Current Report by Foreign Issuer (Form 6-K)

FORM 51-102F3 - MATERIAL CHANGE REPORT

1. Name and Address of Company

Loncor Gold Inc.

4120 Yonge Street, Suite 304

Toronto, Ontario

M2P 2B8

2. Date of Material Change

December 15, 2025.

3. News Release

The news release (the "News Release") attached hereto as Schedule "A" was issued through Newsfile Corp. on December 15, 2025.

4. Summary of Material Change

See the attached News Release, which News Release is incorporated herein.

5. Full Description of Material Change

5.1 Full Description of Material Change

See the attached News Release, which News Release is incorporated herein.

5.2 Disclosure for Restructuring Transactions

Not applicable.

6. Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

7. Omitted Information

Not applicable.

8. Executive Officer

Arnold T. Kondrat (Executive Chairman of the Board) - (416) 366-7300.

9. Date of Report

December 24, 2025.

Schedule "A"

Loncor Gold Continues to Report Multiple, High Grade Gold Intersections

at its Drill Program at Adumbi

• Results from hole LADD033 reported multiple gold intersections including 26.36 metres grading 4.19 g/t gold, 6.87 metres grading 2.13 g/t gold, 15.49 metres grading 6.92 g/t gold, 16.40 metres grading 3.24 g/t gold and 1.36 metres grading 298 g/t gold

Toronto, Canada - December 15, 2025 - Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF"; FSE: "LO5") is pleased to announce further multiple, mineralised intersections from its deep drilling program at the Company's 3.66 million ounce Adumbi deposit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell. Borehole LADD033 intersected 26.36 metres grading 4.19 grammes per tonne (g/t) gold (including 3.60 metres grading 15.23 g/t gold), 14.95 metres grading 1.25 g/t gold (including 6.87 metres grading 2.13 g/t gold), 15.49 metres grading 6.92 g/t gold (including 11.96 metres grading 8.64 g/t gold), 16.40 metres grading 3.24 g/t gold (including 6.11 metres grading 7.75 g/t gold) and 1.36 metres grading 298 g/t gold (see Table and Figure 1 below).

Significant mineralized sections for borehole LADD033 are summarised in the table below:

Note: It is estimated that the true width of the mineralised sections for core hole LADD033 is approximately 72% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals downhole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.

LADD033 intersected the banded iron formation (BIF) package from 469.00 to 622.74 metres (BIF true thickness 110.69 metres) at a vertical depth of 474.25 metres on section and just below the USD1,600 pit shell in the northwest of the Adumbi deposit (see Figure 1 below). Gold grades are associated with sulphides (pyrite, pyrrhotite and arsenopyrite) and very occasionally visible gold in more altered silicified units where structural deformation and alteration have destroyed the primary lithological fabric.

Commenting on these latest drilling results, Loncor President Peter Cowley said: "We continue to intersect multiple mineralized zones in holes at depth at Adumbi in the northwest part of the Adumbi deposit with excellent gold grades (1.36 metres grading 298 g/t) and thicknesses amenable to underground mining extraction below the 3.66 million ounces within the USD1,600 open pit shell. In addition, boreholes LADD032 and LADD034 have now intersected the mineralised BIF (see Figure 1 below). LADD032 intersected BIF mineralization at over 900 meters below Adumbi Hill's summit, marking the deepest drill intersection at Adumbi to date. As in other globally significant Archean aged, banded ironstone (BIF) hosted gold deposits, the structurally controlled downward plunging depth extensions can reach significant depth extents which also appears to be the case at Adumbi."

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company's on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company's QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified Person

Peter N. Cowley, who is President of Loncor and a "qualified person" as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

Figure 1: Adumbi Deposit Longitudinal Section Looking Northeast with Drill Hole Grade (g/t) x True Thickness (Metre) Product Contours

Technical Report

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 www.sedarplus.ca and EDGAR at www.sec.gov.

About Loncor Gold Inc.

Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (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 84.68% of these resources being attributable to Loncor. Following a drilling program carried out by the Company at the Adumbi deposit in 2020 and 2021, the Company completed a Preliminary Economic Assessment ("PEA") of the Adumbi deposit and announced the results of the PEA in December 2021.

Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com.