Mr. Arnold Kondrat of Loncor Resources reports

LONCOR AND BARRICK FURTHER STRENGTHEN JOINT VENTURE RELATIONSHIP IN DRC

Loncor Resources Inc. has entered into two new agreements with Barrick Gold Corp.'s Barrick Gold (DRC) Ltd., which further strengthen the Loncor and Barrick joint venture relationship in the Ngayu gold belt in the northeast of the Democratic Republic of the Congo (DRC). The ground covered by these agreements includes a number of priority exploration targets already outlined by Barrick, two of which are ready for initial scout core drilling. Total acreage under the various Barrick/Loncor joint ventures in the Ngayu gold belt now totals approximately 2,000 square kilometres.

In the first new agreement, three exploration properties in the Ngayu gold belt previously held by Barrick outside of its joint ventures with Loncor have been added to an existing Loncor/Barrick joint venture agreement. These three Barrick properties are located northwest of Loncor's 100-per-cent-owned Makapela project, where indicated mineral resources of 614,200 ounces of gold (2.2 million tonnes grading 8.66 grams per tonne gold) and inferred mineral resources of 549,600 ounces of gold (3.22 million tonnes grading 5.3 grams per tonne gold) have already been outlined by Loncor. Two significant targets have been delineated by Barrick at Mongaliema (seven kilometres northwest of Makapela) and Ntokayulu (three kilometres northwest of Makapela). At Mongaliema, trenching and augering are continuing along a west-northwest-trending shear zone, with trench results including 37.3 metres grading 1.48 grams per tonne gold.

In the second new agreement, Loncor and Barrick have replaced the existing joint venture agreement between Barrick and Loncor relating to the Isiro properties in the Ngayu gold belt to focus on the three most prospective Isiro properties. These three Isiro properties include two of the drill targets identified by Barrick, Yambenda and Yasua, which Barrick plans to drill as part of its continuing drill campaign on priority targets in the Ngayu gold belt. At Yambenda, a 9.5-kilometre-long banded ironstone ridge has a number of gold-in-soil anomalies.

In addition to the above agreements, a new drill target has been outlined by Barrick on one of the properties that is part of the Barrick/Loncor joint venture entered into in June, 2020 (reference is made to Loncor's press release dated June 24, 2020). At the Mokepa target, scout core drilling is due to commence shortly on a greater-than-250-part-per-billion gold-in-soil anomaly extending over 1,600 metres, where encouraging trench results of 110 metres grading 0.5 gram per tonne gold and 32 metres grading 0.99 gram per tonne gold have been outlined. At Mokepa, the mineralized system consists of banded ironstones in mafic volcanics sandwiched between conglomerate and carbonaceous shale.

The Ngayu gold belt lies approximately 220 kilometres from the Kibali gold mine, which is operated by Barrick. Kibali produced record gold production of 814,000 ounces of gold in 2019 at an all-in sustaining cost of $693 (U.S.) per ounce.

Arnold Kondrat, chief executive officer of Loncor, commented: "We are very encouraged with Barrick's decision to further enhance the exploration potential of our joint ventures, especially when they have already delineated a number of high-potential drill targets, such as Yambenda and Mokepa. Barrick's scout drilling program continues on other parts of our joint venture ground, and we expect to announce preliminary drill results from other targets shortly."

The terms of the amended Barrick JV and the new Isiro JV are substantially the same. Under both JV agreements, Barrick manages and finances all exploration of the joint venture ground until the completion of a prefeasibility study. Once the joint venture committee has determined to move ahead with a full feasibility study, a special-purpose vehicle (SPV) will be created to hold the specific discovery area. Subject to the DRC's free-carried interest requirements, Barrick would retain 65 per cent of the SPV, with Loncor holding the balance of 35 per cent. Loncor would be required to finance its pro rata share of the SPV in order to maintain its 35-per-cent interest or be diluted.

About Loncor Resources Inc.

Loncor Resources is a Canadian gold exploration company focused on the Ngayu greenstone 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. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold. In 2019, Kibali produced record gold production of 814,000 ounces at an all-in sustaining cost of $693 (U.S.) per oz. Barrick has highlighted the Ngayu greenstone belt as an area of particular exploration interest and is moving toward earning 65 per cent of any discovery in 1,894 square kilometres of Loncor ground that it is exploring. As per the joint venture agreement signed in January, 2016, Barrick manages and finances exploration on the said ground until the completion of a prefeasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement, Barrick highlighted six prospective drill targets and commenced confirmation drilling in 2020. Subject to the DRC's free-carried interest requirements, Barrick would earn 65 per cent of any discovery, with Loncor holding the balance of 35 per cent. Loncor will be required, from that point forward, to finance its pro rata share in respect of the discovery in order to maintain its 35-per-cent interest or be diluted.

In addition to the Barrick joint venture, certain parcels of land within the Ngayu belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68 per cent of this resource being attributable to Loncor via its 84.68-per-cent interest in the project. Loncor's Makapela deposit (which is 100 per cent owned by Loncor) has an indicated mineral resource of 614,200 ounces of gold (2.2 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.3 g/t Au).

Resolute Mining Ltd. owns 26 per cent of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.

Qualified person

Peter N. Cowley, president of Loncor, a qualified person as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

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