Corporate (5)

April 22, 2021 Written by

Corporate office

Loncor Gold Inc.

1 First Canadian Place, Suite 7070
100 King Street West
Toronto, ON
Canada M5X 1E3
Phone: 416-361-2510

Bankers

TD Canada Trust

141 Adelaide St. West.
Toronto, ON
Canada M5H 3M7

Transfer agent

TSX Trust Company

301-100 Adelaide St. W.
Toronto, ON
Canada M5H 4H1

Auditors

Kreston GTA LLP

8953 Woodbine Avenue
Markham, ON
Canada L3R 0J9

Legal counsel

Dickinson Wright LLP

199 Bay Street, Suite 2200
Commerce Court West
Toronto, ON
Canada M5L 1G4

April 22, 2021 Written by

Arnold T. Kondrat

Executive Chairman and Director
Arnold T. Kondrat [photo]

Mr Kondrat is the Founder, President and CEO of Sterling Portfolio Securities Inc, a private venture capital firm based in Toronto, Canada.

He is the founder and Executive Chairman of Loncor Gold with over 30 years’ experience in the public markets, primarily in the resource industry. His 27-year history in the Democratic Republic of the Congo has enabled the Company to secure a number of highly prospective gold assets.

Peter N. Cowley

President and Director
Peter N. Cowley [photo]

Mr. Cowley is a geologist with 50 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, Mr. Cowley was Chief Executive Officer and President of Banro Corporation from 2004 to 2008 where he led the exploration team that delineated major gold resources along the Twangiza-Namoya belt in the DRC.

Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania. Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania. He holds an M.Sc from the Royal School of Mines, an MBA from the Strathclyde Business School and is a Fellow of the Institute of Materials, Minerals and Mining. Mr. Cowley is also a director of Deltic Energy plc.

William R. Wilson

Director
John K. Barker [photo]

Mr. Wilson has been involved in the mining industry for more than 40 years, and during this time has been a director and senior officer of a number of public companies in both Canada and the United States.

During his career he has created and managed 14 mining companies with properties in the U.S., Canada, Russia, the Democratic Republic of the Congo and Ukraine. Mr. Wilson is currently Director, Executive Vice President and Chief Financial Officer of TUVERA Exploration Inc. TUVERA is a private British Columbia holding company for the ARVENUT exploration properties in Nevada, Utah and New Mexico.

He serves as a director and chair of the audit committees of Loncor Gold Inc. and Gentor Resources Inc. Mr. Wilson is a Qualified Professional in Mining, Metallurgy/Processing and Environmental Compliance of the Mining and Metallurgical Society of America, a member of the Canadian Institute of Mining, a fifty-year member of the Society of Mining Metallurgy and Exploration, and a past chairman and honorary life member of the Colorado Mining Association. He has a degree in Metallurgical Engineering from the Colorado School of Mines and a Masters of Business Administration degree from the University of Southern California. Mr. Wilson recently retired as a Professor of Practice in the Mining Engineering Department at the Colorado School of Mines and continues to be active in his consulting practice in metals and industrial minerals.

Richard Lachcik

Director
Richard Lachcik [photo]

Prior to his retirement in 2017, Mr. Lachcik practiced corporate and securities law in Toronto, Canada for over 30 years.

His practice included extensive experience in representing public companies, as well as acting for a number of investment dealers. He has been an officer and director of a number of Canadian public resource companies.

Zhengquan (Philip) Chen

Director
Zhengquan (Philip) Chen [photo]

Mr. Chen is Managing Partner of Dynaco Capital Inc., a Toronto-based financial advisory firm.

He has participated in several significant transactions between Chinese SOEs and TSX-listed mineral companies in the past two decades. Mr. Chen holds an EMBA degree (University of Hawaii), LL.M degree (East China University of Science and Technology) and B.Sc. degree (Shanghai Normal University).
April 22, 2021 Written by

Arnold T. Kondrat

Executive Chairman and Director
Arnold T. Kondrat [photo]

Mr Kondrat is the Founder, President and CEO of Sterling Portfolio Securities Inc, a private venture capital firm based in Toronto, Canada.

He is the founder and Executive Chairman of Loncor Gold with over 30 years’ experience in the public markets, primarily in the resource industry. His 27-year history in the Democratic Republic of the Congo has enabled the Company to secure a number of highly prospective gold assets.

John K. Barker

Chief Executive Officer
John K. Barker [photo]

Mr Barker has 17 years’ experience as a leading mining analyst, including with RBC DS where as Managing Director he headed up their London based Global Gold Mining initiative, focussing on African mining equities.

He was also the Chairman of The Association of UK Mining Analysts. Subsequently, he was Vice President Corporate Development for TSX-listed SouthernEra Resources, which was taken over by Lonmin, and was instrumental in the Guinor Gold sale to Crew Gold. More recently he has been involved in various copper, diamond and platinum initiatives in Southern Africa. During his career, he has been involved in numerous asset sales and equity issues raising over US$600m in Canada, Australia, Europe and RSA.

Peter N. Cowley

President and Director
Peter N. Cowley [photo]

Mr. Cowley is a geologist with 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, Mr. Cowley was Chief Executive Officer and President of Banro Corporation from 2004 to 2008 where he led the exploration team that delineated major gold resources along the Twangiza-Namoya belt in the DRC.

Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania. Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania. He holds an M.Sc from the Royal School of Mines, an MBA from the Strathclyde Business School and is a Fellow of the Institute of Materials, Minerals and Mining. Mr. Cowley is also a director of Deltic Energy plc.

Donat Madilo

Chief Financial Officer
Donat Madilo [photo]

Mr Madilo has over 29 years of experience in accounting, administration and finance in the Democratic Republic of the Congo and North America.

Mr. Madilo most recently was Senior Vice President, Commercial & DRC Affairs of Banro and was previously Chief Financial Officer of Banro. Mr Madilo holds a Bachelor of Commerce (Honours) degree from Institut Supérieur de Commerce de Kinshasa, a B.Sc. (Licence) in Applied Economics from University of Kinshasa and a Masters of Science in Accounting (Honours) from Roosevelt University in Chicago.

Fabrice Matheys

General Manager, DRC
Fabrice Matheys [photo]

Mr. Matheys is a professional geologist with more than 27 years of experience in Africa.

Prior to his role with Loncor, Mr. Matheys served as Exploration Geologist for De Beers in Botswana, West Africa and South Africa and spent eight years as Exploration Manager in the Democratic Republic of the Congo with exploration programs focused on gold, diamonds, niobium and tungsten.

April 22, 2021 Written by

Loncor Gold Inc. (TSX:LN) (OTC:LONCF) (FSE:LO51), is a Canadian gold exploration company focused on projects on the Ngayu Belt in the Democratic Republic of the Congo (the “DRC”). The Adumbi gold deposit is the current focus of Loncor's activity and can be found within Loncor's 84.68% owned Imbo Project. Loncor has Africa’s largest gold producer, the Barrick-managed Kibali Gold mine as a neighbour 130 miles away.

Adumbi announced a transformational PEA in December 2021 with a set of NPV values significantly higher than the company’s market capitalisation.

Looking into Q1 2022, Loncor is examining the potential for underground resources below the potential pit at Adumbi. If these arise, then they may well be added to the PEA to enhance the economics further. The company is also looking to further expand its current resources and portfolio of exciting exploration targets on the Ngayu Belt.

Adumbi (and the two satellite deposits of Kitenge and Manzako) has a resource Loncor believes could soon approach 5 million ounces, with 3.66 million ounces (indicated and inferred) within the pit shell and further underground resources being drilled at depth. The relatively high grade (over 2.3g/t within the proposed pit) remains a key positive.

The resource remains open at depth below 550 metres.
  • The Preliminary Economic Assessment announced in December 2021 based on the Adumbi open pit returned a pre-tax NPV@5% (using US$1760/oz gold price) of US$1,243M.
  • Underground drilling conducted in 2021 is being assessed with the aim of adding significant underground resources at Adumbi. Such an addition could have the potential of a positive amendment to the PEA in 2022.
  • Africa's largest gold mine, the Barrick managed Kibali Gold mine, is only 130 miles away.
  • Loncor’s team has previously delineated 17 million ounces of gold resources in areas of similar geology in neighbouring countries, plus 14 million ounces of gold resources in the 15 years of operating in the DRC, with the huge Ngayu Belt now the focus.
  • Loncor holds exploration permits covering an area of 480km2 of the Ngayu Archaean greenstone belt in the northeast DRC with numerous other targets of interest.
  • The company arguably offers the largest direct exposure to the gold potential of the North East DRC, backed up by individuals who know the DRC well.
  • Loncor currently controls an indicated gold resource of 2.50 million ounces, and 2.64 million ounces of inferred resources. The Imbo Project alone contains 1.88 million ounces of indicated gold resources and 2.09 million ounces of inferred gold resources (84.68% attributable to Loncor) at grades similar to ABX's Kibali mine.
  • The Imbo area was mined on a relatively small scale in the 1930s by Belgians, with the majority of output originating from our main target, Adumbi.
  • Loncor has numerous other targets to explore both close to Adumbi (Imbo East) and further afield. Makapela, 50 kilometres from Adumbi, is an obvious area for further drilling given it holds a significant resource from 65 holes drilled previously, with results of 64g/t over a true width of 4.3 metres being recorded. The deposit extends for at least 3 kilometres.