Toronto - Loncor Resources Inc. ('Loncor' or the 'Company') (TSX: 'LN'; OTCQB: 'LONCF') announces that its 76.29%-owned subsidiary, Adumbi Mining SARL ('Adumbi Mining'), has entered into a joint venture agreement with Barrick Gold (DRC) Limited for two exploitation permits held by Adumbi Mining (the 'JV Permits') covering ground contiguous to the Company's Imva area within the Ngayu gold belt in the northeast of the Democratic Republic of the Congo ('DRC').

The purpose of the New Barrick JV is to conduct exploration on the JV Permit properties to evaluate possible development and mining of such properties.

The Ngayu gold belt lies approximately 220 kilometres from the Kibali gold mine, operated by Barrick (TSX: 'ABX'; NYSE: 'GOLD'). Kibali produced record gold production of 814,000 ounces of gold in 2019, at 'all-in sustaining costs' of US$693/oz.

The terms of the New Barrick JV are similar to Loncor's ongoing joint venture agreement with Barrick which covers over 1,894 km2 of ground in the Ngayu gold belt including, among other properties, certain properties in the Imva area. Under the New Barrick JV, Barrick will manage and fund all exploration of the JV Permit properties until the completion of a pre-feasibility study. Once the joint venture committee has determined to move ahead with a full feasibility study, a special purpose vehicle ('SPV') would be created to hold the specific discovery areas. Subject to the DRC's free carried interest requirements, Barrick would retain 65% of the SPV with Adumbi Mining holding the balance of 35%. Adumbi Mining would be required, from that point forward, to fund its pro-rata share of the SPV in order to maintain its 35% interest or be diluted.

The closing of the New Barrick JV, which is expected to occur by July 18, 2020, is subject to certain closing conditions customary for transactions of this nature.

Arnold Kondrat, CEO of Loncor, stated: 'We are pleased to see Barrick's confidence in the Ngayu gold belt continue to grow. This New Barrick JV further consolidates the control of the Ngayu gold belt by Loncor and Barrick as partners.'

About Loncor Resources Inc.

Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the North East of the Democratic Republic of the Congo (the 'DRC'). The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (Congo) SARL ('Barrick'). In 2019, Kibali produced record gold production of 814,000 ounces at 'all-in sustaining costs' of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in 1,894 km2 of Loncor ground that they are exploring. As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration on the said ground at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement Barrick highlighted six prospective drill targets and are moving towards confirmation drilling in 2020. Subject to the DRC's free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted.

In addition to the Barrick JV, certain parcels of land within the Ngayu project surrounding and including the Makapela and Adumbi deposits have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Loncor's Makapela deposit (which is 100%-owned by Loncor) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au). Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 76.29% of this resource being attributable to Loncor via its 76.29% interest in the project.

Resolute Mining Limited (ASX/LSE: 'RSG') owns 26% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the 'SEC') permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used by the Company, such as 'Indicated' and 'Inferred' 'Resources', that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company's Form 20-F annual report, File No. 001- 35124, which may be secured from the Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.

Cautionary Note Concerning Forward-Looking Information

This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding future exploration by the New Barrick JV and potential gold discoveries, mineral resource estimates, potential mineral resource increases, drill targets, exploration results, future drilling and other future exploration, and future development) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Contact:

Arnold Kondrat

Tel: + 1 (416) 366 7300

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