Roxgold Utilizes Pre-emptive Rights to Buy Back 0.3% NSR on the Séguéla Gold Project

Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased to announce that it has exercised its buy back right and repurchased a 0.3% Net Smelter Royalty (the “NSR”) from an original property owner with respect to the Company’s Séguéla Gold Project (“Séguéla”). In consideration for the repurchase of the NSR, Roxgold paid cash consideration of US$700,000 from cash on hand. Roxgold exercised its rights under the royalty agreement to pre-empt an arms-length acquisition between the original property owner and an international royalty company. After close of the transaction, Séguéla continues to have a 1.2% NSR held by another original property owner under the same terms.

The Company’s next permitting milestones at the Séguéla Gold Project are the receipt of the Exploitation (Mining) Permit and completion of the Mining Convention negotiation process. The Company is continuing to advance the project towards the completion of a Feasibility Study which is targeted for release within the first half of 2021. Roxgold anticipates early works at site, including the upgrading of site access through a road improvement program and some initial site works for the accommodation village, will be commenced before the end of year. The intention of the early works activities is to enable a rapid ramp up to full construction next year.

Catalysts and Next Steps

Event	Timing
Ongoing infill, expansion and satellite target drilling program at Séguéla	Q4 2020
Drilling results from Boussoura	Q4 2020
Underground drilling program in 55 Zone at Yaramoko Mine Complex	H1 2021
Feasibility Study for Séguéla	H1 2021
Séguéla construction decision	H1 2021
Annual Mineral Resource & Reserve Update at Yaramoko Mine Complex (incorporating current underground drill campaign)	H2 2021

Qualified Persons

Paul Criddle, FAusIMM, Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.