Mr. John Barker reports

LONCOR GOLD ANNOUNCES THE CLOSING OF ITS BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$9.4 MILLION

Loncor Gold Inc. has closed its previously announced best efforts private placement for aggregate gross proceeds of $9.4-million, which includes the full exercise of the agent's option for gross proceeds of $1.4-million. Under the offering, the company sold 17,090,910 units of the company at a price of 55 cents per unit.

Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant entitles the holder to purchase one common share at a price of 80 cents at any time on or before May 23, 2028.

Red Cloud Securities Inc. acted as sole agent and bookrunner in connection with the offering. In consideration for its services, Red Cloud received aggregate cash commissions and advisory fees of $503,999 and 877,562 broker warrants of the company. Each broker warrant is exercisable for one common share at a price of 61 cents per common share at any time on or before May 23, 2028.

In accordance with National Instrument 45-106 -- Prospectus Exemptions (NI 45-106), the units were sold to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 and to purchasers outside of Canada. The securities underlying the units sold to purchasers resident in Canada will be immediately freely tradeable under applicable Canadian securities legislation.

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 remains subject to the final approval of the Toronto Stock Exchange.

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 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 gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22,508,000 tonnes grading 2.89 g/t Au), with 84.67 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.

We seek Safe Harbor.