Mr. John Barker reports

LONCOR GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING

Loncor Gold Inc. has increased the size of its previously announced non-brokered private placement financing to a private placement of up to 5.4 million units of the company at a price of 40 cents per unit for gross proceeds of up to $2.16-million, which represents an upsize of up to $560,000 from the original financing amount. Each unit consists of one common share of the company and one common share purchase warrant of the company, with each such warrant entitling the holder thereof to acquire one common share of the company at an exercise price of 60 cents for a period of 24 months following the closing date of the issuance of the units. Closing of the upsized portion of the financing is subject to receipt of all necessary approvals, including board and Toronto Stock Exchange approvals. The company intends to use the proceeds from the financing for general corporate purposes and working capital.

About Loncor Gold Inc.

Loncor is a Canadian gold exploration company focused on the Ngayu greenstone gold belt in the northeast of the Democratic Republic of the Congo (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 (28,185,000 tonnes grading 2.08 grams per tonne gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.09 million ounces of gold (22,508,000 tonnes grading 2.89 g/t Au), with 84.68 per cent 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 per cent 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).

Qualified person

Peter N. Cowley, who is president of Loncor and a qualified person as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

We seek Safe Harbor.