Loncor Gold Inc. ("Loncor" or the "Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased to announce that it has received notification that the Standing Evaluation Committee has given a positive recommendation to allow Loncor to convert its Exploration Permit at Makapela into an Exploitation Permit (Mining Permit). This followed a detailed review and analysis of Loncor's Environmental and Social Impact Studies on Makapela. The recommendation has been forwarded to the DRC Mining Cadastral for further processing prior to Ministerial sign-off.

Commenting on this latest development, Loncor Chief Executive Officer John Barker said: "Loncor is now in the final administrative phase of obtaining the award of a Mining Permit at Makapela. We look forward to receiving the final sign off. Given Makapela's relatively high gold grade, we believe there are various routes to release value, either as a potential feed source for a future gold operation at Adumbi, or as an independent stand-alone high-grade project, with other deposits like Mokepa and Mongaliema of interest as additional future sources of ore feed. Makapela remains open at depth, along strike, plus has a number of parallel zones that require further investigation. 

As previously announced, we continue to discuss with potential strategic partners options regarding the development of all of Loncor's assets, including Makapela. Makapela's move towards obtaining a Mining Permit (a right already held by our flagship Adumbi deposit), continues the growth of the Loncor story. The company has 5.1 million ounces of inferred and indicated resources under its control; a positive Preliminary Economic Assessment in place for the key Adumbi deposit; a proposed open pit mining grade of 2.17 g/t Au for Adumbi; all within 200kms of Africa's largest gold producer, the Barrick managed Kibali mine. Given the above backdrop, Loncor will continue to search for avenues to release latent value from all of the assets, including Makapela." 

The Mining Permit application is for the potential development of the Company's 1.164 million ounce Makapela gold resource found within the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (the "DRC"). Makapela 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) at a 2.75 g/t Au cut-off. The Makapela Project is owned 100% by Loncor and is located approximately 50 kilometres from its flagship 3.66 million ounce Adumbi deposit which already has a Mining Permit. The Preliminary Economic Assessment (PEA) of the Adumbi deposit, the results of which were announced by Loncor in December 2021, did not include the Makapela deposit. See Figure 1 below which shows the location of the mining (PE) and exploration (PR) permits held by Loncor within the Ngayu Greenstone Belt. 

The Makapela mineralization is hosted by a sequence of steeply-dipping basaltic volcanics containing thin BIF (banded ironstone formation) units. A total of 83 core holes have been drilled at Makapela with several significant drill intersections including 7.19 metres grading 64 g/t Au, 4.28 metres at 32.6 g/t Au, 3.47 metres grading 24.9 g/t Au, 4.09 metres at 21.7 g/t Au and 4.35 metres grading 17.5 g/t Au. 

There are two principal, subvertical mineralized units at Makapela: (a) Reef 1, a quartz vein emplaced into a shear zone which crosscuts the basalt sequence at an acute angle and has an average true width and grade of 2.15 metres @ 11.15 g/t Au, and has been drilled over a strike of 480 metres and to a maximum vertical depth of 480 metres; and (b) Reef 2, an assemblage of brecciated quartz within a sheared BIF unit over a strike of at least 3 kilometres. The best Reef 2 mineralization occurs over a strike of 480 metres, where it has an average true width and grade of 3.52 metres @ 8.44 g/t Au. Good potential exists for locating additional blind gold mineralization along well-defined structures over an aggregate strike of over 5 kilometres.

Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of 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. 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