• Partnered with Franco-Nevada Corp. for the sale of the reacquired 1.2-per-cent net smelter return on Seguela with the inclusion of a three-year buyback clause for the repurchase of up to 50 per cent of the royalty at a pro rata rate of the $20-million (Australian) sale price. The sale was cash neutral to Roxgold, while maintaining maximum interest in the project, as Roxgold exercised its right to pre-empt a proposed acquisition of the legacy royalty by an international royalty company;
• Delivered into last gold hedging contract from the original Yaramoko project finance facility -- company is now completely hedge free;
• Announced the discovery of the Sunbird prospect at Seguela, with the first phase of 17 holes returning consistent near-surface mineralization with high-grade cores characteristic of the developing north-south structure that is host to the high-grade deposits Koula and Ancien;
• Extended Koula mineralized envelope underground drilling an additional 120 m down plunge from the previous deepest drilling. Roxgold has now delineated high-grade mineralization extending approximately 300 m down plunge from the base of the PEA pit shell, with results including 26.5 g/t Au over 16 m in hole SGRD1084 and 18.5 g/t Au over 15 m in hole SGRD1088;
• Tested additional mineralization corridors at Boussoura, in southern Burkina Faso, announcing the new VC2 prospect, located less than 500 m to the west of Fofora Main, with results including 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-14.

"Roxgold has continued its long track record of operating excellence with a strong operating quarter at our Yaramoko mine complex, whilst our development and exploration teams have continued to have remarkable success advancing and growing our Seguela gold project in Cote d'Ivoire towards a construction decision later this year," commented John Dorward, president and chief executive officer. "Yaramoko achieved quarterly production of 35,308 ounces, placing the company well on track towards achieving our annual production guidance target of 120,000 to 130,000 ounces. The processing plant continues to outperform, averaging throughput of 1,419 tonnes per day, while underground mining operations reported a record of 153,256 tonnes of ore mined as our teams on the ground have managed to manage and mitigate the operational challenges related to the ongoing COVID-19 pandemic while ensuring a safe and secure working environment for our employees, contractors and local communities."

         Q1 2021 PRELIMINARY PRODUCTION METRICS
                                                 Q1 2021

Ore mined (tonnes)                               153,256
Ore processed (tonnes)                           127,667
Ore processed (tpd)                                1,419
Head grade (g/t)                                     8.0
Recovery (%)                                        97.9
Gold ounces produced (oz)                         35,308
Gold ounces sold (oz)                             33,962
Gold sales ($000)                                $60,624
Average realized selling price ($/oz)             $1,785

Operating summary

The Yaramoko mine complex produced 35,308 ounces in Q1 2021, based on processing 127,667 tonnes at an average head grade of 8.0 g/t and mill recoveries of 97.9 per cent. The processing plant availability was 96.8 per cent in the quarter, averaging a throughout rate of 1,419 tpd, which exceeded nameplate capacity by approximately 29 per cent. In the quarter, the processing plant was supplemented with 28,202 tonnes of low-grade stockpile at an average grade of 3.1 g/t processed.

High mining rates were maintained as operations have adjusted for COVID-19 protocols and procedures at site, with a total of 153,256 tonnes of ore mined at an average grade of 6.9 g/t, with the 55 zone accounting for 64 per cent of mined ore and 36 per cent coming from Bagassi South. Decline development in the 55 zone has now reached the 4618 level, which is approximately 700 metres below surface.

Roxgold reported quarterly gold sales of 33,962 ounces at an average realized gold price of $1,785/oz. Gold ounces sold were lower than production due to the timing of gold shipments at the end of the quarter.

Corporate update

The company finished the quarter with approximately $59-million (U.S.) of cash and gold dore on hand and in a net cash position of approximately $25-million (U.S.). Roxgold continued to focus on reinvesting in its value accretive projects with over $15-million spent on advancing the feasibility study and early works at Seguela, as well as exploration drilling at Seguela, Boussoura and Yaramoko. The company has an additional $20-million (U.S.) as a revolving credit facility that remains unutilized at the end of the quarter.

During the quarter, the company completed its hedge program (related to the initial financing to develop Yaramoko) and has no additional hedging in place.

2021 guidance

Based upon Q1 production results, Roxgold is slightly ahead of expectations and remains on track to deliver between 120,000 and 130,000 ounces of production from Yaramoko absent any significant deterioration in operating conditions. The production and cost guidance assumes no material operational impacts due to COVID-19.

                                 COMING CATALYSTS
Event                                                             Estimated timing

Feasibility study for Seguela                                              Q2 2021
Continuing expansion and satellite
target drill programs at Seguela                                           Q2 2021
Boussoura exploration results                                              Q2 2021
District exploration drill results at Yaramoko                             Q2 2021
Seguela construction decision                                             mid-2021
Initial resource at Boussoura                                              H2 2021
Commissioning of Seguela gold project                                      H2 2022

Qualified persons

Paul Criddle, FAusIMM, chief operating officer for Roxgold, a qualified person within the meaning of National Instrument 43-101, has reviewed, verified and approved the scientific and technical disclosure contained in this news release.

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.