Roxgold Produces 33,557 Ounces in Third Quarter Maintaining Guidance

Quarterly Highlights:

• Produced 33,557 ounces of gold at an average grade of 7.7 grams per tonne in Q3, totalling 98,749 ounces produced for the year to date
• Reported quarterly plant throughput of 1,424 tonnes per day (“tpd”) for a total of 131,029 tonnes which exceeded increased nameplate capacity of 1,100 tpd by approximately 29%
• Maintained upper end of annual gold production guidance at 120,000 and 130,000 ounces subject to existing operating conditions being maintained
• Continued management and mitigation of COVID-19 to minimize impacts on operations with reduced personnel due to travel restrictions and protection protocols
• Received ESIA approval and advanced drilling at the Séguéla Gold Project (“Séguéla”), in Côte d’Ivoire, to support the upcoming Feasibility Study which remains on track for the first half of 2021
• Announced discovery of the Koula prospect, at Séguéla, with over 40 holes drilled to date demonstrating wide intersections of high grades, including 109 g/t over 4m in hole SGRC919 and 26.1 g/t over 19m in hole SGRC877
• Tested additional mineralization corridors at Boussoura, in southern Burkina Faso, identifying over 9 mineralized vein sets over 4 vein corridors with high grade results such as 4.8m at 26.9g/t Au from BSR-20-RD-FFR-040 and 9m at 10.7g/t Au from BSR-20-RC-FFR-063

“Roxgold is pleased to report another positive quarter of operations from the Yaramoko Mine Complex, as our employees, contractors and local communities have all joined together to ensure a safe and secure working environment,” said John Dorward, President and CEO. “Yaramoko achieved quarterly production of 33,557 ounces, bringing our year to date production to 98,749 ounces – putting the company well on track towards achieving the upper end of our annual production guidance of 120,000 to 130,000 ounces. The processing plant continues to outperform, averaging throughput of 1,424 tonnes per day, as mining volumes were supplemented with lower grade stockpiles due to ongoing COVID-19 travel restrictions and distancing protocols requiring adjusted scheduling of mining personnel.

Looking ahead, the pace of progress at Roxgold continues to accelerate, as Séguéla advances towards a construction decision in the first half of 2021, drilling at Boussoura builds confidence in the prospectivity of the project to be Roxgold’s third asset, and underground drilling at Yaramoko works toward expanding the mine life of our flagship asset.

The Séguéla Project saw notable developments last quarter, including the approval of the Environmental and Social Impact Assessment and the discovery of the newest high-grade deposit – Koula. Permitting is progressing well and the Feasibility Study is on track for completion in the first half of 2021, after which we will be in a position to break ground towards pouring first gold from Séguéla in 2022. Following receipt of the approved ESIA, the Company’s board approved a package of early works expenditure including a Front End Engineering and Design study (“FEED”) along with initial site works to enable a rapid ramp up following completion of the Feasibility Study. We currently have four drills turning at Séguéla, with a focus on extension and infill drilling at Koula and the continued scout testing of the extensive portfolio of targets within our land package.”

Table 1 – Q3 2020 Production Metrics

Operating Summary

The Yaramoko Mine Complex produced 33,557 ounces, based on processing 131,029 tonnes at an average grade of 7.7 grams per tonne and mill recoveries of 98.2%. The processing plant availability was 97.4% in the quarter and reported an average throughput rate of 1,424 tonnes per day exceeding nameplate capacity by approximately 29%. In the quarter, the processing plant was supplemented with 36,201 tonnes of low-grade stockpile at an average grade of 3.1g/t processed.

Mining activities totalled 109,737 tonnes of ore mined at an average mined grade of 8.9 g/t. The lower mining activity was due to Yaramoko continuing to operate with reduced personnel due to COVID-19 travel restrictions and protection protocols. Production development is progressing well at both mines. Decline development in the 55 Zone has now reached the 4714 level, which is approximately 600 metres below surface, with increased ore drive development. Decline development at Bagassi South was completed in September, reaching the 5044 level, which is approximately 270 metres below surface. With decline development at Bagassi South complete, activities will now be focused on stoping operations.

Roxgold reported quarterly gold sales of 30,401 ounces at record average realized gold prices of $1,887/oz. Gold ounces sold were lower than production due to the timing of gold shipments at the end of the quarter with 3,140 ounces of gold doré on hand.

Corporate Update

The Company continued to generate strong cash flows finishing the quarter with approximately US$56 million of cash and gold doré on hand. It also has an additional US$20 million as a revolving credit facility that remains unutilised at the end of the quarter.

2020 Guidance

Based upon Q3 production results, Roxgold remains on track to achieve the upper end of its annual production guidance target of between 120,000 and 130,000 ounces from the Yaramoko Mine Complex absent any increased Covid-19 related delays or significant deterioration in operating conditions.

Upcoming Catalysts

Q3 2020 Financial Results and Conference Call

Roxgold is scheduled to release its third quarter 2020 operating and financial results on Tuesday, November 10, 2020 after the North American markets close. The Company will host a conference call and live webcast on Wednesday, November 11^th, 2020 at 8:00 am ET to discuss its financial results and business outlook.

Listeners may access a live webcast of the conference call from the events section of the Company's website at www.roxgold.com or by dialing toll free 1 (844) 607-4367 within North America or +1 (825) 312-2266 from international locations. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering a minimum of 10 minutes before the start of the call.

An online archive of the webcast will be available by accessing the Company's website at www.roxgold.com. A telephone replay will be available for two weeks after the call by dialing toll free 1 (800) 585-8367 within North American or +1 (416) 621-4642 from international locations and entering passcode: 883 5548.

Qualified Persons

Paul Criddle, FAusIMM, Chief Operating Officer for Roxgold Inc., 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

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Mine Complex located on the Houndé greenstone belt in Burkina Faso and is advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Such forward-looking statements include, without limitation: economic statements related to the PEA, such as future projected production, capital costs and operating costs, statements with respect to Mineral Reserves and Mineral Resource estimates, recovery rates, timing of future studies including the feasibility study, environmental assessments and development plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the PEA, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, any potential upgrades of existing resource estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: delays resulting from the COVID-19 pandemic, changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements, including the factors included in the Company’s annual information form for the year ended December 31, 2019. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.



Contact

Graeme Jennings, CFA, Vice President, Investor Relations
416-203-6401
gjennings@roxgold.com