1TSX: ROXG

Macquarie London Event - Disruptive Discoveries 2.0

October 2018

Mining High Grade Gold

in Burkina Faso

TSX: ROXG

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 proposed plant expansion), and the anticipated nature, success and timing thereof; (iii)

production, earnings, recovery rates and cost guidance as well as future sources of funding, 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, and future economics and development activities related thereto; (vi) expectations the Company

will be within its 2018 cost guidance; (vii) statements that are not of historical fact; and (viii) any potential share buyback by the Company. 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 “Technical Report”) as well as the press releases of Roxgold Inc. (“Roxgold” or

the “Company”) dated April 18, 2017 and the November 6, 2017, Bagassi South Feasibility Study news release.

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 and amount of future exploration and development

expenditures, and materials to continue to explore and develop the Yaramoko project 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, and environmental risks. Please refer to the 2017 Management’s Discussion and Analysis filed on SEDAR at www.sedar.com on March 28, 2018 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.), Sebastien Bernier (SRK Consulting Canada Inc.), Iain Cox, Interim Chief Operating Officer (Roxgold), and Craig Richards (Roxgold).

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

Cautionary Statement

3TSX: ROXG

Roxgold – High Grade Disruptive Discovery

▪ Operating the Yaramoko Mine located in the Houndé

belt in Burkina Faso

▪ 55 Zone – in production

▪ Bagassi South – in development

▪ High-Grade, Low Cost Underground Gold Producer

▪ High-grade at 17.1 grams per tonne1 at 55 Zone and

16.6 grams per tonne2 at Bagassi South

▪ LOM Site AISC3 ~$695 per ounce

▪ LOM production includes inferred resources out to 20274

▪ Growth Potential through Exploration

▪ Proven Management Team and Board

Canadian Based – Best in Class West African Gold Miner

1. As of December 31, 2016. Measured & Indicated Resources. See appendix for Mineral Resource Statement – 55 Zone

2. As of July 19, 2017. Measured & Indicated Resources. See appendix for Mineral Resource Statement – Bagassi South

3. This is a non-IFRS financial performance measure with no standard definition under IFRS. Site All-in sustaining cost above represents both mines combined and excludes corporate G&A and in-

country corporate costs.

4. See Table 75 included in Section 23 titled “Other Relevant Data and Information” in the Company’s Technical Report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold

Mine, Burkina Faso” available on SEDAR and the Company’s website.

4TSX: ROXG

Continuing Disruptive Discoveries at Yaramoko

1. As of July 19, 2017. See appendix for Mineral Resource Statement – Bagassi South

▪ 55 Zone – Structural work

▪ Emerging structural picture driving resource expansion

▪ Integration of multiple datasets (lithogeochemistry, structure, geophysics)

for vectoring and new target identification

▪ Bagassi South – Second high-grade underground mine

▪ High-grade discovery – 16.6 g/t Au Measured and Indicated1; Geologically

similar to the 55 Zone

▪ Positive feasibility study delivered in November 2017; Project in

development with first ore expected by the end of 2018

▪ Regional Exploration – Potential disruptive targets

▪ Structurally favourable orientation supported by lithological/geochemical

sampling from recent auger drilling. Target generation is ongoing at Kaho

and Houko Central South ahead of Q4/Q1 exploration programs

5TSX: ROXG

▪ Operations – 55 Zone

▪ Gold production of 126,990 oz exceeding increased guidance

▪ Cash Operating Cost1 – $438 per oz beating guidance

▪ All-in Sustaining Cost1 – $740 per oz at bottom end of guidance

▪ Strong cash flow generation – $84 million in cash flow from mining

operations1

▪ Return on Equity to shareholders of 24% in 2017

▪ Delivered positive feasibility study for Bagassi South Project

▪ 53.2% after-tax IRR2

▪ Self funding expansion through existing cash and internally generated

cash flows

▪ Actively pursuing growth opportunities through exploration

program

▪ 64,000 metres of drilling planned for 2018

1. This is a non-IFRS financial performance measure with no standard definition under IFRS. See the “non-IFRS financial performance

measure” section of the Company’s Q2 2018 MD&A available on the Company’s website at www.roxgold.com or www.sedar.com

2. Base case highlights on a 100% basis at a gold price of $1,300/oz

2017 Results - Creating Value for Shareholders2017 – First Full Year of Operations

All amounts in U.S. dollars

6TSX: ROXG

2018 Third Quarter Production Update Highlights

Gold production of

30,532 oz

Run of Mine Stocks at end of quarter

43,511 t at 11.6 g/t Au

Average head grade

12.3 g/t Au

Recovery Rate

98.5%

Ore Processed

78,357 t – 15% above nameplate

7TSX: ROXG

Continuous Improvement - Ore Throughput

90.0

91.0

92.0

93.0

94.0

95.0

96.0

97.0

98.0

99.0

100.0

60,000

62,000

64,000

66,000

68,000

70,000

72,000

74,000

76,000

78,000

80,000

Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018

Ore Processed

(tonnes)

Gold Recovery

(%)

▪ Q3 2018 – Record quarterly processing throughput of 78,357 tonnes processed

representing 15% above nameplate capacity

8TSX: ROXG

H1 2018 - Key Financial & Operational HighlightsSix-months ended June 30, 2018

All amounts in U.S dollars

Financial Highlights1 – 2018 First Half

52%EBITDA Margin

Operational Highlights – 2018 First Half

98.8%76,280 oz

$401Cash Operating Cost /oz

~$57Mor $0.15/share

Cash flow from operations

recovery rateGold Production

15.6 g/t 146,993 thead grade Ore processed

1. These are non-IFRS financial performance measures with no standard definition under

IFRS. See the “non-IFRS financial performance measure” section of the Company’s Q2

2018 MD&A available on the Company’s website at www.roxgold.com or www.sedar.com

$686AISC /oz

9TSX: ROXG

Strong Balance SheetAs of June 30, 2018 in U.S. dollars

▪ Self-funding Bagassi South Expansion Project cost of ~$30 million

▪ Reduced long-term debt by 43% in 18 months

▪ Implemented share buy back of up to 10 million common shares

~$66MCash on hand

1. Represents the Face Value of Long-term debt representing the remaining balance owing on the Amended Facility.

~$43MLong-Term Debt1

TSX: ROXG 10

26.1%

17.7%

15.6%

12.3%

9.5%

8.1%

5.9% 5.9% 5.9% 5.7%

3.4%2.1%

KL OGC CG K GUY BTO TGZ WDO ALO AEM G

Return on EquityRoxgold Provided Shareholders with an Above Market LTM Return on Equity through Q2 2018

Source: Company Reports

Note: ROE calculated as net income adjusted for gains / losses on derivative financial instruments, foreign exchange gains / losses and extraordinary events divided by average shareholder

equity over relevant periods of 2017 and 2018. Companies Included: KL – Kirkland Lake Gold Ltd.; OGC – OceanaGold Corporation; CG – Centerra Gold Inc.; K – Kinross Gold

Corporation; GUY – Guyana Goldfields Inc.; BTO – B2Gold Corp.; TGZ – Teranga Gold Corporation; WDO – Wesdome Gold Mines Ltd.; ALO – Alio Gold Inc.; AEM - Agnico Eagle Mines

Limited; G – Goldcorp Inc.

TSX: ROXG 11

2018 Guidance

Exploration Budget$9 million

Bagassi South Pre-Production Capital Expenditure$30 million

Gold production of 120,000 – 130,000 oz

Cash Operating Cost1 (per ounce produced)

$450-$475

AISC1 (per ounce sold)

$740-$790

1. This is a non-IFRS financial performance measure with no standard definition under IFRS. See

the “non-IFRS financial performance measure” section of the Company’s Q2 2018 MD&A

available on the Company’s website at www.roxgold.com or www.sedar.com

All amounts in U.S. dollars

12TSX: ROXGBagassi South Expansion

13TSX: ROXG

Bagassi South – Second High Grade, Low Cost Underground MineBase Case Highlights (100% basis, gold price of $1,300/oz). All amounts in U.S. dollars

1.8 Km

▪ Robust project economics

▪ $50M after-tax NPV5%, after-tax IRR 53.2% with a 1.8 year

payback on initial capital

▪ ~40% increase in Yaramoko annual gold production

▪ Proven and Probable Mineral reserves of ~170,000 oz at 11.54

g/t Au

▪ Estimated average gold production of 40,000 oz per year

▪ Plant expansion sees throughput increased from 750 tonnes per

day (“tpd”) to 1,100 tpd

▪ First ore expected in late Q4 2018

▪ Funded by internal cash flow

▪ Utilizes synergies with the existing Yaramoko

operation personnel and equipment

▪ Expansion capitalizes on existing infrastructure increasing

revenue without commensurate increase in overheads

Pre-production Capital

Underground Mine $7.9M

Plant Expansion $7.1M

Infrastructure $6.0M

Indirects $5.7M

Contingency $2.8M

Total $29.6M

Operating Cash Costs1 – LOM ($/oz)

Cash Operating Cost $361

Total Cash Cost $426

All-in Sustaining Cost $630

1. This is a non-IFRS financial performance measure with no standard definition

under IFRS. See the “non-IFRS financial performance measure” section of the

Company’s Q2 2018 MD&A available on the Company’s website at

www.roxgold.com or www.sedar.com

14TSX: ROXG

Bagassi South – Underground Mine PlanQV1 Structure

55 Zone

CampPlantTailing

Storage

Facility

Water

Storage

Dam

Yaramoko

Bagassi South

1.8 km from plant

to Bagassi South

15TSX: ROXG

Process Plant Expansion Continuing to Progress Well

▪ Plant expansion sees throughput increased from 750 tonnes per day (“tpd”) to 1,100 tpd

▪ Completion of all structural steel work and fabrication of CIL tanks

▪ Overall project completion expected to be on schedule in latter part of Q4

Expanded

gold

room

Additional

water tank

Low voltage

switch room

and transformer

Expanded

leaching circuit

Expanded

crushing

circuit

16

Growth

17TSX: ROXG

55 Zone Resource Estimate 2017

▪ The 55 Zone 2017 deep drilling program was completed

in Q4 2017

▪ High-grade shoot extended to 1.1 km below surface

with hole YRM-17-DD-443W1, down plunge from hole

YRM-16-DD-426

▪ The 55 Zone shoot is open at depth and characterized

by a wide shear envelope and shear hosted veins at

depth

▪ A resource conversion surface drilling program

commenced in Q2 2018 with an aim to convert inferred

resources to indicated resources

▪ Seven rigs currently drilling – six from surface, one from

underground

▪ 26,250 metres completed at 55 Zone as of the end of Q3

2011-16 Drill Hole

2017/2018 Drill Hole

< 1.0 g/t

1.0 to 3.0 g/t

3.0 to 5.0 g/t

5.0 to 10.0 g/t

> 10.0 g/t

55 Zone Resource*

Size Grade

Measured &

Indicated

738k

ounces17.1 g/t

Inferred347k

ounces16.1 g/t

5,200RL

5,000RL

4,800RL

4,600RL

4,400RL

4,200RL

4,000RL

Measured

Indicated

Inferred

Open

100m

0m

700m

1,100m

1,500m

Exploration

Potential

*As of Dec 31, 2016

See press release dated February 2, 2017 for more information which is

available on the Company’s corporate website (www.roxgold.com) 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.

YRM-16-DD-426

20.1 g/t over 23.8 m

YRM-18-DD-455

9.3 g/t over 2.9 m

YRM-18-DD-456A

47.4 g/t over 2.2 m

YRM-18-DD-446

10.8 g/t over 2.5 m

YRM-17-DD-443W1

11.2 g/t over 12.5 m

and

12.9 g/t over 3.9 m

18TSX: ROXG

Focus on Regional Exploration

Siou

10 Km

Hounde Project

12 Km

55 Zone

Yaramoko

Niankongo

Boni Shear North

Boni Shear Central

Yaro

300 Zone

109 Zone

Bagassi South

55 Zone

Kaho

Haho

Basaltic Flows

Tarkwaian Basin

Granite

Tonalite

Granodiorite

Volcaniclastic

Legend

▪ Large regional land package of

approximately 230 km2, located on the

Houndé Belt

▪ Majority of known anomalies and

deposits are located along the Boni

Shear regional break and the second

order Yaramoko Shear

▪ 2018 drilling program has focussed on

targets along the Boni Shear, and the

Haho, Kaho and Houko regions -

approximately 22,700 metres have been

drilled as of the end of Q3

▪ Several low grade structures have been

identified in the Haho and Boni Shear

programs. Follow up drilling is currently

being planned for these targets

▪ Two large auger grids on the Houko

concession and Tarkwaian basin

completed in Q1 - Additional auger

program commenced over Kaho granite

with final completion expected in Q4

Houko

19TSX: ROXG

Regional Exploration - Kaho

55 Zone

Bagassi

South

55 Zone

Kaho

Area

Basaltic Flows

Tarkwaian Basin

Granite

Tonalite

Granodiorite

Volcaniclastic

Legend

▪ Kaho is prospective due to the

presence of meta-volcanic and

granite contacts – analogous to 55

Zone and Bagassi South deposits

▪ Within the mineralised corridor of

the Yaramoko Shear Zone – with

potential for second order

structures which are thought to be

the dominant control at 55 Zone

and Bagassi South

▪ First phase of auger drilling

completed in the third quarter of

2018. Assays indicate presence

of potential structures oriented

NW-SE, oblique to the Yaramoko

Shear Zone

▪ Drill targeting is underway with

follow up by reverse circulation

or diamond drilling scheduled

for Q4 2018

Yaramoko Shear Zone

20TSX: ROXG

Near Term Priorities

▪ Bagassi South Expansion – Adding ounces to production profile

▪ Increases production by ~40% to over 150,000 ounces in 2019 from both mines

combined

▪ Construction and process plant expansion currently underway. On track to deliver

first ore in Q4 2018

▪ 55 Zone and Bagassi South – Pursuing resource growth

▪ The 55 Zone shoot is open at depth. Resource conversion surface drilling program

commenced Q2 2018 with aim to convert inferred resources to indicated

▪ Bagassi South 2018 drill program focussed on extending western shoot down

plunge and near surface infill around the eastern shoot. Follow on drilling planned

to test for further down plunge extensions in western shoot in Q4 2018

▪ Regional Exploration – Maximizing the potential of Yaramoko

▪ Compelling targets in Kaho area with drilling expected in Q4 2018

▪ External Growth - Evaluating opportunities

▪ Continuing to evaluate external growth opportunities with a disciplined approach:

▪ Build on developing or advancing existing projects

▪ Low cost; high return on invested capital

▪ Capacity for growth

21TSX: ROXG

▪ Generating strong cash flow through high-grade, low cost asset

▪ Delivering industry-leading Return on Equity to shareholders

▪ Increasing production through Bagassi South expansion at an

estimated average gold production of 40,000 oz per year

▪ Self-funding accretive growth while paying down debt and

building net cash

▪ Implemented share repurchase plan

▪ Actively pursuing growth opportunities through exploration

program

▪ Led by proven management team and board demonstrated by

excellent operational performance and safety record

In Summary - Compelling Investment in the Gold Sector

22TSX: ROXG

Appendix

23TSX: ROXG

5,300RL

5,200RL

5,100RL

5,000RL

4,900RL

Bagassi South – QV1 Resource Estimate 2017

▪ A total of 23,535m drilled along the QV1 structure in

2017 targeting resource conversion and growth at

depth

▪ Resource delivered in July 2017 and included all

drilling to date

▪ Feasibility delivered in November 2017

▪ 2018 drill program focussed on extending western

shoot down plunge and near surface infill around the

eastern shoot. Follow on drilling planned to test for

further down plunge extensions in western shoot in Q4

2018

▪ Approximately 10,200 metres drilled at Bagassi South

on the QV1 structure as of the end of Q3

QV1 Structure Resource*

Size Grade

Indicated188k

ounces16.6 g/t

Inferred33k

ounces13.0 g/t

*As of July 19th, 2017

West East

Block Model (Au Grade)

>10.0 g/t Au

<1.0 g/t Au

1.0 g/t – 3.0 g/t Au

3.0 g/t – 5.0 g/t Au

5.0 g/t – 10.0 g/t Au

Drill Holes

YRM-18-DD-BGS-370A

2.0 g/t over 5.5 m

YRM-17-DD-BGS-371

20.9 g/t over 2.3 m

YRM-18-DD-BGS-373

19.2 g/t over 1.2 m

Mafic

Dyke

Indicated

Inferred

Open

250m

0m

400m

See press release dated July 19, 2017 for more information which is

available on the Company’s corporate website (www.roxgold.com)

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.

Exploration

Potential

24TSX: ROXG

Bagassi South – QV’ Resource Estimate 2017

▪ A total of 20,585m drilled along the QV’

structure in 2017 targeting resource

conversion and growth at depth

▪ Resource delivered in July 2017, an

additional 15,550m of drilling conducted

along the QV’ structure since July 2017

▪ QV’ mineralized shoot located along the

same K-rich granite lithological contact as

QV1

▪ The shoot is open to the East of the Mafic

Dyke and will be drill tested in 2019

QV’ Structure Resource*

Size Grade

Inferred36k

ounces22.0 g/t

*As of July 18th, 2017

West East

YRM-17-DD-BGS-184

290.0 g/t over 0.8 m

< 1.0 g/t

1.0 to 3.0 g/t

3.0 to 5.0 g/t

5.0 to 10.0 g/t

> 10.0 g/t

Block Model

(Au Grade)

YRM-17-DD-BGS-181

55.8 g/t over 1.3 m

YRM-17-DD-BGS-240

72.6 g/t over 0.7 m

5,200RL

5,100RL

5,000RL

4,900RL

Mafic

Dyke

Inferred

Open

350m

0m

Exploration

Potential

See press release dated July 19, 2017 for more information which is

available on the Company’s corporate website (www.roxgold.com) 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.

Area of

planned

drilling

25TSX: ROXG

Yaramoko – Lithogeochemistry Compilation & Auger Program

▪ Lithogeochemistry map shows

good spatial correlation

between High Zr/High Rb and

major structures such as the

Boni Shear zone and the

Yaramoko Shear Zone

▪ Major deposits such as 55 Zone

and Bagassi South are located

in anomalous High Zr/High Rb

areas

▪ Haho, Kaho and the Boni Shear

zone are characterized by High

Zr/High Rb

▪ Auger programs completed

over Boni Shear and Haho

areas. Kaho granite grid

commenced, currently on hold

due to rainy season

High Zirconium granite

High Titanium Basalt flow

Altered granite – High Zr & High Rb

Legend

Bagassi

South

55 Zone

Haho

Kaho

26TSX: ROXG

Yaramoko – Regional Drilling 2018

Ground Geophysical IP

Compilation:

▪ Exploring for late Eburnean

dextral reactivation within

the Yaramoko granite and

along the Boni Shear Zone

▪ Several areas of regional

disruption of structural

fabric within the Yaramoko

granite

▪ Q1 2018 drilling focused

on Northern portion of the

concession along the Boni

Shear and Haho anomalies

▪ Q2 and Q3 2018 drilling

focused on southern

portion of the Yaramoko

Shear corridor, around the

Bagassi South deposit

2017 Boni Grid

2017 Houko Grid

Boni Shear Drilling

55 Extension

Basaltic Flows

Tarkwaian Basin

Granite

Tonalite

Granodiorite

Volcaniclastic

Legend

2014 Bagassi Grid

55 Zone Mine

Bagassi South Mine

Kaho Anomaly

Haho Drilling

27TSX: ROXG

Yaramoko – Kaho and Bagassi South Drilling Program – Phase 1

▪ Map shows interpreted second-order

structures over untested portion of

granitic bodies for the Bagassi South

and Kaho areas

▪ First phase of auger drilling over the

Kaho granite area has been

completed, helping to confirm the

potential orientation of the

interpreted second order structures

▪ Approximately 7,000 metres have

been drilled to date on the southern

structural targets around Bagassi

South

Bagassi

South

55 Zone

Basaltic Flows

Tarkwaian Basin

Granite

Tonalite

Granodiorite

Volcaniclastic

Legend

Kaho

Granite

20 to 40 ppb

40 to 100 ppb

100 to 1000 ppb

> 1000 ppb

Auger AU Grade:

28TSX: ROXG* See appendix for 55 Zone Mineral Resource and Mineral Reserve Notes

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 317 18.06 184 1,453 10.01 467 1,770 11.45 651

Stockpiles 26 13.26 11 0 0.00 0 26 13.26 11

Total 343 17.69 195 1,453 10.01 467 1,796 11.47 662

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 265 26.88 229 1,076 14.73 509 1,341 17.13 738 669 16.14 347

Total 265 26.88 229 1,076 14.73 509 1,341 17.13 738 669 16.14 347

Reserve grade largely maintained compared to BFS grade despite mined grade over the course of 2016 of 15.5 g/t.

Mineral Reserve and Mineral Resource Statement – 55 Zone* As of December 31, 2016

29TSX: ROXG

Mineral Resource Statement - Bagassi South*As of July 19, 2017

* See appendix for Bagassi South Mineral Resource and Mineral Reserve Notes

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)

QV1

Structure0 0.00 0 352 16.6 188 352 16.6 188 79 13.0 33

QV’

Structure0 0.00 0 0 0.00 0 0 0.00 0 51 22.0 36

Bagassi

Total 0 0.00 0 352 16.6 188 352 16.6 188 130 16.6 69

Probable

Mineral ReservesTonnes

(000)

Grade

g/t Au

Ounces

(000)

QV1 Structure 458,000 11.54 170,060

Total 458,000 11.54 170,060

Mineral Reserve Statement - Bagassi South*As of November 6, 2017

30TSX: ROXG

55 Zone Mineral Resource NotesNotes:

1. Mineral Resources are reported compliance with National Instrument 43-101 (“NI 43-101”) with an effective date of December 31st, 2016.

2. Underground Mineral Resources are reported at gold grade cut-off of 5.0 g/t Au, based on a gold price of US$1,250/ounce.

3. The identified Mineral Resources in the block model are classified according to the CIM definitions for the Measured, Indicated, and Inferred categories. The Mineral Resources are

reported in situ without modifying factors applied.

4. The Mineral Resource estimate was prepared under the supervision of Sébastien Bernier, Principal Resource Geologist at SRK Consulting (Canada). Mr. Bernier is a Qualified Person

as defined in NI 43-101.

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

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are reported in accordance with NI 43-101 with an effective date

of December 31st, 2016 and are included in Mineral Resources. For further information, please refer to the technical report dated December 20, 2017 and entitled “Technical

Report for the Yaramoko Gold Mine, Burkina Faso” (the “Technical Report”), available the Company’s website and on SEDAR at www.sedar.com.

7. See also 55 Zone Mineral Reserve Notes below.

Notes:

1. Mineral Reserves are reported in accordance with NI 43-101 with an effective date of December 31st, 2016 and are included in Mineral Resources. For further information,

please refer to the technical report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold Mine, Burkina Faso” (the “Technical Report”), available the

Company’s website and on SEDAR at www.sedar.com. Mineral Reserve estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be

obtained and 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 include mining dilution at grades assumed to be 1.3 g/t.

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 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.

4. The Mineral Reserve estimate at December 31, 2016 is reported at a cut-off grade of 4.5g/t gold assuming: metal price of US$1,250 per ounce of gold, mining cost of US$100.00

per tonne, G&A cost of US$28.30 per tonne, processing cost of US$38.90 per tonne, and process recovery of 98.5%. Reserve estimates include mining dilution and mining

recovery.

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

55 Zone Mineral Reserve Notes

31TSX: ROXG

Notes:

1. Bagassi South Mineral Resources are reported in compliance with NI 43-101 with an effective date of July 19th, 2017.

2. Underground Mineral Resources are reported at gold grade cut-off of 5.0 g/t Au, based on a gold price of US$1,250/ounce of gold using mining cost of US$100.00

per tonne, G&A cost of US$28.30 per tonne, processing cost of US$38.90 per tonne and process recovery of 98.5%.

3. The identified Mineral Resources in the block model are classified according to the CIM definitions for the Measured, Indicated, and Inferred categories. The

Mineral Resources are reported in situ without modifying factors applied.

4. The Mineral Resource estimate was prepared under the supervision of Yan Bourassa, P.Geo (APGO #1336), VP Geology for Roxgold Inc., a Qualified Person within

the meaning of NI 43-101

5. All figures have been rounded to reflect the relative accuracy of the estimates. Mineral Reserves are reported in accordance with NI 43-101 with an effective date of

December 31st, 2016 and are included in Mineral Resources. For further information, please refer to the technical report dated December 20, 2017 and entitled

“Technical Report for the Yaramoko Gold Mine, Burkina Faso” (the “Technical Report”), available the Company’s website and on SEDAR at www.sedar.com.

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

7. See also Bagassi South Mineral Reserve Notes below.

Bagassi South Mineral Resource Notes:

Bagassi South Mineral Reserve Notes:

Notes:

1. The Mineral Reserve estimation used in the Technical Report only considered the indicated portion of the Mineral Resources. The Mineral Reserve estimation assumed

a minimum mining width of 1.2 metres, included 26.8% stope dilution at a grade of 1.22 g/t and was base gold price of $1,250 per ounce. The effective date of the

Mineral Reserve estimate is November 6, 2017.

2. Mineral Reserves are included in Mineral Resources and are reported at a cut-off grade of 4.8 gpt gold assuming: metal price of US$1,250 per ounce of gold, mining

cost of US$73 per tonne, G&A cost of US$36 per tonne, processing cost of US$36 tonne and process recovery of 98.5%.

3. For further information, please refer to the press release dated November 6, 2017, entitled Roxgold Announces Positive Feasibility Study for its Bagassi South Project

available on the Company’s website and on SEDAR at www.sedar.com.

4. The Mineral Resource estimate was prepared under the supervision of Yan Bourassa, P.Geo (APGO #1336), VP Geology for Roxgold Inc., a Qualified Person within the

meaning of NI 43-101.

5. For further information, please refer to the technical report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold Mine, Burkina Faso” (the

“Technical Report”), available the Company’s website and on SEDAR at www.sedar.com.

32TSX: ROXG

People at YaramokoHead GradeHead Grade

▪ 87% Burkinabe employment

▪ 51% of employees from the immediate area

▪ 72% of skilled employees from Burkina

▪ 70% of process plant department is from the

immediate area with no prior mining skills

▪ Provided 6 – 12 months of intensive training prior to

start up

▪ Part of the team that ramped up Yaramoko

▪ The plant delivers 99% recovery rates with 96%

operating time

Case Study: Training local people

Localization and diversity have proven to be effective

With its commitment to local development, Roxgold has been

recognized as a responsible mine receiving a CSR Award from

the Accountability Group in 2016

Local area Roxgold employees working at the metallurgical lab

33TSX: ROXG

Local

procurement

Health and

safety

Community

investment

Local

employment

Cultural

heritage

Road

Biodiversity

Local procurement▪ 93% of expenditures from suppliers registered in Burkina Faso

▪ Capacity building training for 25 local suppliers near the mine resulting in U.S.$1 million of spending per year for transportation, construction, food

supply and preparation

2018 Community Social Programs

Community health & safety

▪ Malaria control in three villages around the mine site

▪ Road safety, HIV and STIs education

Local employment

▪ Improving employment opportunities for local youth and

community integration by providing training

Cultural heritage

▪ Supporting the traditional rituals and the preservation of the

Bwa ethnic group cultural festival

Community road infrastructures

▪ Progressive rehabilitation of the main road between the national

road and the mine site

Biodiversity

▪ Reforestation campaign planting over 20,000 trees per year for a

total of ~100,000 trees planted since 2014

▪ Protection and enhancement of a forest located on the mine site

Community investment▪ Projects submitted and selected by the community representatives in collaboration with Roxgold

▪ 91 projects have been selected since 2014 including projects for women and youth such as occupational training center, potable water system,

solar electrification of schools and medical centers and construction of medical infrastructures

34TSX: ROXG

Our extensive community engagement program is the foundation

of Roxgold’s Corporate Social Responsibility success

▪ Monthly meetings in 19 different villages with the community representatives

▪ Organization of quarterly mine provincial monitoring committee

▪ Participation in the municipal, departmental, provincial and regional committees

▪ Weekly meetings with the local public administration (Prefect, Mayor)

▪ Mine site visits

▪ Roxgold community relations office

▪ Billboards, phone, mail and emails

▪ Press articles, radio and television

Community EngagementBuilding trust by proactive outreach and open-door approach

Performance to date:

▪ Strong support from the community

▪ No issues affecting performance of the operation

▪ Positive Governmental appreciation

▪ NGO’s CSR Award

▪ Positive reputation at international, national and local levels

Village meetings

135

Committee meetings

12

Local authorities meetings

74

Mine site visits

9

Governor’s mine site visit in June 2018

35TSX: ROXG

Iain Cox, Interim COO25+ years development & operational mining

Former Roles:

▪ Newmont Corp

▪ AMR

▪ Centamin

Craig Richards, Principal Mining Engineer30+ years development & operational experience

Former Roles:

▪ Newmont Ghana

▪ Barrick Gold

▪ Ashanti Goldfields

Vince Sapuppo, CFO10+ 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 & CEO 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

36TSX: ROXG

12.9%

41%

13.2%

8.8%

7.9%

6.5%

6.2%3.5%

Yaramoko Debt Facility

Finance Summary

▪ Face value of long-term debt of ~US$43 million

as of June 30, 2018

▪ Interest rate of LIBOR plus 3.75%

▪ Hedging component remaining of 42,068

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

Insiders

& Mgmt

Source: Nasdaq IR Insight at July 31, 2018

N. America Institutional

Retail

Institutional Holdings by Country

23%

34%

29%

8%

2%

4%Other

37TSX: ROXG

Corporate Information

Covering Sell-Side Firm Analyst

BMO Andrew Breichmanas

Canaccord Rahul Paul

Cormark Tyron Breytenbach

Echelon Wealth Partners Ryan Walker

Eight Capital Craig Stanley

GMP Ingrid Rico

Haywood Geordie Mark

Global Mining Research David Radclyffe

Macquarie Michael Gray

Raymond James Tara Hassan

RBC Dan Rollins

Capital Structure (as at August 14, 2018)

ListingsTSX: ROXG

OTC: ROGFF

Cash ~US$66 million1

Common Shares Outstanding 374.2M

Options (total vested and unvested) 8.1M

Market Capitalization ~C$337M

1. As of June 30, 2018

38TSX: ROXG

Kelley StammManager, Investor Relations & Communications

360 Bay Street, Suite 500

Toronto, ON

M5H 2V6

kstamm@roxgold.com

www.roxgold.com

416 203 6401