Mr. Shing Yip Iu of Chengtun reports

LONCOR GOLD ANNOUNCES CLOSING OF C$267 MILLION GOING PRIVATE TRANSACTION

Loncor Gold Inc. has closed its going private transaction in accordance with an arrangement agreement with Chengtun Gold Ontario Inc. (the purchaser), an affiliate of Chengtun Mining Group Co. Ltd., pursuant to which the purchaser acquired all of the issued and outstanding common shares of the company at a price of $1.38 per share.

In connection with the closing of the transaction, the shares will be delisted from the TSX and the Frankfurt Stock Exchange and will no longer be quoted on the OTCQX Market of the OTC Markets Group Inc. Further, the company has applied to cease to be a reporting issuer in each of the applicable jurisdictions in Canada.

For more information on the transaction, please refer to the company's management information circular and the appended plan of arrangement, which are available on SEDAR+ under Loncor's issuer profile.

Early warning

Immediately prior to the completion of the transaction, the purchaser held or exercised control or direction over nil securities of the company.

Following the completion of the transaction, the purchaser owns 183,660,846 shares, representing all of the issued and outstanding shares. In connection with the closing of the transaction, each of the directors that were previously on the board of directors of the company resigned with Shing Yip Iu being elected as director.

An early warning report containing additional information will be filed by the purchaser in accordance with applicable securities laws and will be available on SEDAR+ or may be obtained directly from the purchaser upon request at 86-059-2589-1666. The head office of the company is located at 4120 Yonge St. suite 304, Toronto, Ont., M2P 2B8, Canada. The head office of the purchaser is located at 77 King St. West, Toronto, Ont., M5K 2A1.

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. Loncor's growing resource base in the Ngayu belt is focused on the Imbo project.

About Chengtun Mining Group Co. Ltd.

Chengtun Mining specializes in developing new energy metal resources. The company's core operations include mining and refining of energy metals and base metals, with strategic focus on copper, cobalt, nickel for new energy batteries. The company has also identified gold and other precious metals as a key strategic business area for future development. Chengtun owns and operates mines in the Democratic Republic of the Congo, most notably the Kalongwe copper-cobalt mine. Chengtun Mining is publicly listed on the Shanghai Stock Exchange under the ticker 600711.

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