1TSX: ROXG

2018 Third Quarter Financial Results

November 13, 2018

Mining High Grade Gold

in Burkina Faso

TSX: ROXG

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 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), Paul Weedon, VP Exploration

(Roxgold).

All amounts are in U.S. dollars unless otherwise stated.

Cautionary Statement

3TSX: ROXG

2018 Third Quarter Results Conference Call Participants

John Dorward

President & CEO

Iain Cox

Interim COO

Vince Sapuppo

CFOEric Pick

VP, Corporate

Development

Paul Weedon

VP, Exploration

4TSX: ROXG

2018 Third Quarter Highlights

87,975 tOre Mined

30,532 ozGold Production

78,357 tRecord Quarterly

Ore Processed

12.3 g/tAverage Head Grade

$454Cash Operating

Cost1/oz Produced

$788All-In Sustaining

Cost1/oz Sold

$18.6MCash Flow from

Mining Operations1

$0.05Cash Flow from

Mining Operations

per Share1

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 Q3 2018 MD&A available on the Company’s website at www.roxgold.com or www.sedar.com

All amounts in U.S. dollars unless otherwise indicated

5TSX: ROXG

2018 Third Quarter Operational Results

Q3 18 Q3 17YOY

Change

Gold Produced (ounces) 30,532 28,410 7%

Ore Mined (tonnes) 87,975 76,480 15%

Ore Processed (tonnes) 78,357 66,670 18%

Head Grade (g/t Au) 12.3 13.6 (10)%

Gold Recovery (%) 98.5 98.6 NM

Mill Operating Time (%) 94.9 95.8 NM

Ore Development (m) Gold Produced (ounces)

Ore Mined (tonnes) Ore Processed (tonnes)

0

200

400

600

800

1000

1200

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

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

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

17/Q4 18/Q1 18/Q2 18/Q317/Q4 18/Q1 18/Q2 18/Q3

▪ 106,812 ounces of gold produced YTD putting Roxgold in a strongposition to achieve the upper end of its guidance range of 120,000 –130,000 ounces for the full 2018 year

▪ ROM Stocks of 43,511 tonnes at 11.6 g/t Au at the end of thequarter representing ~ 6 weeks of plant feed

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

6TSX: ROXG

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

80,000

Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018

Ore Processed

(tonnes)

Gold Recovery

(%)

▪ Q3 2018 – Record quarterly processing throughput of 78,357 tonnes processed

representing 15% above nameplate capacity

7TSX: ROXG

2018 Third Quarter Financial Highlights

Q3 2018 Q3 2017 YOY

Change

Gold produced (ounces) 30,532 28,410 7%

Gold sold (ounces) 31,400 27,912 12%

Revenue $38M $36M 6%

EBITDA $17M $14M 18%

EBITDA Margin 45% 40% 13%

Average realized gold price $1,207/oz $1,286/oz (6%)

Cash operating cost1 (per ounce produced) $454/oz $445/oz 2%

Total cash cost1 (per ounce sold) $499/oz $522/oz (5%)

Sustaining capital cost1 (per ounce sold) $205/oz $258/oz (21%)

Site all-in sustaining cost1,2 (per ounce sold) $734/oz $779/oz (6%)

All-in sustaining cost1 (per ounce sold) $788/oz $833/oz (5%)

Cash flow from mining operations1 $18.6M $18.0M 3%

Cash flow from mining operations per

share1$0.05 $0.05 NC

Basic earnings per share1 $0.02 $0.02 NC

Cash Operating Cost1

$454/oz produced

EBITDA Margin1

45%

Return on Equity (Last twelve Months)

22%

Cash Flow From Mining

Operations1

$18.6M or

$0.05 per share

All-In Sustaining Cost1

$788/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 Q3 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

8TSX: ROXG

High Mine Operating Margins1

$708 $813 $878 $782 $764

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Cash operating cost Total cash cost

Mining operating margin AVG realized gold price

All amounts in U.S. 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 Q3 2018 MD&A available on the Company’s website at www.roxgold.com or www.sedar.com

▪ Strong operating margins contributing to an EBITDA margin of 50% for YTD 2018

9TSX: ROXG

Strong Cashflow GenerationIn millions of U.S. dollars

▪ Building cash while continuing to invest in underground development and Bagassi South

▪ $5.0 million of VAT reimbursed during Q3 - $9.6 million of VAT reimbursed YTD

10TSX: ROXG

Continuing to Build a Strong Balance SheetAs of September 30, 2018 in U.S. dollars

▪ Self-funding Bagassi South Expansion Project cost of ~$30 million

~$71MCash on hand

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

~$41MLong-Term Debt1

▪ Net cash position of ~$30 million

11TSX: ROXGBagassi South Expansion

12TSX: ROXG

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

▪ First ore delivered in October on schedule

▪ ~40% increase in Yaramoko 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)

▪ Self-funded by existing cash and internal cash flow

▪ Pre-production capital - $29.6 million

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 2018 Q3 MD&A available on the Company’s website at

www.roxgold.com or www.sedar.com

13TSX: ROXG

Process Plant Expansion – On track for Completion in Q4

▪ Plant expansion sees throughput increased to nearly

50% from 750 tonnes per day (“tpd”) to 1,100 tpd

▪ All materials on site to complete expansion

▪ Overall project completion expected to be on

schedule in latter part of Q4

▪ Ramp up to 1,100 tonnes per day expected in early

January

14

Growth

15TSX: ROXG

Focus on Regional ExplorationSiou

10 Km

Hounde Project

12 Km

55 Zone

Yaramoko1

2

3

4

5

6

7

8

55 Zone

Bagassi South

11

10

ID TARGETS

1 TW West Contact

2 BSN Foot Wall

3 San MVOL-VS and VS-DIO Contacts

4 HAHO Prospects

5 KAHO

6 Boni Shear

7 HOUKO

8 Bagassi Regional

9 Yaramoko Regional

10 300 Zone East Auger Grid

11 300 Zone North Auger Grid

▪ 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 order Yaramoko Shear

▪ Systematic auger drilling along key

structures with ~15,500m completed to date

▪ Integrated structural, geochemical,

geophysical, and lithogeochemical model

being developed; reprocessing of regional

geophysics underway

▪ Pathfinder element suites identified to

discriminate targets (Haho, Kaho and the

Boni Shear zone are characterized by High

Zr/High Rb)

▪ Auger program to continue over Kaho

granite with completion in early Q4,

extending grid to the south

▪ RC drilling to start at Kaho late November

testing 1.5km soil anomaly

16TSX: ROXG

55 Zone Drilling

▪ Diamond drilling resumed at 55 Zone

▪ Surface and underground drill rigs

▪ Focus on infill drilling and delineation of

resource margins

▪ 15,315m completed

▪ Significant intercepts include:

▪ DD-475W: 10.1m @ 19.5 g/t Au

from 576.6m

▪ DD-482: 5.4m @ 9.2 g/t Au

from 903.1m

▪ DD-477W: 16.5m @ 6.9 g/t Au

from 595.6m

5,200RL

5,000RL

4,800RL

4,600RL

4,400RL

4,200RL

4,000RL

YRM-18-DD-475W

19.5g/t over 10.1m

YRM-18-DD-477W

6.9g/t over 16.5m

YRM-18-DD-482

9.2g/t over 5.4m

YRM-18-DD-474W2

7.0 g/t over 3.6m

YRM-18-DD-473

6.6g/t over 5.6m

YRM-18-DD-459

7.6g/t over 0.6m

YRM-18-DD-467

3.5g/t over 3.4m

YRM-18-DD-472A & 480W

NSA

YRM-18-DD-479D

3.8g/t over 1.8m

YRM-18-DD-476A

1.2g/t over 5.6m

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

YRM-18-DD-485A

34.1g/t over 2.1m

17TSX: ROXG

Bagassi South Drilling

▪ ~2,700m completed during Q3

▪ Drilled plunge extensions of western

pod, and near surface infill of eastern

shoot

▪ Significant intercepts for Q3 2018

include:

▪ BGS-418: 0.3m @ 98.8 g/t Au

from 85.8m

▪ BGS-406: 1.8m @ 15.5 g/t Au

from 88.6m

▪ BGS-435: 0.5m @ 16.1 g/t Au

from 293.5m

▪ BGS-412: 0.8m @ 6.0 g/t Au

from 266.8

▪ BGS-371: 2.3m @ 20.9 g/t Au

from 196.1m

▪ BGS-430A: 0.5m @ 30.4 g/t Au

from 250.9m

▪ BGS-389B: 2.8m @ 10.6 g/t Au

from 231.2m

5,300RL

5,200RL

5,100RL

5,000RL

4,900RL

West

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-435

16.1g/t over 0.5m

YRM-18-DD-BGS-415

38.6g/t over 0.5m

YRM-18-DD-BGS-406

15.5g/t over 1.8m

YRM-18-DD-BGS-418

98.8g/t over 0.3

YRM-18-DD-BGS-422

6.4g/t over 1m

YRM-18-DD-BGS-410

7.3g/t over 0.6m

YRM-18-DD-BGS-412

6.0g/t over 0.8m

YRM-18-DD-BGS-371

20.9g/t over 2.3m

YRM-18-DD-BGS-430A

30.4g/t over 0.5m

YRM-18-DD-BGS-389B

10.6g/t over 2.8m

YRM-18-DD-BGS-428

55.8g/t over 0.9m

YRM-18-DD-BGS-437

10.2g/t over 2.3m

YRM-18-DD-BGS-393

66.6g/t over 0.4m

East

YRM-18-DD-BGS-431B

14.8g/t over 0.5m

TSX: ROXG 18

2018 Guidance

Exploration Budget$12 million (increased from $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 Q3 2018 MD&A

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

19TSX: ROXG

Kelley StammManager, Investor Relations & Communications

360 Bay Street, Suite 500

Toronto, ON

M5H 2V6

kstamm@roxgold.com

www.roxgold.com

416 203 6401

Q&A