Loncor Gold Inc. provided a corporate update on activities within the company. In line with a number of previous announcements in 2022, discussions continue with potential strategic partners with respect to the development of the company's gold deposits. The company is also announced that it has concluded a leasing agreement with Ding Sheng Services S.A.R.L. (Ding Sheng) that permits Ding Sheng to mine the non-strategic alluvial potential to the south of Adumbi, with a focus on the gravels bordering the Imbo River.

As consideration for the award of the lease, Ding Sheng paid Loncor a total of USD 1.25 million, with Loncor receiving a further 25% of future revenue generated, after deducting USD 1 million from Loncor's attributable revenues from production. The Agreement has been registered with the Democratic Republic of the Congo's (the "DRC") mining registry (CAMI) as required by the DRC Mining Code. In addition, as required by the DRC Mining Code, there are clear lessee taxes and environmental obligations outlined within the Agreement.

To facilitate the application of the said obligations, Loncor has produced detailed base line studies on the area to be mined and has appointed a number of representatives to monitor both production and environmental impact. The Agreement creates direct employment opportunities for local communities who are also involved in the development of a nursery to grow indigenous plants as part of the rehabilitation obligations.