Mr. Chris Eger of Resolute reports

UPDATE ON SHAREHOLDING IN LONCOR GOLD INC.

Resolute Mining has provided an update on its shareholding in Loncor Gold Inc. following its sale agreement with Chengtun Mining Group Co., through its wholly owned subsidiary, Chengtun Gold Ontario Inc., as announced by Loncor on Oct. 14, 2025.

Pursuant to the agreement, Chengtun Mining will acquire all the outstanding common shares of Loncor, in exchange for $1.38 per Loncor share in an all-cash transaction. Subject to certain conditions, including the parties obtaining the requisite regulatory approvals, the transaction is expected to close not later than first quarter 2026.

Resolute holds, through its subsidiary, Resolute Canada 2 Pty. Ltd., 31.45 million common shares in Loncor valued at approximately $31-million (U.S.) ($43.4-million (Canadian)) at the current exchange rate and has entered into a voting support agreement pursuant to which it has agreed, among other things, to vote those shares in favour of the transaction at any meeting of shareholders held for the purpose of approving the transaction. Resolute Canada's current shareholdings comprise approximately 17.8 per cent of Loncor's issued and outstanding common shares.

Resolute holds the common shares in Loncor for investment purposes and to support the transaction, and, depending on market or other conditions, may acquire additional securities of Loncor. If the transaction does not proceed and/or the voting support agreement is terminated in accordance with its terms, Resolute may acquire additional securities of Loncor, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Resolute Canada will file an early warning report with the Canadian securities regulators with respect to the sale of its Loncor Gold shares and the voting support agreement pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), a copy of which will be available under the Loncor profile on SEDAR+ or may also be obtained by calling Resolute.

Chris Eger, chief executive officer, commented: "Resolute is pleased to support the Loncor transaction. The sale proceeds will further reinforce Resolute's balance sheet and help advance the company's strategic growth initiatives across our African-focused gold portfolio. Key priorities include the development of the Doropo project in Cote d'Ivoire and the extension of the Mako mine in Senegal."