Projects

Loncor Gold Inc. (TSX:LN; OTCQX:LONCF; FSE:LO5), is a Canadian gold exploration company focused on projects within a 122km² 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$1840/oz was US$1 BN after tax, a figure that rises substantially at higher gold prices.

In total, Loncor controls 1.88 million ounces of indicated resources (28.19M tonnes @ 2.08g/t), and 2.09 million ounces (22.51M tonnes at 2.89g/t) of inferred resources, dominated by the Adumbi deposit. Loncor announced in December 2023 the C$13.5M sale of non-core asset of Makapela which is being utilised to fund the ongoing drilling to extend the Adumbi resource. See press release: Loncor Gold Announces Sale of Makapela Property for CDN$13,500,000

Loncor's Imbo Mining Permit Area - Including Adumbi Project.

1. Developing Adumbi – PEA Proves the Potential for a Company Maker at Expanding High Grade Gold Project

The Adumbi gold deposit is found within Loncor's 84.68% owned Imbo Project area. Imbo has a 3,97 million ounce resource base (dominated by Adumbi’s open pit resource) which Loncor believes will grow significantly through ongoing underground drilling. The relatively high grade remains a key positive, with the December 2021 PEA indicating Adumbi holds the potential of excellent cash costs and a +10 year mine life, especially if underground resources are added in 2022 and beyond.

The Adumbi Deposit

2. Explore and Assess Loncor's other projects within Highly Prospective 16km Ngayu Belt

Separate from Adumbi, Loncor controls a number of other gold deposits within the Ngayu Greenstone Belt. Two other deposits, Kitenge and Manzako, have been delineated along strike from Adumbi on the Imbo Project. There is the potential that they could be incorporated into a mine plan for Adumbi.

At Kitenge, 4 kilometres southwest of Adumbi, drilling has outlined inferred resources of 191,000 ounces of gold grading 6.6 g/t Au while at Manzako, an inferred resource of 122,000 ounces of gold grading 5.0 g/t Au has been outlined. Mineralization at both Kitenge and Manzako remain open at depth and additional drilling is warranted to increase these mineral resources.

Furthermore, contiguous to Adumbi is a gold bearing structure of approximately 16 kilometres, with a recent focus on Imbo East. The structure has numerous gold expressions through a combination of historic Belgian mining, artisanal activity and more recent grab and chip samples. This remains an area of significant prospectivity.

Table 1 – Summary of Loncor’s Gold Resources

Potential to grow further with Adumbi underground resources.

Loncor's indicated mineral resource - (Total & Attributable Ounces)

Loncor's inferred mineral resource - (Total & Attributable Ounces)

Numbers may not add up due to rounding

* Used US$1600/oz gold price for pit optimization and appropriate cost and cut-off assumptions

Fourteen kilometres to the southeast of Adumbi, exploration including soil sampling, grab and channel sampling, have outlined four prominent mineralized trends at Esio Wapi, Paradis, Museveni and Mungo Iko. At Esio Wapi, a prominent 1.9-kilometre long soil geochemical anomaly is associated with banded ironstones similar to Adumbi with channel sampling outlining a mineralized zone grading 1.59 g/t Au over 19.80 metres. Loncor's geologists will continue to review the potential of these four mineralized trends.

Loncor's emerging Adumbi asset - Ongoing drilling of high grade deposit looks to push resource to Tier 1 level.