Mr. John Barker reports

LONCOR GOLD REPORTS MULTIPLE GOLD INTERSECTIONS FROM ITS DEEPEST DRILL HOLE AT ADUMBI

Loncor Gold Inc. has released very 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 an open-pit shell ($1,600 (U.S.) per ounce). Borehole LADD029, which is the deepest borehole drilled at Adumbi, intersected 22.31 metres grading 3.05 g/t gold (including 4.64 metres grading 5.83 g/t gold), 14.50 metres grading 4.24 g/t gold (including 10.17 metres grading 5.23 g/t gold) and 15.57 metres grading 3.35 g/t gold (see the table below).

Significant mineralized sections for borehole LADD029 are summarized in the table below.

Commenting on these latest drilling results, Loncor president Peter Cowley said: "LADD029 is one of the most significant boreholes drilled at Adumbi with multiple zones of gold mineralization over an intersected width so far of 145.73 metres and indicates the significant, underground mineral resource potential below the 3.66 million ounces of the Adumbi open pit. It is also the deepest hole drilled to date and extends the gold mineralization down to 805 metres below the elevation of Adumbi Hill. In addition, LADD029 intersected the thickest banded ironstone formation (BIF) package ever drilled at Adumbi (148 metres true thickness) and demonstrates that the favourable, mineralized BIF host is still going strong and increasing in thickness with depth in the northwest of the deposit. Gold mineralization at Adumbi is directly related to the favourable chemical and physical properties of the BIF."

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 QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS.

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 (DRC). 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 Au), 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.

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