Loncor Gold Inc. (TSX:LN; OTCQX:LONCF; FSE:LO5), is a Canadian gold exploration company focused on projects within a 480km² area on the Ngayu Greenstone Belt in the North East of The Democratic Republic of the Congo (the “DRC”). Its neighbour is Africa’s largest gold mine, the Barrick Gold-managed Kibali mine, a world class operation with grades similar to those found in Loncor’s growing resources. The area around Adumbi has a history of mining since the 1920s when the Belgians extracted modest amounts of gold, with a focus on Adumbi.

In December 2021, Loncor announced the results from a Preliminary Economic Study on the likely 3.66M oz open pit resource at Adumbi (84.68% owned by Loncor).

The pre-tax NPV@5% at US$1760/oz was US$1,243M, with further value to be added should recent drilling add underground resources in 2025.

In December 2023, Loncor announced the C$13.5M sale of the non-core asset of Makapela. This non-dilutive cash injection allows the team to focus on further developing the key asset of Adumbi.

An assessment of the area below the Adumbi resources suggests there’s the potential to continue the significant recent growth with the outlined underground exploration target potentially containing the tonnes and grade to elevate Adumbi alone into a top tier project. Drilling below the current Adumbi resource is ongoing with the aim to push resources through the Tier1, 5 million ounce status.