About Loncor Gold

Loncor Gold Inc. (Loncor) operates as a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (DRC). The company engages in the acquisition, exploration, and development of precious metal projects located in the Congo. The operations of the company are located in two geographic locations, Canada and the Congo. Loncor's growing resource base in the Ngayu Belt comprises the Imbo and Makapela Projects. The Makapela Project which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo Project. In addition to the Ngayu properties, Loncor has the North Kivu Project in the DRC, which is consisted of 46 exploration permits owned or controlled by Loncor, covering an area of approximately 13,000 square kilometres in North Kivu province located west of the city of Butembo. All of the 46 North Kivu exploration permits are under force majeure due to the poor security situation in much of the North Kivu province. Loncor holds or controls a number of exploration and exploitation permits covering ground in the DRC with respect to its exploration projects. The company's mineral properties are located only in the Democratic Republic of the Congo (DRC) and its operations are substantially carried out in that country. Mineral Properties Imbo Project: Adumbi Deposit Loncor's Imbo Project is located in the Mambasa District of the Ituri Province, in the northeastern region of the DRC. The Imbo Project covers Exploitation Permit Number 9691, has a total area of 122 km2 and encompasses the known gold mineral deposits of Adumbi, Kitenge and Manzako and several prospects, including Canal, Bagbaie, Adumbi West, Amuango, Monde Arabe, Vatican and Imbo East. The company holds 84.68 % interest in the Imbo Project through its subsidiary Adumbi Mining S.A., with the minority shareholders holding 15.32 % (including the 10 % free-carried interest held by the Government of the DRC). The Imbo exploitation permit is valid until February 2039. The Imbo Project comprises a Permis d'Exploitation (PE 9691) or Exploitation Licence held by Adumbi Mining S.A., granted for the period February 23, 2009, to February 22, 2039 (and renewable for an additional 15 years), for gold and diamonds and covering a total of 122 km2. Makapela Project and Other Ngayu Properties of Loncor Loncor holds 100% of the Makapela project, which is a 5 kilometre radius, circular parcel of land within the western part of the Archean Ngayu greenstone belt surrounding and, including the Makapela deposit. The company has applied for an exploitation permit in respect of its ownership of Makapela as per the requirements of applicable DRC law. The application of the company, which held an exploration permit for Makapela prior to making this application, is pending. Joint Ventures between Loncor and Barrick in the Ngayu Belt Loncor had several joint ventures with Barrick Gold (Congo) SARL (Barrick) covering properties held by Loncor in the Ngayu belt. The joint venture areas were located approximately 220 kilometres southwest of the large Kibali gold mine, which is operated by Barrick. The Kibali Gold Mine, approximately 220 kilometres northeast by air from the Imbo Project, is owned 45% by each of Barrick and AngloGold Ashanti with Societe Miniere de Kilo-Moto (SOKIMO) owning the remaining 10%. Barrick is the operator of this mine. North Kivu Project Loncor owns or controls a contiguous block of 46 exploration permits (or PRs) covering an area of approximately 13,000 square kilometers to the northwest of Lake Edward in the North Kivu province in the DRC. The areas covered by these PRs are located between the two major gold belt terrains of the DRC: the Twangiza-Namoya gold belt, owned by Banro Corporation Ltd., and the Kilo-Moto gold belt, previously controlled by Moto Gold and owned by Barrick and Anglogold Ashanti. In addition to gold, there are a number of alluvial platinum occurrences in the project area, including the type locality for the platinum selenide mineral luberoite near Lubero. The company's most explored gold prospect area within the North Kivu project area has been Manguredjipa. History The company was formerly known as Loncor Resources Inc. and changed its name to Loncor Gold Inc. in 2021.