Updated Mineral Reserve And Resource Estimate at Yaramoko Mine Complex

TORONTO - Roxgold Inc. reported on the updated Mineral Resource and Mineral Reserve Estimate for the Yaramoko Mine Complex located in Burkina Faso. Total Proven and Probable Mineral Reserves increased by 8% to 710,000 ounces of gold replacing depletion of 207,396 ounces during the period from December 31, 2018 to June 30, 2020. Measured and Indicated Mineral Resources increased 4% to 857,000 ounces of gold – increasing the total gold in Measured and Indicated Mineral Resources plus the cumulative production to date to approximately 1.4 million ounces over the life of the project. The increased Mineral Reserves reinforces the project as a stable foundation of long-term production and free cash flow generation for Roxgold’s ambitious growth plans.

Highlights: Total Proven and Probable Mineral Reserves at Yaramoko increased 8% to 710,000 ounces of gold (oz Au), net of mining depletion of 207,396 oz Au, from the period of December 31, 2018 to June 30, 2020; Measured and Indicated Mineral Resources at Yaramoko increased 4% to 857,000 oz Au, increasing the mineral endowment of Measured and Indicated Mineral Resources plus cumulative production to date at Yaramoko to 1.4 million ounces; The addition of near-surface Mineral Reserves and Mineral Resources highlights the plan for an open pit operation to complement the underground mine and extend the mine life at the 55 Zone; The 14,500m underground drill program has commenced in the 55 Zone at the 4754 Level targeting the replacement and upgrading of Inferred Mineral Resources down to the 4170 Level, approximately 1,200m below surface; and A regional exploration program has commenced targeting additional near-surface mineralization opportunities across the Yaramoko Permit targeting multiple early-stage opportunities which have been identified including the significant mineralized footprint around the operating Bagassi South underground mine.

“Since starting production in 2016, the Yaramoko Mine Complex has poured over 575,000 ounces of gold and continues to demonstrate its ability to replace production and maintain a long mine life,” said John Dorward, President and CEO. “Earlier this year we initiated a review of near-surface mineralization opportunities across the Yaramoko property to complement our high-grade underground operations. This review identified the near-surface portions of 55 Zone that extended outside of the prior underground Mineral Resource. With today’s announcement, we are planning for an open pit operation with a reserve grade of over 7g/t to complement the high-grade underground operation and extend the mine life at the 55 Zone.

This is just the first phase in our near-term plans to continue to explore additional mine life opportunities at Yaramoko. This month we initiated a 14,500m underground drill program at the 55 Zone which is designed with the intention of upgrading and extending mineral resources at depth to approximately 1,200m below surface. The results of this program will be incorporated into the Annual Mineral Resource and Reserves update to be released mid next year. Extending the mine life at Yaramoko has long been a priority for us and between the success of near-surface drilling program, together with our recently commenced underground drilling program and the prioritization of regional exploration targets, I am confident that we will build a compelling body of evidence over the coming quarters to showcase the long-life nature of Yaramoko.”

Proven and Probable Mineral Reserves at Yaramoko increased 8% to 710,000 oz Au, net of mining depletion of 207,396 oz Au at an average processed head grade of 9.2 g/t, from the period of December 31, 2018 to June 30, 2020. Measured and Indicated Mineral Resources increased 4% to 857,000 oz Au from 827,000 oz Au relative to the December 31, 2018 estimate.

The increase in Mineral Reserves and Measured and Indicated Mineral Resources is primarily attributed to the success of a prior drilling program that delineated mineralization in the near-surface portion of the 55 Zone, intersecting several high grade intervals close to surface and above zones previously mined from underground in the early stages of the 55 Zone mining operation. The objective of this drill program was to determine the potential for an open pit operation to complement the high-grade underground operation and extend the mine life at the 55 Zone.

Inferred Mineral Resources decreased 37% from 191,000 oz Au to 121,000 oz Au as per the December 31, 2018 estimate. The decrease in the Inferred Mineral Resources is primarily due to the conversion of prior Inferred Mineral Resources to Indicated Mineral Resources with the extension of Inferred Mineral Resources to be a priority for upcoming underground drilling campaigns.

The Mineral Resources and Mineral Reserves models were prepared in conformity with The Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines and are classified per the CIM Definition Standards for Mineral Resources and Mineral Reserves.