Loncor Gold Inc. ("Loncor" or the "Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) reported in its January 31, 2022 press release that the Company was in preliminary discussions with potential strategic partners with respect to the development of Loncor's gold deposits. These discussions continue.

The initiation of discussions with potential strategic partners was largely driven by the Preliminary Economic Assessment ("PEA") conducted upon the Company's 84.68%-owned Adumbi deposit, details of which can be found in the Company's December 15, 2021 press release. A summary of key points of the Adumbi PEA are included below:

• Average annual gold production for Adumbi of 303,000 ounces per year over 10.3 year LOM within proposed open pit shell.
• After tax NPV at 5% discount rate for HEP Hybrid case of US$624 million at a US$1,600 gold price and US$879 million at a US$1,760 gold price.
• Average total cash costs of US$852 per ounce over life of mine and AISC of US$950 per ounce for HEP Hybrid case.
• The Adumbi Indicated Mineral Resource of 1,883,000 ounces of gold (28.185 million tonnes grading 2.08 g/t Au) and Inferred Mineral Resource of 1,777,000 ounces of gold (20.828 million tonnes grading 2.65 g/t Au) within a US$1,600 per ounce optimised open pit shell.

There is excellent exploration potential to increase mineral resources at Adumbi and within Loncor's Imbo Project area. At Adumbi, drilling has demonstrated that gold grades and the thickness of the mineralized BIF (Banded Ironstone Formation) host sequence increase at depth towards the bottom of the open pit shell and wide spaced drilling has already intersected grades and thicknesses amenable to underground mining below the open pit. Further drilling is required to initially outline a significant underground inferred mineral resource, which can be combined with the open pit mineral resources so that studies can be undertaken for a combined open pit and underground mining scenario at Adumbi. Besides increasing the resource base, a combined open pit/underground project could increase grade throughout and reduce strip ratios with the higher grade, deeper mineral resources at the bottom of the open pit being mined more economically by underground, which could increase annual gold production and drive down operational costs.

There are also several deposits and prospects close by to Adumbi that have the potential to add mineral resources and feed for the Adumbi mine development. Along trend from Adumbi, the Manzako and Kitenge deposits remain open along strike and at depth. Further along this structural trend to the southwest across the Imbo river and within the Imbo Project area, four prospects (Esio Wapi, Paradis, Museveni and Mungo Iko) hold good potential for additional resources. Initial drilling will be scheduled for this very prospective area.

Additional feed for an Adumbi processing plant could also come from Loncor's 100%-owned high grade Makapela deposit, where an Indicated Mineral Resource of 614,200 ounces of gold @ 8.66 g/t Au and an Inferred Mineral Resource of 549,600 ounces of gold @ 5.30 g/t Au have been outlined to date. Makapela is located approximately 50 km from the Adumbi deposit.

Cautionary Statement:
The Adumbi PEA is preliminary in nature and includes Inferred Mineral Resources in the open pit outlines that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all the conclusions reached in the Adumbi PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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.

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.

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 "DRC"). 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. Loncor has been carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. 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