ADUMBI DEPOSIT

Photo 1 - The Adumbi deposit forms a clear ridge on the topography

After assessing exploration results undertaken between 2014 to 2018, including re-logging of all previous boreholes and undertaking additional drilling at depth, Loncor announced on April 17 2020 the gold content of the inferred resource of the three deposits (Adumbi, Manzako and Kitenge) had increased by 49% to 2.503 million ounces (30.65 million tonnes @ 2.54 g/t Au), compared to the previous resource determination undertaken in 2014. Loncor has an attributable interest of 84.68% in this resource. On June 10 2020, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase at the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 17 2020. A copy of the said report can be obtained from SEDAR at www.sedar.com.

On April 27 2021, Loncor announced a 44% increase in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%). Compared to the inferred mineral resource of 2.19 million ounces of gold (28.97 million tonnes grading 2.35 g/t Au) outlined in April 2020 the inclusion of six holes from the 7000 metre 2020/21 program increased the Adumbi inferred mineral resource to 3.153 million ounces of gold (41.32 million tonnes grading 2.37 g/t Au), constrained within a US$1,500 open pit shell. 84.68% of this Inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project (see Figure 2). On June 11 2021, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase to 3.153 million ounces at Adumbi within the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 27 2021. A copy of the said report can be obtained from SEDAR at www.sedar.com. Further detail on the resource upgrade can be found on the resources page.

Table 1 below summarises the current Adumbi inferred mineral resource based on in-situ block cut-off at a 0.69 g/t Au for Oxide and Transition materials and 0.73 g/t Au for Fresh material and constrained within a US$1,500 per ounce optimized pit shell.

Table 1: Adumbi Deposit Inferred Mineral Resource by material type (with an effective date of April 27 2021)

Drilling continues to assess the underground potential at Adumbi. Loncor believes that during 2021 Adumbi could delineate a significant underground resource.

Recent drilling has suggested that the ore body at Adumbi may have a shallower plunge than previously predicted, a potential positive for resource ounce generation if it proves to be the case.

Figure 2: Cross section of Adumbi showing revised predicted plunge of deposit

Figure 3: Geological Cross Section Highlighting the Likely Increase In Grade with Depth

Given the current Adumbi resource grades and likely pit size, Loncor believes the PEA may offer costs and economic margins similar to Kibali. If so, the PEA which started in Q2 2021 could hold significant potential value for shareholders.

Southeast of Adumbi there is ongoing exploration at Imbo East including gridding, soil sampling, trenching and channel sampling in order to generate potential drill targets (further detail can be seen within the Imbo East section of the website). The addition of exploration targets in relative close proximity to Adumbi creates the potential of a larger mining district, with all the upside that such a development would offer.

Figure 4: Deposits and emerging areas of interest within the Imbo Project Area

Summary of Ongoing Adumbi Drill Results

On November 30 2020, Loncor announced that the first core hole of its 7,000-metre drilling program at its Adumbi deposit intersected multiple gold sections including 20.33 metres grading 2.47 g/t gold (including 4.8 metres grading 5.40 g/t Au), 7.33 metres grading 5.80 g/t Au and 20.77 metres grading 1.72 g/t Au.

Mineralized sections are summarised in the table below:

Borehole LADD001 had an inclination of minus 65 degrees and azimuth of 220 degrees at the start of the hole and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralized sections are 82% of the intersected width. All intercepted grades are uncut.

On December 22 2020, Loncor announced that the second core hole of its 7,000-metre drilling program at its Adumbi deposit intersected significant gold intersections of 33.30 metres grading 3.25 g/t gold (including 5.70 metres grading 7.00 g/t Au and 9.07 metres grading 5.11 g/t Au) and 10.45 metres grading 3.88 g/t Au.

Mineralized sections are summarised in the table below:

Borehole LADD003 had an inclination of minus 57 degrees and azimuth of 220 degrees at the start of the hole and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralized sections are 80% of the intersected width. All intercepted grades are uncut. Borehole LADD003 was drilled in place of LADD002 which was stopped after deviating from its intended target depth.

On January 5 2021, Loncor announced that the third core hole of its 7,000-metre drilling program at its Adumbi deposit intersected significant gold intersections of 28.00 metres grading 3.26 g/t gold (including 4.90 metres grading 6.96 g/t Au and 3.53 metres grading 8.30 g/t Au) and 20.30 metres grading 2.83 g/t Au (including 6.55 metres grading 4.64 g/t Au and 2.30 metres grading 7.25 g/t Au).

Mineralized sections are summarised in the table below:

Borehole LADD004 had an inclination of minus 70 degrees and azimuth of 220 degrees at the start of the hole and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralized sections are 81% of the intersected width. All intercepted grades are uncut. LADD004 intersected the mineralized zone at a shallower depth than planned due to the upward deflection of the borehole.

On March 4 2021, Loncor announced further significant assay results from its Adumbi drilling program. The final infill core hole within the Adumbi open pit shell, LADD008 intersected 43.10 metres grading 1.68 g/t gold, 0.78 metres grading 21.8 g/t gold and 14.98 metres grading 3.62 g/t gold including 3.09 metres grading 13.28 g/t gold.

Mineralized sections for borehole LADD008 are summarised in the table below:

Borehole LADD008 intersected the mineralization at a vertical depth of 272 metres below surface and within the southeastern boundary of the US$1,500 open pit shell, and had an inclination of minus 65 degrees and azimuth of 218 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralized sections are 62% of the intersected width. All intercepted grades are uncut.

On March 25 2021, Loncor announced further significant assay results from its Adumbi drilling program. The deepest borehole drilled to date at its flagship Adumbi deposit, LADD009 intersected 32.15 metres grading 6.17 grammes per tonne (g/t) gold (including 1.46 metres grading 94.77 g/t Au), 15.36 metres grading 3.73 g/t gold (including 5.89 metres grading 6.56 g/t Au), 5.00 metres grading 3.17 g/t gold and 7.45 metres grading 1.48 g/t gold.

Mineralized sections for borehole LADD009 are summarised in the table below:

Borehole LADD009 had an inclination of minus 75 degrees and azimuth of 218 degrees at the start of the hole and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralized sections are approximately 82% of the intersected width. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width. Borehole LADD009 intersected the mineralization at a depth of approximately 140 metres below the open pit shell.

Additional Targets of Interest in Close proximity to Adumbi

At the Kitenge and Manzako deposits (Inferred resources of 1.68 million tonnes grading 5.8 g/t Au, equivalent to 313,000 ounces of gold), additional drilling may also be undertaken to further define and increase the inferred mineral resources at these deposits.

In addition, two undrilled targets have been outlined close to the Adumbi deposit. Both these target areas were identified from the compilation and interpretation of previous, historical exploration data including soil geochemistry, rock chip and channel sampling. At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a prominent geochemical gold in soil anomaly is located on an extensional, E-W structural jog along the 14-kilometre northwest trending mineralized shear. Two kilometres south of the Adumbi deposit, at Lisala, altered and brecciated BIF with anomalous rock sampling requires further follow up with gridding, soil sampling and additional channel sampling.