Royal Fox Gold Inc. Completes More than 10,000 Metres so Far in 2022 and Reports Preliminary Results

Highlights (Grades uncut; lengths measured along hole, Table 1):

• DDH PB-22-323B returned 1.45 g/t Au over 28 metres including 2.01 over 10.0 metres from 372.0 to 400.0 metres in Red Fox Zone.
• DDH PB-22-327A returned 2.20 g/t Au over 10.0 metres from 305.0 to 315.0 metres in Arctic Fox Zone.
• DDH PB-22-332 returned 1.17 g/t Au over 11 metres from 55.0 to 66.0 metres in Corsac Fox Zone.
• DDH PB-22-325 returned 1.64 g/t Au over 5.3 metres from 23.8 to 29.0 metres in Corsac Fox Zone
• DDH PB-21-318 returned 0.70 g/t Au over 19.0 metres including 1.01 g/t Au over 10.0 metres from 133.0 to 147.0 metres in Corsac Fox Zone
• DDH PB-21-318 returned 18.4 g/t Au over 1.5 metres from 163.0 to 164.5 metres in Corsac Fox Zone

Simon Marcotte, President and CEO of Royal Fox, commented: "We couldn't be more excited with the course and pace of the current campaign as well as with the results received to date. We are looking forward to an extensive amount of results in the months ahead."

2022 Drill Program

Three drill rigs are currently operating on the Philibert property, with over 10,000 metres completed thus far in 2022 in 77 drill holes. The 12,000 to 15,000 metre drill program is designed to test the upper 200 metres of the 3-kilometres strike of the Philibert deposit as well as deeper infill drilling and expansion at depth.

Adree DeLazzer, Vice-President Exploration of Royal Fox, commented: "We are extremely pleased with the results released today which continue to demonstrate consistent grade and widths within the zones along dip and strike to support our objective to release a maiden resource for the Philibert Deposit in 2022.

To date, partial results have been received for three holes and complete results for two holes PB-22-325 and PB-22-332. Results reported today include hole PB-22-323B returning 1.45 g/t Au over 28.0 metres from 372.0 to 400.0 metres in the Red Fox Zone, including 2.01 g/t Au over 10.0 metres. The composite is in line with expectations from historic intersections in the area, including hole 981-14-283, which returned 9.14 g/t over 17.9 m (uncapped with 107 g/t), and hole 981-89-143 returning 2.0 g/t over 28.4 m. Mineralization is hosted in highly altered and deformed quartz gabbro part of the Obatogamau Formation and associated with disseminated and replacement style pyrite mineralization. See section L12000W in Figure 2 and core photo in Figure 3 below.

Hole PB-22-327A returned 2.20 g/t Au over 10.0 metres from 305.0 to 315.0 metres in the Arctic Fox Zone. Mineralization along this part of the zone has not been the focus of previous campaigns, with many sections being unsampled in the historic core library. See Figure 4 below for a core photo of hole PB-22-327A.

From the most northwestern area, the Corsac Fox Zone, hole PB-22-325 returned 1.64 g/t Au over 5.3 metres from 23.7 to 29.0 metres, hole PB-22-332 returned 1.17 g/t Au over 11.0 metres from 55.0 to 66.0 metres. Mineralization is associated with intense sericite alteration, disseminated pyrite mineralization, and quartz-ankerite-tourmaline veining. See Table 1 and Figure 1 below.

Table 1: Highlights from the 2022 diamond drill program assays results
Note: drill results are presented uncapped; lengths represent core lengths.

Figure 1: Looking North plunge 40 degrees down dip - 2021 and 2022 diamond drill results. Note: Hole noted 327 represents Hole PB-22-327A.

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Figure 2: Section L12000W showing hole PB-22-323B reported results.

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Figure 3: PB-22-323B Red Fox Zone 2.0 g/t Au over 10 metres from 372.0 to 382 metres

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Figure 4: PB-22-327A Corsac Fox Zone 2.20 g/t Au over 10 metres from 305 to 315 metres

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2021 DIAMOND DRILLING CAMPAIGN

To date, 905 assays from the 921 samples sent for analysis in June 2021 have been received from the lab. The results from the 16 outstanding samples will be released as they are received.

Results reported include PB-21-318, drilled from section L11920W to test the Corsac Fox, Arctic Fox, and Red Fox Zones. Results include 0.70 g/t Au over 19.0 metres from 128.0 to 147.0 metres, including 1.01 g/t Au over 10 metres and 18.40 g/t Au over 1.5 metres from the Corsac Fox zone.

PB-21-316 drilled from section L09760W to test area S3_S4 now the Grey Fox Zone returned 1.10 g/t Au over 6.5 metres 109.5 to 116 metres. See a complete summary of the 2021 results below in Table 2.

See Figure 1: looking north along the Philibert trend.

Table 2: Highlights from the 2021 diamond drill program assay results
Note: drill results are presented uncapped; lengths represent core lengths.

Resource Update

The company has contracted Goldminds Geoservices from Sainte-Foy, Québec to support and complete the resource estimation after results are received following the 2022 drill campaign.

Sampling and Laboratory

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 70% of reported core lengths. All NQ-size split core assays reported for 2021 were obtained by fire assay with atomic absorption finish and samples returning values over 5 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods. Samples were shipped to AGAT Laboratories with sample preparation done in Val-d'Or, QC and sample analysis done in Mississauga, ON. For the 2022 program all samples are being analyzed by fire assay with atomic absorption finish and samples returning values over 10 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods. The quality assurance and quality control protocol include insertion of blank and standard every 25 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples inserted by AGAT Laboratories during the analytical process.

The technical content and scientific aspects of this press release have been reviewed and approved by Mrs. Adree DeLazzer, P. Geo., a Qualified Person as defined by the National Instrument 43-101. Mrs. DeLazzer is Vice-President Exploration of Royal Fox Gold and is not considered independent.

About Royal Fox Gold Inc.

Royal Fox Gold Inc. is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Québec. The Philibert Project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9km from IAMGOLD's Nelligan Gold project which was awarded the "Discovery of the Year" by the Quebec Mineral Exploration Association (AEMQ) in 2019.

To date, more than $10M (historical value) have been spent on the Philibert Project, with more than 60,000 metres of drilling completed. The Company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert Project is owned by SOQUEM. Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the Company's website. More details are available in the corporate presentation of Royal Fox at: www.royalfoxgold.com.

About SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery, and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.

ON BEHALF OF THE BOARD OF DIRECTORS

"Simon Marcotte", CFA
Simon Marcotte, President and Chief Executive Officer of Royal Fox Gold Inc.

For further information, please contact:

Simon Marcotte, CFA
President and Chief Executive Officer of Royal Fox Gold Inc.
+1-647-801-7273
Email: smarcotte@royalfoxgold.com

Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.