High Grade, Low Cost Gold Producer in West Africa. Mining High Grade Gold in Burkina Faso TSX: ROXG

Transcription

1 High, Low Cost Gold Producer in West Africa BMO Metals & Mining Conference February 2019 Mining High Gold in Burkina Faso 2018 TD Securities Mining Conference January 2018

2 Cautionary Statement 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 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 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 , 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. 2

3 Roxgold Compelling Investment in the Gold Sector 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 tonne 1 Bagassi South in operation; high grade at 16.6 grams per tonne 2 Commercial production expected in Q LOM Site AISC 3 ~$695 per ounce LOM production includes inferred resources out to Senegal Mauritania Yaramoko Gold Mine Flagship Asset Mali Niger Attractive Growth Opportunities Acquisition of Séguéla Gold Project and additional highly prospective exploration permits in Côte d Ivoire 5 covering ~3,298km 2 Resource growth and regional exploration at Yaramoko Séguéla Guinea Gold Project Acquisition Liberia Côte d Ivoire Burkina Faso Benin Togo Ghana Nigeria Disciplined Capital Management Strong balance sheet and cashflow provides liquidity and financial flexibility Potential for additional shareholder return initiatives in 2019 AFRICA Atlantic Ocean See Appendix Endnotes 1,2,3,4,5 3

4 Executing on Accretive Growth Roxgold remains committed to continuously improving shareholder value 2018 Development of Bagassi South 2019 Acquisition of Séguéla First Ore in October 2018 Completed On Time Savings of US$2.8 MM (~10%) Under Budget 750tpd 1,100tpd Growth Internally Funded koz pa in 2019 Production Per Share Growth US$630/oz LOM AISC 6 Maintains High Margins See Appendix Endnotes 6, 7 US$20 MM All Cash Transaction Highly Accretive to Shareholders 430koz Inferred Resource 7 Provides Resource Per Share Growth Immediate Country Diversification 2.3 g/t deposit 7 High Margin Potential 3,298km 2 Land Package Significant Exploration Upside 4

5 Proven Track Record on Operating Performance Exceeded production guidance and throughput capacity Production Throughput 145, ,000 oz guidance Current Nameplate - 1,100 tpd Forecasting to exceed nameplate capacity 126,990 oz 132,656 oz Initial Nameplate 750 tpd Revised Guidance Original Guidance 5

6 Low Cost Operator Managing costs through efficiencies Cost per tonne Cash Operating Cost 8 /oz $250 $200 Forecasting a 20% reduction in cost per tonne processed since Guidance Range $445 - $490 Beat Guidance at $438 for 2017 $150 $100 $50 $ Mining Processing Site G&A 2018 Guidance Range $450 - $475 * Costs expected to be below lower end of range for Guidance Range $440 - $470 See Appendix Endnote 8. All amounts in U.S. dollars 6

7 Capital Management Disciplined approach providing a strong balance sheet and financial flexibility Strong balance sheet, with a net cash of US$22 million 9, 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 Return on Equity % 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 Objectives Capital Priorities Sustainable growth in shareholder value Organic Growth (Exploration) Capital Management Initiatives: Additional debt repayments, dividend or buyback Maintain financial strength Retain Financial Flexibility Reinvest in Operating Mines (Sustaining and Development Capex) Excess Free Cashflow External Growth Opportunities: Acquisitions where value accretive See Appendix Endnotes 9, 10 7

8 Séguéla Gold Project Acquisition Immediate additional resource upside in high quality land package 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 3,298km 2 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 8

9 Séguéla Gold Project Acquisition Near term development potential at Antenna deposit Near surface Antenna gold deposit discovered in 2016 Conversion of maiden JORC compliant mineral resource to National Instrument standards currently underway with completion expected in Q Potential of open pittable mineralization located near existing infrastructure including grid power, transport and water resources Mineral Resources Antenna deposit 7 Tonnes (Mt) (g/t Au) Ounces (koz) Inferred The mineral resources presented are as defined under the JORC Code, which is materially consistent with National Instrument Drill hole and trace Inferred mineral resource See Appendix Endnote 7 9

10 Séguéla Gold Project - Antenna Deposit Infill Drill Highlights* Updated resource expected in Q *Source Newcrest 2017 Quarterly Exploration Reports 10

11 Prospective Satellite Opportunities Multiple exploration targets within 15 kilometres of Antenna deposit 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 targets 11 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 See Appendix Endnote 11 11

12 Resource Growth 55 Zone shoot is open at depth High-grade shoot extended to 1.1 km below surface Focused on non-dilutionary path to reserve and resource growth per share Current development 400m Measured Indicated Inferred YRM-18-DD g/t over 13.7m YRM-18-DD g/t over 3.6m YRM-18-DD-489AW1 6.1g/t over 7.5m YRM-18-DD g/t over 5.4 m YRM-18-DD-492W1 44.1g/t over 2.9m YRM-17-DD-443W g/t over 12.5 m and 12.9 g/t over 3.9 m YRM-18-DD-481AW 4.2g/t over 2.8m YRM-18-DD-485A 34.1 g/t over 2.1 m 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 700m 1,100m Exploration Potential Resource conversion surface drilling program commenced in Q with aim to convert inferred resources to indicated resources Program will conclude in February 2019, with updated Resource model scheduled in early Q Measured & Indicated Inferred 55 Zone Resource* Size 738k ounces 347k ounces 17.1 g/t 16.1 g/t *As of Dec 31, See Appendix for Mineral Resource Statement 55 Zone 12

13 Resource Growth Bagassi South QV1 Structure Focus on extending western shoot down plunge and near surface infill at eastern shoot West YRM-18-DD-BGS g/t over 2.3m YRM-18-DD-BGS g/t over 0.4m YRM-18-DD-BGS g/t over 0.6m YRM-18-DD-BGS g/t over 1.0m YRM-18-DD-BGS g/t over 1.8m YRM-18-DD-BGS g/t over 0.5m East Follow up drilling planned to test for further down plunge extensions in western shoot will commence in Q YRM-18-DD-BGS g/t over 0.9m QV1 Structure Resource* YRM-18-DD-BGS-389B 10.6g/t over 2.8m Indicated YRM-18-DD-BGS-430A 30.4g/t over 0.5m YRM-18-DD-BGS g/t over 2.3m YRM-18-DD-BGS-431B 14.8g/t over 0.5m Exploration Potential YRM-18-DD-BGS g/t over 0.8m YRM-18-DD-BGS g/t over 0.5m Indicated Inferred Size 188k ounces 33k ounces 16.6 g/t 13.0 g/t *As of July 19th, See Appendix for Mineral Resource Statement Bagassi South Inferred 13

14 Regional Exploration Focus on exploring the regional land package Large regional land package of approximately 230 km 2, 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 Q extending grid to the south 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 Zone East Auger Grid Zone North Auger Grid 14

15 Value Proposition Compelling investment in the gold sector Proven Track Record Disciplined Capital Management Attractive Growth Opportunities Exceeded production guidance in 2017 and 2018 Low cost operator Successful project execution delivering 55 Zone and Bagassi South Strong balance sheet and cash flow generation Financial liquidity and flexibility Potential for additional shareholder return initiatives in 2019 Séguéla Project and additional exploration permits in Côte d Ivoire Resource growth at 55 Zone and Bagassi South Regional exploration at Yaramoko 15

16 Appendix 16

17 2019 Guidance All amounts in U.S. dollars Gold Production 145, ,000 oz Cash Operating Cost 8 (per ounce produced) $440-$470 AISC 8 (per ounce sold) $765-$795 Sustaining Capital Expenditure $30 - $35 million Exploration Spend $10 - $12 million Bagassi South pre-commercial production development spend 12 $12 - $15 million See Appendix Endnotes 8,12 17

18 Mineral Reserve and Mineral Resource Statement 55 Zone* As of December 31, 2016 Reserve grade largely maintained compared to BFS grade despite mined grade over the course of 2016 of 15.5 g/t. Tonnes Proven Mineral Reserves g/t Au Ounces Tonnes Probable Mineral Reserves g/t Au Ounces Tonnes Proven and Probable Mineral Reserves g/t Au Ounces 55 Zone , , Stockpiles Total , , Tonnes Measured Mineral Resources g/t Au Ounces Tonnes Indicated Mineral Resources g/t Au Ounces Measured and Indicated Mineral Resources Tonnes g/t Au Ounces Tonnes Inferred Mineral Resources g/t Au Ounces 55 Zone , , Total , , * See appendix for 55 Zone Mineral Resource and Mineral Reserve Notes 18

19 Mineral Resource Statement - Bagassi South* As of July 19, 2017 QV1 Structure QV Structure Bagassi Total Tonnes Measured Mineral Resources g/t Au Ounces Tonnes Indicated Mineral Resources g/t Au Ounces Measured and Indicated Mineral Resources Tonnes g/t Au Ounces Tonnes Inferred Mineral Resources g/t Au Ounces Mineral Reserve Statement - Bagassi South* As of November 6, 2017 Tonnes Probable Mineral Reserves g/t Au Ounces QV1 Structure 458, ,060 Total 458, ,060 * See appendix for Bagassi South Mineral Resource and Mineral Reserve Notes 19

20 55 Zone Mineral Resource Notes Notes: 1. Mineral Resources are reported compliance with National Instrument ( NI ) with an effective date of December 31st, 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 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 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 7. See also 55 Zone Mineral Reserve Notes below. 55 Zone Mineral Reserve Notes Notes: 1. Mineral Reserves are reported in accordance with NI 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 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 # ). Mr. Benny Zhang is a Qualified Person as defined by NI 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$1,250 per ounce of gold, mining cost of US$ 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. 20

21 Bagassi South Mineral Resource Notes: Notes: 1. Bagassi South Mineral Resources are reported in compliance with NI with an effective date of July 19th, Underground Mineral Resources are reported at gold grade cut-off of 5.0 g/t Au, based on a gold price of US$1,250/ounce of gold using mining cost of US$ 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 All figures have been rounded to reflect the relative accuracy of the estimates. Mineral Reserves are reported in accordance with NI 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 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 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, 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 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 For further information, please refer to the Technical Report available the Company s website and on SEDAR at 21

22 People at Yaramoko Localization and social responsibility vision have proven to be effective Head Operate and built a mine together 83% Burkinabe employment 43% of employees from the immediate area 64% of skilled employees from Burkina 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 Case Study: Training local people to operate and maintain the process plant 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 Bagassi youth employees graduation ceremony with Mrs. ZONGO Laure, Minister of Women and National Solidarity in May

23 2018 Community Social Programs Win-Win situation to set up the foundations for common growth 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 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 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 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 Community investment Local procurement Health and safety Biodiversity Local employment Cultural heritage 23 Road

24 Community Engagement Building trust by proactive outreach and open-door approach 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 9 Committee meetings 127 Village meetings 103 Local authorities meetings 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. 10 (2018 data) Mine site visits 24

25 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 Vince Sapuppo, Chief Financial Officer 15+ years senior finance, commercial and mergers & acquisitions experience in mining and energy sectors Former Roles: GM Finance - Beach Energy Limited Newcrest Mining BHP Iain Cox, Interim Chief Operating Officer 25+ years development & operational mining Former Roles: Newmont Corp AMR Centamin Craig Richards, Principal Mining Engineer 30+ years development & operational experience Former Roles: Newmont Ghana Barrick Gold Ashanti Goldfields Eric Pick, VP, Corporate Development 10+ years corporate finance and mergers & acquisitions in mining sector Former Roles: Cormark Securities Inc. Paul Weedon, VP, Exploration 25+ years exploration, development and production experience Former Roles: Newmont Corp Anglogold Ashanti Paul Criddle, Chief Development Officer 20+ years operating & project development experience Former Roles: Managing Director, Matador Mining COO, Roxgold COO, Azimuth Resources 25

26 Market Summary Covering Sell-Side Firm BMO Canaccord Cormark Echelon Wealth Partners Eight Capital GMP Haywood Global Mining Research Macquarie Raymond James RBC Analyst (under review) (under review) Tyron Breytenbach Ryan Walker Craig Stanley Ingrid Rico Geordie Mark David Radclyffe Michael Gray Tara Hassan Dan Rollins Listings Capital Structure (as at February 20, 2019) OTC: ROGFF Cash ~US$60 million 1 Common Shares Outstanding 374.9M Options (total vested and unvested) 7.7M Market Capitalization 1. As of December 31, 2018 ~C$349M Yaramoko Debt Facility Major Shareholders Appian Capital 13.1% 1832 Asset Management 8.7% African Lion 3 Ltd 6.5% International Finance Corp 6.5% 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 Insiders and Management 3.5% 26

27 Endnotes 1. As of December 31, Measured & Indicated Resources. See appendix for Mineral Resource Statement 55 Zone. 2. As of July 19, 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 The mineral resources presented are as defined under the JORC Code, which is materially consistent with National Instrument 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 Q MD&A available on the Company s website at or 9. As of December 31, Net cash is calculated as cash minus face-value of debt. 10. Represents the last twelve month period through Q 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 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. 27

28 Kelley Stamm Manager, Investor Relations & Communications 360 Bay Street, Suite 500 Toronto, ON M5H 2V