TORONTO - Roxgold Inc. ('Roxgold' or the 'Company') (TSX: ROXG) (OTCQX: ROGFF) is pleased to announce initial results from the newly discovered Gabbro North prospect, further results from step-out and in-fill drilling at the recently discovered Sunbird deposit, and additional high-grade results from depth extension drilling at the high grade Koula deposit, at the Seguela Gold Project ('Seguela') located in Cote d'Ivoire.

'The drill program at Seguela continues to build upon the Feasibility Study through the significant exploration prospectivity demonstrated with the discovery of Gabbro North and the extension drilling results at Sunbird. In addition, the results from deeper drilling at Koula emphasise the underground potential with drill defined high-grade mineralization now extending more than 450m down plunge from the base of the DFS pit shell.' commented John Dorward, President and Chief Executive Officer. 'The proposed combination with Fortuna Silver will create one of the best organic growth pipelines among any of the intermediate precious metal producers, supported by peer-leading free cash flow generation, increased scale and diversification, increased liquidity and a lower cost of capital.'

Paul Weedon, Vice President Exploration commented 'The scout drilling results from the new Gabbro North prospect continues to emphasise the high-grade potential of Seguela, building off the recent discoveries of the Ancien, Koula and Sunbird deposits. In addition to the success at Gabbro North, drilling at Sunbird identified several high-grade shoots as we move through the infill and extension drilling program, with the deposit still open to the south and down-dip, while detailed logging has identified a potential faulted offset in the north, meaning this area also remains open along strike.

'Further, the encouraging results from the deep drilling at Koula has successfully intersected 11m at 7.2 g/t from 279m in hole SGDD086 and 11m at 5.5 g/t from 294m in SGRD1204. Structural logging of the depth extension holes identified a gradual rotation in the strike direction of the high-grade shoot, resulting in the actual plunge being slightly shallower than originally projected with some drill holes intersecting the margins of the mineralized envelope. In addition, this program is highlighting the development of a parallel high grade hanging wall lode and I am looking forward to results from further step-out drilling as we consider the potential for our first high grade underground resource at the Seguela Project.'

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 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 Cote d'Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

Cautionary Note Regarding Forward-Looking Statements

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

Tel: 416-203-6401

Email: gjennings@roxgold.com

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