• Results from hole LADD031 reported 12.72 metres grading 8.56 g/t gold, 12.10 metres grading 1.67 g/t gold, 15.00 metres grading 1.88 g/t gold and 3.23 metres grading 5.98 g/t gold

Loncor Gold Inc. (TSX: LN) (OTCQX: LONCF) (FSE: LO5) is pleased to announce further multiple, mineralised intersections from its deep drilling program at the Company’s 3.66 million ounce Adumbi deposit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell. Borehole LADD031 intersected 12.72 metres grading 8.56 grammes per tonne (g/t) gold (including 6.15 metres grading 11.23 grammes per tonne), 12.10 metres grading 1.67 g/t gold, 15.00 metres grading 1.88 grammes per tonne and 3.23 metres grading 5.98 g/t gold (see Table and Figure 1 below).

Significant mineralized sections for borehole LADD031 are summarised in the table below:

Note: It is estimated that the true width of the mineralised sections for core hole LADD031 is approximately 70% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals downhole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.

Commenting on these latest drilling results, Loncor CEO John Barker said: “Core hole LADD031 was situated below the open pit shell in the northwest of the Adumbi deposit and intersected several mineralized zones at a vertical depth of 570 metres below surface and approximately 265 metres below the USD1,600 pit shell outline on section. The total true thickness of the banded ironstone formation (BIF) package which hosts the gold mineralization was 132 metres which demonstrates that the BIF is still thick and well mineralized at this depth, towards the projected northwest edge of the Adumbi deposit.”

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

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.

Figure 1: Adumbi Deposit Longitudinal Section Looking Northeast with Drill Hole Grade (g/t) x True Thickness (Metre) Product Contours

Technical Report

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.sedarplus.ca and EDGAR at www.sec.gov.

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 is focused on the Imbo Project where 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 of the Adumbi deposit and announced the results of the PEA in December 2021.