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

Simon Marcotte, President and CEO of Royal Fox, commented: 'We are excited to unlock the value of this project, as the new context dictates a different and systematic approach, allowing us to deliver results from extensive historical drilling never previously assayed. As we aim to deliver a maiden NI 43-101 resource calculation on the deposit in 2022, this data will be combined with historical figures along with the results of a drilling campaign of more than 10,000 metres currently being planned for the upcoming winter. We see the Philibert deposit becoming a pillar in the camp of Chibougamau.'

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, today's gold price environment, combined with the recent discovery of the Nelligan deposit located 9 kilometres to the southwest, re-establish the district and Philibert as also amenable to open pit resources.

As such, Royal Fox initiated the first phase of a sampling program, which included 573 samples selected from 31 drill holes. While only 180 samples have been returned thus far, results include a new high-grade intercept for hole 981-12-268 (2012) with 9.77 g/t Au over 4.0 metres, including 23.4 g/t over 1.5 metres between 111.5 metres to 115.5 metres. Results from the remaining 393 samples, representing 69% of the first phase of sampling, will be released as they are received. Given the significant results returned to date from the first phase of this campaign, the Company is developing plans to commence the second phase of the sampling program, targeting further unsampled intervals proximal to mineralization and areas with open-pit potential.

Adree DeLazzer, Vice-President Exploration of Royal Fox, commented: 'The results released today show both high grade intercepts and broad lower grade intercepts, which is key to building the deposit into an open pit resource. We are pleased with the results released today and the continuity we see with gold along strike. It highlights the potential to grow the deposit both along strike and at depth.'

Geological Background

Unsampled intervals limit the geological interpretation, especially between staked mineralized domains. The Company believes this sampling program continues to support the evaluation of the open pit resource potential of the deposit. This first phase of the sampling program focused on mineralized domains west of the Obatogamau Fault and near surface. Geologists ranked unsampled intervals using intensity of silicification, alteration, and sulphide mineralization to prioritize sampling. The new high-grade intercept is within the modeled mineralized domain 37-2 and hosted in the Philibert gabbro sill with deformed quartz-sulphide veins. The addition of this intercept improves the continuity of the domain to the west. Sampling results from other sections and holes return high background values in the 0.1 ppm Au range over 5 to 10 metre widths.

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) 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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