Mr. John Barker reports

LONCOR GOLD CLOSES PRIVATE PLACEMENT FINANCING

Loncor Gold Inc., further to its May 4, 2023, and April 5, 2023, news releases, has closed the balance of its $2.16-million non-brokered private placement financing, such balance involving the issuance of 3,465,000 units of the company at a price of 40 cents per unit for gross proceeds of $1,386,000. 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. 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 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 (g/t) 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).

Additional information with respect to Loncor and its projects can be found on Loncor's website.

Qualified person

Peter N. Cowley, who is the 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 news release.

Technical reports

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 Ltd., dated Dec. 15, 2021, 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 and EDGAR.

Additional information with respect to the company's Makapela project and certain other properties of the company in the Ngayu gold belt is contained in the technical report of Venmyn Rand Pty. Ltd., dated May 29, 2012, entitled, "Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo." A copy of the said report can be obtained from SEDAR and EDGAR.

We seek Safe Harbor.