Mr. John Barker reports

LONCOR GOLD REPORTS MULTIPLE WIDE HIGH GRADE GOLD INTERSECTIONS AT ITS DRILL PROGRAM AT ADUMBI

Loncor Gold Inc. has released encouraging drilling results from its deep drilling program at the company's 3.66-million-ounce Adumbi deposit, where an indicated mineral resource of 1.88 million ounces of gold (28,185,000 tonnes grading 2.08 grams per tonne gold) and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a $1,600 (U.S.)-per-ounce open-pit shell. Borehole LADD027 intersected 16.07 metres grading 5.82 grams per tonne gold (including 11.85 metres grading 7.14 g/t gold), 22.64 metres grading 4.77 g/t gold (including 13.97 metres grading 6.99 g/t gold) and 0.45 metre grading 26.94 g/t gold.

Significant mineralized sections for borehole LADD027 are summarized in the table below.

Commenting on these latest drilling results, Loncor chief executive officer John Barker said: "Hole LADD027 was situated in the northwest of the Adumbi deposit and intersected the mineralization at a vertical depth of 478 metres below surface and 75 metres below the previously outlined $1,600 (U.S.)-per-ounce pit shell. When combining these results with prior deeper holes in proximity, we are excited by the high grades over excellent widths that have been recorded. The combination continues to offer significant potential for an underground operation to complement the open pit at Adumbi. Drilling continues, and we expect further results in March."

Quality control and quality assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by company geologists and sent to the company's on-site sample preparation facility. The core samples were then crushed down to 80 per cent passing minus two millimetres and split, with one-half of the sample up to 1.5 kilograms pulverized down to 90 per cent passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS laboratory in Mwanza, Tanzania (independent of the company). Gold analyses were carried out on 50-gram aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the company's quality assurance/quality control procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to the SGS laboratory.

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.

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 Ltd. dated Dec. 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+ and EDGAR.

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 is focused on the Imbo project, where the Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28,185,000 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 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 of the Adumbi deposit and announced the results of the PEA in December, 2021.

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