Loncor Gold : Metal Investors Forum Presentation, Toronto, 1 March 2024

EMERGING FROM THE SHADOW OF AN AFRICAN

GIANT

OUTLINING MAJOR

GOLD RESOURCES

IN AFRICA'S LAST

FRONTIER

Presented by

J o h n B a r k e r - C E O .

M e t a l s I n v e s t o r F o r u m , To r o n t o .

M a r c h 2 0 2 4

CAUTIONARY NOTES

This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Loncor Gold Inc. ("Loncor" or the "Company").

Cautionary Note Concerning Forward-Looking Information

This presentation contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow, costs, project economics and net present value set out in the Preliminary Economic Assessment ("PEA") for the Adumbi gold deposit, mineral resource estimates, potential mineral resource increases, the Company's drill programs, potential underground mineral resources at Adumbi, the potential quantity and grade of the Adumbi underground exploration target, an enhanced economic profile at Adumbi, possible future gold production, potential economic value of the Adumbi deposit, drilling and other exploration results, potential mineral resources, potential mineralization and gold discoveries, drill results, future drilling, and the Company's exploration and development plans) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward- looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainty of estimates of capital and operating costs, production estimates and estimated economic return, the possibility that actual circumstances will differ from the estimates and assumptions used in the Adumbi PEA,uncertainties relating to the availability and costs of financing needed in the future, the possibility that drilling programs will be delayed, risks related to the exploration stage of the Company's properties, the possibility that future exploration (including drilling) or development results (including results of the PEA) will not be consistent with the Company's expectations, failure to establish estimated mineral resources, changes in world gold markets and equity markets, political developments in the Democratic Republic of the Congo (the "DRC"), gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production), fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 31, 2023 filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Cautionary Note Concerning Mineral Resource Estimates

The mineral resource figures referred to in this presentation are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates included in this presentation are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.

National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission, and resource information contained in this presentation may not be comparable to similar information disclosed by U.S. companies.

Cautionary Note Concerning Non-GAAP Measures

This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), includingd all-in sustaining costs (AISC). Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, this information is often used to evaluate performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Technical Reports

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 Limited dated December 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+ at www.sedaplus.caand EDGAR at www.sec.gov. Additional information with respect to the Company's Makapela Project, and certain other properties of the Company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled "Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo". A copy of the said report can be obtained from SEDAR+ at www.sedarplus.caand EDGAR at www.sec.gov.

Qualified Person	Page 2
The "qualified person" (as such term is defined in National Instrument 43-101) for the purpose of the technical information in this presentation is Peter Cowley, who is the President of the Company. Mr. Cowley
has reviewed and approved such technical information.

INCREASING AWARENESS OF THE POTENTIAL IN THE DRC

• Ivanhoe Mining's capturing global attention

with Copper and Zinc projects in the DRC

• Other Investments from the Mining Majors i.e.

Glencore, Ivanhoe, Zijin Mining, CMOC,

China Railway, Eurasian Resources,

Jinchuan, Trafigura, Barrick Gold, AngloGold

Ashanti

• Major resources of Zinc, Copper, Cobalt,

Lithium, Tin, Coltan and Gold

• Saudi announced a strategic DRC deal

• Elections in 2023 re-elected President

Kibali - Africa's Largest Gold Mine

Loncor's Adumbi

Mpama - World's Highest GradeTin

Mine

D.R. Congo

Kinshasa

Manono-Kitolo - World's Largest Hardrock Lithium Resource

Kipushi - World's Highest Grade Zinc Project

	Tshisekedi
•	Competitive Mining Code and Fiscal Regime
	(i.e. 30% Income Tax, 3.5% Gold Royalty)
•	Focus for Loncor is an area close to the world
	class Kibali Gold Mine.

Kamoa-Kakula - World's Highest Grade Copper Mine

Katanga - World's Dominant Cobalt Producer (>70%) - World's 3rd Largest Copper Producer

Lubumbashi

Page 3

FOCUS ON LONCOR'S GIANT NEIGHBOUR, KIBALI

• Kibali is Africa's largest gold producer
• Q4 2023 ASIC's were US$819/oz, lowest of all 13 Barrick Gold minesglobally
• Produced gold continuously for over a decade
• Kibali now offers a major hub for mine contractors, drillers, dealerships etc, 220kms away from Adumbi

Comments from Barrick Gold about Kibali:-

" US$4.7BN in-country investment …from Kibali."

"Kibali, the largest gold mine in Africa, is now also one of the greenest mines in Africa"

"Kibali, Africa's most mechanized mine…"

"..95% Congolese workers employed.."

KIBALI CREATE'S AN OBVIOUS YARDSTICK FOR ADUMBI

Adumbi has a long way to go before even starting production, however:-

• Based on Adumbi's Dec 2021 PEA1 the grade of Adumbi's resource should allow for (at least) a comparable pit grade to Kibali. U/G encouraging.
• Kibali's resources are +15M ozs and growing. Adumbi's targeting growth through +5M ozs
• Kibali has kept AISC costs down largely due to positive grades, and low hydro based power costs. Adumbi has the opportunity to do the same
• Barrick and AngloGold each hold 45% of Kibali with Sokimo holding 10%. Barricks attributable output's similar to Adumbi's PEA proposed production i.e. just over 300,000 ozs p.a.

KIBALI	ACTUAL
100% Basis	2023

2023 Production	763	000 ozs
Open Pit grade	1.60	g/t
U/G grade	5.11	g/t
AISC/oz	918	US$/oz
Life?	+15?	Years

1. Cautionary Statement:The Adumbi Preliminary Economic Assessment (PEA) is preliminary in nature and includes inferred mineral resources in the open pit outlines that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that all the conclusions reached in the Adumbi PEA will be realized. Mineral

resources that are not mineral reserves do not have demonstrated economic viability. The Adumbi PEA study was prepared for Loncor by a number of independent mining and engineering consultants led by New SENET	Page	5
(SENET), Johannesburg (Processing and Infrastructure) and Minecon Resources and Services Limited, Accra (Mineral Resources, Mining and Environmental and Social) and Maelgwyn South Africa (MMSA),

Johannesburg (Metallurgical test work), Knight Piésold and Senergy, Johannesburg (Power) and Epoch, Johannesburg (Tailings and Water Storage). SENET undertook the financial and economic evaluation.

LOOKING TO CONTINUE LONCOR'S GROWTH

Moz

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

3.66Moz

Resource grade in g/t (RHS)

Predicted PEA Open Pit

Mined Grade

1.36Moz

Pre-2020	Apr-20			Apr-21	Nov-21
	Inferred	Indicated		Resource Grade (RHS)

2.60
2.40
2.20
2.00
1.80	g/t
1.60

1.40

1.20

1.00

• Key management's operated in DRC for 25 years. Discovered +30M ozs of resources in similar setting
• At Adumbi there's been a low resource* oz discovery cost - US$6/ounce since Q4 2019
• High conversion rate with a 95% conversion from Inferred to Indicated Resource within Adumbi pit shell
• Drilling of mineralisation at depth suggests grade and width amenable to underground mining
• Given past drilling success we have instigated a new drill program to grow the 3.66 million oz resource

* See slide 7 for a detailed breakdown of Loncor's resource ounces and grade shown above	Page	6

POTENTIAL TO GROW ADUMBI RESOURCE BELOW PIT

IMBO PROJECT MINERAL RESOURCE

(84.68% Attributable to Loncor) - Effective date: Nov 17, 2021.

Deposit	Tonnes	Gold grade	Contained
gold
Indicated	(million)	(g/t)
(000 oz)
Adumbi	28.19	2.08	1,883
Deposit	Tonnes	Gold grade	Contained
gold
Inferred	(million)	(g/t)
(000 oz)
Adumbi	20.83	2.65	1,777
Kitenge	0.91	6.60	191
Manzako	0.77	5.00	122
Combined	22.51	2.89	2,090
Inferred

Holes at depth already reflect encouraging grades and widths compared to the u/g grade of 5.11g/t Kibali mined in 2023.

ADUMBI LONG SECTION - True thickness (metre x gramme/tonne plot)

3.66M OZS IN PIT RESOURCE

22.30m @ 5.11g/t		55.43m @ 2.76g/t
	Inc 12.45m @ 8.11g/t
11.20m @ 4.93g/t
25.59m @ 2.39g/t	32.17m @ 6.17g/t
15.36m @ 3.73g/t
6.09m @ 4.78g/t
	Open	Page 7

MAKAPELA SALE ALLOWS 3.66M* OZ ADUMBI TO GROW

• In December 2023 Loncor announced the sale of the Makapela deposit for C$13.5 million with the sale price paid in tranches.
• The sale creates cash without dilutive equity financing
• The cash allows Loncor to dictate its own immediate future

•

• Makapela was not a key focus for Loncor
• In January 2024 a decision was made to utilise the cash to push ahead with deep drilling below the 3.66M oz* open pit resource at Adumbi
• Once deeper potential verified, Adumbi can be re-modelled as a combined open pit and underground operation with the aim to enhance key economic parameters

* See slide 7 for a detailed breakdown of Loncor's resources	Page	8

PROPOSED DRILL PROGRAM BELOW ADUMBI

• Loncor has issued drilling tenders for a 11,000 metre diamond drill program below the Adumbi proposed pit (utilizing two rigs)
• Nine drill holes plus six deflections are proposed, the latter saving costs and time
• The Aim? To begin the process of adding resources below the current 3.66M oz* open pit resource
• The program's planned to commence in April 2024 funded by the Makapela sale

NB - Adumbi already has a Mining Permit and the DRC Government has a 10% stake

ADUMBI LONG SECTION - Illustrating the Proposed Drill Intercepts Below the Pit ( )

3.66M OZS IN PIT RESOURCE

* See slide 7 for a detailed breakdown of Loncor's resources.

Page 9

WHAT IS THE POTENTIAL BELOW ADUMBI ?

• Adumbi has a current in pit resource	ADUMBI LONG SECTION - True thickness (metre x g/t)
of 3.66M ozs1
• The Adumbi resource is open at
depth below the USD1,600/oz pit	3.66M OZS IN PIT RESOURCE
shell i.e. below 550 metres from
surface.

• Loncor estimates the potential underground exploration target could contain between 8.9 million tonnes to 9.6 million tonnes2
• The potential grade has been

estimated at 4.7 g/t Au to 4.9 g/t Au2		55.43m @ 2.76g/t
	Inc 12.45m @ 8.11g/t
to a depth of 800 metres.	22.30m @ 5.11g/t
	11.20m @ 4.93g/t	32.17m @ 6.17g/t
• The drill program will look to verify
25.59m @ 2.39g/t	15.36m @ 3.73g/t
the resource potential	6.09m @ 4.78g/t
(1) See slide 7for a detailed breakdown of Loncor's resources.		Open
(2) These potential quantities and grade are conceptual in nature as there has been insufficient exploration to

define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration

target being delineated as a mineral resource. Reference is made to the Company's press release dated	Page 10
December 19, 2023 for further information with respect to this estimate. The said press release is incorporated herein by reference.