Loncor Gold Inc. announced that drilling tenders have been sent to a number of drilling companies to bid on a 11,000-metre-deep drilling program at its priority gold exploration target below the Adumbi USD 1,600/oz pit shell. It is proposed that two core rigs will commence a deep drilling program at Adumbi by the beginning of April 2024. Adumbi is situated 220 kilometres from Africa's large gold mine, the Barrick Gold/AngloGold Ashanti Kibali Gold Mine, a hub for many major mining related contractors in the DRC. Fifteen intersections are proposed below the pit shell in order to outline an inferred underground mineral resource.

Of the fifteen proposed intersections, six interceptions will be wedged off nine deeper holes in order to save time and costs. This drilling program is estimated to be completed by year end at which time an underground inferred mineral resource estimate will be carried out. Adumbi currently has an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) ?

all within the USD 1,600/oz pit shell, with 84.68% of these mineral resources being attributable to Loncor. The Adumbi resource remains open at depth below the USD 1,600/oz pit shell (maximum depth of pit shell bottom 550 metres below surface) with the favourable Banded Ironstone Formation (BIF) host increasing in thickness. As stated in the Company's press release of December 19, 2023, the Company estimates the potential Adumbi underground exploration target as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres.

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. Loncor's independent geological consultants Minecon Resources and Services Limited undertook the Adumbi underground exploration target tonnage and grade estimation ranges. The Adumbi 3-dimensional (3-D) model was constructed using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in constraining the 3-D geological model.

This underground exploration target has been estimated to a maximum depth of 800 metres below surface.