Loncor Gold Continues to Report Multiple, High Grade Gold Intersections at Its Drill Program at Adumbi

The most recent news, dated 2025-12-15, reports further multiple, high-grade gold intersections from Loncor Gold's deep drilling program at its Adumbi deposit in the Democratic Republic of the Congo. Key highlights from borehole LADD033 include: - 26.36 metres grading 4.19 g/t gold from 469 metres. - 15.49 metres grading 6.92 g/t gold from 533.28 metres. - A very high-grade intersection of 1.36 metres grading 298 g/t gold from 603.94 metres.

President Peter Cowley stated that these results continue to show multiple mineralized zones at depth, with excellent grades and thicknesses suitable for underground mining below the existing 3.66 million ounces within the open pit shell. He also noted that LADD032 intersected Banded Iron Formation (BIF) mineralization over 900 meters below Adumbi Hill's summit, marking the deepest drill intersection to date, suggesting significant depth extensions, consistent with other major Archean-aged BIF-hosted gold deposits.

This news follows closely on the heels of a significant corporate development: Loncor Gold's shareholders overwhelmingly approved the acquisition of the company by Chengtun Mining Group Co., Ltd. for C$1.38 per share in an all-cash transaction, as announced on 2025-12-11. This transaction was initially announced on 2025-10-14 and is pending final court approval and other closing conditions, with an expected closing no later than Q1 2026.

The drilling results, while individually positive for the Adumbi asset, have a neutral material impact on Loncor Gold's stock price from an investment perspective for public shareholders. This is because the company is currently under a binding agreement to be acquired by Chengtun Mining for a fixed price of C$1.38 per share. The stock price has already adjusted to this acquisition price, trading at C$1.35 as of December 12, 2025.

The positive drill results may enhance the long-term value of the Adumbi project for the acquirer, Chengtun Mining, but they do not alter the agreed-upon cash consideration for Loncor Gold shareholders. Unless a superior offer (which is highly improbable at this late stage after shareholder approval) were to emerge, the current share price will likely continue to trade in a narrow range around the C$1.38 offer price, reflecting the small remaining arbitrage opportunity and the risk of the deal not closing. The news does not introduce new information that would prompt a re-evaluation of the acquisition terms for current shareholders.

Loncor Gold Inc. is a Canadian gold exploration company primarily focused on its projects in the Ngayu greenstone gold belt in the Democratic Republic of the Congo (DRC). The company's strategy has been to drill and expand its high-grade resources with the objective of reaching a 5-million-ounce resource target.

Flagship Project: Adumbi Deposit - Location: Ngayu greenstone belt, Democratic Republic of the Congo. - Resources: - Indicated Mineral Resource: 1.88 million ounces of gold (28.185 million tonnes at 2.08 g/t Au). - Inferred Mineral Resource: 1.78 million ounces of gold (20.83 million tonnes at 2.65 g/t Au). - These resources are delineated within a US$1,600/oz open pit shell. - Development Stage: Resource stage, with a Preliminary Economic Assessment (PEA) completed in December 2021. The PEA suggests a potential for both open pit and underground mining. - Exploration Target: An exploration target for underground resources below the pit is estimated at 8.9-9.6 Mt @ 4.7-4.9 g/t Au (down to 800m). - Recent Activity: Active deep drilling program aimed at extending mineralization at depth and delineating a significant underground resource. - Other Projects: Loncor also holds interests in other projects within the Ngayu belt, including Kitenge (191 koz Inferred @ 6.60 g/t Au) and Manzako (122 koz Inferred @ 5.00 g/t Au).