Loncor Gold is a Canadian junior gold exploration company focused entirely on the Ngayu Greenstone Gold Belt in the Democratic Republic of Congo (DRC). Loncor has no revenue — it explores for gold with the goal of either developing its assets into a producing mine or attracting a larger partner or acquirer. The company's sole material asset is the Adumbi gold deposit, part of its Imbo Project in Ituri Province. Loncor holds an ~85% interest in the Imbo Project, with the DRC government holding a 10% free-carried interest. Adumbi is an open-pit gold resource currently estimated at 1.88M indicated ounces and 1.78M inferred ounces on a 100% basis. Beyond the open pit, Loncor has identified a high-grade underground exploration target at depth and is executing an 11,000-metre drilling program to attempt to convert it into an inferred resource. Loncor also holds a large exploration land package in North Kivu Province, though all permits there are under force majeure due to active security instability. Loncor funds operations through periodic equity private placements and, most recently, a US$10M sale of its non-core Makapela project. The key value driver is growing the Adumbi resource base in total ounces and resource confidence. Operating exclusively in the DRC introduces meaningful political and operational risk, and Loncor previously had a joint venture with Barrick that validated the belt's geology before Barrick exited in 2021.