Mr. John Barker reports

LONCOR GOLD REPORTS MULTIPLE GOLD INTERSECTIONS AT ITS DRILL PROGRAM AT ADUMBI

Loncor Gold Inc. has released further multiple, mineralized intersections from its deep drilling program at the company's 3.66 million ounce Adumbi deposit, where 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 an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a $1,600-(U.S.)-per-ounce open-pit shell. Borehole LADD031 intersected 12.72 metres grading 8.56 g/t gold (including 6.15 metres grading 11.23 g/t), 12.10 metres grading 1.67 g/t gold, 15.00 metres grading 1.88 g/t and 3.23 metres grading 5.98 g/t gold.

Significant mineralized sections for borehole LADD031 are summarized in the attached table.

Commenting on these latest drilling results, Loncor chief executive officer John Barker said: "Core hole LADD031 was situated below the open-pit shell in the northwest of the Adumbi deposit and intersected several mineralized zones at a vertical depth of 570 metres below surface and approximately 265 metres below the $1,600 (U.S.) pit shell outline on section. The total true thickness of the banded ironstone formation (BIF) package, which hosts the gold mineralization was 132 metres, which demonstrates that the BIF is still thick and well mineralized at this depth, towards the projected northwest edge of the Adumbi deposit."

Quality control and quality assurance (QA/QC)

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by company geologists and sent to the company's on-site sample preparation facility. The core samples were then crushed down to 80 per cent passing minus two millimetres and split with one-half of the sample up to 1.5 kilograms pulverized down to 90 per cent passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the company). Gold analyses were carried out on 50-gram aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the company's QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified person

Peter N. Cowley, who is the 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 news release.

Technical report

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 Ltd., dated Dec. 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+ and EDGAR.

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 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 g/t gold), 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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