Roxgold Produces 133,940 Ounces Exceeding 2020 Production Guidance and Provides Outlook For 2021

“Looking ahead, the pace of progress at Roxgold continues to accelerate, as we announced last month that we broke ground at the Séguéla Gold Project in Côte d’Ivoire, following receipt of the Environmental and Social Impact Assessment and Exploitation permits. The goal of pouring first gold from Séguéla next year is within our reach with early works at Séguéla already initiated to enable a rapid ramp up to full construction following completion of the Feasibility Study in the second quarter of this year. We currently have four drills turning at Séguéla and are eager to share with the market the results of the program which has been focusing on extension and infill drilling at Koula and the continued scout testing of the extensive portfolio of targets within our land package.”

2020 preliminary fourth quarter and fiscal year key metrics

Operating Summary

In 2020, the Yaramoko Mine Complex produced 133,940 ounces, based on processing a record 512,276 tonnes at an average head grade of 8.5 g/t and mill recoveries of 98.1%. The processing plant availability was 96.3% over the year and averaged a throughput rate of 1,400 tonnes per day exceeding nameplate capacity by approximately 27%. Mining activities totalled 506,109 tonnes of ore mined at an average mined grade 8.3 g/t. Mining rates increased in Q4 2020 as operations were able to mitigate COVID-19 protection protocol impacts.

On a quarterly basis, the Yaramoko Mine Complex produced 35,191 ounces, based on processing 128,059 tonnes at an average head grade of 9.3 g/t and mill recoveries of 98.2%. The processing plant reported availability of 94.8% in the quarter, averaging a throughput rate of 1,392 tpd. Mining activities increased with a quarterly record of 149,347 tonnes of ore mined, at an average grade of 7.9 g/t, with the 55 Zone accounting for 63% of mined ore and 37% coming from Bagassi South. High levels of mine productivity in the quarter are due to increased levels of stope availability at Zone 55 and Bagassi South, following the completion of development activities at Bagassi South.

Corporate Update

Roxgold reported annual gold sales of 135,310 ounces at record average realized gold prices of $1,771/oz. In Q4 2020, gold sales of 38,504 ounces were above production due to the timing of gold shipments at the end of the third quarter.

Roxgold generated strong free cashflow (before growth spend)¹ of over $47 million² increasing our cash balance from $41.8 million to approximately $61.7 million² as of December 31, 2020. This enabled the Company to continue to strengthen its balance sheet ending the year with a net cash position of over $26 million². The company continues to have an additional US$20 million as a revolving credit facility that remains unutilised at the end of the year.

2021 Operating Outlook

Roxgold anticipates the Yaramoko Mine Complex will produce between 120,000 and 130,000 ounces in 2021 with cash operating costs³ of $580–640/oz and all-in sustaining costs (“AISC”)⁴ of $895–975/oz. Sustaining capital is expected to decline this year compared to 2020 due to the completion of decline development at Bagassi South, allowing the operation to focus on stoping operations. The higher gold price increased the impact of royalties by approximately $30/oz.

The production and cost guidance assumes no material operational impacts due to COVID-19. A prolonged COVID-19 related delay or significant deterioration in operating conditions may have an impact on production and cost guidance.

Upcoming Catalysts

2020 Financial Results and Conference Call

Roxgold is scheduled to release its fourth quarter and full year 2020 financial results on Wednesday, March 3^rd, 2021 after market close in North America. The Company will host a conference call and live webcast on Thursday, March 4^th, 2021 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: 638 3668.

Notes

1. This is a non-IFRS Financial performance measure with no standard definition under IFRS. Free cashflow (before growth spend) is defined as cashflow from operating activities less cashflow from investing activities excluding growth expenditure (i.e. exploration expenditures).
2. Unaudited.
3. The production and AISC forecast are based on the mine plan that supports the Yaramoko Mineral Reserves and Mineral Resources Statement as at June 30, 2020 released on November 10, 2020.
4. The Company provides some non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to note 16 "Non-IFRS financial performance measures" of the Company's MD&A dated November 10, 2020, available on the Company's website at www.roxgold.com or on SEDAR at www.sedar.com for reconciliation of these measures.

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.