High Grade, Low Cost Gold Producer in West Africa · TSX: ROXG 5 US$769/oz @15.3 g/t US$895/oz @9.1...

2018 TD Securities Mining Conference | January 2018

Mining High Grade Gold

in Burkina Faso

TSX: ROXG

High Grade, Low Cost Gold

Producer in West Africa

December 2019

2TSX: ROXG

This presentation contains forward-looking information. Forward looking information contained in this presentation includes, but is not limited to, statements with respect to: (i) the estimation of measured,

inferred and indicated mineral resources and proven and probable mineral reserves including, without limitation, statements with respect to the potential establishment of new mineral resources and/or reserves

and the expansion potential of existing mineral resources/reserves and the expansion potential of mining operations including with respect to proposed development at Bagassi South and the anticipated timing

thereof; (ii) proposed exploration and development activities (including reinvestment in operating mines), and the anticipated cost, nature, success and timing thereof, as well as any potential resulting

mineralization and/or margin potential; (iii) production, earnings, recovery rates, throughput, margin, and cost guidance as well as future sources of funding, cash flow, capital expenditures and exploration

budgets, (iv) permitting; and (v) expansion and growth potential and the anticipated timing thereof including the anticipated production at Bagassi South and the timing thereof, future economics and

development activities related thereto, and other future production and anticipated grades; (vi) expectations the Company will be within its 2019 cost guidance; (vii) statements that are not of historical fact; (viii)

anticipated production and resource per share growth; (ix) future external growth opportunities including with respect to the Séguéla gold project and other permits, and the potential prospectivity thereof; and

(x) the development potential of the Séguéla gold project and the forthcoming Preliminary Economic Assessment and an upgraded Mineral Resource estimate for the Séguéla Gold Project anticipated for release

in Q4 2019. For further details regarding the Yaramoko project, please refer to the technical report entitled “Technical Report for the Yaramoko Gold Mine, Burkina Faso” dated December 20, 2017 (the “Yaramoko

Technical Report”) and the technical report prepared for the Séguéla Gold Project entitled “NI 43-101 Technical Report, Séguéla Project, Worodougou Region, Cote d’Ivoire” dated July 23, 2019 (the “Séguéla

Technical Report” and together with the Yaramoko Technical Report, the “Technical Reports”.

These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking

information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this presentation is based on

certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves (and potential establishment and increases in respect thereof), the potential expansion of

mining operations, the realization of resource estimates and reserve estimates, gold metal prices, the timing, success and amount of future exploration and development expenditures, and materials to continue

to explore and develop the Yaramoko project and other property interests in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals and

permits, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on

information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from

any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration, risks relating to variations in mineral resources

and mineral reserves, grade or recovery rates resulting from current exploration and development activities (including risks that new mineral resources and/or reserves may not be established, or the anticipated

expansion potential of existing mineral resources/reserves or mining operations may not be realized), risks relating to changes in gold prices and the worldwide demand for and supply of gold, risks related to

increased competition in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources and mineral reserves, access and supply

risks, reliance on key personnel, operational risks inherent in the conduct of mining activities including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or

regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, capitalization and liquidity risks, risks related to disputes concerning property titles and interest, risks that closing

and environmental risks. Please refer to the 2019 Management’s Discussion and Analysis filed on SEDAR at www.sedar.com on August 13, 2019 for political, environmental or other risks that could materially

affect the development of mineral resources and mineral reserves and other forward looking matters. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information.

These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-

looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Unless stated otherwise herein, the following Qualified Persons, as defined in National Instrument 43-101, have prepared or supervised the preparation of the scientific or technical information presented in this

presentation: Benny Zhang, P. Eng (SRK Consulting Canada Inc.), Dr. Belinda van Lente (CSA Global (UK) Ltd), Dr. Matthew Cobb (CSA Global Pty Ltd.), Paul Criddle, Chief Development Officer (Roxgold), and Paul

Weedon, VP Exploration (Roxgold).

All amounts are in U.S. dollars unless otherwise stated.

Cautionary Statement

http://www.sedar.com/

3TSX: ROXG

Roxgold – Compelling Investment in the Gold Sector

See Appendix – Endnote 1. All amounts in US dollars

Operating the high-grade Yaramoko Gold Mine

located on the Houndé belt in Burkina Faso

▪ Gold production of 145,000 – 155,000 oz expected in 2019

▪ Maintains high margins - 2019 guidance of:

▪ Cash operating cost1 - $440 -$470/oz

▪ AISC1 - $765 -$795/oz

▪ Cash flow from mining operations1 of $68 million or $0.18/share in first

nine months of 2019

Attractive Growth Opportunities

▪ Séguéla Gold Project advancing rapidly with PEA expected in H1/20

▪ Large and highly prospective land position in Côte d’Ivoire covering

~3,298km2

▪ Potential resource growth and regional exploration at Yaramoko

Burkina Faso

Mali

Ghana

Benin

TogoNigeria

Guinea

Senegal

Mauritania

Côte d’IvoireLiberia

Niger

Atlantic

Ocean

Yaramoko Gold Mine

Flagship Asset

Séguéla Gold Project

AFRICA

Disciplined Capital Management

▪ Strong balance sheet and cashflow provides liquidity and financial flexibility

▪ Disciplined approach to investing in growth through organic exploration

and/or external opportunities

4TSX: ROXG

371.1M 371.5M

2016 Q3 2019

See Appendix – Endnote 1

SHARES OUTSTANDING

0%

M&I RESOURCES

CASH FLOW1 RETURN ON EQUITY1

738koz

1,323koz

2016 2018

+77%

Per Share

105-115koz

145-155koz

2016 2018

+35%

Per Share

PRODUCTION GUIDANCE (YEAR +1)

US$0.16/shr

US$0.24/shr

2016 2018

+50%

Per Share

7%

23%

2016 2018

+229%

Delivering Value to Shareholders by Executing on Per Share Growth

Continuing to Focus on Organic and Accretive Growth

5TSX: ROXG

US$769/oz

@15.3 g/t

US$895/oz

@9.1 g/t

2017 Q3 2019

127koz

145-155koz

2017 2019G

730 tpd

1,250 tpd

2017 Q3 2019

Proven Track Record on Operating Performance and Cost ControlProduction and throughput improvements while managing costs and margins

DAILY THROUGHPUT PRODUCTION

OPERATING COSTS1 OPERATING MARGIN

+18%

US$208/t

US$148/t

0

50

100

150

200

250

2017 Q3 2019

-29% +16%

+71%


6TSX: ROXG

Operating Costs Improvements Continue and Margins ExpandQ3 2019 operating costs reduced by 16% on a per tonne basis compared to Q3 2018

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

0

50

100

150

200

250

Q3

2017

Q4

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q3

2019

Head

Gra

de (

g/t

Au

)

Cash

Op

era

tin

g C

ost

(U

S$/t

)

Cash operating cost (tonne) Head grade (g/t Au)1

$739 $780 $724

$895

0

200

400

600

800

1,000

1,200

1,400

1,600

Q4 2018 Q1 2019 Q2 2019 Q3 2019

Cash operating cost Total cash cost

Mining operating margin AVG realized gold price

Operating MarginsCash Operating Cost and Head Grade


7TSX: ROXG

2019 Third Quarter Production Highlights

Gold production of

33,036 oz

Recovery Rate

98.0%

Ore Processed

114,036 t – 13% above nameplate

Average head grade

9.1 g/t Au

Ore Mined

131,366 t

8TSX: ROXG

Yaramoko Gold Mine – Reserves and Resources*

Size Grade

Proven & Probable

Reserves

658k ounces 8.2 g/t

Measured & Indicated

Resources

827k ounces 12.1 g/t

Inferred 191k ounces 12.4 g/t

Yaramoko – Reserves and Resources UpdateMaintained reserve inventory extending mine life

▪ Updated Reserve and Resource Statement announced in

July 2019

▪ Significant conversion of Inferred to Indicated Resource

▪ Maintained reserve inventory at 658K ounces following 260K

ounces of production in 2017 and 2018

▪ 1.2 million ounces of Measured and Indicated with

cumulative production

*As of Dec 31st, 2018.

0

200

400

600

800

1,000

1,200

2014 2016 2018

Measured Indicated Cumulative Production

Historical M&I Resources – 1.2M oz

See Appendix for Yaramoko Reserve and Resource Statements

9TSX: ROXG

▪ Significant conversion of Inferred

to Indicated Resource

▪ Improved understanding of key

mineralization controls through

detailed mapping and supported

by geostatistics

▪ Structural repetition of high-grade

zones becoming apparent

▪ Planning underway for dedicated

underground drill platform for

further infill and depth extension

drilling in H2 2020

▪ 55 Zone remains open at depth

Resource Growth - 55 Zone

High-grade shoot extended to 1.2 km below surface


Resource Drilling Platform

@ 5066L June 2018

Development @ 4845L June 2019


@ 4700L Aug-Dec 2020


@ 4300L in 2022

10TSX: ROXG

Resource Growth – Bagassi South

QV1 Structure – Significant Resource Upgrade

▪ Substantial upgrade

of Inferred to

Indicated and

increase in Inferred

▪ Deep drilling down

plunge highlights

structural continuity

Mafic dyke


YRM-18-DD-BGS-393

66.6 g/t over 0.4m

YRM-18-DD-BGS-371

20.9 g/t over 2.3mYRM-18-DD-BGS-435

16.1 g/t over 0.5m

YRM-18-DD-BGS-437

10.2 g/t over 2.3m

YRM-19-DD-BGS-459

10.7 g/t over 2.1m

YRM-18-DD-BGS-428

55.8 g/t over 0.9m

YRM-18-DD-BGS-406

15.5 g/t over 1.8m

11TSX: ROXG

Yaramoko Regional ExplorationFocus on exploring the regional land package

▪ Reconnaissance RC and diamond core drilling at

Tarkwaian West, SAN, 109 Zone, Kaho

intersected several zones of extensive shearing

with associated alteration, quartz veining and

pyrite

▪ Several soil anomalies identified from the

recently completed auger drilling at the Kaho

grid along the Yaramoko Shear, and across the

San and 300 Zone grids

▪ Data compilation underway to further refine the

regional lithogeochemical model and integrate

the large data sets collected during 2019

55 Zone

QV1

QV’

Kaho

109 Zone

300 Zone

San

Haho

Siou 10 Km

Hounde Project

12 Km

12TSX: ROXG

Séguéla Gold Project – Advancing Towards PEAMultiple exploration targets within 15 kilometres of Antenna Deposit

▪ Acquired Séguéla Gold Project in Côte d’Ivoire in April 2019

▪ Near surface Antenna gold deposit discovered in 2016

▪ Roxgold reported updated Antenna resource in July 2019

▪ Project rapidly advancing towards a PEA in early 2020

▪ Antenna deposit to be supported by a portfolio of high-

quality satellite pits along the main structures of the

Boulder-Agouti trend

▪ A 24,000 metre aircore and select RC/DD drilling program

commenced in late April 2019 testing the higher ranked

targets, including:

▪ Boulder

▪ Agouti

▪ Ancien

▪ P3

▪ Kwenko

▪ Séguéla has over 28 highly prospective exploration

targets with potential to increase resource base with low

cost near-surface ounces

Far North

P4

Barana

Gabbro

Gabbro South

Kabako East

Siakasso

Kabako South

Siakasso

North

Kwenko West

2.5km

5km

10km

0km to 5km

Access Road

Power Line

Petite Psammite

Eastern Schist

Eastern Granites

Eastern Andesitic

Package

Basalt Gabbro Dolerite

Western Granite

Antenna

N

Agouti

P3

Boulder

Kwenko

Ancien

13TSX: ROXG

Séguéla Gold Project – Maiden Indicated Resource Declared at AntennaPreliminary Economic Assessment (PEA) expected in H1 2020

▪ Infill and extension drilling completed at Séguéla since

the Resource upgrade confirming the high-grade core as

well as extensions at depth and along strike on the

Eastern lode. Results include2:

▪ SGRC198: 3.3 g/t Au over 11m from 0m




▪ SGRD225: 1.5 g/t Au over 16m from 99m

▪ All results will be incorporated into the forthcoming PEA

and upgraded Resource estimate anticipated for release

in early 2020

See Appendix – Endnotes 2, 3 and Séguéla Gold Project Resource Statement

Mafic/Ultramafic Volcanics Mafic VolcanicsVolcaniclastics

Ryolite

Antenna Section +0.5N

SGRC222*

5.4 g/t Au over 21m from 50m

and 3.4 g/t Au over 12m from 95m

SGRC063

4.2 g/t Au over 11m from 64m and

7.0 g/t Au over 18m from 96M

New lode

Antenna Deposit – Mineral Resources*

Size Grade

Indicated Resource 496k ounces 2.4 g/t

Inferred 34k ounces 2.4 g/t

*As of Dec 31st, 2018.

14TSX: ROXG

Boulder:▪ Key controlling structures across at least three separate lodes extending over

approximately 750m of strike length

▪ Highlights from the most recent drilling at Boulder include3:



▪ Emerging new area of focus between Boulder and Agouti

▪ Maiden Resource estimate expected in early 2020

Agouti:▪ During the quarter, 1,394 m of RC and DD drilling were completed at Agouti, with

highlights including3,4:





P3:▪ Completed infill AC drilling over approximately 1 km of strike successfully extending the

historic anomalies. Highlights included4:




Séguéla Gold Project – Prospective Satellite OpportunitiesPromising corridor between Boulder and Agouti

See Appendix – Endnote 3, 4

15TSX: ROXG

Séguéla Gold Project – Prospective Satellite OpportunitiesAncien results push target up the value chain

Ancien:

▪ At Ancien, 10 reconnaissance RC/DD drill holes

were completed, with results highlighting a broad

zone of well-defined high grade mineralization.

▪ Highlights include3,5:

▪ SGRC329: 19.73 g/t Au over 23 m from 1m



▪ SGRD244: 5.8 g/t Au over 18m from 61m


▪ Drilling at Ancien is expected to resume in

December

Ancien Longsection

See Appendix – Endnote 3, 5

16TSX: ROXG

2019 GuidanceAll amounts in US dollars

Exploration Spend$10 - $12 million

Sustaining Capital Expenditure$30 - $35 million

Gold Production

$12 - $15 million

Cash Operating Cost1 (per ounce produced)

$440-$470

AISC1 (per ounce sold)

$765-$795

Bagassi South pre-commercial production

development spend

145,000 – 155,000 oz

Production: • Expect a strong Q4/19 with forecast production at the low end

of 2019 guidance due to increased stoping activity at Bagassi

South and higher mined grades.

• Record gold production in October with over 16,000 ounces of

recovered gold due to a record throughput of over 44,000

tonnes and higher grades.

Costs:• Costs forecasts are expected to be at the upper end of our

2019 guidance with all-in sustaining costs also impacted by

increased royalty payments due to the higher gold price.

Exploration Spend:• Expected to increase to $14.0 million due to accelerated drill

program at Séguéla following recent successful drilling results.

Bagassi South Spend:• Bagassi South pre-commercial production development spend

was higher at $18.1 million due to the timing of declaring

commercial production.

Updated Guidance Commentary


17TSX: ROXG

Value PropositionCompelling investment in the gold sector

Proven Track Record

▪ Exceeded production guidance

in 2017 and 2018

▪ Low cost operator

▪ Successful project execution

delivering 55 Zone and Bagassi

South

Disciplined Capital

Management

▪ Strong balance sheet and cash

flow generation

▪ Financial liquidity and flexibility

▪ Disciplined approach to investing

in growth including assessing

external opportunities

Attractive Growth

Opportunities

▪ Séguéla Project including satellite

opportunities

▪ Significant regional upside with

extensive land package in Côte

d’Ivoire

▪ Potential resource growth at 55

Zone and Bagassi South

▪ Regional exploration at Yaramoko

18TSX: ROXG www.roxgold.com

TSX: ROXG

19TSX: ROXG

Appendix

20TSX: ROXG

2019 Third Quarter Financial Highlights

Q3 2019 Q3 2018 YOY

Change

Gold produced (ounces) 33,036 30,532 8%

Gold sold2 (ounces) 34,200 31,400 9%

Gold sales2 $50m $38m 32%

EBITDA1 $17m $17m (2%)

Adjusted EBITDA1 $22m $16m 44%

Adjusted EBITDA Margin1 44% 41% 8%

Average realized gold price $1,481/oz $1,207/oz 23%

Cash operating cost1 (per tonne processed) $148/t $177/t (16%)

Cash operating cost1 (per ounce produced) $510/oz $454/oz 12%

Total cash cost1 (per ounce sold) $586/oz $499/oz 17%

Sustaining capital cost1 (per ounce sold) $195/oz $205/oz (5%)

Site all-in sustaining cost1,3 (per ounce sold) $781/oz $734/oz 6%

All-in sustaining cost1 (per ounce sold) $834/oz $788/oz 6%

Cash flow from mining operations1 $21m $19m 14%

Cash flow from mining operations per share1 $0.06 $0.05 14%

Adjusted earnings per share1 $0.02 $0.01 50%

Cash Operating Cost1

$510/oz produced

All-In Sustaining Cost1

$834/oz sold

All amounts in US dollars

Adjusted EBITDA Margin1

44%

Cash Flow From Mining

Operations1

$21m or $0.06 per share


21TSX: ROXG

Proven

Mineral Reserves

Probable

Mineral Reserves

Proven and Probable

Mineral ReservesTonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

55 Zone 386 9.46 117 1,314 7.84 331 1,700 8.21 449

Bagassi

South49 7.50 12 612 9.12 179 661 9.00 191

Stockpiles 123 4.68 18 - - - 123 4.68 18

Total 558 8.21 147 1,926 8.25 511 2,484 8.24 658

Mineral Reserve Statement – Yaramoko Gold Mine

1. Mineral Reserves are reported in accordance with NI 43-101 with an effective date of December 31, 2018 and are included in Mineral Resources. Mineral Reserve estimates reflect the Company’s

reasonable expectation that all necessary permits be maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral Reserves.

2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates including mining dilution at grades assumed to be1.2g/t and 1.0g/t gold for 55

Zone and Bagassi South respectively. Mining dilution and recovery factors vary with specific reserve sources and are influenced by several factors including deposit type, deposit shape and mining

methods.

3. The 2018 Mineral Reserves were prepared under the supervision of Benny Zhang, Principal Mining Engineer at SRK, Peng (PEO # 100115459). Mr. Benny Zhang is a Qualified Person as defined by NI 43-

101 and independent of the Company.

4. The Mineral Reserve Statement effective on December 31, 2018 is reported at a cut-off grade of 3.7 g/t gold for the Zone 55 deposit assuming metal price of US$1,300 per ounce of gold, mining cost of

US$98.19 per tonne, G&A cost of US$19.31 per tonne, processing cost of US$23.75 per tonne, and process recovery of 98.3%; and a cut-off grade of 3.1 g/t gold for the Bagassi South deposit assuming

metal price of US$1,300 per ounce of gold, mining cost of US$76.10 per tonne, G&A cost of US$19.31 per tonne, processing cost of US$23.75 per tonne, and process recovery of 98.3%. Reserve

estimates include mining dilution and mining recovery.

5. All figures have been rounded to reflect the relative accuracy of the estimates.

6. For further information, please refer to the technical report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold Mine, Burkina Faso” available the Company’s website and on

SEDAR at www.sedar.com.

As of December 31, 2018


22TSX: ROXG

Mineral Resource Statement – Yaramoko Gold MineAs of December 31, 20181

Measured

Mineral Resources

Indicated

Mineral Resources

Measured and Indicated

Mineral Resources

Inferred

Mineral ResourcesTonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

55 Zone

(in-situ)382 14.1 173 1,135 11.0 400 1,517 11.8 573 384 12.8 158

Bagassi South

(in-situ)37 13.5 16 445 15.3 219 482 15.2 236 93 11.1 33

Stockpiles 123 4.7 18 - - - 123 4.7 18 - - -

Total 542 11.9 208 1,580 12.2 619 2,122 12.13 827 477 12.4 191

1. Mineral Resources are reported in accordance with NI 43-101 with an effective date of March 9, 2019 and March 25, 2019, for the 55 Zone and Bagassi South respectively (collectively “Yaramoko”).

The Yaramoko Mineral Resources reflect that they have been depleted for mining and mine development up to December 31, 2018. Depletion also includes artisanal workings close to the surface.

2. The Yaramoko Mineral Resources are reported at gold grade cut-off of 3.5 g/t Au, assuming: metal price of US$1,450,oz Au, mining cost of US$85.00/t, general and administration (G&A) cost of

US$22.00/t, processing cost of US$31.00/t, process recovery of 98.5%.

3. The Mineral Resources have been classified under the guidelines of the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on

Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators

NI 43-101.

4. The Yaramoko Mineral Resource Statement was prepared under the supervision of Dr. Belinda van Lente, Principal Resource Geologist at CSA Global (UK) Ltd. Dr. van Lente is a Qualified Person as

defined in NI 43-101 and independent of the Company.

5. All figures have been rounded to reflect the relative accuracy of the estimates.

6. Mineral Resources that are not Mineral Reserves do not necessarily demonstrate economic viability.

7. For further information, please refer to the technical report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold Mine, Burkina Faso” available the Company’s website and

on SEDAR at www.sedar.com.


23TSX: ROXG

As of December 31, 20181

Mineral Resource Statement – Séguéla Gold Project

Measured

Mineral Resources

Indicated

Mineral Resources

Measured and Indicated

Mineral Resources

Inferred

Mineral ResourcesTonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Tonnes

(000)

Grade

g/t Au

Ounces

(000)

Antenna - - - 6,500 2.4 496 6,500 2.4 496 400 2.4 34

Total - - - 6,500 2.4 496 6,500 2.4 496 400 2.4 34

1. Mineral Resources are reported in accordance with NI 43-101 with an effective date of March 19, 2019 for Séguéla.

2. The Séguéla Mineral Resources are reported at a gold grade cut-off of 0.3g/t Au, based on a gold price of US$1,450/ounce.

3. The Mineral Resources have been classified under the guidelines of the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on

Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators

NI 43-101.

4. The Séguéla Mineral Resource Statement was prepared under the supervision of Dr. Matthew Cobb, Principal Resource Geologist at CSA Global Pty Ltd. Dr. Cobb is a Qualified Person as defined in

NI 43-101 and independent of the Company.

5. All figures have been rounded to reflect the relative accuracy of the estimates

6. Mineral Resources that are not Mineral Reserves do not necessarily demonstrate economic viability.

7. For further information, please refer to the news release dated July 11, 2019 titled “Roxgold Announces Updated Mineral Reserves & Mineral Resources Statement including Maiden NI 43-101

Mineral Resources Statement for the Séguéla Gold Project” which is available on the Company’s website and on SEDAR at www.sedar.com.


24TSX: ROXG

Sustainability for Success Building trust by proactive outreach and following through on promises

Received the 2018 Corporate Social Responsibility Award

and Social Cohesion Special Award for best mining

company in Burkina Faso - West Africa Mining Activities

Week (SAMAO)

Strategic Community Programs

▪ Providing employment and training opportunities to localyouth – 91% local employment at Roxgold

▪ Supporting local procurement – 90% of expenditures fromsuppliers registered in Burkina Faso

▪ Investing into community projects in education, health, waterand economic development – 40 projects in 2019

Prudent Environmental Stewardship

▪ No significant adverse environmental impacts nornoncompliance registered since the mine’s inception

▪ Positive impact on the local biodiversity with ourreforestation program (~100,000 trees planted since 2014)

25TSX: ROXG

Health and Safety – Our First PriorityUpholding robust safety standards every day

World class safety record

▪ Lost Time Injury Frequency Rate (LTIFR) of zero per onemillion hours worked as of September 2019

▪ One Lost Time Injury (LTI) incident in 2018. The first(and only) since the commissioning of the mine in April2016

Extensive prevention programs such as 1,100 formal

workplace inspections and 18,000 hours of health

and safety training completed in 2018

Proactive malaria prevention at the mine site and

surrounding villages

Full time Emergency Response Team trained to the

Australian Certificate III in mine rescue

26TSX: ROXG

People at YaramokoHead GradeHead Grade

Operate and built a mine together

▪ 84% Burkinabe employment (contractors included)

▪ 39% of employees from the immediate area

▪ 83% of skilled employees from Burkina

▪ 70% of process plant department team are from the immediate area of the mine site with no prior mining skills

▪ Provided 6 – 12 months of intensive training prior to start up

▪ The plant delivers ~98% recovery rates with 96% operating time

Case Study: Training local people to operate and

maintain the process plant

Investing in our people is investing in the sustainability of the company

Developing the next generation of miners

▪ Implementation of a leadership program among all our employees to increase Roxgold’s culture of excellence, teamwork and responsibility

▪ Improvement of the technical skills development program

▪ Definition of a succession planning program

27TSX: ROXG

Vince Sapuppo, Chief Financial Officer15+ years senior finance, commercial and mergers &

acquisitions experience in mining and energy sectors

Former Roles:

▪ GM Finance - Beach Energy Limited

▪ Newcrest Mining

▪ BHP

Management Team

John Dorward, President & Chief Executive Officer 20+ years development & operating mines experience

Former Roles:

▪ VP Business Dev. of Fronteer Gold

▪ Mineral Deposits Ltd

▪ Leviathan Resources

Eric Pick, VP, Corporate Development10+ years corporate finance and mergers &

acquisitions in mining sector

Former Roles:

▪ Cormark Securities Inc.

Paul Weedon, VP, Exploration25+ years exploration, development and

production experience

Former Roles:

▪ Newmont Corp

▪ Anglogold Ashanti

Paul Criddle, Chief Development Officer20+ years operating & project development experience

Former Roles:

▪ Managing Director, Matador Mining

▪ COO, Roxgold

▪ COO, Azimuth Resources

Graeme Jennings, VP, Investor Relations10+ years capital markets experience with a focus in

the metals and mining industry

Former Roles:

▪ Nickel Creek Platinum

▪ Cormark Securities

28TSX: ROXG

Market Summary

Covering Sell-Side Firm Analyst

BMO (under review)

Canaccord (under review)

Cormark Tyron Breytenbach

Echelon Wealth Partners Ryan Walker

Eight Capital Craig Stanley

Haywood Geordie Mark

Global Mining Research David Radclyffe

Raymond James Tara Hassan

RBC Wayne Lam

Capital Structure (as of Dec 4, 2019)

ListingsTSX: ROXG

OTCQX: ROGFF

Cash US$29 million*

Common Shares Outstanding 371.5M

Share-based Payments 19.1M

Market Capitalization ~C$357M

* As of September 30, 2019

Major Shareholders

Appian Capital 13.3%

1832 Asset Management 6.6%

International Finance Corp 6.3%

Ruffer LLP 6.2%

Insiders and Management 3.7%

Yaramoko Debt Facility

▪ Face value of long-term debt of ~US$29.1 million as of Sept. 30, 2019

▪ Interest rate of LIBOR plus 3.75%

▪ Hedging component remaining of 22,958 ounces of gold at US$1,052/oz

over the life of loan which matures in June 2021

▪ Project remains unencumbered by third party streams or royalties

29TSX: ROXG

Endnotes

1. These are a non-IFRS financial performance measures with no standard definition under IFRS. See the “non-IFRS financial performance measure” section of the Company’s 2019 Q3 MD&A available on the

Company’s website at www.roxgold.com or www.sedar.com.

2. See news release dated July 15, 2019 for more information which is available on the Company’s website and on SEDAR at www.sedar.com and contains details regarding data verification undertaken, the

results and interpretation of the exploration, details regarding location, types, depths and other details of the drill holes and QA/QC information.

3. See news release dated September 12, 2019 for more information which is available on the Company’s website and on SEDAR at www.sedar.com and contains details regarding data verification

undertaken, the results and interpretation of the exploration, details regarding location, types, depths and other details of the drill holes and QA/QC information.

4. See news release dated November 11, 2019 for more information which is available on the Company’s website and on SEDAR at www.sedar.com and contains details regarding data verification

undertaken, the results and interpretation of the exploration, details regarding location, types, depths and other details of the drill holes and QA/QC information.

5. See news release dated December 2, 2019 for more information which is available on the Company’s website and on SEDAR at www.sedar.com and contains details regarding data verification undertaken,

the results and interpretation of the exploration, details regarding location, types, depths and other details of the drill holes and QA/QC information.

6. For the three-month period ended September 30, 2019, gold ounces sold, and gold sales include pre-commercial production ounces sold of 5,423 ounces and revenues of $7.9 million. The pre-commercial

production gold sales and mine operating expenses were accounted against Property, Plant and Equipment.

7. Site All-in sustaining costs excludes corporate G&A and in-country corporate costs.






30TSX: ROXG

Notes

31TSX: ROXG

Notes

32

Graeme JenningsVice President Investor Relations

[email protected] | 416 203 6401

www.roxgold.com

High Grade, Low Cost Gold Producer in West Africa · TSX: ROXG 5 US$769/oz @15.3 g/t US$895/oz @9.1...

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