Projects

Adumbi currently contains a resource of 3.66 million ozs split between indicated and inferred as detailed in Slide 1 below. The resource is contained within a US$1600/oz projected pit shell. Below the pit shell the deposit appears open to depth as illustrated below.

Slide 1 – Adumbi Resource and historic intercepts at depth

Potential to grow Adumbi resource below pit

With the Kibali Gold mine extracting underground ore at around 5.20g/t 220 kilometres from Adumbi, Loncor is encouraged by the grades and widths of the deeper holes historically returned from the drilling program of 2020/21. The deepest historic hole LADD016 bottomed out at a vertical depth of approximately 600 metres below surface.

A decision was made in 2024 to further drill the area below the proposed US$1600/oz pit shell to further understand the underground potential, and to push the resource towards Tier 1 status. In Q3 2024 a single diamond drill began drilling a program to increase both the available information, and resources deeper at Adumbi. This underground exploration target has been estimated to a maximum depth of 800 metres below surface. See Slide 2 for the proposed details of the drill program.

Slide 2 – Layout of ongoing drill program at Adumbi

Drilling has begun — pushing Tier 1 status at Adumbi

The above drill program has already returned encouraging results with LADD0027 returning excellent grades and widths approximately 75 metres below the US$1600/z pit shell (see slide below and Loncor Gold Reports Multiple Wide High Grade Gold Intersections at its Drill Program at Adumbi). A further hole, LADD0028 was drilled to infill an area within the pit shell (Loncor Gold Reports Significant Gold Intersections at its Drill Program at Adumbi), and again the results were excellent for a likely open pit intercept – see Slide 3 for detail.

Slide 3 – Encouraging results already returned from ongoing drill program at Adumbi

Adumbi deep drilling — Excellent results already reported

Looking forward, the aim is to add another diamond drill to the current single rig, while exploring all alternatives to progress the program and news flow as rapidly as possible. The drilling is aimed to increase the certainty regarding the potential for an underground project at Adumbi while pushing the resources aggressively higher than the current high grade 3.66 million ozs contained at Adumbi.

As stated in the Company’s press release of December 19, 2023, the Company estimates the potential Adumbi underground exploration target below the USD1,600/oz pit shell as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres (reference is made to the said press release, which can be found on SEDAR+ at www.sedarplus.ca, for additional information with respect to this estimate). These potential quantities and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration target being delineated as a mineral resource.

Loncor’s independent geological consultants Minecon Resources and Services Limited undertook the Adumbi underground exploration target tonnage and grade estimation ranges. The Adumbi 3-dimensional (“3-D”) model was constructed using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in constraining the 3-D geological model.

In a press release dated February 26, 2025, the Company reported drilling results from borehole LADD027 pursuant to the Adumbi Deep Drilling Program. Significant mineralized sections for borehole LADD027 are summarised in the table below:

Note: It is estimated that the true width of the mineralised sections for core hole LADD027 is 77% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.

In a press release dated March 10, 2025, the Company reported drilling results from borehole LADD028 pursuant to the Adumbi Deep Drilling Program. Significant mineralized sections for borehole LADD028 are summarised in the table below:

Note 1: It is estimated that the true width of the mineralised sections for core hole LADD028 is 81% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width

In a press release dated April 25, 2025, the Company reported drilling results from borehole LADD029 pursuant to the Adumbi Deep Drilling Program, which borehole is the deepest borehole drilled at Adumbi. Significant mineralized sections for borehole LADD029 are summarised in the table below:

Note 1: It is estimated that the true width of the mineralised sections for core hole LADD029 is 64% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.
Note 2: Assay results still to be received for banded ironstone formation (BIF) from 817.77 to 855 metres.

Additional information regarding the above drill results, together with all of the Company’s other material information, can be obtained by reviewing copies of the above-noted press releases and other materials filed by the Company on SEDAR+ under the Company’s profile at www.sedarplus.ca.

Qualified Person

Peter N. Cowley, President of the Company and a "qualified person" (as such term is defined in National Instrument 43-101) has reviewed and approved the technical information in this offering document relating to the Company’s mineral properties.

Technical Report

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.sedarplus.ca.