Loncor Gold Inc. announced that it has filed on SEDAR a National Instrument 43-101 technical report relating to the Preliminary Economic Assessment ("PEA") of the Company's proposed open pit Adumbi gold deposit within its 84.68%-owned Imbo Project in the Democratic Republic of the Congo (the "DRC") Results of the Adumbi PEA were reported in the Company's December 15, 2021 press release. Average annual production for Adumbi of 303,000 ounces of gold over a 10.3 mine life within proposed pit shell at an average feed of 2.17 g/t Au over the proposed pit life. Pre-tax NPV (5% discount) of US$895 million and post-tax NPV of US$624 million for HEP Hybrid case at a USD 1,600 gold price.

Using a US$1,760 gold price, post-tax NPV (5% discount) of US$879 million for HEP Hybrid case. Average total cash costs of US$852 per ounce over life of mine and AISC of US$950 per ounce for HEP Hybrid case. The Adumbi Indicated Mineral Resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au) and Inferred Mineral Resource of 1.78 million ounces of gold (20.828 million tonnes grading 2.65 g/t Au) constrained within a US$1,600 per ounce optimised pit shell.

In addition, the Company reports that it has been in preliminary discussions with potential strategic partners with respect to further development of the Company's Adumbi and Makapela gold deposits. There is excellent exploration potential to further increase the mineral resources at Adumbi and within the Imbo Project area. At Adumbi, the mineralized BIF (Banded Ironstone Formation) host sequence increases in thickness below the open pit shell and wide spaced drilling has already intersected grades and thicknesses amenable to underground mining.

Further drilling is required to initially outline a significant underground inferred mineral resource which can then be combined with the open pit mineral resource so that studies can be undertaken for a combined open pit and underground mining scenario at Adumbi. Besides increasing the resource base, a combined open pit/underground project could increase grade throughput and reduce strip ratios with the higher grade, deeper mineral resources being mined more economically by underground, which could increase annual gold production and drive down operating costs. Additional deposits and prospects occur close by to Adumbi and have the potential to add mineral resources and feed for the Adumbi mine development.

Along trend from Adumbi, the Manzako and Kitenge deposits remain open along strike and at depth and further drilling is warranted on these two deposits, while further along the structural trend to the southeast across the Imbo river and within the Imbo Project, four prospects (Esio Wapi, Paradis, Museveni and Mungo Iko) have been outlined which require initial drilling.