Royal Fox Announces Receipt of Final Approval from the TSXV

Royal Fox Gold Inc. (TSXV: HBE) (formerly Hornby Bay Mineral Exploration Ltd.) ("Royal Fox" or the "Company") is pleased to announce that further to its press release of May 21, 2021, the Company has received final approval from the TSX Venture Exchange ("TSXV") in respect of its previously announced reverse takeover transaction (the "Transaction"), which was completed on May 21, 2021.

The Final Exchange Bulletin of the TSXV in respect of the Transaction was published on May 27, 2021. Trading of the common shares of the Company will resume effective at the market open on May 31, 2021 under the symbol "FOXG", and the Company will be listed as a Tier 2 "Mining Issuer" (as such term is defined in the policies of the TSXV).

ON BEHALF OF THE BOARD OF DIRECTORS

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

For further information, please contact:

Simon Marcotte
President and Chief Executive Officer of Royal Fox Gold Inc.
Email:smarcotte@royalfoxgold.com
Telephone: (647) 801-7273
Website:www.royalfoxgold.com

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.

Cautionary Note

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.

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA

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Royal Fox Announces Receipt of Final Approval from the TSXV

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