# EDGAR Filing Document

**Accession Number:** 0001472619
**File Stem:** 0001062993-25-016816
**Filing Date:** 2025-11
**Character Count:** 128691
**Document Hash:** 5c20bac5b25d97a125e00ef0c6f728f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016816.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001062993-25-016816

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Loncor Gold Inc.
- **CENTRAL INDEX KEY:** 0001472619
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35124
- **FILM NUMBER:** 251483634

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **STREET 2:** P.O. BOX 67
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M2P 2B8
- **BUSINESS PHONE:** (416) 361-2510

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **STREET 2:** P.O. BOX 67
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M2P 2B8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Loncor Resources Inc.
- **DATE OF NAME CHANGE:** 20090918

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**UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE** <br>**SECURITIES EXCHANGE ACT OF 1934** 

For the month of **<u>November 2025</u>**

Commission File Number **<u>001-35124</u>**

**<u>LONCOR GOLD INC.</u>**<br>(Translation of registrant's name into English)

**4120 Yonge Street, Suite 304** <br>**Toronto, Ontario, Canada** <br>**<u>M2P 2B8</u>**<br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

Form 20-F [X]&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [ ]

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **LONCOR GOLD INC.**<br>/s/ Donat Madilo |
| Date: November 13, 2025 | Donat Madilo |
|  | Chief Financial Officer |

---

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**INDEX TO EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit99-1.htm) | [Interim Condensed Consolidated Financial Statements for the period ended September 30, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Management's Discussion and Analysis for the period ended September 30, 2025](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CEO](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CFO](exhibit99-4.htm) |

---

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## Exhibit 99.1

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![](exhibit99-1x001.jpg)

**Interim Condensed Consolidated Financial Statements** 

**September 30, 2025**

**(Expressed in U.S. dollars)**

**(unaudited)**

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**NOTICE TO READER** 

These interim condensed consolidated financial statements of Loncor Gold Inc. as at and for the three and nine months ended September 30, 2025 have been prepared by management of Loncor Gold Inc. The auditors of Loncor Gold Inc. have not audited or reviewed these interim condensed consolidated financial statements.

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<u>Contents</u>

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| | | |
|:---|:---|:---|
| INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |  |
| [Interim Condensed Consolidated Statements of Financial Position](#page_4) | [Interim Condensed Consolidated Statements of Financial Position](#page_4) | [4](#page_4) |
| [Interim Condensed Consolidated Statements of Loss and Comprehensive Loss](#page_5) | [Interim Condensed Consolidated Statements of Loss and Comprehensive Loss](#page_5) | [5](#page_5) |
| [Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](#page_6) | [Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](#page_6) | [6](#page_6) |
| [Interim Condensed Consolidated Statements of Cash Flows](#page_7) | [Interim Condensed Consolidated Statements of Cash Flows](#page_7) | [7](#page_7) |
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |  |
| [1.](#page_8) | [Corporate Information](#page_8) | [8](#page_8) |
| [2.](#page_8) | [Basis of Preparation](#page_8) | [8](#page_8) |
| [3.](#page_9) | [Summary of Significant Accounting Policies](#page_9) | [9](#page_9) |
| [4.](#page_10) | [Subsidiaries](#page_10) | [10](#page_10) |
| [5.](#page_10) | [Advances receivable and prepaid expenses](#page_10) | [10](#page_10) |
| [6.](#page_11) | [Investments](#page_11) | [11](#page_11) |
| [7.](#page_11) | [Related party transactions](#page_11) | [11](#page_11) |
| [8.](#page_11) | [Property, Plant and Equipment](#page_11) | [11](#page_11) |
| [9.](#page_12) | [Exploration and Evaluation Assets](#page_12) | [12](#page_12) |
| [10.](#page_13) | [Segmented Reporting](#page_13) | [13](#page_13) |
| [11.](#page_14) | [Accounts Payable](#page_14) | [14](#page_14) |
| [12.](#page_14) | [Loans](#page_14) | [14](#page_14) |
| [13.](#page_14) | [Share Capital](#page_14) | [14](#page_14) |
| [14.](#page_17) | [Share-Based Payments](#page_17) | [17](#page_17) |
| [15.](#page_18) | [Lease obligations](#page_18) | [18](#page_18) |
| [16.](#page_18) | [Financial risk management objectives and policies](#page_18) | [18](#page_18) |
| [17.](#page_21) | [Supplemental cash flow information](#page_21) | [21](#page_21) |
| [18.](#page_21) | [Employee retention allowance](#page_21) | [21](#page_21) |
| [19.](#page_21) | [Subsequent Events](#page_21) | [21](#page_21) |

---

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---

| |
|:---|
| **Loncor Gold Inc.** |
| **Interim Condensed Consolidated Statements of Financial Position** |
| **(Expressed in U.S. dollars - unaudited)** |

---

---

| | |
|:---|:---|
|  | **Notes** |
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;**Current Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances receivable and prepaid expenses | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties | 7 |
| &nbsp;&nbsp;**Total Current Assets** |  |
| &nbsp;&nbsp;**Non-Current Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets | 9 |
| &nbsp;&nbsp;**Total Non-Current Assets** |  |
| &nbsp;&nbsp;**Total Assets** |  |
| &nbsp;&nbsp;**Liabilities and Shareholders' Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee retention allowance | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease obligation | 15 |
| &nbsp;&nbsp;**Current Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-Current Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease obligation | 15 |
| &nbsp;&nbsp;**Total Liabilities** |  |
| &nbsp;&nbsp;**Shareholders' Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Minority interest) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit) |  |
| &nbsp;&nbsp;**Total Shareholders' Equity** |  |
| &nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** |  |
| &nbsp;&nbsp;**Common shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding | 13b |

---

Going concern (Note 2b)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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---

| |
|:---|
| **Loncor Gold Inc.** |
| **Interim Condensed Consolidated Statements of Loss and Comprehensive Loss** |
| **(Expressed in U.S. dollars - unaudited)** |

---

---

| | |
|:---|:---|
|  | **Notes** |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting, management and professional fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Office and sundry |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel and promotion |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 8, 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and bank expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease obligation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts) |  |
| &nbsp;&nbsp;**Loss before other items)** **)))** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of property, plant and equipment |  |
| &nbsp;&nbsp;**Loss and comprehensive loss for the period)** **)))** |  |
| &nbsp;&nbsp;**Loss per share, basic and diluted** | 13d) |
| &nbsp;&nbsp;**Weighted average number of shares - basic and diluted** | 13d |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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---

| |
|:---|
| **Loncor Gold Inc.** |
| **Interim Condensed Consolidated Statements of Changes in Shareholders' Equity** |
| **(Expressed in U.S. dollars - unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common shares** | **Common shares** | | | | |
| | **Number of<br>shares**  | **Amount** | | | | |
| <br>&nbsp;&nbsp;**Balance at December 31, 2023** | **153144174** | $**100184783** | <br>**Reserves**<br>$**12511661** | <br>**Minority<br>Interest**<br>$**-** | <br>**Deficit**<br>$**(91128928)** | <br>**Total shareholders'<br>equity**<br>$**21567516** |
| &nbsp;&nbsp;Loss for the period |  |  |  |  | (2083538) | (2083538) |
| &nbsp;&nbsp;Option exercise (Note 13b) | 1470000 | 288296 | (107713) |  |  | 180583 |
| &nbsp;&nbsp;Issuance costs (Note 13b) |  | (83837) | 83837 |  |  |  |
| &nbsp;&nbsp;Share-based payments (Note 14) |  |  | 361320 |  |  | 361320 |
| &nbsp;&nbsp;**Balance at September 30, 2024** | **154614174** | $**100389242** | $**12849105** |  | $**(93212466)** | $**20025881** |
| &nbsp;&nbsp;Loss for the period |  |  |  |  | (2075659) | (2075659) |
| &nbsp;&nbsp;Share-based payments (Note 14) |  |  | 300553 |  |  | 300553 |
| &nbsp;&nbsp;**Balance at December 31, 2024** | **154614174** | $**100389242** | $**13149658** |  | $**(95288125)** | $**18250775** |
| &nbsp;&nbsp;Loss for the period |  |  |  |  | (2242985) | (2242985) |
| &nbsp;&nbsp;Minority interest |  |  |  | (315687) |  | (315687) |
| &nbsp;&nbsp;Common shares issued with warrants (Note 13b) | 17090910 | 5010634 | 1879566 |  |  | 6890200 |
| &nbsp;&nbsp;Warrants excercised (Note 13b) | 4244600 | 2343568 | (273538) |  |  | 2070030 |
| &nbsp;&nbsp;Option exercise (Note 13b) | 650000 | 229448 | (75442) |  |  | 154006 |
| &nbsp;&nbsp;Issuance costs (Note 13b) |  | (729875) | (163770) |  |  | (893645) |
| &nbsp;&nbsp;Share-based payments (Note 14) |  |  | 470742 |  |  | 470742 |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **176599684** | $**107243017** | $**14987216** | $**(315687)** | $**(97531110)** | $**24383436** |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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---

| |
|:---|
| **Loncor Gold Inc.** |
| **Interim Condensed Consolidated Statements of Cash Flows** |
| **(Expressed in U.S. dollars - unaudited)** |

---

---

| | |
|:---|:---|
|  | **Notes** |
| &nbsp;&nbsp;**Cash flows from operating activities** |  |
| &nbsp;&nbsp;Loss for the period) |  |
| &nbsp;&nbsp;Adjustments to reconcile loss to net cash used in operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease obligation | 15 |
| &nbsp;&nbsp;Changes in non-cash working capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances receivable and prepaid expenses) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to/from related parties) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee retention allowance | 18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities) |  |
| &nbsp;&nbsp;**Net cash used in operating activities)** **)))** |  |
| &nbsp;&nbsp;**Cash flows from investing activities** |  |
| &nbsp;&nbsp;Funds received from leasing agreement | 9a |
| &nbsp;&nbsp;Funds received from asset held for sale |  |
| &nbsp;&nbsp;Disposition of capital assets | 8 |
| &nbsp;&nbsp;Investment in KGL) |  |
| &nbsp;&nbsp;Acquisition of property, plant and equipment) |  |
| &nbsp;&nbsp;Expenditures on exploration and evaluation assets | 9) |
| &nbsp;&nbsp;**Net cash (used) generated by investing activities))** |  |
| &nbsp;&nbsp;**Cash flows from financing activities** |  |
| &nbsp;&nbsp;Proceeds from share issuances, net of issuance costs |  |
| &nbsp;&nbsp;Loans (repaid) received | 12) |
| &nbsp;&nbsp;Due to related parties |  |
| &nbsp;&nbsp;Principal repayment of lease obligation | 15) |
| &nbsp;&nbsp;**Net cash (used) generated by financing activities))** |  |
| &nbsp;&nbsp;**Net (decrease)/ increase in cash and cash equivalents during the period** |  |
| &nbsp;&nbsp;**Cash and cash equivalents, beginning of the period** |  |
| &nbsp;&nbsp;**Cash and cash equivalents, end of the period** |  |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

**1.** **Corporate Information**

Loncor Gold Inc. (the "Company" or "Loncor") is a corporation governed by the Ontario Business Corporations Act. In June 2021, the Company changed its name from Loncor Resources Inc. to Loncor Gold Inc. The principal business of the Company is the acquisition and exploration of mineral properties.

These interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2025 include the accounts of the Company and of its 90% owned subsidiary in the Democratic Republic of the Congo (the "Congo"), Loncor Resources Congo SARL and in Canada, KGL Resources Ltd. ("KGL"), Loncor Resources Congo SARL owns 100% of the common shares of Devon Resources SARL and 100% of Navarro Resources SARL.

In June 2025, Loncor Gold Inc. acquired 60.23% of the outstanding common shares of KGL in a debt settlement transaction. KGL is a publicly listed company incorporated pursuant to the provisions of the Ontario Business Corporations Act whose common shares are listed on the NEX Board of the TSX Venture Exchange (NEX: KGL-H).

In November 2023 Loncor Gold Inc. amalgamated with its wholly-owned Ontario subsidiary Loncor Kilo Inc. Loncor Gold Inc. now owns directly 84.67% of the outstanding shares of Adumbi Mining S.A. ("Adumbi"), a company registered in the Congo (Adumbi Mining S.A. changed its name from KGL-Somituri SARL in January 2020), and 100% of the shares of Kilo Isiro Atlantic Ltd (a British Virgin Islands company). Kilo Isiro Atlantic Ltd owns 100% of the shares of Isiro (Jersey) Limited which in turn owns 100% of the shares of KGL Isiro SARL in the Congo. These interim condensed consolidated financial statements also include the accounts of Adumbi, Kilo Isiro Atlantic Ltd, Isiro (Jersey) Limited and KGL Isiro SARL.

The Company is a publicly traded company whose outstanding common shares trade on the Toronto Stock Exchange, the OTCQX market in the United States and the Frankfurt Stock Exchange. The head office of the Company is located at 4120 Yonge Street, Suite 304 Toronto, Ontario, M2P 2B8, Canada.

**2.** **Basis of Preparation**

**a) Statement of compliance**

These interim condensed consolidated financial statements as at and for the three and nine month periods ended September 30, 2025 have been prepared in accordance with International Accounting Standard ("IAS") 34 'Interim Financial Reporting' ("IAS 34") using accounting policies consistent with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The disclosure contained in these interim condensed consolidated financial statements does not include all the requirements in IAS 1 Presentation of Financial Statements ("IAS 1"). Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as at and for the year ended December 31, 2024, which include information necessary to understand the Company's business and financial statement presentation.

**b) Going Concern**

The Company incurred a net loss of $972,872 and $2,242,985 for the respective three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $643,923 and $2,083,538 respectively) and as at September 30, 2025 had working capital of $2,660,360 (December 31, 2024 - working capital of $1,388,131).

The recoverability of the amount shown for exploration and evaluation assets is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain financing to continue to perform exploration activity or complete the development of the properties where necessary, or alternatively, upon the Company's ability to recover its incurred costs through a disposition of its interests, all of which are uncertain.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

In addition, if the Company raises additional funds by issuing equity securities, then existing security holders will likely experience dilution, and the incurring of indebtedness would result in increased debt service obligations and could require the Company to agree to operating and financial covenants that would restrict its operations. Any failure on its part to raise additional funds on terms favourable to the Company or at all, may require the Company to significantly change or curtail its current or planned operations in order to conserve cash until such time, if ever, that sufficient proceeds from operations are generated, and could result in the Company not taking advantage of other available business opportunities.

In the event the Company is unable to identify recoverable resources, receive the necessary permitting, or arrange appropriate financing, the carrying value of the Company's assets and liabilities could be subject to material adjustment. These matters create material uncertainties that cast significant and substantial doubt upon the validity of the going concern assumption.

These interim condensed consolidated financial statements do not include any additional adjustments to the recoverability and classification of certain recorded asset amounts, classification of certain liabilities and changes to the statements of loss and comprehensive loss that might be necessary if the Company was unable to continue as a going concern.

**c) Basis of measurement** 

These interim condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial assets and liabilities which are presented at fair value. These interim condensed consolidated financial statements have also been prepared on an accrual basis, except for cash flow information.

**3.** **Summary of Significant Accounting Policies**

The accounting policies set out below have been applied consistently by all group entities and to all periods presented in these interim condensed consolidated financial statements, unless otherwise indicated.

**a) Basis of Consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;**i. Subsidiaries**

Subsidiaries consist of entities over which the Company is exposed to, or has rights to, variable returns as well as ability to offset these returns through the power to direct the relevant activities of the entity. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company's share capital. The financial statements of subsidiaries are included in the consolidated financial statements of the Company from the date that control commences until the date that control ceases. Consolidation accounting is applied for all of the Company's subsidiaries (see note 4).

&nbsp;&nbsp;&nbsp;&nbsp;**ii. Transactions eliminated on consolidation**

Inter-company balances, transactions, and any unrealized income and expenses, are eliminated in preparing the consolidated financial statements.

Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

**b) Use of Estimates and Judgments** 

The preparation of these interim condensed consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

**c) New Accounting Standards Not yet Adopted**

In April 2024, the IASB published a new standard IFRS 18 "*Presentation and Disclosures in Financial Statements*". The new standard is the result of the so called primary financial statements project, aims at improving how entities communicate in their financial statements and will be effective for annual periods beginning on or after January 1, 2027. The effects of the adoption of IFRS 18 on the Company's financial statements have not yet been determined.

In May 2024, the IASB issued "*Amendment to the Classification and Measurement of Finance Instruments* (Amendments to IFRS 9 and IFRS 7)" to address matters identified during post-implementation review of the classification and measurements of *IFRS 9 Financial Instruments*. The amendments are effective from reporting periods beginning on or after January 1, 2026. The Company does not expect the adoption of this amendment to have a material impact on its financial statements.

**4.** **Subsidiaries**

The following table lists the Company's direct and indirect subsidiaries:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Subsidiary** | &nbsp;&nbsp;**Place of<br>Incorporation** | &nbsp;&nbsp;**Proportion of<br>Ownership Interest** | &nbsp;&nbsp;**Direct/Indirect** | &nbsp;&nbsp;**Principal<br>Activity** |
| &nbsp;&nbsp;Loncor Resources Congo SARL | &nbsp;&nbsp;Democratic Republic of the Congo | &nbsp;&nbsp;90% | &nbsp;&nbsp;Direct | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;Devon Resources SARL | &nbsp;&nbsp;Democratic Republic of the Congo | &nbsp;&nbsp;90% | &nbsp;&nbsp;Indirect | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;Navarro Resources SARL | &nbsp;&nbsp;Democratic Republic of the Congo | &nbsp;&nbsp;90% | &nbsp;&nbsp;Indirect | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;Adumbi Mining S.A. | &nbsp;&nbsp;Democratic Republic of the Congo | &nbsp;&nbsp;84.67% | &nbsp;&nbsp;Direct | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;KGL Isiro Atlantic Ltd | &nbsp;&nbsp;British Virgin Islands | &nbsp;&nbsp;100% | &nbsp;&nbsp;Direct | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;Isiro (Jersey) Limited | &nbsp;&nbsp;Jersey | &nbsp;&nbsp;100% | &nbsp;&nbsp;Indirect | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;KGL Isiro SARL | &nbsp;&nbsp;Democratic Republic of the Congo | &nbsp;&nbsp;100% | &nbsp;&nbsp;Indirect | &nbsp;&nbsp;Mineral Exploration |
| &nbsp;&nbsp;KGL Resources Ltd. | &nbsp;&nbsp;Ontario,Canada | &nbsp;&nbsp;60% | &nbsp;&nbsp;Direct | &nbsp;&nbsp;Holding Company |

---

**5.** **Advances receivable and prepaid expenses**

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31,<br>2024 |
| Supplier prepayments and deposits | 352389 | 321158 |
| Accounts receivable | 86534 | 510502 |
| Loan to KGL and accrued interest |  | 69530 |
| Other receivables and employee advances | 333160 | 290220 |
| Harmonized Sales Tax receivable | 61069 | 22134 |
| Allowance for bad debt |  | (69530) |
|  | $833151 | $1144014 |

---

In connection with the September 2019 acquisition of Loncor Kilo Inc. (see Note 1), the Company provided to KGL Resources Ltd. an unsecured loan in the principal amount of $49,146 (Cdn$65,000) bearing interest of 8% per annum and repayable on demand. As at September 30, 2025, the loan was settled with shares issued (see Note 6). The interest accrued on the loan as at September 30, 2025 was $nil (December 31, 2024 - $20,384).

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

Other receivables include advances to a third party for an amount of $283,646 (December 31, 2024 - $264,623), backed by a general security agreement. Other receivables and employee advances of $49,514 are non-interest bearing, unsecured and due on demand (December 31, 2024 - $19,536).

As at September 30, 2025 the Company had $61,069 (December 31, 2024 - $22,134) of Harmonized Sales Tax receivable.

**6.** **Investments**

In June 2025, the Company completed a debt settlement with KGL Resources Ltd. ("KGL") pursuant to which KGL issued to Loncor 8,857,142 common shares at a deemed issue price of $0.07 per share to settle indebtedness of $454,460 (Cdn$620,000) owed to Loncor for cash loans and advances and interest thereon. As a result of this transaction, the Company owns 60.23% of the outstanding common shares of KGL and therefore, the accounts of KGL are consolidated with the Company in these interim condensed consolidated financial statements as at September 30, 2025.

**7.** **Related party transactions**

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation, and are not disclosed in this note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Key Management Remuneration

Key management includes directors (executive and non-executive), the Chief Executive Officer ("CEO"), the Chief Financial Officer, and the senior executives reporting directly to the CEO. The remuneration of the key management of the Company as defined above, during the three and nine months ended September 30, 2025 and September 30, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | September 30, 2024 | **September 30, 2025** | September 30, 2024 |
| Salaries and bonus | $407334 | $203819 | $844059 | $659831 |
| Compensation expense and share-based payments | $40283 | $7744 | $295305 | $121735 |
|  | $447617 | $211563 | $1139364 | $781567 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Other Related Party Transactions

As at September 30, 2025, an amount of $nil relating to advances provided by the Company was due from Arnold Kondrat ("Mr. Kondrat"), the Executive Chairman and a director of the Company (December 31, 2024 - $18,774 was due from Mr. Kondrat). Total amount paid to Mr. Kondrat for the three and nine months ended September 30, 2025 was $212,500 and $337,500 respectively (three and nine months ended September 30, 2024 - $62,500 and $187,500 respectively).

As at September 30, 2025, an amount of $414,620 was due from Gentor Resources Inc. (a company with common directors) related to common expenses (December 31, 2024 - $345,462). As a result of liquidity risks associated with the activities of Gentor as at December 31, 2024, the Company determined that a provision was warranted and therefore an allowance for doubtful accounts was recorded in the consolidated statements of loss and comprehensive loss for the full amount of $345,462.The driving factors in the determination of the liquidity risks included the fact that Gentor is currently evaluating new business opportunities, does not generate revenues from its operations, has accumulated losses, and relies on equity financing to fund its operations.

The amounts included in due from related party are unsecured, non-interest bearing and are payable on demand.

**8.** **Property, Plant and Equipment**

The Company's property, plant and equipment are summarized as follows:

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Furniture &<br>fixtures | Office &<br>Communication<br>equipment | Vehicles | Field camps<br>and<br>equipment | Right-of-use<br>asset | Leasehold<br>improvements |
|  | $| $| $| $| $| $|
| &nbsp;&nbsp;**Cost** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Balance at January 1, 2024** | **151786** | **32318** | **11708** | **1037342** | **246809** | **84906** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  |  | 35000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  | -) |  |  | -) |
| &nbsp;&nbsp;**Balance at December 31, 2024** | **151786** | **32318** | **46708** | **1037342** | **246809** | **84906** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  | 4484 | 165788 |  | 234625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  |  |  |  |  |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **151786** | **36802** | **212496** | **1037342** | **481434** | **84906** |
| &nbsp;&nbsp;**Accumulated Depreciation** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Balance at January 1, 2024** | **151786** | **31055** | **11708** | **311220** | **68558** | **84906** |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  | 724 | 4374 | 48197 | 82270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  | -) |  |  | -) |
| &nbsp;&nbsp;**Balance at December 31, 2024** | 151786 | 31779 | 16082 | 359417 | 150828 | 84906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions |  | 1385 | 16923 | 30415 | 61702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals |  |  |  |  |  |  |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **151786** | **33164** | **33005** | **389832** | **212530** | **84906** |
| &nbsp;&nbsp;**Book Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Balance at January 1, 2024** | **-** | **1263** | **-** | **726122** | **178251** | **-** |
| &nbsp;&nbsp;**Balance at December 31, 2024** | **-** | **539** | **30626** | **677925** | **95981** | **-** |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **-** | **3638** | **179491** | **647510** | **268904** | **-** |

---

During the nine months ended September 30, 2025, depreciation in the amount of $51,651 (nine months ended September 30, 2024 - $48,083) was capitalized to exploration and evaluation assets.

**9.** **Exploration and Evaluation Assets**

---

| | | |
|:---|:---|:---|
|  | **Imbo Project** | **Total** |
| &nbsp;&nbsp;**Cost** |  |  |
| &nbsp;&nbsp;**Balance as at January 1, 2024** | $11562701 | $11562701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 4713402 | 4713402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incidental revenues (Note 9a) | (344959) | (344959) |
| &nbsp;&nbsp;**Balance as at December 31, 2024** | $15931144 | $15931144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 4733549 | 4733549 |
| &nbsp;&nbsp;**Balance as at September 30, 2025** | $20664693 | $20664693 |

---

The Company's exploration and evaluation assets are subject to renewal of the underlying permits and rights and government royalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Adumbi

The Adumbi properties consist of one (1) mining license valid until 2039 and which cover an area of 122 square kilometers within the Ngayu Archaean Greenstone Belt in the Ituri and Haut Uele provinces in north eastern Congo. The mining license (Exploitation permit) is registered in the name of Adumbi, a company incorporated under the laws of the Congo in which the Company holds an 84.67% interest and the minority partners hold 15.33% (including a 10% free carried interest owned by the government of the Congo). See Note 4.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

Under an agreement signed in April 2010 with the minority partners of Adumbi, the Company finances all activities of Adumbi, until the filing of a bankable feasibility study, by way of loans which bear interest at the rate of 5% per annum. Within thirty days of the receipt of a bankable feasibility study, the minority partners may collectively elect to exchange their equity participation for either a 2% net smelter royalty, or a 1% net smelter royalty plus an amount equal to 2 Euros per ounce of proven mineral reserves.

The Company had a leasing agreement with Ding Sheng Services S.A.R.L. ("**Ding Sheng**") that permited 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, Loncor was entitled to a $250,000 non-refundable fee and a further 25% of future revenues generated by Ding Sheng. In 2022, an amount of $750,000 was received which included the $250,000 non-refundable fee and an advance of $500,000 to be applied against future revenues from Ding Sheng. During the three and nine months ended September 30, 2025, under the lease agreement, Loncor's attributable revenues from production were $nil, respectively (three and nine months ended September 30, 2024 - $46,465 and $344,959 respectively). During the year ended December 31, 2024 the leasing agreement with Ding Sheng was terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Isiro

The Isiro properties consist of seven (7) exploration permits registered in the name of KGL-Isiro SARL and cover an area of 1,271 square kilometers in the province of Haut Uele, in north eastern Congo. The Company owns 100% of the common shares of Kilo Isiro Atlantic Ltd. Kilo Isiro Atlantic Ltd owns 100% of the shares of Isiro (Jersey) Limited, which in turn owns 100% of the shares in KGL-Isiro SARL (a company registered in the Congo).

The KGL Isiro SARL permits were put under force majeure with effect from February 14, 2014 pending resolution of a court action involving these properties and their expiry is extended by the period of force majeure. During the three month period ended September 30, 2025, the Company relinquished all seven (7) exploration permits.

**10.** **Segmented Reporting**

The Company has one operating segment: the acquisition, exploration and development of precious metal projects located in the Congo. The operations of the Company are located in two geographic locations, Canada and the Congo. Geographic segmentation of non-current assets is as follows:

---

| | | |
|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** |  |
|  | **Property, plant and<br>equipment** | **Exploration and<br>evaluation** |
| Congo | $969893 | $20664693 |
| Canada | $270231 |  |
|  | $1240124 | $20664693 |

---

---

| | | |
|:---|:---|:---|
| December 31, 2024 | December 31, 2024 |  |
|  | **Property, plant and<br>equipment** | **Exploration and<br>evaluation** |
| Congo | $852907 | $15931144 |
| Canada | $96523 |  |
|  | $949430 | $15931144 |

---

13 of 22

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

**11.** **Accounts Payable**

The following table summarizes the Company's accounts payable:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Exploration and evaluation expenditures | $**417929** | $610589 |
| &nbsp;&nbsp;Non-exploration and evaluation | $**144374** | $155068 |
| &nbsp;&nbsp;Total Accounts Payable | $**562303** | $765657 |

---

**12.** **Loans**

In August 2022, the Company received a loan from Equity Banque Commerciale du Congo SA in the amount of $300,000 repayable on demand. As at September 30, 2025, the balance of the principal amount of $nil (year ended December 31, 2024 - $nil) was due to the bank. The loan was unsecured and bears interest at a rate of 18% per annum. During the three and nine months ended September 30, 2025, interest of $nil was accrued on the loan and was capitalized to exploration and evaluation assets (three and nine months ended September 30, 2024 - $29,601 and $40,427 respectively). The loan was fully repaid during the year ended December 31, 2024.

**13.** **Share Capital**

a) Authorized

The authorized share capital of the Company consists of unlimited number of common shares and unlimited number of preference shares, issuable in series, with no par value. All shares issued are fully paid.

The holders of common shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company and shall have one vote for each common share held at all meetings of shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Subject to the prior rights of the holders of the preference shares or any other share ranking senior to the common shares, the holders of the common shares are entitled to (a) receive any dividend as and when declared by the board of directors, out of the assets of the Company properly applicable to payment of dividends, in such amount and in such form as the board of directors may from time to time determine, and (b) receive the remaining property of the Company in the event of any liquidation, dissolution or winding up of the Company.

The Company may issue preference shares at any time and from time to time in one or more series with designations, rights, privileges, restrictions and conditions fixed by the board of directors. The preference shares of each series are ranked on parity with the preference shares of every series and are entitled to priority over the common shares and any other shares of the Company ranking junior to the preference shares, with respect to priority in payment of dividends and the return of capital and the distribution of assets of the Company in the event of liquidation, dissolution or winding up of the Company.

b) Issued share capital

The following table summarizes the Company's issued common shares:

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **Amount $** |
| Balance - January 1, 2024 | 153144174 | 100184783 |
| January 26, 2024 | 150000 | 17844 |
| February 12, 2024 | 250000 | 29740 |
| March 11, 2024 | 150000 | 15565 |
| March 13, 2024 | 125000 | 12990 |
| contributed surplus portion |  | 47077 |
| May 1, 2024 | 250000 | 32706 |
| June 20, 2024 | 125000 | 16425 |
| June 24, 2024 | 345000 | 45451 |
| June 28, 2024 | 75000 | 9862 |
| value of warrants issued |  | (83836) |
| contributed surplus portion |  | 60636 |
| Balance - December 31, 2024 | 154614174 | 100389242 |
| April 2, 2025 | 300000 | 131940 |
| April 4, 2025 | 2200000 | 967560 |
| April 9, 2025 | 225000 | 98955 |
| April 10, 2025 | 500000 | 219900 |
| May 23, 2025 | 17090910 | 5010634 |
| May 23, 2025 | 500000 | 274875 |
| May 30, 2025 | 15000 | 8246 |
| July 24, 2025 | 200000 | 58088 |
| July 30, 2025 | 350000 | 142316 |
| August 6, 2025 | 100000 | 29044 |
| September 23, 2025 | 230500 | 133893 |
| September 24, 2025 | 82600 | 47981 |
| September 29, 2025 | 55000 | 31948 |
| September 30, 2025 | 136500 | 79290 |
| cost of issuance |  | (729875) |
| contributed surplus portion |  | 348980 |
| Balance - September 30, 2025 | 176599684 | 107243017 |

---

During the year ended December 31, 2024, stock options to purchase 1,470,000 common shares of the Company were exercised for gross proceeds of $180,583 (Cdn$245,600) and stock options to purchase 2,570,000 common shares of the Company expired unexercised.

In May 2025, the Company completed a private placement of 17,090,910 units of the Company at a price of Cdn$0.55 per unit for gross proceeds of $6,890,200 (Cdn$9,400,000) and issuance costs of $807,482 (Cdn$1,101,612). Each such unit consisted of one common share of the Company and one-half of one common share purchase warrant of the Company, with each whole common share purchase warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.80 until May 23, 2028.

15 of 22

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

During the period ended September 30, 2025, stock options to purchase 650,000 common shares of the Company were exercised for gross proceeds of $229,448 (Cdn$316,000) and stock options to purchase 620,000 common shares of the Company expired unexercised.

As of September 30, 2025, the Company had issued and outstanding 176,599,684 common shares (December 31, 2024 - 154,614,174).

c) Common share purchase warrants

The following table summarizes the Company's common share purchase warrants outstanding as at September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of<br>Grant** | **Opening<br>Balance** | **Granted<br>during<br>period** | **Cancelled** | **Exercised** | **Expired** | **Closing<br>Balance** | **Exercise<br>Price (Cdn $)** | **Exercise<br>period<br>(months)** | **Expiry Date** | **Remaining<br>contractual life<br>(months)** |
| 2022-06-08 | 350000 |  |  |  | (350000) |  | $0.75 | 36 | 2025-06-10 |  |
| 2022-06-10 | 3025000 |  |  | (515000) | (2510000) |  | $0.75 | 36 | 2025-06-10 |  |
| 2022-04-04 | 400000 |  |  | (300000) | (100000) |  | $0.60 | 24 | 2025-04-04 |  |
| 2023-04-05 | 1535000 |  |  | (725000) | (810000) |  | $0.60 | 24 | 2025-04-04 |  |
| 2023-04-14 | 95000 |  |  |  | (95000) |  | $0.60 | 24 | 2025-04-14 |  |
| 2023-05-05 | 3370000 |  |  | (2200000) | (1170000) |  | $0.60 | 24 | 2025-05-05 |  |
| 2023-05-23 |  | 8545455 |  | (504600) |  | 8040855 | $0.80 | 36 | 2028-05-23 | 32 |
| 2023-05-23 |  | 877562 |  |  |  | 877562 | $0.61 | 36 | 2028-05-23 | 32 |
|  | **8775000** | **9423017** | **-** | **(4244600)** | **(5035000)** | **8918417** |  |  |  |  |

---

As at September 30, 2025, the Company had 8,918,417 outstanding common share purchase warrants (December 31, 2024 - 8,775,000).

During the nine months ended September 30, 2025 the Company issued 8,545,455 common share purchase warrants and 877,562 broker warrants in connection with the May 2025 private placement financing, with issuance costs of $163,770 (Cdn$223,424). In addition, 4,244,600 warrants were exercised and 5,035,000 warrants expired unexercised.

During the year ended December 31, 2024, the Company extended for a twelve-month period 3,375,000 common share purchase warrants which were issued by the Company as part of a private placement of securities completed by the Company in June 2022. The black scholes value for the warrant extension was $83,837.

The value of the warrants was calculated using the Black-Scholes model and the assumptions at grant date and period

end date were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Risk-free interest rate: 2.64%, which is based on the Bank of Canada benchmark bonds yield 3 year rate

in effect at the time of grant for bonds with maturity dates at the estimated term of the warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Expected volatility: 61.72%, which is based on the Company's historical stock prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Expected life: 3- year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Expected dividends: $Nil

d) Loss per share

Basic and diluted loss per share was calculated on the basis of the weighted average number of common shares outstanding for the three and nine months ended September 30, 2025 amounting to 175,912,085 and 165,256,582 respectively (three and nine months ended September 30, 2024 - 154,614,174 and 154,028,152 respectively) common shares. Stock options and warrants were considered anti-dilutive and therefore were excluded from the calculation of diluted loss per share.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

**14.** **Share-Based Payments**

The Company has an incentive Stock Option Plan under which non-transferable options to purchase common shares of the Company may be granted to directors, officers, employees or consultants of the Company or any of its subsidiaries. No amounts are paid or payable by the recipient on receipt of the option, and the exercise of the options granted is not dependent on any performance-based criteria. In accordance with these programs, options are exercisable at a price not less than the last closing price of the shares at the grant date.

Under this Stock Option Plan, unless otherwise determined by the board at the time of the granting of the options, 25% of the options granted vest on each of the 6 month, 12 month, 18 month and 24 month anniversaries of the grant date. As per the determination of the board, (a) the stock options granted on January 14, 2020, March 15, 2021, September 3, 2021, September 29, 2021, March 14, 2022, June 14, 2022, May 29, 2023, July 7, 2023, August 26, 2024, December 9, 2024, December 11, 2024, April 29, 2025, June 16, 2025 and certain stock options granted on September 15, 2020 and February 8, 2024 fully vested on the 4 month anniversary of the grant date, (b) 50% of the stock granted on April 15, 2022 vested on the grant date and the remaining 50% of such stock options vested on the 5 month anniversary of the grant date, (c) 50,000 of the stock options granted on February 8, 2024 vested on the 6 month anniversary date and another 50,000 of the stock options granted on February 8, 2024 vested on the 12 month anniversary of the grant date, (d) certain stock options granted on September 15, 2020 and all of the stock options granted October 1, 2021, November 20, 2024 and June 10, 2025 vested on the grant date, (e) the stock options granted on May 1, 2024, August 23, 2024 and November 22, 2024 fully vest on the 6 month anniversary of the grant date, and (f) 25% of the stock options granted on April 4, 2024 vested on the grant date and 25% of such stock options vest on each of August 1, 2024, December 1, 2024 and April 1, 2025.

The following tables summarize information about stock options:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  |  | During the year | During the year | During the year | During the year |  |  |  |  |
| Exercise Price Range<br>(Cdn$) | Opening<br>Balance | Granted | Exercised | Forfeiture | Expired | Closing<br>Balance | Weighted<br>average<br>remaining<br>contractual<br>life (years) | Vested &<br>Exercisable | Unvested |
| 0-0.70 | 11356000 | 7340000 | (1470000) |  | (2570000) | 14656000 | 2.89 | 11291000 | 3365000 |
| Weighted Average Exercise Price (Cdn$) | 0.58 | 0.42 | 0.17 |  | 0.36 | 0.62 |  | 0.56 | 0.40 |
| **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
| Exercise Price Range | Opening | During the period | During the period | During the period | During the period |  |  |  |  |
| Exercise Price | Openning<br>Balance | Granted | Exercised | Forfeiture | Expired | Closing<br>Balance | Weighted<br>average<br>remaining<br>contractual<br>life (years) | Vested &<br>Exercisable | Unvested |
| 0-0.70 | 14656000 | 1000000 | (650000) |  | (620000) | 14386000 | 2.45 | 13986000 | 400000 |
| Weighted Average Exercise Price (Cdn$) | 0.62 | 0.58 |  |  | 0.42 | 0.65 |  | 0.53 | 0.95 |

---

During the three and nine months ended September 30, 2025, the Company recognized in the statement of loss and comprehensive loss as share-based payments expense $34,947 and $294,084 respectively (three and nine months ended September 30, 2024 - $106,226 and $227,345 respectively) representing the vesting of the fair value at the date of grant of stock options previously granted to employees, directors and officers under the Company's Stock Option Plan.

During the three and nine months ended September 30, 2025, the Company recognized $90,712 and $148,970 representing the vesting of fair value at the date of grant of stock options previously granted to consultants, which was recorded under consulting, management and professional fees in the consolidated statements of loss and comprehensive loss (three and nine months ended September 30, 2024 - $91,446 and $118,178). In addition, an amount of $ nil and $26,790 for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $7,904 and $15,798) related to stock options issued to employees of the Company's subsidiary in the Congo was capitalized to exploration and evaluation asset.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

The value of the options was calculated using the Black-Scholes model and the assumptions at grant date and period end date were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Risk-free interest rate: 0.26% - 4.45%, which is based on the Bank of Canada benchmark bonds yield 2 to 3 year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Expected volatility: 55.18% - 101.24%, which is based on the Company's historical stock prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Expected life: 0.5 - 5 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Expected dividends: $Nil

**15.** **Lease obligations**

The Company has a lease agreement for the head office location in Toronto, Canada with a monthly basic rent obligation of approximately $4,079 (Cdn $5,525) starting March 1, 2023 for a 3 year term. In 2025, the Company extended the lease for an additional 3 year term.

On March 1, 2023, the Company recognized a right-of-use asset and a lease liability of $246,809 (Cdn $335,068) for its office lease agreement. The Company recognized an additional right-of-use asset and a lease liability $234,625 (Cdn $337,299) for the extension of the lease. The right-of-use asset is being amortized on a straight-line basis over the lease term. The lease payments are discounted using an interest rate of 5.89%, which is the Company's incremental borrowing rate. As at September 30, 2025, the undiscounted cash flows for this office lease agreement to February 28, 2026 were $272,063.

Changes in the lease obligation for the nine months ended September 30, 2025 and year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | December 31, 2024 |
| Balance - beginning of the period | $101505 | $182672 |
| Liability settled | $(67617) | $(90156) |
| Interest expense | $3550 | $8988 |
| Additional liability | $234625 | $- |
| Balance - end of the period | $272063 | $101505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion | $90322 | $83575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term portion | $181741 | $17930 |
| Total lease obligation | $272063 | $101505 |

---

The Company has an exploration office lease in Congo, which can be cancelled with three months notices in advance without any penalty. For the three and nine months ended September 30, 2025, the lease expense in the amount of $5,100 and $15,300 (three and nine months ended September 30, 2024 - $5,100 and $15,300) in relation to the Congo office, was capitalized to exploration and evaluation assets.

**16.** **Financial risk management objectives and policies**

a) Fair value of financial assets and liabilities

The consolidated statements of financial position carrying amounts for cash and cash equivalents, advances receivable and prepaid expenses, investments, amounts due from related parties, accounts payable, accrued liabilities, lease obligation and the employee retention allowance approximate fair value due to their short-term nature.

**Fair value hierarchy**

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

* Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

* Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices);

* Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

There were no transfers between Level 1, 2 and 3 during the reporting period. Cash and cash equivalents are ranked Level 1 as the market value is readily observable. The carrying value of cash and cash equivalents approximates fair value, as maturities are less than three months.

b) Risk Management Policies

The Company is sensitive to changes in commodity prices and foreign-exchange. The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. Although the Company has the ability to address its price-related exposures through the use of options, futures and forward contracts, it does not generally enter into such arrangements.

c) Foreign Currency Risk

Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and Canadian dollar or other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions are denominated in Canadian dollars. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign exchange gains or losses are reflected as a separate item in the consolidated statement of loss and comprehensive loss. The Company does not use derivative instruments to reduce its exposure to foreign currency risk.

The following table indicates the impact of foreign currency exchange risk on net working capital as at September 30, 2025 and December 31, 2024. The table below provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Canadian dollar would have had the equal but opposite effect as at September 30, 2025 and December 2024.

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **Canadian dollar** | Canadian dollar |
| Cash and cash equivalents | **2066550** | 41121 |
| Advances receivable and prepaids | **194879** | 417142 |
| Accounts payable and accrued liabilities | **(202205)** | (480171) |
| Due from related parties | **152990** | 27012 |
| Employee retention allowance | **(234471)** | (234471) |
| Total foreign currency financial assets and liabilities | **1977744** | (229367) |
| Foreign exchange closing rate | **0.7183** | 0.6950 |
| Total foreign currency financial assets and liabilities in US $| **1420614** | (159410) |
| Impact of a 10% strengthening of the US $ on net loss | **142061** | (15941) |

---

d) Credit Risk

Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents and advances receivable and prepaid expenses. Cash and cash equivalents are maintained with several financial institutions of reputable credit and may be redeemed upon demand. It is therefore the Company's opinion that such credit risk is subject to normal industry risks and is considered minimal. The credit risk of advances receivable and prepaid expenses is, in management opinion, normal given ongoing relationships with those debtors.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

The Company limits its exposure to credit risk on any investments by investing only in securities rated R1 (the highest rating) by credit rating agencies such as the DBRS (Dominion Bond Rating Service). Management continuously monitors the fair value of any investments to determine potential credit exposures. Short-term excess cash is invested in R1 rated investments including money market funds and other highly rated short-term investment instruments. Any credit risk exposure on cash balances is considered negligible as the Company places deposits only with major established banks in the countries in which it carries on operations.

The carrying amount of financial assets represents the maximum credit exposure. The Company's gross credit exposure at September 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | December 31, <br>2024 |
| Cash and cash equivalents | $2402393 | $1498698 |
| Advances receivable and prepaid expenses | $833151 | $1144014 |
|  | $3235544 | $2642712 |

---

e) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company attempts to ensure that there is sufficient cash to meet its liabilities when they are due and manages this risk by regularly evaluating its liquid financial resources to fund current and long-term obligations and to meet its capital commitments in a cost-effective manner. Temporary surplus funds of the Company are invested in short-term investments. The Company arranges the portfolio so that securities mature approximately when funds are needed. The key to success in managing liquidity is the degree of certainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases. The Company's liquidity requirements are met through a variety of sources, including cash and cash equivalents and equity capital markets. All financial obligations of the Company including accounts payable of $562,303, accrued liabilities of $277,756, employee retention allowance of $168,421, and lease obligation of $90,322 are due within one year.

f) Mineral Property Risk

The Company's operations in the Congo are exposed to various levels of political risk and uncertainties, including political and economic instability, government regulations relating to exploration and mining, military repression and civil disorder, all or any of which may have a material adverse impact on the Company's activities or may result in impairment in or loss of part or all of the Company's assets.

g) Capital Management

The Company manages its common shares, warrants and stock options as capital. The Company's policy is to maintain sufficient capital base in order to meet its short term obligations and at the same time preserve investors' confidence required to sustain future development of the business.

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | December 31, <br>2024 |
| Share capital | $107243017 | $100389242 |
| Reserves | $14987216 | $13149658 |
| Minority Interest | $(315687) | $- |
| Deficit | $(97531110) | $(95288125) |
|  | $24383436 | $18250775 |

---

The Company's capital management objectives, policies and processes have remained unchanged during the nine months ended September 30, 2025 and the year ended December 31, 2024.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

The Company is not subject to any capital requirements imposed by a lending institution or regulatory body, other than the Toronto Stock Exchange ("TSX") which requires adequate working capital or financial resources such that, in the opinion of TSX, the listed issuer will be able to continue as a going concern. TSX will consider, among other things, the listed issuer's ability to meet its obligations as they come due, as well as its working capital position, quick asset position, total assets, capitalization, cash flow and earnings as well as accountants' or auditors' disclosures in the consolidated financial statements regarding the listed issuer's ability to continue as a going concern.

**17.** **Supplemental cash flow information**

During the periods indicated the Company undertook the following significant non-cash transactions:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | Note | **September 30,<br>2025** | September 30, 2024 | **September 30,<br>2025** | September 30, 2024 |
| Depreciation included in exploration and evaluation assets | 8 | $21523 | $15497 | $51651 | $48083 |
| Fees paid by common shares, stock options or warrants | 14 | $90712 | 91536 | $148970 | $118178 |

---

**18.** **Employee retention allowance**

The following table summarizes information about changes to the Company's employee retention provision during the nine months ended September 30, 2025.

---

| | |
|:---|:---|
| Balance at January 1, 2024 | 177284 |
| Foreign exchange adjustment | (14327) |
| Balance at December 31, 2024 | 162957 |
| Foreign exchange adjustment | 5464 |
| Balance at September 30, 2025 | 168421 |

---

**19.** **Subsequent Event** **s**

Subsequent to September 30, 2025, outstanding warrants to purchase a total of 4,707,562 common shares of the Company have been exercised for aggregate gross proceeds of Cdn$3,599,313. These funds are being used by the Company to continue the exploration and advancement of the Company's Imbo Project and for general corporate purposes.

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| |
|:---|
| **Loncor Gold Inc.** |
| **Notes to the Interim Condensed Consolidated Financial Statements** |
| **For the three and nine months ended September 30, 2025<br>(Expressed in U.S. dollars, except for per share amounts - unaudited)**  |

---

In October 2025, the Company and Chengtun Mining Group Co., Ltd. (SSE: ticker 600711), Ltd, through its wholly-owned subsidiary, Chengtun Gold Ontario Inc. (collectively "Chengtun Mining" or the "Purchaser"), announced they had entered into an arrangement agreement (the "Arrangement Agreement"), pursuant to which Chengtun Mining will acquire all the outstanding common shares of Loncor (each, a "Loncor Share"), in exchange for Cdn$1.38 per Loncor Share (the "Consideration") in an all-cash transaction by way of a court-approved plan of arrangement under the Ontario Business Corporations Act (the "Transaction"). Pursuant to the Arrangement Agreement, each outstanding Loncor stock option and Loncor common share purchase warrant outstanding at the effective time of the Transaction, will be deemed to be surrendered, assigned and transferred by the holder thereof to Loncor in exchange for a cash payment equal to the amount by which the Consideration exceeds the exercise price of such stock option or warrant, as applicable. The Arrangement Agreement also provides that the Purchaser will provide to Loncor refundable advances totalling US$3,000,000 within the 60 day period following the date of the Arrangement Agreement. These advances are to be used in connection with the Company's ongoing exploration program at the Adumbi deposit and for general corporate purposes. The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (i) approval of Loncor shareholders; (ii) acceptance of the Toronto Stock Exchange; (iii) approval of the Ontario Superior Court; and (iv) other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied. Subject to certain conditions, including the parties obtaining the requisite regulatory approvals, the Transaction is expected to close by the end of December 2025. Following completion of the Transaction, the Loncor Shares are expected to be de-listed from the Toronto Stock Exchange. Loncor will also apply to cease to be a reporting issuer under Canadian securities laws and a registrant with the United States Securities and Exchange Commission.

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## Exhibit 99.2

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![](exhibit99-2x001.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER ENDED<br>SEPTEMBER 30, 2025**

The following management's discussion and analysis ("**MD&A**"), which is dated as of November 13, 2025, provides a review of the activities, results of operations and financial condition of Loncor Gold Inc. (the "**Company**" or "**Loncor**") as at and for the three and nine month periods ended September 30, 2025, as well as future prospects of the Company. This MD&A should be read in conjunction with the unaudited interim condensed consolidated financial statements of the Company as at and for the three and nine month periods ended September 30, 2025 (the "**Third Quarter Financial Statements**"), together with the MD&A and audited consolidated financial statements as at and for the year ended December 31, 2024 (the "**Annual Financial Statements**"). As the Company's consolidated financial statements are prepared in United States dollars, all dollar amounts in this MD&A are expressed in United States dollars unless otherwise specified. Additional information relating to the Company, including the Company's annual information form dated March 31, 2025, is available on SEDAR+ at <u>www.sedarplus.ca</u> and on EDGAR at www.sec.gov.

**Forward-Looking Statements**

The following MD&A contains forward-looking statements. 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 completion of the terms and conditions of the plan of arrangement transaction (the "Transaction") with Chengtun Gold Ontario Inc. (the "Purchaser"), receipt of Loncor shareholder and court approval of the Transaction, the Purchaser advancing funds to the Company, the expected closing date of the Transaction, the Company ceasing to be a reporting issuer in Canada and a registrant with the SEC in the United States, the delisting of Loncor's common shares mineral resource estimates, potential mineral resource increases, exploration results, future exploration and development, potential mineral resources, results of the Adumbi deposit Preliminary Economic Assessment ("PEA"), potential underground mineral resources, potential mineralization and future plans and objectives of the Company) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are 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 statements, 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. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks associated with the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder, court and regulatory approvals and other conditions of closing necessary to complete the Transaction or for other reasons, the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction, risks relating to the abilities of the parties to satisfy conditions precedent to the Transaction, a third party superior proposal materializing prior to the completion of the Transaction, the possibility that actual circumstances will differ from the estimates and assumptions used in the Adumbi PEA, the possibility that drilling or development programs will be delayed, risks related to the exploration stage of the Company's mineral properties, uncertainties relating to the availability and costs of financing needed in the future, the possibility that future exploration (including drilling) or development results will not be consistent with the Company's expectations, changes in equity markets, changes in gold prices, failure to establish estimated mineral resources (the Company's mineral resource figures are estimates and no assurances can be given that the indicated levels of gold will be produced), fluctuations in currency exchange rates, inflation, political developments in the Democratic Republic of the Congo (the "**DRC**"), changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting geological data, and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, 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 statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on such statements due to the inherent uncertainty therein.

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**General**

Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the DRC. The Loncor team has over two decades of experience of operating in the DRC. Loncor's growing resource base in the Ngayu Belt is focused on the Imbo Project where the Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.67% of these resources being attributable to Loncor via its 84.67% interest in the Imbo Project. Following a drilling program carried out by the Company at the Adumbi deposit in 2020-2021, the Company completed a Preliminary Economic Assessment ("**PEA**") of the Adumbi deposit and announced the results of the PEA in December 2021. The Company is currently carrying out a deep drilling program at Adumbi.

In October 2025, the Company and Chengtun Mining Group Co., Ltd. (SSE: ticker 600711), Ltd, through its wholly-owned subsidiary, Chengtun Gold Ontario Inc. (collectively "**Chengtun Mining**" or the "**Purchaser**"), announced they had entered into an arrangement agreement (the "**Arrangement Agreement**"), pursuant to which Chengtun Mining will acquire all the outstanding common shares of Loncor (each, a "**Loncor Share**"), in exchange for Cdn$1.38 per Loncor Share (the "**Consideration**") in an all-cash transaction by way of a court-approved plan of arrangement under the Ontario *Business Corporations Act* (the "**Transaction**"). Pursuant to the Arrangement Agreement, each outstanding Loncor stock option and Loncor common share purchase warrant outstanding at the effective time of the Transaction, will be deemed to be surrendered, assigned and transferred by the holder thereof to Loncor in exchange for a cash payment equal to the amount by which the Consideration exceeds the exercise price of such stock option or warrant, as applicable. The Arrangement Agreement also provides that the Purchaser will provide to Loncor refundable advances totalling US$3,000,000 within the 60 day period following the date of the Arrangement Agreement. These advances are to be used in connection with the Company's ongoing exploration program at the Adumbi deposit and for general corporate purposes. The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (i) approval of Loncor shareholders; (ii) acceptance of the Toronto Stock Exchange; (iii) approval of the Ontario Superior Court; and (iv) other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied. Subject to certain conditions, including the parties obtaining the requisite regulatory approvals, the Transaction is expected to close by the end of December 2025. Following completion of the Transaction, the Loncor Shares are expected to be de-listed from the Toronto Stock Exchange. Loncor will also apply to cease to be a reporting issuer under Canadian securities laws and a registrant with the United States Securities and Exchange Commission.

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In February, March, April, May, July and October 2025, the Company announced drilling results from its ongoing deep drilling program at the Company's 3.66 million ounce Adumbi deposit. Reference is made to the Company's February 26, 2025, March 10, 2025, April 25, 2025, May 6, 2025, July 29, 2025 and October 23, 2025 press releases for further details.

In August 2025, the Company announced that an additional core rig had arrived at Adumbi to accelerate the deep drilling program at the Company's Adumbi deposit. The mobilised drill rig is a multipurpose PRD Multi Star, track mounted rig capable of coring down to 1,500 metres with also the capability for reverse circulation drilling. Thus there is the potential to pilot some of the deep holes by reverse circulation from surface and then core down to the target depth.

In July 2025, the Company reported that, in response to an unsolicited, confidential non-binding offer received from an interested party for a potential transaction, the Company's board of directors (the "**Board**") has established a Special Committee of the Board comprised only of independent directors of the Company. The mandate of the Special Committee includes, among other things, (i) independently and objectively reviewing and considering the potential transaction and, if considered advisable by the Special Committee, alternative transactions that may be available to the Company, and (ii) making recommendations to the Board.

In June 2025, the Company completed a debt settlement with KGL Resources Ltd. ("**KGL**"), pursuant to which KGL issued to Loncor 8,857,142 common shares at a deemed issue price of $0.07 per share to settle indebtedness of $454,460 (Cdn$620,000) owed to Loncor for cash loans and advances and interest thereon. As a result of this transaction, the Company owns 60.23% of the outstanding common shares of KGL.

In May 2025, the Company closed a brokered private placement (the "**Financing**") of 17,090,910 units of the Company (the "**Units**") at a price of Cdn$0.55 per Unit for total gross proceeds of Cdn$9,400,000. Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole warrant, a "**Warrant**"). Each whole Warrant entitles the holder to purchase one common share of the Company at an exercise price of Cdn$0.80 until May 23, 2028. The Company intends to use the net proceeds of the Financing for the continued exploration and advancement of the Company's Imbo Project, as well as for general corporate purposes.

In January 2024, the Company announced that drilling tenders had been sent to a number of drilling companies to bid on a 11,000-metre-deep drilling program at its priority gold exploration target below the Adumbi USD1,600/oz pit shell. Fifteen intersections are proposed below the pit shell in order to outline an inferred underground mineral resource. In June 2024, the Company announced that drill contracts had been signed and three core rigs were being mobilised for the proposed drill program at Adumbi and along strike from Adumbi. In October 2024, the Company announced that drilling had commenced on the deep drilling program at Adumbi. Scout drilling using a man-portable core rig also commenced on four exploration targets, 8 to 13 kilometers to the southeast of Adumbi on the same major structural shear and where an initial 12 (2,400 metre) hole drill program was planned. In January 2025, the Company announced drilling results from this scout drilling program (reference is made to the Company's January 17, 2025 press release for further details).

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In December 2023, the Company entered into an agreement for the sale of Loncor's Makapela Project (a non-core asset of the Company) for US$10,000,000 cash. The agreement called for the sale price to be paid in a series of progress payments beginning with a deposit of US$1,500,000. A total of US$8,000,000 was received by the Company during the tweve months ending December 31, 2024. The balance of the progress payments, totaling US$500,000, was paid upon completion of the transfer of title to the buyer, which payment occurred during the first quarter of 2025.

<u>Qualified Person</u>

Peter N. Cowley, a director and President of the Company and a "qualified person" as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this MD&A.

<u>Technical Report</u>

Additional information with respect to the Company's Adumbi deposit (and other properties of the Company within its Imbo Project) is contained in the technical report of New SENET (Pty) Ltd and Minecon Resources and Services Limited dated December 15, 2021 and entitled "NI 43-101 Preliminary Economic Assessment of the Adumbi Deposit in the Democratic Republic of the Congo". A copy of the said report can be obtained from SEDAR+ at <u>www.sedarplus.ca</u> and EDGAR at <u>www.sec.gov</u>.

**Results of Operations**

For the three and nine months ended September 30, 2025, the Company reported a net loss of $972,872 and $2,242,985 respectively compared to a net loss of $643,923 and $2,083,538 for the respective three and nine months ended September 30, 2024. Expenses capitalized to mineral properties are discussed under the "Exploration and Evaluation Expenditures" section below. Significant changes occurred during the three and nine month periods ended September 30, 2025 in the expense categories described below as compared to the three and nine month periods ended September 30, 2024:

*Consulting, management and professional fees*

Consulting, management and professional fees increased to $501,822 and $1,059,458 during the respective three and nine months ended September 30, 2025 as compared to $291,134 and $703,065 incurred during the respective comparative periods in 2024. Consulting fees amounted to $365,685 and $752,725 respectively, for the three and nine months ended September 30, 2025 (compared to $218,248 and $481,695 during the respective comparative periods in 2024) of which $90,712 and $148,970 were in relation to share-based payment expenses for stock options issued to consultants during the respective three and nine-months ending September 30, 2025 (compared to share-based payments of $91,446 and $118,178 for the respective periods ending September 30, 2024). Professional fees, which included mainly legal fees, amounted to $100,820 and $222,214 for the respective three and nine months ended September 30, 2025 (compared to $49,036 and $149,768 for the respective comparative periods in 2024). Management fees of $35,317 and $84,519 were in relation to directors' fees recorded during the respective three and nine-month periods ended September 30, 2025 compared to $23,850 and $71,602 for the respective three and nine-month periods ended September 30, 2024.

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*Employee benefits*

The Company's employee benefits increased slightly to $246,986 and $721,597 for the respective three and nine-month periods ended September 30, 2025 compared to $240,754 and $697,197 incurred during the respective three and nine-month periods ended September 30, 2024. The increase in costs was mainly due fluctuations in the Canadian exchange rate.

*Office and sundry*

Office and sundry expenses were $43,020 and $126,495 for the respective three and nine-month periods ended September 30, 2025 as compared to $27,275 and $280,877 incurred during the respective corresponding periods in 2024. In 2024 office expenses were significantly higher due to government fees and taxes of $156,856 related to Loncor's Makapela property that was held for sale.

*Share-based payments* 

The share-based payment expense in relation to stock options granted to employees, directors and officers of the Company during the respective three and nine-month periods ended September 30, 2025 was $34,947 and $294,084, compared to $106,226 and $227,345 incurred during the respective comparative periods of 2024.

*Travel and promotion*

The Company's travel and promotion expenses increased to $141,513 and $353,829 during the respective three and nine-month periods ended September 30, 2025, compared to $44,674 and $177,793 incurred during the respective corresponding periods in 2024 as a result of increased marketing and investor relations activities during the first half of 2025.

*Foreign exchange loss*

The Company recorded a foreign exchange loss of $15,674 and $91,288 during the respective three and nine-month periods ended September 30, 2025, compared to a foreign exchange loss of $17,697 and $40,113 during the respective corresponding periods in 2024. This change was due to fluctuations in the value of the United States dollar relative to the Canadian dollar.

*Interest and other income*

The Company recognized interest and other income of $26,482 and $33,169 during the respective three and nine-month periods ended September 30, 2025, compared to $925 and $10,205 for the respective corresponding periods in 2024.

*Allowance for doubtful accounts*

The Company reinstated a previously recorded provision for doubtful accounts of ($10,035) and ($447,015), for the three and nine months ending September 30, 2025, as compared to $nil for the same respective periods in 2024. This reinstatement was the result of a debt settlement with KGL Resources Ltd. (see Note 6 of the Third Quarter Financial Statements).

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**Summary of Quarterly Results**

The following table sets out certain unaudited consolidated financial information of the Company for each of the last eight quarters, beginning with the third quarter of 2025. This financial information has been prepared using accounting policies consistent with International Accounting Standards ("**IAS**") 34 Interim Financial Reporting issued by the International Accounting Standards Board ("**IASB**"). The Company's presentation and functional currency is the United States dollar.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** |
|  | **3rd Quarter** | **2nd Quarter** | **1st Quarter** | **4th Quarter** |
| &nbsp;&nbsp;Net loss | ($972872) | ($453957) | ($816156) | ($2075659) |
| &nbsp;&nbsp;Net loss per share | $(0.01) | $(0.00) | $(0.01) | $(0.01) |
|  | **2024** | **2024** | **2024** | **2023** |
|  | **3rd Quarter** | **2nd Quarter** | **1st Quarter** | **4th Quarter** |
| &nbsp;&nbsp;Net loss | ($643923) | ($865087) | ($574528) | ($19488433) |
| &nbsp;&nbsp;Net loss per share | $(0.00) | $(0.01) | $(0.00) | $(0.13) |

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The Company's net loss for the third quarter of 2025 increased to $972,872 compared to a net loss of $453,957 during the second quarter of 2025. The third quarter of 2025 was impacted by the increase of consulting, management and professional fees of $137,445 and an increase in travel and promotion of $41,972 compared to second quarter of 2025. It was also impacted by the reversal of allowance for doubtful accounts of $436,980 that occurred in Q2 2025 compared to Q3 2025. The third quarter foreign exchange loss did decrease by $54,535 compared to the second quarter of 2025.

The Company's net loss for the second quarter of 2025 decreased to $453,957 compared to a net loss of $816,156 during the first quarter of 2025. The decrease in net loss in the second quarter of 2025 was significantly impacted by the reversal of allowance for doubtful accounts of $436,980 as well as a decrease in share based payments of $193,991. The second quarter of 2025 did incur an increase in consulting, management and professional fees of $171,118, an increase in employee benefits of $51,221, and an increase in foreign exchange loss of $64,804 compared to the first quarter of 2025.

The Company's net loss for the first quarter of 2025 decreased to $816,156 compared to a net loss of $2,075,659 during the fourth quarter of 2024. The decrease in net loss in the first quarter of 2025 was significantly impacted by the allowance for doubtful accounts of $778,655 recorded during the fourth quarter of 2024. The first quarter of 2025 was impacted by a decrease in consulting, management and professional fees of $229,060, a decrease in employee benefits of $158,224, a decrease in interest and bank charges of $130,798 and a decrease in office and sundry of $88,704 compared to the fourth quarter of 2024.

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The Company's net loss for the fourth quarter of 2024 increased to $2,075,659 compared to a net loss of $643,923 during the third quarter. The increase in net loss in the fourth quarter of 2024 was significantly impacted by the allowance for doubtful accounts of $778,655 recorded during the fourth quarter of 2024 compared to $nil during the preceding quarter. In addition, the fourth quarter of 2024 was impacted by an increase in consulting, management and professional fees of $131,185, in office and sundry of $102,309 and in interest charge of $130,700 that was attributed primarily in relation to the disposition of the Makapela project during 2024. Employee benefits increased by $129,165 due to bonuses issued to employees in the fourth quarter of 2024. In addition, the Company's net loss in the third quarter was also reduced by $109,091 as the Company recorded a gain on disposition of property, plant and equipment in that period.

The Company's net loss for the third quarter of 2024 decreased to $643,923 compared to the net loss of $865,087 incurred during the second quarter of 2024. The decrease in the net loss in the third quarter of 2024 was mainly due to a decrease of $156,856 in government fees and taxes recorded in the second quarter of 2024 in relation to the Ngayu project. The net loss for this period further decreased due to a reduction in travel and promotions of $32,244 in the third quarter of 2024 compared to the second quarter of 2024. However, share-based payments increased by $46,103 and consulting, management and professional fees increased by $34,156 in the third quarter of 2024 compared to second quarter of 2024.

The Company's net loss for the second quarter of 2024 increased to $865,087 compared to the net loss of $574,528 incurred during the first quarter of 2024. The increase in the net loss was mainly due to an expense of government fees and taxes of $156,856 with respect to the Ngayu project which reflected in office and sundry expenses. The net loss for this period further increased due to consulting, management and professional fees increasing by $102,025 in the second quarter of 2024 compared to first quarter of 2024.

The Company's net loss for the first quarter of 2024 decreased to $574,528 compared to the net loss of $19,488,433 incurred during the fourth quarter of 2023. The decrease in the net loss was mainly due to an $18,937,830 impairment loss recorded in the fourth quarter of 2023. The decrease in net loss was also impacted by a decrease of $56,594 in consulting, management and professional fees and a decrease of $61,722 in employee benefits. However, share-based payments increased by $54,204 and travel and promotions increased by $67,017.

**Liquidity and Capital Resources**

The Company historically relies primarily on equity financings to fund its activities. Although the Company has been successful in completing equity financings in the past, there is no assurance that the Company will secure the necessary financings in the future. The volatility in the gold price has made it more difficult to secure equity financing for many exploration companies.

As at September 30, 2025, the Company had cash and cash equivalents of $2,402,393 and working capital of $2,660,360 compared to cash and cash equivalents of $1,498,698 and working capital of $1,388,131 as at December 31, 2024.

During the three and nine-months ended September 30, 2025, the Company incurred exploration expenditures of $1,399,233 and $4,733,549 respectively (three and nine-months ended September 30, 2024 - $1,114,583 and $2,591,622 respectively) and received $nil, for the three and nine-months ended September 30, 2025 (three and nine-months ended September 30, 2024 - $46,465 and $344,959) from the lease agreement with Ding Sheng (see Note 9(a) of the Third Quarter Financial Statements). In addition, during the first half of 2025, the Company received total payments of $500,000 under the agreement for the sale of the Makapela Project (December 31, 2024 - $8,000,000).

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See also the discussion under "General" above with respect to the brokered private placement financing completed in May 2025 as well as the advances to be provided under the Arrangement Agreement.

During the nine month period ending September 30, 2025, outstanding warrants to purchase a total of 4,244,600 common shares of the Company were exercised for aggregate gross proceeds of Cdn$2,724,930 These funds are being used by the Company to continue the exploration and advancement of the Company's Imbo Project and for general corporate purposes.

As the Company's business is the exploration of mineral properties, the Company has to operate with limited financial resources and control costs to ensure that funds are available to fund its operations. As is typical for an exploration company, the Company will need to raise additional funds to continue its activities. The Company expects to raise such additional funds through offerings of its shares. However, if the Company raises additional funds by issuing additional shares, the ownership percentages of existing shareholders will be reduced and the securities that the Company may issue in the future may have rights, preferences or privileges senior to those of the current holders of the Company's common shares. Such securities may also be issued at a discount to the market price of the Company's common shares, resulting in possible further dilution to the book value per share of common shares. If the Company is unable to raise sufficient funds through equity offerings, it may need to sell an interest in its properties. There can be no assurance the Company would be successful in selling any such interest.

**Contractual Obligations**

The Company's contractual obligations as at September 30, 2025 are described in the following table:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Contractual obligations** | **Total** | **Payments due<br>in less than 1<br>year** | **Payments due in<br>1 to 3 years** |
| &nbsp;&nbsp;Lease | $272063 | $90322 | $181741 |
| &nbsp;&nbsp;Total | $272063 | $90322 | $181741 |

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**Exploration and Evaluation Expenditures**

The following tables provide breakdowns of exploration and evaluation expenditures incurred during the nine-month periods ended September 30, 2025 and 2024, respectively:

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---

| | | | |
|:---|:---|:---|:---|
|  | <u>Ngayu Projects</u> | <u>Imbo Project</u> | <u>Total</u> |
| **Balance 12/31/2024** | $- | $15931144 | $15931144 |
| Field camps |  | 353089 | 353089 |
| Geochemestry |  | 476694 | 476694 |
| Geology |  | 808640 | 808640 |
| Drilling |  | 968145 | 968145 |
| Travel |  | 218681 | 218681 |
| Professional fees |  | 143695 | 143695 |
| Office and sundry |  | 899977 | 899977 |
| Interest and bank charges |  | 39440 | 39440 |
| Salaries |  | 654539 | 654539 |
| Amortization |  | 51651 | 51651 |
| Other |  | 87858 | 87858 |
| Expenditures for the period |  | 4733549 | 4733549 |
| **Balance 9/30/2025** | $- | $20664693 | $20664693 |

---

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| | | | |
|:---|:---|:---|:---|
|  | <u>Ngayu Projects</u> | <u>Imbo Project</u> | <u>Total</u> |
| **Balance 12/31/2023** | $- | $11562701 | $11562701 |
| Field camps |  | 271095 | 271095 |
| Geochemestry |  | 7932 | 7932 |
| Geology |  | 174026 | 174026 |
| Drilling |  | 339361 | 339361 |
| Helicopter |  | 44544 | 44544 |
| Travel |  | 96687 | 96687 |
| Professional fees |  | 117285 | 117285 |
| Office and sundry | 156856 | 960670 | 1117526 |
| Interest and bank charges |  | 134059 | 134059 |
| Salaries |  | 340556 | 340556 |
| Amortization |  | 48083 | 48083 |
| Other |  | 57324 | 57324 |
| Expenditures for the period | 156856 | 2591623 | 2748479 |
| Incidental revenue |  | (344959) | (344959) |
| Exploration expenditure expensed asset | (156856) |  | (156856) |
| **Balance 9/30/2024** | $- | $13809364 | $13809365 |

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**Outstanding Share Data**

The authorized share capital of the Company consists of an unlimited number of common shares and an unlimited number of preference shares, issuable in series. As at November 13, 2025, the Company had outstanding 181,487,246 common shares, 14,386,000 stock options to purchase common shares and 4,030,855 common share purchase warrants.

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**Related Party Transactions**

a) Key Management Personnel

Key management includes directors (executive and non-executive), the Executive Chairman of the Board, the Chief Executive Officer ("CEO"), the Chief Financial Officer, and senior executives reporting directly to the CEO. The remuneration of the key management of the Company as defined above, during the three and nine-months ended September 30, 2025 and September 30, 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | September 30, 2024 | **September 30, 2025** | September 30, 2024 |
| Salaries and bonus | $407334 | $203819 | $844059 | $659831 |
| Compensation expense and share-based payments | $40283 | $7744 | $295305 | $121735 |
|  | $447617 | $211563 | $1139364 | $781567 |

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b) Other Related Parties

As at September 30, 2025, an amount of $nil relating to advances provided by the Company was due from Arnold Kondrat ("Mr. Kondrat"), the Executive Chairman and a director of the Company (December 31, 2024 - $18,774 was due from Mr. Kondrat related to salary and advances to the Company). Total amount paid to Mr. Kondrat for the three and nine months ended September 30, 2025 was $212,500 and $337,500 respectively (three and nine months ended September 30, 2024 - $62,500 and $187,500 respectively).

As at September 30, 2025, an amount of $414,620 was due from Gentor Resources Inc. (a company with common directors) related to common expenses (December 31, 2024 - $345,462). As a result of liquidity risks associated with the activities of Gentor as at December 31, 2024, the Company determined that a provision was warranted and, therefore, an allowance for doubtful accounts was recorded in the consolidated statements of loss and comprehensive loss for an amount of $345,462 for year ended December 31, 2024.The driving factors in the determination of the liquidity risks included the fact that Gentor is currently evaluating new business opportunities, does not generate revenues from its operations, has accumulated losses, and relies on equity financing to fund its operations.

The amounts included in due to or from related party are unsecured, non-interest bearing and are payable on demand.

**New Accounting Standards Not Yet Adopted**

In April 2024, the IASB published a new standard IFRS 18 "*Presentation and Disclosures in Financial Statements*". The new standard is the result of the so called primary financial statements project, aims at improving how entities communicate in their financial statements and will be effective for annual periods beginning on or after January 1, 2027. The effects of the adoption of IFRS 18 on the Company's financial statements have not yet been determined.

In May 2024, the IASB issued "*Amendment to the Classification and Measurement of Finance Instruments* (Amendments to IFRS 9 and IFRS 7)" to address matters identified during post-implementation review of the classification and measurements of *IFRS 9 Financial Instruments*. The amendments are effective from reporting periods beginning on or after January 1, 2026. The Company does not expect the adoption of this amendment to have a material impact on its financial statements.

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**Critical Accounting Estimates**

The preparation of the Company's consolidated financial statements in conformity with International Financial Reporting Standards ("**IFRS**") requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Information about critical judgments in applying accounting policies and estimates that have the most significant effect on the amounts recognized in the consolidated financial statements included the following:

**Estimates:** 

Impairment

Assets, including property, plant and equipment and exploration and evaluation assets, are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts exceed their recoverable amounts. The assessment of the fair value often requires estimates and assumptions such as discount rates, exchange rates, commodity prices, rehabilitation and restoration costs, future capital requirements and future operating performance. Changes in such estimates could impact recoverable values of these assets. Estimates are reviewed regularly by management.

Share-based payment transactions

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about them. See Note 14 of the Third Quarter Financial Statements.

For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. The assumptions and models used for estimating fair value of warrant-based derivative financial instruments are disclosed in Note 13(c) of the Third Quarter Financial Statements.

**Judgments:** 

Provisions and contingencies

The amount recognized as provision, including legal, contractual and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, taking into account the risks and uncertainties surrounding the obligation. In addition, contingencies will only be resolved when one or more future events occur or fail to occur. Therefore, assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. The Company assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements.

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Title to mineral property interests

Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

Exploration and evaluation expenditure

The application of the Company's accounting policy for exploration and evaluation expenditure requires significant judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions made may change if new information becomes available. There are key circumstances that would indicate a test for impairment is required, which include: the expiry of the right to explore, substantive expenditure on further exploration is not planned, exploration for and evaluation of the mineral resources in the area have not led to discovery of commercially viable quantities, and/or sufficient data exists to show that the carrying amount of the asset is unlikely to be recovered in full from successful development or by sale. If information becomes available suggesting impairment, the amount capitalized is written off in the consolidated statement of loss and comprehensive loss during the period the new information becomes available.

Functional and presentation currency

Judgment is required to determine the functional currency of the Company and its subsidiaries. These judgments are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances.

**Financial Risk Management**

Fair Value of Financial Assets and Liabilities

The consolidated statements of financial position carrying amounts for cash and cash equivalents, advances receivable and prepaid expenses, investments, balances due from related parties, accounts payable, accrued liabilities, the employee retention allowance and lease obligations approximate fair value due to their short-term nature. Due to the use of subjective judgments and uncertainties in the determination of fair values these values should not be interpreted as being realizable in an immediate settlement of the financial instruments.

Fair value hierarchy

The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

* Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

* Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

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* Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

There were no transfers between Level 1, 2 and 3 during the reporting period. Cash and cash equivalents are ranked Level 1 as the market value is readily observable. The carrying value of cash and cash equivalents approximates fair value, as maturities are less than three months.

Foreign Currency Risk

Foreign exchange risk is the risk that a variation in exchange rates between the United States dollar and Canadian dollar or other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions is denominated in Canadian dollars. Significant foreign exchange gains or losses are reflected as a separate component of the consolidated statement of loss and comprehensive loss. The Company does not use derivatives instruments to reduce its exposure to foreign currency risk. See Note 16(c) of the Third Quarter Financial Statements for additional details.

Credit Risk

Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents and advances receivable and prepaid expenses. Cash and cash equivalents are maintained with several financial institutions of reputable credit and may be redeemed upon demand. It is therefore the Company's opinion that such credit risk is subject to normal industry risks and is considered minimal. See Note 16(d) of the Third Quarter Financial Statements for additional details.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company attempts to ensure that there is sufficient cash to meet its liabilities when they are due and manages this risk by regularly evaluating its liquid financial resources to fund current and long-term obligations and to meet its capital commitments in a cost-effective manner. If future cash flows are fairly uncertain, the liquidity risk increases. The Company's liquidity requirements are met through a variety of sources, including cash and cash equivalents, and equity capital markets.

Mineral Property Risk

The Company's operations in the DRC are exposed to various levels of political risk and uncertainties, including political and economic instability, government regulations relating to exploration and mining, military repression and civil disorder, all or any of which may have a material adverse impact on the Company's activities or may result in impairment or loss of part or all of the Company's assets.

**Risks and Uncertainties**

The Company is subject to a number of risks and uncertainties that could significantly impact its operations and future prospects. The following discussion pertains to certain principal risks and uncertainties but is not, by its nature, all inclusive.

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All of the Company's projects are located in the DRC. The assets and operations of the Company are therefore subject to various political, economic and other uncertainties, including, among other things, the risks of war and civil unrest, hostage taking, military repression, labor unrest, illegal mining, expropriation, nationalization, renegotiation or nullification of existing licenses, permits, approvals and contracts, taxation policies, foreign exchange and repatriation restrictions, changing political conditions, international monetary fluctuations, currency controls and foreign governmental regulations that favor or require the awarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction. Changes, if any, in mining or investment policies or shifts in political attitude in the DRC may adversely affect the Company's operations. Operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, income taxes, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights could result in loss, reduction or expropriation of entitlements. In addition, in the event of a dispute arising from operations in the DRC, the Company may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada. The Company also may be hindered or prevented from enforcing its rights with respect to a governmental instrumentality because of the doctrine of sovereign immunity. It is not possible for the Company to accurately predict such developments or changes in laws or policy or to what extent any such developments or changes may have a material adverse effect on the Company's operations.

The DRC is a developing nation emerging from a period of civil war and conflict. Physical and institutional infrastructure throughout the DRC is in a debilitated condition. The DRC is in transition from a largely state controlled economy to one based on free market principles, and from a non-democratic political system with a centralized ethnic power base, to one based on more democratic principles. There can be no assurance that these changes will be affected or that the achievement of these objectives will not have material adverse consequences for the Company and its operations. The DRC continues to experience instability in parts of the country due to certain militia and criminal elements. While the government and United Nations forces are working to support the extension of central government authority throughout the country, there can be no assurance that such efforts will be successful.

The only sources of future funds for further exploration programs which are presently available to the Company are the sale of equity capital, or the offering by the Company of an interest in its properties to be earned by another party carrying out further exploration. There is no assurance that such sources of financing will be available on acceptable terms, if at all. In the event that commercial quantities of minerals are found on the Company's properties, the Company does not have the financial resources at this time to bring a mine into production.

All of the Company's properties are in the exploration stage only and none of the properties contain a known body of commercial ore. The Company currently operates at a loss and does not generate any revenue from its mineral properties. The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties which are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. It is impossible to ensure that the Company's exploration programs will result in a profitable commercial mining operation.

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The Company's mineral resources are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that its resource estimates are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences, which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. In addition, there can be no assurance that gold recoveries or other metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.

The Company's exploration and, if such exploration is successful, development of its properties is subject to all of the hazards and risks normally incident to mineral exploration and development, any of which could result in damage to life or property, environmental damage and possible legal liability for any or all damage.

The price of gold has fluctuated widely. The future direction of the price of gold will depend on numerous factors beyond the Company's control including international, economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumption patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of gold, and therefore on the economic viability of the Company's properties, cannot accurately be predicted. As the Company is only at the exploration stage, it is not yet possible for the Company to adopt specific strategies for controlling the impact of fluctuations in the price of gold.

The Company uses the United States dollar as its functional currency. Fluctuations in the value of the United States dollar relative to the Canadian dollar could have a material impact on the Company's consolidated financial statements by creating gains or losses. The Company recorded a foreign exchange loss of $15,674 and $91,288 during the respective three and nine-months ended September 30, 2025, compared to a foreign exchange loss of $17,697 and $40,113 during the respective periods ended September 30, 2024, due to the variation in the value of the United States dollar relative to the Canadian dollar. No currency hedge policies are in place or are presently contemplated.

The natural resource industry is intensely competitive in all of its phases, and the Company competes with many companies possessing greater financial resources and technical facilities than itself.

Reference is made to the Company's annual information form dated March 31, 2025 for additional risk factor disclosure (a copy of such document can be obtained from SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov).

**Disclosure Controls and Procedures**

Management is responsible for establishing and maintaining adequate internal controls over disclosure controls and procedures, as defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* of the Canadian Securities Administrators and Rules 13a-15(e) and Rule 15d-15(e) under the United States Exchange Act of 1934, as amended. Disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management, including the Company's Chief Executive Officer and Chief Financial Officer, on a timely basis so that appropriate decisions can be made regarding public disclosure. As at December 31, 2024, management of the Company, with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as required by Canadian securities laws. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of December 31, 2024, the disclosure controls and procedures were adequately designed and effective in ensuring that information required to be disclosed by the Company it files or submits under Canadian securities laws is recorded, processed, summarized and reported within the time periods specified by those laws and that material information is accumulated and communicated to management of the Company, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

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**Internal Control Over Financial Reporting**

Internal controls have been designed to provide reasonable assurance regarding the reliability of the Company's financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. As at December 31, 2024, the Company's Chief Executive Officer and Chief Financial Officer evaluated or caused to be evaluated under their supervision the effectiveness of the Company's internal control over financial reporting. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework of 2013. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of December 31, 2024, the Company's internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of the Company's financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

The Company is required under Canadian securities laws to disclose herein any change in the Company's internal control over financial reporting that occurred during the Company's most recent period that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. There were no changes in the Company's internal control over financial reporting during the nine months ended September 30, 2025, that management believes have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

It should be noted that a control system, including the Company's disclosure controls and procedures system and internal control over financial reporting system, no matter how well conceived can provide only reasonable, but not absolute, assurance that the objective of the control system will be met and it should not be expected that the Company's disclosure controls and procedures system and internal control over financial reporting will prevent or detect all reporting deficiencies whether caused by either error or fraud.

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## Exhibit 99.3

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**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, John Barker, Chief Executive Officer of Loncor Gold Inc., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Loncor Gold Inc. (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is *Internal Control - Integrated Framework* (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A.

5.3 N/A.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 13, 2025.

<u>(signed) *"John Barker"*</u> <br> Name: John Barker <br> Title: Chief Executive Officer

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## Exhibit 99.4

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**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, Donat K. Madilo, Chief Financial Officer of Loncor Gold Inc., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Loncor Gold Inc. (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is *Internal Control - Integrated Framework* (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A.

5.3 N/A.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 13, 2025.

<u>(signed) *"Donat K. Madilo"*</u> <br> Name: Donat K. Madilo <br> Title: Chief Financial Officer

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