Mining High Grade Gold in Burkina Faso TSX: ROXG Denver Gold Forum - - PowerPoint PPT Presentation

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TSX: ROXG

Denver Gold Forum | September 2018

Mining High Grade Gold in Burkina Faso

TSX: ROXG

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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

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Roxgold – Compelling Investment in the Gold Sector

▪ 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.

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▪ 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

• perations1

▪ 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 regional 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 Shareholders

2017 – First Full Year of Operations All amounts in U.S. dollars

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H1 2018 - Key Financial & Operational Highlights

Six-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

$401

Cash Operating Cost /oz

~$57M

• r $0.15/share

Cash flow from operations recovery rate Gold Production

15.6 g/t >5.1M hrs

head grade Lost Time Injury free

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

$686

AISC /oz

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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 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Ore Processed (tonnes) Gold Recovery (%)

▪ Q2 2018 – Record quarterly processing throughput for the second consecutive quarter ▪ 75,417 ounces processed in Q2 2018 representing 12% above nameplate capacity

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Strong Balance Sheet

As 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

~$66M

Cash on hand

1.

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

~$43M

Long-Term Debt1

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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 Equity

Roxgold 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.

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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

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Bagassi South Expansion

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Bagassi South – Second High-Grade, Low Cost Underground Mine

▪ ~40% increase in Yaramoko annual gold production

▪ Estimated average gold production of 40,000 oz per year ▪ Cash Operating Cost1 – $361 per oz (LOM) ▪ All-in Sustaining Cost1 – $630 per oz (LOM)

▪ Funded by internal cash flow

▪ Pre-production capital - $29.6 million

▪ Utilizes synergies with the existing Yaramoko

• peration personnel and equipment

▪ Works at site are well advanced including boxcut construction for underground portal ▪ First ore expected in Q4 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

All amounts in U.S. dollars

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Bagassi South – Underground Mine Plan

QV1 Structure

55 Zone Camp Plant Tailing Storage Facility Water Storage Dam

Yaramoko

Bagassi South 1.8 km from plant to Bagassi South

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Process Plant Expansion Continuing to Progress Well

▪ Plant expansion sees throughput increased from 750 tonnes per day (“tpd”) to 1,100 tpd ▪ Engineering and procurement activities are complete ▪ Secondary crusher has been shipped; expected to be delivered to site in October as planned ▪ 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

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Growth

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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 ▪ Resource conversion surface drilling program commenced in Q2 2018, with aim to convert inferred resources to indicated ▪ Four rigs currently drilling

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

• unces

17.1 g/t Inferred 347k

• unces

16.1 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

• n 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

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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

• rder Yaramoko Shear

▪ 2018 drilling program shifting to a more regional focus with drilling along the Boni Shear, Haho, Kaho and Houko targets - 64,000 metres of drilling was planned for 2018, with approximately 20,500 metres drilled to date ▪ Several low grade structures have been identified in the Boni Shear and Haho programs, for follow up in Q4 ▪ Two large auger grids on the Houko concession and Tarkwaian basin completed in Q1 - Additional auger program commenced over Kaho granite, with completion in early Q4

Houko

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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 ▪ Auger drilling completed in the third quarter of 2018. Assays indicate presence of potential structures oriented NW-SE,

• blique to the Yaramoko Shear

Zone ▪ Drill targeting is underway with follow up by reverse circulation

• r diamond drilling scheduled

for the fourth quarter of 2018

Yaramoko Shear Zone

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Near Term Priorities

▪ Bagassi South Expansion – Adding ounces to production profile

▪ Increases production by ~40% to approximately 160,000 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 underway to extend western shoot down plunge, and near surface infill around the eastern shoot

▪ 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

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▪ 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

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Mining High Grade Gold in Burkina Faso

TSX: ROXG

Q&A

Denver Gold Forum | September 2018

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Appendix

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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 ▪ 2018 drill program underway to extend western shoot down plunge, and near surface infill around the eastern shoot

QV1 Structure Resource*

Size Grade Indicated 188k

• unces

16.6 g/t Inferred 33k

• unces

13.0 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 3.2 g/t over 13.4 m Mafic Dyke

Indicated Inferred Open

250m 0m 400m

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

• n 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

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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 ▪ 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 2018

QV’ Structure Resource*

Size Grade Inferred 36k

• unces

22.0 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

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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

• ver Boni Shear and Haho areas

– Kaho granite grid underway

High Zirconium granite High Titanium Basalt flow Altered granite – High Zr & High Rb

Legend Bagassi South 55 Zone Haho Kaho

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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

• n Northern portion of the

concession along the Boni Shear and Haho anomalies ▪ Q2 2018 drilling focused

• n southern portion of the

Yaramoko Shear corridor, around the Bagassi South deposit and the Kaho intrusive 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

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Yaramoko – Boni Shear Drilling Program – Phase 1

▪ Larger tonnage shear hosted targets, a more traditional deposit target in West African Shield ▪ The Boni Shear survey redefined the Boni Shear Central, Contact and Niankongo anomalies ▪ Addition of new Tarkwaian Inlier anomaly ▪ Phase 1 drilling program of 10,000m on the Boni Shear IP grid complete, at a 200m drill spacing ▪ Several Low grade structural targets identified for follow up Boni Shear Contact Tarkwa Inlier 2017 Boni Grid 2017 Houko Grid Niankongo Boni Shear Central

Basaltic Flows Tarkwaian Basin Granite Tonalite Granodiorite Volcaniclastic

Legend

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2011-2014 Drilling

Yaramoko – Haho Drilling Program – Phase 1

Untested Anomalies 2017 Boni Grid 2017 Houko Grid ▪ Phase 1 drilling targeting untested concordant auger and IP anomalies ▪ Previous drilling programs focused on artisanal area ▪ Best result of 12.8 g/t Au over 1.5m, in weakly altered basalts, with narrow carbonate veining. Follow up drilling on this target to be undertaken in Q4

Basaltic Flows Tarkwaian Basin Granite Tonalite Granodiorite Volcaniclastic

Legend

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2018 Second Quarter Operational Results

Q2 18 Q2 17 YOY Change Gold Produced (ounces)

35,828 27,970 28%

Ore Mined (tonnes)

86,831 66,044 31%

Ore Processed (tonnes)

75,417 65,159 16%

Head Grade (g/t Au)

14.4 12.8 13%

Gold Recovery (%)

98.8 99.0 NM

Mill Operating Time (%)

95.7 97.2 (1.5%)

Ore Development (m) Gold Produced (ounces) Ore Mined (tonnes) Ore Processed (tonnes)

200 400 600 800 1,000 1,200 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 20,000 40,000 60,000 80,000 100,000 120,000 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

17/Q3 17/Q4 18/Q1 18/Q2 17/Q3 17/Q4 18/Q1 18/Q2 17/Q3 17/Q4 18/Q1 18/Q2 17/Q3 17/Q4 18/Q1 18/Q2

▪ 76,280 ounces of gold produced in H1 2018 putting Roxgold in a strong position to achieve the upper end of its increased guidance range of 120,000 – 130,000 ounces for the full 2018 year ▪ ROM Stocks of 45,877 tonnes at 12.1 g/t Au at the end of the quarter representing ~2 months of plant feed

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2018 Second Quarter Financial Highlights

Q2 2018 Q2 2017 YOY

Change

Gold produced (ounces) 35,828 27,970 28% Gold sold (ounces) 35,320 28,788 23% Revenue $46M $36M 27% Average realized gold price $1,296/oz $1,254/oz 3% Cash operating cost1 $424/oz $498/oz (15%) Total cash cost1 (per ounce sold) $483/oz $549/oz (12%) Sustaining capital cost1 (per ounce sold) $190/oz $280/oz (32%) Site all-in sustaining cost1,2 (per ounce sold) $672/oz $829/oz (19%) Corporate, sustaining and in-country costs1 $46/oz $44/oz 5% All-in sustaining cost1 (per ounce sold) $718/oz $873/oz (18%) Cash flow from mining operations1 $25.7M $18.6M 38% Cash flow from mining operations per share1 $0.07/C$0.09 $0.05/C$0.07 38% Adjusted earnings per share1 $0.02/C$0.03 $0.01/C$0.02 72%

Cash Operating Cost1 $424/oz produced EBITDA Margin1 51% Return on Equity (Last twelve Months) 26% Cash Flow From Mining Operations1 $25.7M or $0.07/C$0.09 per share All-In Sustaining Cost1 $718/oz sold

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 www.roxgold.com or www.sedar.com

2.

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

All amounts in U.S. dollars unless otherwise indicated

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* See appendix for 55 Zone Mineral Resource and Mineral Reserve Notes

Proven Mineral Reserves Probable Mineral Reserves Proven and Probable Mineral Reserves

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 317 18.06 184 1,453 10.01 467 1,770 11.45 651 Stockpiles 26 13.26 11 0.00 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 Resources

Tonnes (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

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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 Resources

Tonnes (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 Structure 0.00 352 16.6 188 352 16.6 188 79 13.0 33 QV’ Structure 0.00 0.00 0.00 51 22.0 36 Bagassi Total 0.00 352 16.6 188 352 16.6 188 130 16.6 69

Probable Mineral Reserves

Tonnes (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

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55 Zone Mineral Resource Notes

Notes: 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

• f 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

• btained 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

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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.

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People at Yaramoko

Head Grade Head 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%

• perating 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

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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

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Our extensive community engagement program is the foundation

• f 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 Engagement

Building 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

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Iain Cox, Interim COO

25+ years development & operational mining Former Roles: ▪ Newmont Corp ▪ AMR ▪ Centamin

Craig Richards, Principal Mining Engineer

30+ years development & operational experience Former Roles: ▪ Newmont Ghana ▪ Barrick Gold ▪ Ashanti Goldfields

Vince Sapuppo, CFO

10+ 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 Development

10+ years corporate finance and mergers & acquisitions in mining sector Former Roles: ▪ Cormark Securities Inc.

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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

• unces 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

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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) Listings TSX: 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

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Kelley Stamm

Manager, Investor Relations & Communications 360 Bay Street, Suite 500 Toronto, ON M5H 2V6 kstamm@roxgold.com www.roxgold.com 416 203 6401