Mr. John Barker reports

LONCOR GOLD ANNOUNCES SALE OF MAKAPELA PROPERTY FOR CDN$13,500,000

Loncor Gold Inc. has entered into an agreement for the sale of Loncor's Makapela property for $13.5-million cash. The agreement calls for the sale price to be paid in a series of progress payments beginning with a deposit of $2-million. The balance of the progress payments, totalling $11.5-million, will be paid upon completion of the transfer of title to Makapela, which is expected to occur before the end of February, 2024.

Loncor's chief executive officer, John Barker, commented: "Loncor has conducted a number of discussions with potential strategic partners over the last 18 months, many of which involved proposals that would have resulted in significant equity dilution. We believe the sale of the non-core Makapela property provides Loncor with an opportunistic route to raise significant non-dilutive financing, and represents a major step towards further development of our world-class Adumbi gold deposit and the numerous other targets along structure from Adumbi."

Loncor's flagship 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. A mining permit has already been granted for the development of Adumbi and the Democratic Republic of the Congo government holds a direct 10-per-cent free carry holding in the project.

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 million tonnes grading 2.08 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 million 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.

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