Royal Fox Reports Further Results for the Arctic Fox Zone Including 2.22 g/t Gold over 25.7 m, 1.11 g/t Gold over 23.3 m and 1.49 g/t Gold over 16.9 m

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

• 74 Holes Remain Pending;
• DDH PB-22-385 returned 2.22 g/t Au over 25.7 metres from 92.3 to 118.0 metres including 6.02 g/t Au over 5.7 metres from 92.3 to 98.0 metres;
• DDH PB-22-397 returned 1.11 g/t Au over 23.3 metres from 96.0 to 119.3 metres including 2.28 g/t Au over 8.0 metres from 111.3 to 119.3 metres;
• DDH PB-22-394A returned 1.49 g/t Au over 16.9 metres from 130.0 to 146.9 metres including 3.89 g/t Au over 3.3 metres from 132.0 to 135.3 metres
• DDH PB-22-367A returned 1.00 g/t Au over 19.7 metres from 38.5 to 58.2 metres including 1.80 g/t Au over 5.6 metres from 39.6 to 45.2 metres;
• DDH PB-22-351 returned 1.75 g/t Au over 4.7 metres from 12.3 to 17.0 metres including 7.30 g/t Au over 1.0 metres from 13.0 to 14.0 metres;

Simon Marcotte, President and CEO of Royal Fox, commented: "Combined with the recently released results from the southern portion, the Arctic Fox zone continues to demonstrate continuity and consistency just like the overall deposit, and add significant near-surface gold ounces, which are paramount factors as we aim to achieve strong potential economics in the future."

2022 Drill Program

Royal Fox is reporting today the complete results for eight drill holes which tested the northern hanging wall contact of the Arctic Fox Zone over a 400-metre strike length and up to 150 metres vertical depth (Table 1 and Figures 1 to 2). Three of the best holes reported today are located along a 150-metre strike length, highlighting the consistency of gold grade and widths of the Arctic Fox Zone.

Mineralization is associated to the Obatogamau Formation, quartz gabbro unit in contact with highly altered interbedded sediments with intense iron carbonate alteration, silicification and disseminated pyrite mineralization.

Table 2: Complete results for the Arctic Fox Zone from the 2022 diamond drill program

Note: drill results are presented uncapped; lengths represent core lengths. Metal Factor is calculated by multiplying gold grade Au g/t by core length in metres.

Figure 1: Plan view of 2022 Diamond Drilling highlighting intersections for the Arctic Fox North Zone

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Figure 2: Looking Northeast 30 degrees- 2022 diamond drill results Arctic Fox North

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Figure 3: Photo of PB-22-385 - Arctic Fox Zone - 6.02 g/t Au over 5.7 metres from 92.3 to 98.0 metres

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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.