1

High Grade, Low Cost Gold

Producer in West Africa

TSX: ROXG

2019 Second Quarter Financial Results

August 14, 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)

potential shareholder return initiatives in 2019; (ix) anticipated production and resource per share growth; (x) future external growth opportunities including with respect to the Séguéla gold project and other

permits, and the potential prospectivity thereof; and (xi) 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

3TSX: ROXG

2019 Second Quarter PerformanceAll amounts in US dollars

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 2019

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

109,840 tRecord Ore Mined

113,866 tRecord Ore Processed

34,354 ozGold Production

9.0 g/tAverage Head Grade

$518Cash Operating

Cost/oz Produced

$836All-In Sustaining

Cost/oz Sold

$21.8MCash Flow from

Mining Operations

$0.06Cash Flow from

Mining Operations

per Share

Operational Highlights Financial Highlights1

4TSX: ROXG

2019 Second Quarter Operational Highlights

Ore Development (m) Gold Produced (ounces)

Ore Mined (tonnes) Ore Processed (tonnes)

0

200

400

600

800

1,000

1,200

1,400

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

0

20,000

40,000

60,000

80,000

100,000

120,000

0

20,000

40,000

60,000

80,000

100,000

120,000

18/Q3 18/Q4 19/Q1 19/Q2

Maintained excellent recovery rate of 98.2%

18/Q3 18/Q4 19/Q1 19/Q218/Q3 18/Q4 19/Q1 19/Q2

18/Q3 18/Q4 19/Q1 19/Q2

Gold production was 34,354 ounces compared to the

35,828 ounces produced in Q2 2018

Ore mined increased by ~27% in Q2 2019 compared to

Q2 2018 as a result of the Bagassi South expansion

Processing plant continued to outperform achieving

record throughput and operating approximately 14%

above nameplate capacity during the quarter

Realized average head grade of 9.0 g/t Au

5TSX: ROXG

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

20,000

40,000

60,000

80,000

100,000

120,000

Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Ore Processed (tonnes) Gold Production (ounces)

Continuing to Increase Throughput and Maintaining High Gold Recovery

Q2 2019 – Record quarterly processing throughput - 14% above nameplate capacity of 1,100 tpd

Gold Recoveries 98.6% 99.1% 99.0% 98.8% 98.5% 98.2% 98.3% 98.2%

6TSX: ROXG

2019 Second Quarter Financial Highlights

Q2 2019 Q2 2018 YOY

Change

Gold produced (ounces) 34,354 35,828 (4%)

Gold sold2 (ounces) 33,102 35,320 (6%)

Gold sales2 $43m $46m (6%)

EBITDA1 $12m $23m (48%)

Adjusted EBITDA1 $16m $21m (27%)

Adjusted EBITDA Margin1 37% 47% (21%)

Average realized gold price $1,304/oz $1,296/oz (1%)

Cash operating cost1 (per tonne processed) $156/t $201/t (22%)

Cash operating cost1 (per ounce produced) $518/oz $424/oz 22%

Total cash cost1 (per ounce sold) $580/oz $483/oz 20%

Sustaining capital cost1 (per ounce sold) $206/oz $190/oz 8%

Site all-in sustaining cost1,3 (per ounce sold) $785/oz $672/oz 17%

All-in sustaining cost1 (per ounce sold) $836/oz $718/oz 16%

Cash flow from mining operations1 $22m $26m (16%)

Cash flow from mining operations per share1 $0.06 $0.07 (14%)

Adjusted earnings per share1 $0.00 $0.02 (100%)

Cash Operating Cost1

$518/oz produced

All-In Sustaining Cost1

$836/oz sold

All amounts in US dollars

Adjusted EBITDA Margin1

37%

Cash Flow From Mining

Operations1

$22m or $0.06 per share1. 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 2019 MD&A available on www.roxgold.com or www.sedar.com

2. For the three and six-month period ended June 30, 2019, gold ounces sold, and gold sales include pre-commercial

production ounces sold of 2,485 ounces and 4,790 ounces respectively, and revenues of $3.3 million and $6.3 million

respectively. The pre-commercial production gold sales and mine operating expenses were accounted against Property,

Plant and Equipment.

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

7TSX: ROXG

Continued Focus on Operating Costs maintaining MarginsQ2 2019 operating costs reduced by 22% on a per tonne basis compared to Q2 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

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. 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 2019 MD&A available on

www.roxgold.com or www.sedar.com

1

$708 $739 $780 $724

0

200

400

600

800

1,000

1,200

1,400

Q3 2018 Q4 2018 Q1 2019 Q2 2019

Cash operating cost Total cash cost

Mining operating margin AVG realized gold price

Operating MarginsCash Operating Cost and Head Grade

8TSX: ROXG

Focus on Value Accretive Growth Opportunities

Value accretive investment spend totaling ~$26 million during the quarter

Cash Balance MovementStrong cash flow from mining operations

generating ~$22 million for the quarter

Increased exploration spend due to the inclusion

of Côte D’Ivoire and regional drilling at Yaramoko

Investment spend on value accretive growth

opportunities

▪ ~$19 million on Séguéla acquisition

▪ ~$7 million of pre-commercial production

development spend at Bagassi South

Unfavourable working capital movements –

timing related

9TSX: ROXG

▪ Updated Reserves and Resources Statement announced

in July 2019

▪ 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

*As of Dec 31st, 2018.

Size Grade

Measured & Indicated 573K ounces 11.8 g/t

Inferred 158K ounces 12.8 g/t

55 Zone Resource (in-situ)*

10TSX: ROXG

Resource Growth – Bagassi SouthQV1 Structure – Significant Resource Upgrade

Bagassi South Resource*

*As of Dec 31st, 2018.

▪ Updated Reserves and Resources

Statement announced in July 2019

▪ Substantial upgrade of Inferred to

Indicated and increase in Inferred

▪ Deep drilling down plunge

highlights structural continuity

Size Grade

Measured &

Indicated

236K ounces 15.2 g/t

Inferred 33K ounces 11.1 g/t

Inferred

Indicated

West East

Measured

0.4Km

YRM-19-DD-BGS-451

26.7g/t over 0.7m

YRM-19-DD-BGS-463

8.6g/t over 2.6m

YRM-19-DD-BGS 465

191.0g/t over 0.5m

YRM-19-DD-BGS-466

8.8g/t over 7.7m

YRM-19-DD-BGS-461

11.1g/t over 1.5m

YRM-19-DD-BGS-460A

32.5g/t over 1.4m

YRM-19-DD-BGS-459

10.7g/t over 2.1m

YRM-19-DD-BGS-458

9.2g/t over 1.4m

Mafic Dyke

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 – Maiden Indicated Resource Declared at AntennaPreliminary Economic Assessment (PEA) expected in Q4 2019

1. For further information on the Company’s drill results, please refer to the Company’s press release dated July 15, 2019, available on the Company’s website at www.roxgold.com or SEDAR at www.sedar.com

2. Represents a diamond drill tail result from the previous RC hole drilled at SGRD225

▪ Maiden Indicated Resource of 496,000 oz at 2.4 g/t Au and

Inferred Resource of 34,000 oz at 2.4 g/t Au declared in July

2019 at the Antenna Deposit

▪ 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 include1:

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

▪ SGRC201: 1.7 g/t Au over 28m from 0m

▪ SGRC222: 5.4 g/t Au over 21m from 50m

▪ SGRC223: 5.2 g/t Au over 37m from 29m

▪ SGRD225: 1.5 g/t Au over 16m from 98.6m2

▪ All results will be incorporated into the forthcoming PEA and

upgraded Resource estimate anticipated for release in Q4 2019

13TSX: ROXG

Séguéla Gold Project – Prospective Satellite Opportunities

▪ High grade results over wide intervals were received from drilling

at Boulder, demonstrating the potential for satellite pits along the

main structures, including1:

▪ 3.03 g/t Au over 11m, including 9.19 g/t Au over 3m from

RC hole SGRC207; and

▪ 1.71 g/t Au over 19m in RC hole SGRC211

▪ First pass RC drilling at Agouti and Gabbro completed with

results pending

▪ Aircore drilling at Kwenko completed

▪ Aircore drilling between Agouti and Boulder underway

▪ Scout RC drilling advancing at Gabbro and P3

Multiple exploration targets within 15 kilometres of Antenna Deposit

1. For further information on the Company’s drill results, please refer to the Company’s press release dated July 15, 2019, available on the Company’s website at www.roxgold.com or SEDAR at www.sedar.com

14TSX: 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 spend2

145,000 – 155,000 oz

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 2019 MD&A available on the

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

2. Bagassi South is expected to reach commercial production at the end of August 2019. The spend is consistent with the December 2017 Technical Report.

15

Kelley StammInvestor Relations & Communications Manager

360 Bay Street, Suite 500

Toronto, ON

M5H 2V6

kstamm@roxgold.com

www.roxgold.com

416 203 6401

Q&A