Toronto - Royal Fox Gold Inc. ('Royal Fox' or the 'Company') (TSXV: FOXG) is pleased to report assay results from the 2021 diamond drilling campaign and results from historically drilled core not previously sampled on the Philibert gold deposit, Chibougamau, Quebec.

A first set of results was published on October 19, 2021.

Highlights

DDH PB-21-317 returned 5.88 g/t Au over 8.0 metres, including 22.35 g/t over 2.0 metres, from 66.0 metres to 74.0 metres

DDH PB-21-321 returned 2.76 g/t Au over 9.4 metres from 124.6 metres to 134.0 metres in Obatogamau Fault

DDH PB-21-318 returned 2.27 g/t Au over 10.6 metres from 503.0 metres to 513.6 metres, including 5.77 g/t Au over 3.0 metres

Simon Marcotte, President and CEO of Royal Fox, commented: 'From the 1,147-metre drill program, the results returned to date continue to illustrate the high quality and potential of the Philibert gold deposit. As we aim to deliver a maiden NI 43-101 resource estimate in 2022, we couldn't be more excited with the untapped potential of the project, including the large historical record of unsampled and sampled drill core, and the immense exploration potential to expend gold mineralization along the Guercheville Deformation Zone.'

The Philibert deposit, located 60 kilometres southwest of Chibougamau, Quebec, is defined by 60,000 metres of historic diamond drilling, including approximately 25,000 metres of unsampled drill core from campaigns completed between 1952 and 2014. At the time, gold prices favoured the development of the Philibert deposit as an underground resource. However, at today's gold prices the district and Philibert are also amenable to open pit resources, especially when considering the recent discovery of the Nelligan gold deposit located 9 kilometres to the southwest.

About Royal Fox Gold Inc.

Royal Fox Gold Inc. is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Quebec. The Philibert Project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9km from IAMGOLD's Nelligan Gold project which was awarded the 'Discovery of the Year' by the Quebec Mineral Exploration Association (AEMQ) in 2019.

To date, more than $10M (historical value) have been spent on the Philibert Project, with more than 60,000 metres of drilling completed. The Company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert Project is owned by SOQUEM. Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the Company's website.

About SOQUEM

SOQUEM, a subsidiary of Investissement Quebec, is dedicated to promoting the exploration, discovery, and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.

Contact:

Simon Marcotte

Tel: +1-647-801-7273

Email: smarcotte@royalfoxgold.com

Cautionary Statements

The information contained herein contains 'forward-looking statements' within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.

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