Roxgold : Reports Financial Results For Quarter Ended March 31, 2017

Toronto, Ontario - May 15, 2017 - Roxgold Inc. ('Roxgold' or the 'Company') (TSX: ROXG) (OTC: ROGFF) today reported its financial results for the three month period ended March 31, 2017.

For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Management's Discussion and Analysis please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website (www.roxgold.com). All amounts are in US dollars unless otherwise indicated.

1. HIGHLIGHTS

For the three month period ended March 31, 2017, the Company:

• Achieved 2,000,000 hours free of lost time injuries ('LTI') in February;
• Sold 34,979 ounces of gold totalling revenues of $42,977,000 at a cash operating cost of $404 per ounce produced for a total cash cost of $454 per ounce sold and an all-in sustaining cost of $720 per ounce sold;
• Produced 112,709 ounces of gold, since first gold pour in May 2016 until March 31, 2017, at an average cash operating cost of $384 per ounce produced;
• Generated cash flow from mining operations totalling $23,747,000 for cash flow per share of $0.064 (C$0.085/share);
• Mined 69,237 tonnes of ore for the quarter including 29,530 tonnes of ore from stoping activities;
• Connected to the Burkina Faso high voltage grid on February 1, 2017 with 99% availability;
• Successfully passed Lenders' Completion test and amended its $75M Credit Facility to a $60M Amended Facility; and
• Graduated to the Toronto Stock Exchange on March 30, 2017.

'The operational success of the first quarter of 2017 poises us to deliver on our production guidance for 2017', commented John Dorward, President and CEO of Roxgold. 'On our 12 month anniversary, we have produced over 125,000 ounces since start-up at a class leading cash cost of $384 per ounce'.

1. NEAR-TERM OBJECTIVES FOR 2017

• Gold production of between 105,000 and 115,000 oz;
• Cash operating cost per ounce produced between $445 and $490/oz;
• All-in sustaining costs per ounce sold between $740 and $790/oz;
• Sustaining capital expenditures between $24 million and $28 million;
• Mineral Resource growth at depth at 55 Zone;
• Development of Bagassi South, further to an updated Mineral resource estimate; and
• Explore regional exploration potential.

1. Mine operating activities

The Company considers that pre-commercial production operations at the Yaramoko gold mine commenced in June 2016 as the construction of the processing plant and associated infrastructure was completed, the contractual performance test associated with the engineering, procurement, and construction ('EPC') lump sum contract with the DRA/Group Five Joint Venture was passed and a first gold shipment was exported and refined. Ramp-up of pre-commercial production continued during the third quarter ended September 30, 2016 leading to the declaration of commercial production on October 1, 2016. Accordingly, there are no comparable gold sales and operational results from mine operations. The Company is providing the fourth quarter of 2016 results as comparative figures.

1. Operational performance

During the three-month period ended March 31, 2017, the Yaramoko gold mine continued to operate in line with expectations. Operations are now in their third full quarter and exhibiting good adherence to plan. During the period, the Yaramoko gold mine achieved a significant milestone in reaching two million hours worked without a Lost Time Injury. Roxgold feels that this is indicative of the maturity and stability that has been established at the Yaramoko gold mine in the year since commencing operations.

In the period, the Yaramoko gold mine produced 35,594 ounces and sold 34,979 ounces of gold. This was in line with expectations of a relatively strong first quarter.

The mine produced 69,237 tonnes of ore at 14.74 g/t Au with 1,740 metres of development completed. With two stoping areas operating at quarter end, the mine remains well established to continue to deliver consistent production. The plant processed 63,955 tonnes at an average head grade of 17.30 g/t Au. Plant availability was 94% and overall recovery was 99.2% during the quarter.

During the period, the Yaramoko gold mine was connected to the Burkina Faso High Voltage ('HV') national power grid. Connection took place as scheduled on February 1, 2017, and has subsequently enjoyed grid availabilities of 99%. Roxgold is very pleased with the proactive partnership it enjoys with the national power provider, SONABEL, and thanks them for their ongoing support.

1. Financial performance

Based on the Company's accounting policy (refer to note 2 of the Company's annual consolidated financial statements as of December 31, 2016 available on www.sedar.com ), commercial production was declared on October 1, 2016 as the Yaramoko gold mine had reached the intended levels of operating capacity as of September 30, 2016. Accordingly, there are no comparable gold sales and operational results from mine operations for the first quarter of 2016. The Company is providing the fourth quarter of 2016 results as comparative figures only.

During the three-month period ended March 31, 2017, a total of 34,979 ounces of gold were sold resulting revenues from gold sales of $43 million at an average realized gold price of $1,229 per ounce sold compared to an average market gold price of $1,219 per ounce.

Mine operating expenses represent mining, processing, and mine site-related general and administrative expenses. Cash operating cost per tonne processed totalled $225 per tonne, which is slightly higher than the $201 per tonne processed achieve during the Company's first quarter of commercial production. The variation is associated with quarterly standard preventive maintenance costs which were not incurred previously as the mill had been in operation for less than a year. Another contributing factor is higher mining costs per tonne mined due to a lower ratio of ore vs waste tonnes mined during the period. The cash operating cost per ounce produced totaled $404 per ounce for period. This 2% decrease is due to the higher cash operating cost per tonne processed offset by a higher grade and higher throughput. The cash operating cost per ounce sold is in line with cash operating cost per ounce produced.

During the first quarter of 2017, Roxgold invested $7,906,000 in underground mine development, representing a sustaining capital cost per ounce sold of $226. This reflects the Company's decision to invest in additional metres of development to provide for greater operational flexibility and resilience.

Based on the foregoing, the Company generated cash flow from mining operations totalling $23,747,000 for the first quarter of 2017, at an all-in sustaining cost of $720 per ounce sold. The all-in sustaining costs for the period stems from underground development costs combined with non-recurring corporate charges associated with the graduation to the Toronto Stock exchange at the end of the period.

1. Exploration Update

On May 8, 2017, the Company announced the results of the Company's infill and extensional drilling program at the Bagassi South deposit, located less than two kilometers from the underground mine located at the 55 Zone.

The drilling program totalled 29,160 meters over 134 holes at Bagassi South with 117 holes drilled along the QV1 structure and 17 holes drilled along the QV Prime structure ('QV'' and 'QV Prime', respectively). The program was primarily designed to infill the QV1 structure with sufficient additional intercepts to support the conversion of the existing inferred Mineral Resource Estimate ('MRE') to indicated resource status, ahead of its potential inclusion in a feasibility study which is currently scheduled to be completed in the fourth quarter of 2017. The current MRE at Bagassi South features an inferred MRE of 563,000 tonnes at 12.14 gpt for 220,000 ounces of gold (please see press release dated April 18, 2017 available on SEDAR at www.sedar.com or on the Company's website at www.roxgold.com ).

A secondary goal of the program was to test the extent of the recently identified mineralized shoot along the QV' structure which is located approximately 130 meters to the north east of QV1. The QV' structure accounts for approximately 10,000 ounces of the global Bagassi South inferred MRE and the structure remains open down plunge along the contact between the basalt flows and the Bagassi granite.

The drilling results from QV1 confirm the continuity of mineralization from near surface to a vertical depth of approximately 425 meters where the structure was intersected by hole YRM-17-DD-234, the deepest hole drilled along the QV1 structure. Significant widths of over 13 meters were encountered with numerous high grade gold results including 25.0 gpt Au over 13.4m which included 595 gpt over 0.4m in diamond drill hole YRM-17-DD-BGS-164 and 156.3 gpt Au over 1.5m including 220.0 gpt Au over 1.1m in diamond drill hole YRM-17-DD-BGS-199.

Regionally, the Bagassi South structures are located in the footwall of the Yaramoko shear zone and hosted within the Bagassi granite which are similar geological and structural settings as those observed at 55 Zone.

For more information on the Company's infill and extensional drilling program at the Bagassi South deposit, please refer to the Company's press release dated May 8, 2017, available on SEDAR at www.sedar.com or on the Company's website at www.roxgold.com.

1. REVIEW OF FINANCIAL RESULTS

1. Mine operating profit

The Company declared commercial production on October 1, 2016 and consequently there is no comparable mine operating profit for the first quarter of 2016. During the first quarter of 2017, gold sales totalled $42,977,000 while mining operating expenses and royalties totalled $14,164,000 and $1,719,000, respectively, for a total cash cost per ounce sold of $454. The 2% decrease compared the total cash cost of the last quarter of 2016 results from higher grade and higher throughput partly offset by higher cash operating cost per tonne processed . For more information on the cash operating costs see the financial performance of the Mine Operating Activities section of this MD&A.

Depreciation for the quarter increased compared to the depreciation of the last quarter of 2016 as a result of higher throughput and as all assets including the HV power line were in service during the period January 1 to March 31, 2017. The depreciation expenses for the first quarter of 2016 were capitalized within other development costs.

1. General and administrative expenses

General and administrative expenses totalled $1,200,000 compared to $742,000 for the same period the year prior. Non-recurring professional fees and filing fees totaling approximately $250,000 associated with the process to become a listed issuer on the Toronto Stock Exchange are the main contributors to the variation period over period. Travel and investor relations expenditures increased in line with the intensification of the activities at the head office as the Company transitioned from a mining development company to a gold mining producer between the first quarter of 2016 and the first quarter of 2017. General and administrative expenses for the remainder of the year are expected to be in line with 2016 corporate expenditures.

1. Sustainability and other in-country costs

Sustainability and in-country costs totalling $443,000 refer to expenditures incurred to maintain Roxgold's licence to operate in Burkina Faso, as well as investments made in sustainability and community projects related to current operations. During the first quarter of 2016, sustainability and other in-country costs were capitalized within other development costs.

1. Exploration and evaluation expenses ('E&E'):

Exploration and evaluation expenses increased from $654,000 during the first quarter of 2016 to $3,347,000 for the same period in 2017. The variation reflects expenditures associated with the Bagassi South infill and extensional drilling program completed during the period as the Company progressed in its objective to provide a Feasibility Study on Bagassi South in the coming months.

The drilling campaign totaled 29,160 meters over 134 holes while the 2016 drilling costs reflected the program totalling 2,360 meters of diamond drilling completed to further define the high grade QV1 mineralization to provide for the maiden resource estimated published during the second quarter of 2016. Economic evaluation expenses were incurred during the quarter ended March 31, 2017.

1. Share-based payment

Share-based payments are not an item affecting the Company's cash on hand. Lower stock options costs reflect the decrease in stock options granted combined with a modification of the vesting conditions. Stock options granted in January 2017 are now vesting one-third on each of the first, second and third anniversary of the grant. Historically, one-third of the options granted vested immediately and the remaining two-thirds vested over the next twelve and twenty-four month periods, respectively.

The increase in restricted share unit ('RSU') costs reflects the higher strike price of the equity instrument granted. As the Company is no longer a development stage as of March 31, 2017, RSU expenditures were not capitalized within other development costs as was the case in the first quarter of 2016.

Performance share units ('PSUs') were granted to senior management during the first quarter of 2017. As the PSUs plan had not been approved by the Company's shareholders as of March 31, 2017, the PSUs were accounted for as cash settled instruments. Accordingly, the expenses related to these performance share units reflect the variation between the stock price of the Company and the strike price of the PSU at the time of grant.

1. Financial expenses / (income)

Net financial expenses totaled $8,228,000 for the first quarter of 2017 compared to $11,350,000 for the same period in 2016. The variation year over year is mainly attributable to the change in the fair value of the Company's gold forward sales contracts and the variation in its unrealized foreign exchange loss incurred in relation to the Company and its subsidiaries' cash on hand held in currencies other than their functional currencies during the period.

Interests expenses incurred in relation of the Company Amended Facility along with banking charges contributed to the rest of the variation year over year. During the first quarter of 2016, interest expenses and banking charges were capitalized within other development costs, as the Company was not in production.

1. Deferred income tax expense

The deferred income tax expense is due to the recognition of a deferred income tax liability as the Company was making a profit from its operations in Burkina Faso.

1. Net income / loss

As a result of the foregoing, the Company's net income for the three-period ended March 31, 2017 totalled $3,832,000 compared to a net loss of $13,315,000 for the three-month period ended March 31, 2016.

Based on the net income for the three-month period ended March 31, 2017, the Company's income per share was $0.01 versus a loss of $0.04 per share for the three-month period ended March 31, 2016.

1. Income Attributable to Non-Controlling Interest

For the three-month period ending March 31, 2017, the income attributable to the non-controlling ('NCI') interest was $1,414,000. The Government of Burkina Faso holds a 10% carried interest in Roxgold SANU SA and as such is considered Roxgold's NCI. Income attributable to the NCI of $1,414,000 excludes all items within Other Expenses and Financial Expenses/(income) on the Company's consolidated statement of income (loss), with the exception of sustainability and other in-country costs, interest expense, and financing fees.

1. CONFERENCE CALL INFORMATION

The Company will also host a conference call, Tuesday May 16, 2017 at 11:00 am EST to discuss the 2017 first quarter financial results.

Participants in Canada and the U.S. can call in by dialing (888) 231-8191 and participants outside North America can dial in by calling (647) 427-7450.

A live and archived webcast of the conference call will also be available on the Company website in the events section: http://www.roxgold.com/s/Events.asp

As well as through the conference call provider:

http://event.on24.com/r.htm?e=1418148&s=1&k=163CDF8D701B27D6B071ECC0CDC2E69E

A recorded playback of the 2017 first quarter results call will be available two hours after the call for 90 days by dialing (416) 849-0833 and entering the call back passcode 7604515.

The Company provides some non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to note 16 'Non-IFRS financial performance measures' of the Company's MD&A dated May 15, 2017, available on SEDAR at www.sedar.com for reconciliation of these measures.

The Company considers that pre-commercial production operations at the Yaramoko Gold Project commenced in June 2016 as the construction of the processing plant was completed and declared commercial production as of October 1, 2016. Accordingly, there are no comparable gold sales and operational results from mine operations. The Company is providing the fourth quarter of 2016 results as comparative figures.

Qualified Persons

Paul Criddle, FAUSIMM, Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this press release.

Yan Bourassa, P.Geo, VP Geology for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this MD&A.

For further information regarding the Project, please refer to the technical report dated June 4, 2014 and entitled 'Technical Report for the Yaramoko Gold Project, Burkina Faso' (the 'Technical Report'), available on SEDAR at www.sedar.com.

About Roxgold

Roxgold is a gold mining company with its key asset, the high grade Yaramoko Gold Mine, located in the Houndé greenstone region of Burkina Faso, West Africa. Roxgold trades on the TSX under the symbol ROXG and as part of the Nasdaq International Designation program with the symbol OTC: ROGFF.

FOR MORE INFORMATION:
Tania Shaw
Director, Investor Relations & Communications
416-203-6401
tshaw@roxgold.com

This press release contains 'forward-looking information' within the meaning of applicable Canadian securities laws ('forward-looking statements'). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates, future production and life of mine estimates, future capital and operating costs and expansion and development plans, 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 news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, 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.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.