• Sale of Makapela, a non-core asset, provides significant non-dilutive capital for Loncor to move forward its flagship Adumbi gold deposit

Loncor Gold Inc. (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased to announce that it has entered into an agreement for the sale of Loncor’s Makapela property for Cdn$13,500,000 cash.  The agreement calls for the sale price to be paid in a series of progress payments beginning with a deposit of Cdn$2,000,000.  The balance of the progress payments, totalling Cdn$11,500,000, will be paid upon completion of the transfer of title to Makapela, which is expected to occur before the end of February 2024.

Loncor’s Chief Executive Officer, John Barker, commented: “Loncor has conducted a number of discussions with potential strategic partners over the last 18 months, many of which involved proposals that would have resulted in significant equity dilution.  We believe the sale of the non-core Makapela property provides Loncor with an opportunistic route to raise significant non-dilutive financing, and represents a major step towards further development of our world class Adumbi gold deposit and the numerous other targets along structure from Adumbi.”

Loncor’s flagship Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor.  A Mining Permit has already been granted for the development of Adumbi and the DRC government holds a direct 10% free carry holding in the project.

About Loncor Gold Inc.

Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo.  The Loncor team has over two decades of experience of operating in the DRC.  Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects.  At the Imbo Project, the Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor.  Following a drilling program carried out by the Company at the Adumbi deposit in 2020 and 2021, the Company completed a Preliminary Economic Assessment (“PEA”) of the Adumbi deposit and announced the results of the PEA in December 2021.  The Makapela Project (which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo Project) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.

Qualified Person

Peter N. Cowley, who is President of Loncor and a “qualified person” as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

Technical Reports

Additional information with respect to the Company’s Adumbi deposit (and other properties of the Company within its Imbo Project) is contained in the technical report of New SENET (Pty) Ltd and Minecon Resources and Services Limited dated December 15, 2021 and entitled “NI 43-101 Preliminary Economic Assessment of the Adumbi Deposit in the Democratic Republic of the Congo”.  A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Additional information with respect to the Company’s Makapela Project, and certain other properties of the Company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled “Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo”.  A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.