Loncor Gold Inc. ("Loncor" or the "Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased to provide a corporate update on activities within the Company.

In line with a number of previous announcements in 2022, discussions continue with potential strategic partners with respect to the development of Loncor's gold deposits.

Loncor is also pleased to announce that it has concluded a leasing agreement (the "Agreement") with Ding Sheng Services S.A.R.L. ("Ding Sheng") that permits Ding Sheng to mine the non-strategic alluvial potential to the south of Adumbi, with a focus on the gravels bordering the Imbo River. As consideration for the award of the lease, Ding Sheng paid Loncor a total of US$1.25 million, with Loncor receiving a further 25% of future revenue generated, after deducting US$1 million from Loncor's attributable revenues from production. The Agreement has been registered with the Democratic Republic of the Congo's (the "DRC") mining registry (CAMI) as required by the DRC Mining Code. In addition, as required by the DRC Mining Code, there are clear lessee taxes and environmental obligations outlined within the Agreement. To facilitate the application of the said obligations, Loncor has produced detailed base line studies on the area to be mined and has appointed a number of representatives to monitor both production and environmental impact. The Agreement creates direct employment opportunities for local communities who are also involved in the development of a nursery to grow indigenous plants as part of the rehabilitation obligations.

Finally, the Company continues to monitor good progress of the application previously filed to obtain a Mining Permit (Permis d'Exploitation) at the Company's Makapela project, awaiting for final signature. The application is for the potential development of the Company's 1.164 million ounce Makapela gold resource found within the Ngayu Greenstone Gold Belt in the northeast of the DRC. Makapela 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) at a 2.75 g/t Au cut-off. The Makapela project is owned 100% by Loncor and is located approximately 50 kilometres from its flagship 3.66 million ounce Adumbi deposit which already has a Mining Permit. 

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.

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 Limited dated December 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 at www.sedar.com and EDGAR at www.sec.gov.  

Information with respect to the Company's Makapela Project, and certain other properties of the Company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled "Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo". A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.  

Loncor is a Canadian gold exploration company focussed 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 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% 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%-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).   

Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com