Roxgold Reports 2019 Third Quarter Production Results

Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased to report its 2019 third quarter (“Q3”) and first nine month ended September 30, 2019 (“YTD 2019”) production results from the Company’s Yaramoko Gold Mine located in Burkina Faso (“Yaramoko”).

Highlights:

• Produced 33,036 ounces of gold in Q3 for a total of 101,041 ounces YTD 2019
• Realized a record quarterly plant throughput of 114,036 tonnes which exceeded increased nameplate capacity of 1,100 tonnes per day (“tpd”) by approximately 13%
• Commercial production achieved at Bagassi South in September 2019
• Cash balance has increased to $29 million at the end of September 2019

John Dorward, President and CEO commented, “We continue to see solid operating performance at Yaramoko with gold production of 101,041 ounces through the first nine months of 2019 driven by consistent outperformance at our processing plant where we achieved record throughput and operated approximately 13% above nameplate capacity in Q3. Over the course of Q3, Roxgold reached a cash inflection point with cash added to the balance sheet following the investment in Bagassi South and the acquisition of our first growth project, Séguéla, earlier in the year. During September, we also achieved commercial production at Bagassi South, our second high grade gold mine at Yaramoko. Increased stoping activity at Bagassi South and higher mined grades are expected to drive a strong fourth quarter of operations with forecast production at the low end of our 2019 guidance.”

Operating Summary:

At the 55 Zone, 90,311 tonnes of ore were mined at 9.25 grams per tonne (“g/t Au”) and 1,484 metres (“m”) of development were completed. During the quarter, approximately 76% of ore mined came from stoping activities with five open stopes available at the end of the quarter. During the quarter, decline development reached the 4811 level, approximately 511 metres below surface.

At Bagassi South, commercial production was achieved in September. During the quarter, 41,055 tonnes of ore were mined and 1,679 m of development were completed at Bagassi South. Yaramoko is expected to produce a strong Q4 due to increased stoping operations mining higher grade ore at Bagassi South with forecast production at the low end of our 2019 guidance.

The plant processed a record 114,036 tonnes at an average head grade of 9.1 g/t Au for the quarter. Plant availability was 93.2% and overall recovery remained high at 98.0%. The plant throughput rate has consistently exceeded the nameplate capacity of 1,100 tpd following the completion of the Bagassi South expansion resulting in throughput rates exceeding nameplate capacity by approximately 13% during Q3.