April 22, 2021


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Loncor Gold Inc. (TSX:LN) (OTC:LONCF) (FSE:LO51), is a Canadian gold exploration company focused on projects on the Ngayu Belt in the Democratic Republic of the Congo (the “DRC”). The Adumbi gold deposit is the current focus of Loncor's activity and can be found within Loncor's 84.68% owned Imbo Project. Loncor has Africa’s largest gold producer, the Barrick-managed Kibali Gold mine as a neighbour 130 miles away.

Adumbi announced a transformational PEA in December 2021 with a set of NPV values significantly higher than the company’s market capitalisation.

Loncor is examining the potential for underground resources below the potential pit at Adumbi. An assessment of the area below these resources suggests there’s the potential to continue the significant growth with the outlined underground exploration target potentially containing the tonnes and grade to elevate Adumbi into a major deposit. If these arise, then they may well be added to the PEA to enhance the economics further. The company is also looking to further expand its current resources and portfolio of exciting exploration targets on the Ngayu Belt.

Adumbi (and the two satellite deposits of Kitenge and Manzako) has a resource Loncor believes could soon approach 5 million ounces, with 3.66 million ounces (indicated and inferred) within the pit shell and further underground resources being drilled at depth. The relatively high grade (over 2.3g/t within the proposed pit) remains a key positive.

The resource remains open at depth below 550 metres.
  • The Preliminary Economic Assessment announced in December 2021 based on the Adumbi open pit returned a pre-tax NPV@5% (using US$1760/oz gold price) of US$1,243M.
  • Underground drilling conducted in 2021 is being assessed with the aim of adding significant underground resources at Adumbi. Such an addition could have the potential of a positive amendment to the PEA in 2022.
  • Africa's largest gold mine, the Barrick managed Kibali Gold mine, is only 130 miles away.
  • Loncor’s team has previously delineated 17 million ounces of gold resources in areas of similar geology in neighbouring countries, plus 14 million ounces of gold resources in the 15 years of operating in the DRC, with the huge Ngayu Belt now the focus.
  • Loncor holds exploration permits covering an area of 480km2 of the Ngayu Archaean greenstone belt in the northeast DRC with numerous other targets of interest.
  • The company arguably offers the largest direct exposure to the gold potential of the North East DRC, backed up by individuals who know the DRC well.
  • Loncor currently controls an indicated gold resource of 2.50 million ounces, and 2.64 million ounces of inferred resources. The Imbo Project alone contains 1.88 million ounces of indicated gold resources and 2.09 million ounces of inferred gold resources (84.68% attributable to Loncor) at grades similar to ABX's Kibali mine. Loncor announced in December 2023 the C$13.5M sale of non-core asset of Makapela which when concluded will reduce the controlled ounces by 1.1M ozs. See press release: Loncor Gold Announces Sale of Makapela Property for CDN$13,500,000
  • The Imbo area was mined on a relatively small scale in the 1930s by Belgians, with the majority of output originating from our main target, Adumbi.
  • Loncor has numerous other targets to explore both close to Adumbi (Imbo East) and further afield.
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