News Bureau

January 20, 2021

Roxgold Produces over the 2020 Guidance

Roxgold Inc announces its preliminary production results for the fourth quarter and full year of 2020. The Company also announces its 2021 production and operating guidance for the Yaramoko Mine Complex, located in western Burkina Faso.

Preliminary 2020 gold production of 133,940 ounces exceeded the Company’s annual consolidated production guidance of between 120,000 and 130,000 ounces & that achieved record annual plant throughput of 512,276 tonnes, exceeding nameplate capacity by 27%! Roxgold reported preliminary gold production of 35,191 ounces in Q4 2020. Roxgold sold 135,310 ounces of gold for annual gold revenues totalling approximately $240 million.

During the period, Roxgold received exploitation (mining) permit and environmental approvals from the government of Côte d’Ivoire to develop and operate the Séguéla Gold Project. Also expanded Séguéla Project with discovery of the Koula deposit and an updated Mineral Resource estimate outlining total indicated mineral resources of 1,044,000 ounces of gold and inferred mineral resources of 370,000 ounces.

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.

“Roxgold continued its long track record of outperformance, navigating an extraordinary year to deliver on our production guidance and strengthening our balance sheet by generating strong free cash flow whilst delivering significant value accretion through the advancement of the Séguéla project, the Boussoura discovery and increasing the Reserves at Yaramoko by 8%,” commented John Dorward, President and CEO.

Roxgold anticipates the Yaramoko Mine Complex will produce between 120,000 and 130,000 ounces in 2021 with cash operating costs3 of $580–640/oz and all-in sustaining costs of $895–975/oz. Sustaining capital is expected to decline this year compared to 2020 due to the completion of decline development at Bagassi South, allowing the operation to focus on stoping operations. The higher gold price increased the impact of royalties by approximately $30/oz.

The production and cost guidance assumes no material operational impacts due to Covid-19. A prolonged Covid-19 related delay or significant deterioration in operating conditions may have an impact on production and cost guidance.

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