Loncor remains on track to hold special meeting Dec. 11

Executive Summary

• Loncor Gold Inc. provides an operational update regarding its Adumbi project in the Democratic Republic of the Congo, confirming that drilling activities are proceeding normally despite recent heightened travel cautions issued by the Chinese Ministry of Foreign Affairs for the region.
• The company remains on track for its special shareholder meeting scheduled for December 11, 2025, to approve the proposed arrangement transaction with Chengtun Mining Group Co. Ltd.
• The proposed transaction involves Chengtun Mining acquiring all outstanding shares of Loncor Gold for $1.38 per share in cash, subject to standard closing conditions including shareholder and court approval.

Key Details

• Transaction Status: The arrangement transaction with Chengtun Mining Group Co. Ltd. (via subsidiary Chengtun Gold Ontario Inc.) is advancing; the company remains on track for the special meeting of shareholders on Dec. 11, 2025.
• Transaction Terms: Chengtun Mining will acquire all outstanding shares of Loncor Gold for $1.38 per share in cash via a court-approved plan of arrangement.
• Closing Conditions: Closing is subject to satisfaction or waiver of requisite conditions, specifically:
  • Approval of Loncor shareholders at the special meeting.
  • Approval of the Ontario Superior Court of Justice (commercial list).
• Operational Update (Adumbi Project):
  • The Adumbi project is located approximately 500 kilometers from the Rwandan and Ugandan border areas cited in the Chinese Ministry of Foreign Affairs' heightened caution.
  • The company reports no operational issues resulting from the caution.
  • The drill program at Adumbi continues normally.
  • More drill results are expected within the next 10 days.
• Resource Data (From "About" Section):
  • Adumbi Indicated Resource: 1.88 million ounces of gold (28,185,000 tonnes grading 2.08 g/t Au).
  • Adumbi + Neighboring Deposits Inferred Resource: 2.09 million ounces of gold (22,508,000 tonnes grading 2.89 g/t Au), with 84.68% attributable to Loncor.
• Contextual Comparison: Africa's largest gold mine, Kibali (controlled by Barrick AngloGold joint venture), is located approximately 230 kilometers northeast of Adumbi and was also identified in the recent communique.

Notable Quotes

• "Loncor's Adumbi project is located approximately 500 kilometres from the border areas and has not experienced any issues with its operations."
• "The company's drill program at Adumbi continues normally with more drill results expected within the next 10 days."