2018 TD Securities Mining Conference | January 2018 Mining High Grade Gold in Burkina Faso TSX: ROXG TSX: ROXG High Grade, Low Cost Gold Producer in West Africa PDAC International Convention March 2019
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2018 TD Securities Mining Conference | January 2018
Mining High Grade Gold
in Burkina Faso
TSX: ROXG
TSX: ROXG
High Grade, Low Cost Gold
Producer in West Africa
PDAC International Convention
March 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 nature, success and timing thereof, as well as any potential resulting mineralization
and/or margin potential; (iii) production, earnings, recovery rates, throughput 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 2018 and 2019 cost guidance; (vii) statements that are not of historical fact; (viii) any potential updated
Mineral Resource at the 55 Zone and the anticipated timing thereof; (ix) potential shareholder return initiatives in 2019; (x) anticipated production and resource per share growth; (ix) future external growth
opportunities including with respect to the Séguéla gold project and other permits, the satisfaction of all conditions precedent for the acquisition thereof; and (x) the development potential of the Séguéla gold
project, as well as the conversion of JORC mineral resources thereon to NI 43-101 compliance standards and the anticipated timing thereof. 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, success 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, the satisfaction of closing conditions for proposed future acquisitions 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
conditions for future proposed acquisitions will not be satisfied 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), and Paul Weedon, VP Exploration (Roxgold).
All amounts are in U.S. dollars unless otherwise stated.
Cautionary Statement
3TSX: ROXG
Roxgold – Compelling Investment in the Gold Sector
See Appendix – Endnotes 1,2,3,4,5
Operating the high-grade Yaramoko Gold Mine
located on the Houndé belt in Burkina Faso
• 55 Zone – in production; high-grade at 17.1 grams per tonne1
• Bagassi South – in operation; high grade at 16.6 grams per tonne2
Commercial production expected in Q2 2019
• LOM Site AISC3 ~$695 per ounce
• LOM production includes inferred resources out to 20274
Attractive Growth Opportunities
• Acquisition of Séguéla Gold Project and additional highly prospective
exploration permits in Côte d’Ivoire5 covering ~3,298km2
• Resource growth and regional exploration at Yaramoko
Disciplined Capital Management
• Strong balance sheet and cashflow provides liquidity and financial flexibility
• Potential for additional shareholder return initiatives in 2019
Burkina Faso
Mali
Ghana
Benin
TogoNigeria
Guinea
Senegal
Mauritania
Côte d’IvoireLiberia
Niger
Atlantic
Ocean
Yaramoko Gold Mine
Flagship Asset
Séguéla Gold Project
Acquisition
AFRICA
4TSX: ROXG
Executing on Accretive GrowthRoxgold remains committed to continuously improving shareholder value
Savings of US$2.8 MM (~10%)
Under Budget
First Ore in October 2018
Completed On Time
145-155koz pa in 2019
Production Per Share Growth
US$630/oz LOM AISC6
Maintains High Margins
750tpd → 1,100tpd Growth
Internally Funded
430koz Inferred Resource7 Provides
Resource Per Share Growth
Immediate Country
Diversification
2.3 g/t deposit7
High Margin Potential
US$20 MM All Cash Transaction
Highly Accretive to Shareholders
3,298km2 Land Package
Significant Exploration Upside
Development of Bagassi South
2018
See Appendix – Endnotes 6, 7
Acquisition of Séguéla
2019
5TSX: ROXG
Proven Track Record on Operating Performance
126,990 oz
2017 2018
132,656 oz
2019
Throughput
Exceeded production guidance and throughput capacity
145,000 – 155,000 oz
guidance
Original Guidance
Revised Guidance
Production
Forecasting to exceed
nameplate capacity
Current Nameplate - 1,100 tpd
Initial Nameplate – 750 tpd
201920182017
6TSX: ROXG
2018 Guidance Range $450 - $475
Low Cost OperatorManaging costs through efficiencies
2019
Cost per tonne
2017 Guidance Range $445 - $490
Cash Operating Cost8/oz
2019 Guidance Range $440 - $470
* Costs expected to be below
lower end of range for 2018
Beat Guidance at $438 for 2017
See Appendix – Endnote 8. All amounts in U.S. dollars
Forecasting a 20% reduction in cost per tonne processed since 2017
7TSX: ROXG
Capital ManagementDisciplined approach providing a strong balance sheet and financial flexibility
▪ Strong balance sheet, with a net cash of
US$22 million9, and forecast cashflow
generation provides liquidity and flexibility
▪ Disciplined approach to investing in growth
including assessing external opportunities
▪ Potential for additional shareholder return
initiatives in 2019
Objectives
Sustainable growth in
shareholder value
Maintain financial strength
Retain Financial Flexibility
Reinvest in Operating Mines
(Sustaining and Development
Capex)
Organic Growth (Exploration)
Capital Management Initiatives:
Additional debt repayments,
dividend or buyback
Excess Free
Cashflow
Capital Priorities
External Growth Opportunities:
Acquisitions where value accretive
Return on Equity10
22.4%
18.0%
12.9%
9.2%8.0%
6.4% 5.7% 5.5% 5.3%
2.1%0.5%
KL OGC CG WDO BTO GUY K TGZ AEM G
See Appendix – Endnotes 9, 10
8TSX: ROXG
Séguéla Gold Project Acquisition
▪ Acquisition of 11 exploration permits in Côte d’Ivoire
including the Séguéla project and the Antenna deposit
▪ Hosts an existing inferred resource and multiple satellite
discoveries providing significant resource upside
▪ Significant regional upside in 3,298km2 land package
methodically assembled by Newcrest
▪ Early stage opportunities exist on the Dimbokro, Dianra North
and South, Boundiali and Bouake permits
▪ Access to infrastructure, in place workforce and extensive
exploration work completed to date provides streamlined
development potential
▪ ~117,000 metres of drilling completed and ~US$21 million
invested in exploration to date
▪ Attractive entry point with internally funded US$20 million
acquisition cost
▪ A further US$10 million is payable upon first gold production
from any of the areas in the land package
Immediate additional resource upside in high quality land package
9TSX: ROXG
Séguéla Gold Project Acquisition
▪ Near surface Antenna gold deposit discovered in 2016
▪ Conversion of maiden JORC compliant mineral resource
to National Instrument 43-101 standards currently
underway with completion expected in Q2 2019
▪ Potential of open pittable mineralization located near
existing infrastructure including grid power, transport
and water resources
Near term development potential at Antenna deposit
Tonnes (Mt)Grade
(g/t Au)Ounces (koz)
Inferred 5.8 2.3 430
Mineral Resources – Antenna deposit7
Drill hole and trace
Inferred mineral resource
See Appendix – Endnote 7
The mineral resources presented are as defined under the JORC Code, which is materially
consistent with National Instrument 43-101.
10TSX: ROXG
Séguéla Gold Project - Antenna Deposit Infill Drill Highlights*Updated resource expected in Q2 2019
*Source – Newcrest 2017 Quarterly Exploration Reports
11TSX: ROXG
Prospective Satellite Opportunities
▪ Multiple exploration targets with potential to increase resource
base with low cost near-surface ounces
▪ Early stage drilling by Newcrest has produced results ranging
from trace to 14 metres at 58.1 g/t Au from 0 metres including
several high grade intercepts from nearby satellite targets11
Boulder:
▪ 9 metres at 16.9 g/t Au in SGRD162 from 145 metres; and
▪ 7 metres at 9.1 g/t Au in SGRC161 from 18 metres
Agouti:
▪ 14 metres at 58.1 g/t Au in SGAC5021 from 0 metres;
▪ 5 metres at 20.4 g/t Au in SGRC152 from 44 metres;
▪ 4 metres at 16.5 g/t Au in SGRC185 from 125 metres; and
▪ 11 metres at 5.1 g/t Au in SGRC187 from 21 metres
Ancien:
▪ 16 metres at 9.3 g/t Au in SGRC172 from 37 metres
Multiple exploration targets within 15 kilometres of Antenna deposit
See Appendix – Endnote 11
12TSX: ROXG
YRM-16-DD-426
20.1g/t over 23.8m
Size Grade
Measured
& Indicated
738k
ounces17.1 g/t
Inferred347k
ounces16.1 g/t
*As of Dec 31, 2016. See Appendix for Mineral Resource Statement –
55 Zone
▪ Focused on non-dilutionary path to
reserve and resource growth per share
▪ Resource conversion surface drilling
program commenced in Q2 2018 with
aim to convert inferred resources to
indicated resources
▪ Program will conclude in February
2019, with updated Resource model
scheduled in early Q2 2019
YRM-17-DD-443W1
11.2 g/t over 12.5 m
and
12.9 g/t over 3.9 m
YRM-18-DD-482
9.2 g/t over 5.4 m
YRM-18-DD-485A
34.1 g/t over 2.1 m
YRM-18-DD-487
8.3g/t over 13.7m
YRM-18-DD-489AW1
6.1g/t over 7.5m
YRM-18-DD-481AW
4.2g/t over 2.8m
YRM-18-DD-484AW2
8.5g/t over 6.5m
YRM-18-DD-484AW3
13.4g/t over 3.9m
YRM-18-DD-484A
29.2g/t over 4.4m
YRM-18-DD-443BW3
4.1g/t over 9.8m
YRM-18-DD-492W1
44.1g/t over 2.9m
700m
1,100m
Resource Growth – 55 Zone shoot is open at depth
Inferred
Measured
Indicated
Exploration
Potential
High-grade shoot extended to 1.1 km below surface
55 Zone Resource*YRM-18-DD-491
19.6g/t over 3.6m
Current development
400m
13TSX: ROXG
Resource Growth – Bagassi SouthQV1 Structure – Focus on extending western shoot down plunge and near surface infill at eastern shoot
West
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-422
6.4g/t over 1.0m
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
Exploration
Potential
Inferred
Indicated
Size Grade
Indicated188k
ounces16.6 g/t
Inferred33k
ounces13.0 g/t
QV1 Structure Resource*
*As of July 19th, 2017. See Appendix for Mineral Resource Statement –
Bagassi South
▪ Follow up drilling planned to test for
further down plunge extensions in
western shoot will commence in Q1
2019
14TSX: ROXG
Regional Exploration
▪ Large regional land package of approximately 230 km2, located
on the Houndé Belt
▪ Majority of anomalies located along the regional scale Boni
Shear 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
▪ Auger program to continue over Kaho granite with completion
in Q1 2019 extending grid to the south
Focus on exploring the regional land package
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
1. TW West Contact
2. BSN Foot Wall
3. San MVOL-VS and VS-DIO Contacts
4. HAHO Prospects
ID Targets
15TSX: ROXG
Value PropositionCompelling investment in the gold sector
Proven Track Record
• Exceeded production guidance in
2017 and 2018
• Low cost operator
• Successful project execution
delivering 55 Zone and Bagassi
South
Attractive Growth
Opportunities
• Séguéla Project and additional
exploration permits in Côte d’Ivoire
• Resource growth at 55 Zone and
Bagassi South
• Regional exploration at Yaramoko
Disciplined Capital
Management
• Strong balance sheet and cash
flow generation
• Financial liquidity and flexibility
• Potential for additional
shareholder return initiatives in
2019
16
Appendix
TSX: ROXG 17
2019 Guidance
Exploration Spend$10 - $12 million
Sustaining Capital Expenditure$30 - $35 million
Gold Production
$12 - $15 million
Cash Operating Cost8 (per ounce produced)
$440-$470
AISC8 (per ounce sold)
$765-$795
See Appendix – Endnotes 8,12
Bagassi South pre-commercial production development spend12
145,000 – 155,000 oz
All amounts in U.S. dollars
18TSX: ROXG* See appendix for 55 Zone Mineral Resource and Mineral Reserve Notes
Proven
Mineral Reserves
Probable
Mineral Reserves
Proven and Probable
Mineral ReservesTonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
55 Zone 317 18.06 184 1,453 10.01 467 1,770 11.45 651
Stockpiles 26 13.26 11 0 0.00 0 26 13.26 11
Total 343 17.69 195 1,453 10.01 467 1,796 11.47 662
Measured
Mineral Resources
Indicated
Mineral Resources
Measured and Indicated
Mineral Resources
Inferred
Mineral ResourcesTonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
55 Zone 265 26.88 229 1,076 14.73 509 1,341 17.13 738 669 16.14 347
Total 265 26.88 229 1,076 14.73 509 1,341 17.13 738 669 16.14 347
Reserve grade largely maintained compared to BFS grade despite mined grade over the course of 2016 of 15.5 g/t.
Mineral Reserve and Mineral Resource Statement – 55 Zone* As of December 31, 2016
19TSX: ROXG
Mineral Resource Statement - Bagassi South*As of July 19, 2017
* See appendix for Bagassi South Mineral Resource and Mineral Reserve Notes
Measured
Mineral Resources
Indicated
Mineral Resources
Measured and Indicated
Mineral Resources
Inferred
Mineral ResourcesTonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
Tonnes
(000)
Grade
g/t Au
Ounces
(000)
QV1
Structure0 0.00 0 352 16.6 188 352 16.6 188 79 13.0 33
QV’
Structure0 0.00 0 0 0.00 0 0 0.00 0 51 22.0 36
Bagassi
Total 0 0.00 0 352 16.6 188 352 16.6 188 130 16.6 69
Probable
Mineral ReservesTonnes
(000)
Grade
g/t Au
Ounces
(000)
QV1 Structure 458,000 11.54 170,060
Total 458,000 11.54 170,060
Mineral Reserve Statement - Bagassi South*As of November 6, 2017
20TSX: ROXG
55 Zone Mineral Resource NotesNotes:
1. Mineral Resources are reported compliance with National Instrument 43-101 (“NI 43-101”) with an effective date of December 31st, 2016.
2. Underground Mineral Resources are reported at gold grade cut-off of 5.0 g/t Au, based on a gold price of US$1,250/ounce.
3. The identified Mineral Resources in the block model are classified according to the CIM definitions for the Measured, Indicated, and Inferred categories. The Mineral Resources are
reported in situ without modifying factors applied.
4. The Mineral Resource estimate was prepared under the supervision of Sébastien Bernier, Principal Resource Geologist at SRK Consulting (Canada). Mr. Bernier is a Qualified Person
as defined in NI 43-101.
5. All figures have been rounded to reflect the relative accuracy of the estimates.
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are reported in accordance with NI 43-101 with an effective date
of December 31st, 2016 and are included in Mineral Resources. For further information, please refer to the technical report dated December 20, 2017 and entitled “Technical
Report for the Yaramoko Gold Mine, Burkina Faso” (the “Technical Report”) available the Company’s website and on SEDAR at www.sedar.com.
7. See also 55 Zone Mineral Reserve Notes below.
Notes:
1. Mineral Reserves are reported in accordance with NI 43-101 with an effective date of December 31st, 2016 and are included in Mineral Resources. For further information,
please refer to the Technical Report available the Company’s website and on SEDAR at www.sedar.com. Mineral Reserve estimates reflect the Company’s reasonable expectation
that all necessary permits and approvals will be obtained and maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral
Reserves.
2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution at grades assumed to be 1.3 g/t.
Mining dilution and recovery factors vary with specific reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods.
3. The Mineral Reserves were prepared under the supervision of Benny Zhang, Principal Mining Engineer at SRK, PEng (PEO # 100115459). Mr. Benny Zhang is a Qualified Person as
defined by NI 43-101.
4. The Mineral Reserve estimate at December 31, 2016 is reported at a cut-off grade of 4.5g/t gold assuming: metal price of US$1,250 per ounce of gold, mining cost of US$100.00
per tonne, G&A cost of US$28.30 per tonne, processing cost of US$38.90 per tonne, and process recovery of 98.5%. Reserve estimates include mining dilution and mining
recovery.
5. All figures have been rounded to reflect the relative accuracy of the estimates.
55 Zone Mineral Reserve Notes
21TSX: ROXG
Notes:
1. Bagassi South Mineral Resources are reported in compliance with NI 43-101 with an effective date of July 19th, 2017.
2. Underground Mineral Resources are reported at gold grade cut-off of 5.0 g/t Au, based on a gold price of US$1,250/ounce of gold using mining cost of US$100.00
per tonne, G&A cost of US$28.30 per tonne, processing cost of US$38.90 per tonne and process recovery of 98.5%.
3. The identified Mineral Resources in the block model are classified according to the CIM definitions for the Measured, Indicated, and Inferred categories. The
Mineral Resources are reported in situ without modifying factors applied.
4. The Mineral Resource estimate was prepared under the supervision of Yan Bourassa, P.Geo (APGO #1336), VP Geology for Roxgold Inc., a Qualified Person within
the meaning of NI 43-101
5. All figures have been rounded to reflect the relative accuracy of the estimates. Mineral Reserves are reported in accordance with NI 43-101 with an effective date of
December 31st, 2016 and are included in Mineral Resources. For further information, please refer to the technical report dated December 20, 2017 and entitled
“Technical Report for the Yaramoko Gold Mine, Burkina Faso” (the “Technical Report”), available the Company’s website and on SEDAR at www.sedar.com.
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7. See also Bagassi South Mineral Reserve Notes below.
Bagassi South Mineral Resource Notes:
Bagassi South Mineral Reserve Notes:Notes:
1. The Mineral Reserve estimation used in the Technical Report only considered the indicated portion of the Mineral Resources. The Mineral Reserve estimation assumed
a minimum mining width of 1.2 metres, included 26.8% stope dilution at a grade of 1.22 g/t and was base gold price of $1,250 per ounce. The effective date of the
Mineral Reserve estimate is November 6, 2017.
2. Mineral Reserves are included in Mineral Resources and are reported at a cut-off grade of 4.8 gpt gold assuming: metal price of US$1,250 per ounce of gold, mining
cost of US$73 per tonne, G&A cost of US$36 per tonne, processing cost of US$36 tonne and process recovery of 98.5%.
3. For further information, please refer to the press release dated November 6, 2017, entitled Roxgold Announces Positive Feasibility Study for its Bagassi South Project
available on the Company’s website and on SEDAR at www.sedar.com.
4. The Mineral Reserve estimate was prepared under the supervision of Craig Richard, PEng (APEGA #141653), Principal Mining Engineer for Roxgold Inc., a Qualified
Person within the meaning of NI 43-101.
5. For further information, please refer to the Technical Report available the Company’s website and on SEDAR at www.sedar.com.
22TSX: ROXG
People at YaramokoHead GradeHead Grade
Operate and built a mine together
▪ 83% Burkinabe employment
▪ 43% of employees from the immediate area
▪ 64% of skilled employees from Burkina
▪ 70% of process plant department people is from
the immediate area of the mine site with no prior
mining skills
▪ Provided 6 – 12 months of intensive training
prior to start up
▪ Part of the team that ramped up Yaramoko
▪ The plant delivers ~99% recovery rates with 95%
operating time
Case Study: Training local people to operate and
maintain the process plant
Localization and social responsibility vision have proven to be effective
World class safety record
▪ One Lost Time Injury (LTI) occurrence in 2018 calendar year
▪ Lost Time Injury Frequency Rate (LTIFR=0.39) per one
million hours worked
▪ 18.2K hours of health and safety training provided in 2018
Bagassi youth employees’ graduation ceremony with Mrs. ZONGO Laure, Minister of
Women and National Solidarity in May 2017
23TSX: ROXG
Local
procurement
Health and
safety
Community
investment
Local
employment
Cultural
heritage
Road
Biodiversity
Local procurement▪ 90% of expenditures from suppliers registered in Burkina Faso
▪ Capacity building training for local suppliers nearby the mine resulting in US$1.1 million of spending for transportation, construction, food supply and
preparation
2018 Community Social Programs
Local employment▪ Improving employment opportunities for youth
Community health & safety
▪ Malaria control in three villages around the mine site
▪ Road safety, HIV and STIs education
Cultural heritage
▪ Supporting the traditional rituals and the preservation of the
Bwa ethnic group culture
Community development projects▪ 31 projects submitted, selected and implemented by the community representatives in collaboration with Roxgold
▪ 97 projects since 2014 including projects for women and youth such as occupational training center, potable water system, solar electrification
of schools and medical centers and construction of medical infrastructures
Win-Win situation to set up the foundations for common growth
Biodiversity
▪ Reforestation campaign planting over 20,000 trees per year for a total
of ~100,000 trees planted since 2014
▪ Protection and enhancement of local biodiversity areas
Community road infrastructures
▪ Progressive rehabilitation of the public road
24TSX: ROXG
Extensive community engagement program as foundation
of Roxgold’s Corporate Social Responsibility success
▪ Weekly meetings with the local public administration
(Prefect, Mayor)
▪ Monthly meetings with the surrounding villages
▪ Quarterly mine provincial committee
▪ Mine site visits
▪ Roxgold community relations office
▪ Billboards in each surrounding villages
▪ Local radio diffusion
Community EngagementBuilding trust by proactive outreach and open-door approach
127
Village meetings
9 Committee meetings
103
Local authorities meetings
10
Mine site visits
Roxgold was the proud recipient of the 2018 Best
Corporate Social Responsibility (CSR) Company
award at the West Africa Mining Activities Week
(SAMAO) gala ceremony held in Burkina Faso,
recognizing Roxgold’s leadership and efforts in
community engagement and environmental
responsibility at Yaramoko.
(2018 data)
25TSX: ROXG
Iain Cox, Interim Chief Operating Officer25+ years development & operational mining
Former Roles:
▪ Newmont Corp
▪ AMR
▪ Centamin
Craig Richards, Principal Mining Engineer30+ years development & operational experience
Former Roles:
▪ Newmont Ghana
▪ Barrick Gold
▪ Ashanti Goldfields
Vince Sapuppo, Chief Financial Officer15+ years senior finance, commercial and mergers &
acquisitions experience in mining and energy sectors
Former Roles:
▪ GM Finance - Beach Energy Limited
▪ Newcrest Mining
▪ BHP
Management Team
John Dorward, President & Chief Executive Officer 20 years development & operating mines experience
Former Roles:
▪ VP Business Dev. of Fronteer Gold
▪ Mineral Deposits Ltd
▪ Leviathan Resources
Eric Pick, VP, Corporate Development10+ years corporate finance and mergers &
acquisitions in mining sector
Former Roles:
▪ Cormark Securities Inc.
Paul Weedon, VP, Exploration25+ years exploration, development and production experience
Former Roles:
▪ Newmont Corp
▪ Anglogold Ashanti
Paul Criddle, Chief Development Officer20+ years operating & project development experience
Former Roles:
▪ Managing Director, Matador Mining
▪ COO, Roxgold
▪ COO, Azimuth Resources
26TSX: ROXG
Market Summary
Covering Sell-Side Firm Analyst
BMO (under review)
Canaccord (under review)
Cormark Tyron Breytenbach
Echelon Wealth Partners Ryan Walker
Eight Capital Craig Stanley
GMP Ingrid Rico
Haywood Geordie Mark
Global Mining Research David Radclyffe
Macquarie Michael Gray
Raymond James Tara Hassan
RBC Dan Rollins
Capital Structure (as at February 28, 2019)
ListingsTSX: ROXG
OTC: ROGFF
Cash ~US$60 million1
Common Shares Outstanding 374.9M
Options (total vested and unvested) 7.7M
Market Capitalization ~C$322M
1. As of December 31, 2018
Major Shareholders
Appian Capital 13.1%
1832 Asset Management 8.7%
African Lion 3 Ltd 6.5%
International Finance Corp 6.2%
Insiders and Management 3.5%
Yaramoko Debt Facility
▪ Face value of long-term debt of ~US$38 million as of December 31, 2018
▪ Interest rate of LIBOR plus 3.75%
▪ Hedging component remaining of 34,424 ounces of gold at US$1,052/oz
over the life of loan which matures in June 2021
▪ Project remains unencumbered by third party streams or royalties
27TSX: ROXG
Endnotes
1. As of December 31, 2016. Measured & Indicated Resources. See appendix for Mineral Resource Statement – 55 Zone.
2. As of July 19, 2017. Measured & Indicated Resources. See appendix for Mineral Resource Statement – Bagassi South.
3. This is a non-IFRS financial performance measure with no standard definition under IFRS. Site All-in sustaining cost above represents both mines combined and excludes corporate G&A and in-country
corporate costs.
4. See Table 75 included in Section 23 titled “Other Relevant Data and Information” in the Company’s Technical Report dated December 20, 2017 and entitled “Technical Report for the Yaramoko Gold Mine,
Burkina Faso” available on SEDAR and the Company’s website.
5. Closing of the Séguéla Gold Project Transaction is dependent upon, amongst other things, the renewal of certain tenements and the approval from the Minister of Mines of Côte d’Ivoire and other
regulatory approvals.
6. This is a non-IFRS financial performance measure with no standard definition under IFRS. All-in sustaining cost is incremental for Bagassi South only and includes total cash costs, corporate G&A,
sustaining capital and closure costs.
7. Newcrest declared an inferred mineral resource of 5.8Mt at 2.3 g/t Au for 430koz Au for the Antenna Deposit in their Annual Mineral Resources and Ore Reserves Statement – 31 December 2017 in
accordance with JORC 2012, released to the ASX on 15 February 2018. The mineral resources presented are as defined under the JORC Code, which is materially consistent with National Instrument 43-
101.
8. These are a non-IFRS financial performance measures 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.
9. As of December 31, 2018. Net cash is calculated as cash minus face-value of debt.
10. Represents the last twelve month period through Q3 2018. Source: Company Reports. ROE calculated as net income adjusted for gains / losses on derivative financial instruments, foreign exchange gains /
losses and extraordinary events divided by average shareholder equity over the last 12 months. Companies Included: KL – Kirkland Lake Gold Ltd.; OGC – OceanaGold Corporation; CG – Centerra Gold
Inc.; WDO – Wesdome Gold Mines Ltd.; BTO – B2Gold Corp.; GUY – Guyana Goldfields Inc.; K – Kinross Gold Corporation; TGZ – Teranga Gold Corporation; AEM – Agnico Eagle Mines Limited; G –
Goldcorp Inc.
11. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a National Instrument 43-101 compliant mineral resource on the Tenements and it is uncertain if
further exploration will result in the Tenements being delineated as such a mineral resource.
12. Bagassi South is expected to reach commercial production late in Q2. The spend is consistent with the December 2017 Technical Report.
28TSX: ROXG
Kelley StammManager, Investor Relations & Communications
360 Bay Street, Suite 500
Toronto, ON
M5H 2V6
www.roxgold.com
416 203 6401
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