Mr. John Barker reports

LONCOR GOLD ANNOUNCES BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO C$5.0 MILLION

Loncor Gold Inc. has entered into an agreement with Red Cloud Securities Inc. to act as sole agent and bookrunner in connection with a best efforts private placement for aggregate gross proceeds of up to $5-million from the sale of up to 9,090,909 units of the company at a price of 55 cents per unit.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of 80 cents at any time on or before that date that is 36 months after the closing date (as herein defined).

The agent will have an option, exercisable in full or in part, up to 48 hours prior to the closing date, to sell up to an additional 1,818,182 units at the offering price for up to an additional $1-million in gross proceeds.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan, pursuant to the listed issuer financing exemption (LIFE) under Part 5A of NI 45-106. The securities underlying the units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The units may also be sold in offshore jurisdictions and in the United States on a private placement basis, pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

The company intends to use the net proceeds of the offering for the continued exploration and advancement of the company's Imbo project, located in the Ngayu greenstone belt in the northeast of the Democratic Republic of the Congo, as well as for general corporate purposes.

The offering is scheduled to close on May 23, 2025, or such other date as the company and the agent may agree. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

About Loncor Gold Inc.

Loncor is a Canadian gold exploration company focused on the Ngayu greenstone gold belt in the northeast of 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 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 grams per tonne (g/t) gold (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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