NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

 Loncor Sources Inc. (” Loncor ” or the ” Firm “) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51″) is happy to announce a non-brokered personal placement of as much as 10,000,000 items of the Firm (the “ Models ”) at a worth of Cdn$0.50 per Unit for gross proceeds of as much as Cdn$5,000,000 (the ” Financing “). Every Unit will consist of 1 widespread share of the Firm and one-half of 1 widespread share buy warrant (every complete widespread share buy warrant, a ” Warrant “) of the Firm, with every Warrant entitling the holder thereof to amass one widespread share of the Firm at an train worth of Cdn$0.75 for a interval of 12 months following the cut-off date of the Financing.

Closing of the Financing is topic to receipt of all obligatory approvals, together with board and Toronto Inventory Trade approvals. The Firm intends to make use of the proceeds from the Financing for continued exploration and growth of the Firm’s Imbo Mission, together with further drilling on the Adumbi gold deposit, and for common company functions. Sure insiders of the Firm have agreed to buy a complete of as much as 20% of the Models.

This press launch doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase nor shall there be any sale of any of the securities in any jurisdiction by which such supply, solicitation or sale could be illegal. The securities haven’t been and won’t be registered below the USA Securities Act of 1933, as amended (the “ U.S. Securities Act ”), or the securities legal guidelines of any state of the USA and is probably not provided or offered inside the USA (as outlined in Regulation S below the U.S. Securities Act) except registered below the U.S. Securities Act and relevant state securities legal guidelines or pursuant to an exemption from such registration necessities.

About Loncor Sources Inc.
Loncor is a Canadian gold exploration firm focussed on the Ngayu Greenstone Belt within the northeast of the Democratic Republic of the Congo (the “ DRC ”). The Loncor workforce has over 20 years of expertise of working within the DRC. Ngayu has quite a few optimistic indicators primarily based on the geology, artisanal exercise, encouraging drill outcomes and an current gold useful resource base. The world is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (TSX: “ABX”; NYSE: “GOLD”). In 2019, Kibali produced report gold manufacturing of 814,000 ounces at “all-in sustaining prices” of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an space of explicit exploration curiosity and is shifting in the direction of incomes 65% of any discovery in roughly 2,000 km ² of Loncor floor within the Ngayu Greenstone Belt that they’re exploring. As per the three way partnership agreements entered into between Loncor and Barrick, Barrick manages and funds exploration on the stated floor till the completion of a pre-feasibility examine on any gold discovery assembly the funding standards of Barrick. In a current announcement Barrick highlighted six potential drill targets and have commenced affirmation drilling in 2020. Topic to the DRC’s free carried curiosity necessities, Barrick would earn 65% of any discovery with Loncor holding the stability of 35%. Loncor can be required, from that time ahead, to fund its pro-rata share in respect of the invention to be able to preserve its 35% curiosity or be diluted.

Along with the Barrick joint ventures, sure parcels of land throughout the Ngayu Belt surrounding and together with the Adumbi and Makapela deposits have been retained by Loncor and don’t kind a part of any of the joint ventures with Barrick. Barrick has sure pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits maintain an inferred mineral useful resource of two.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this useful resource being attributable to Loncor through its 84.68% curiosity within the undertaking. Loncor’s Makapela deposit (which is 100%-owned by Loncor) has an indicated mineral useful resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral useful resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).

Resolute Mining Restricted (ASX/LSE: “RSG”) owns 26% of the excellent shares of Loncor and holds a pre-emptive proper to take care of its professional rata fairness possession curiosity in Loncor following the completion by Loncor of any proposed fairness providing.

Further data with respect to Loncor and its initiatives could be discovered on Loncor’s web site at www.loncor.com.

Cautionary Observe to U.S. Buyers
The USA Securities and Trade Fee (the ” SEC “) permits U.S. mining corporations, of their filings with the SEC, to reveal solely these mineral deposits that an organization can economically and legally extract or produce. Sure phrases are utilized by the Firm, similar to “Indicated” and “Inferred” “Sources”, that the SEC tips strictly prohibit U.S. registered corporations from together with of their filings with the SEC. U.S. Buyers are urged to think about carefully the disclosure within the Firm’s Type 20-F annual report, File No. 001- 35124, which can be secured from the Firm, or from the SEC’s web site at http://www.sec.gov/edgar.shtml.

Cautionary Observe Regarding Ahead-Wanting Info
This press launch comprises forward-looking data. All statements, apart from statements of historic reality, that tackle actions, occasions or developments that the Firm believes, expects or anticipates will or might happen sooner or later (together with, with out limitation, statements relating to the closing of the Financing, the proposed use of proceeds from the Financing, potential mineralization, drilling and different exploration below the three way partnership agreements with Barrick, potential gold discoveries, mineral useful resource estimates, drill targets, exploration outcomes, and future exploration and growth) are forward-looking data. This forward-looking data displays the present expectations or beliefs of the Firm primarily based on data presently obtainable to the Firm. Ahead-looking data is topic to quite a few dangers and uncertainties that will trigger the precise outcomes of the Firm to vary materially from these mentioned within the forward-looking data, and even when such precise outcomes are realized or considerably realized, there could be no assurance that they are going to have the anticipated penalties to, or results on the Firm. Elements that might trigger precise outcomes or occasions to vary materially from present expectations embrace, amongst different issues, failure to finish the proposed Financing, the necessity to fulfill regulatory and authorized necessities with respect to the proposed Financing, the chance that future exploration (together with drilling) or growth outcomes is not going to be in line with the Firm’s expectations, the chance that drilling packages can be delayed, actions of the Firm could also be adversely impacted by the continued unfold of the current widespread outbreak of respiratory sickness attributable to a novel pressure of the coronavirus (“COVID-19”), together with the flexibility of the Firm to safe further financing, dangers associated to the exploration stage of the Firm’s properties, uncertainties regarding the supply and prices of financing wanted sooner or later, failure to ascertain estimated mineral sources (the Firm’s mineral useful resource figures are estimates and no assurances could be on condition that the indicated ranges of gold can be produced), modifications in world gold markets or fairness markets, political developments within the DRC, gold recoveries being lower than these indicated by the metallurgical testwork carried out so far (there could be no assurance that gold recoveries in small scale laboratory assessments can be duplicated in massive assessments below on-site situations or throughout manufacturing), fluctuations in foreign money trade charges, inflation, modifications to laws affecting the Firm’s actions, delays in acquiring or failure to acquire required undertaking approvals, the uncertainties concerned in deciphering drilling outcomes and different geological information and the opposite dangers disclosed below the heading “Danger Elements” and elsewhere within the Firm’s annual report on Type 20-F dated April 6, 2020 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Ahead-looking data speaks solely as of the date on which it’s offered and, besides as could also be required by relevant securities legal guidelines, the Firm disclaims any intent or obligation to replace any forward-looking data, whether or not on account of new data, future occasions or outcomes or in any other case. Though the Firm believes that the assumptions inherent within the forward-looking data are affordable, forward-looking data isn’t a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such data as a result of inherent uncertainty therein.

For additional data, please go to our web site at www.loncor.com or contact:

Arnold Kondrat , CEO, Toronto, Ontario Tel: (416) 366-7300
John Barker, VP of Enterprise Improvement, United Kingdom +44 7547 159 521