The Instructions accompanying this Letter of Transmittal should be read carefully before this Letter of Transmittal is completed.

LETTER OF TRANSMITTAL

FOR COMMON SHARES

and

WARRANTS

LONCOR GOLD INC.

This Letter of Transmittal, properly completed and duly executed, together with all other required documents, must accompany the certificate(s)/direct registration system ("DRS") Statement(s) for common shares (the "Shares") or warrants to purchase Shares (the "Warrants") of Loncor Gold Inc. (the "Company") deposited in connection with the proposed arrangement (the "Arrangement") involving the Company and Chengtun Gold Ontario Inc. (the "Purchaser"), that is being submitted for approval at the special meeting of shareholders of the Company to be held on December 11, 2025 (the "Meeting"), as described in the management information circular of the Company dated November 10, 2025 (the "Circular"). On the Effective Date: (i) Shareholders (other than Shareholders that have validly exercised their Dissent Rights) will be entitled to receive, in exchange for each Share held, Cdn$1.38 in cash, without interest, (the "Share Consideration") and less any applicable taxes required to be withheld with respect to such payment; and (ii) holders of Warrants will be entitled to receive, in exchange for each Warrant held, Cdn$0.58 in cash, without interest, (the "Warrant Consideration") and less any applicable taxes required to be withheld with respect to such payment.

This Letter of Transmittal is only for use by registered holders of: (a) Shares and is not to be used by holders of Shares whose Shares are not registered in their name but rather are held by an intermediary on their behalf ("Beneficial Shareholders"); and (b) Warrants and is not to be used by holders of Warrants whose Warrants are not registered in their name but rather are held by an intermediary on their behalf ("Beneficial Warrantholders"). Beneficial Shareholders and Beneficial Warrantholders should contact their nominee (i.e., broker, trust company, bank or other registered holder) which holds the Shares and Warrants, respectively, on their behalf for instructions and assistance in receiving the Share Consideration for such Shares and Warrant Consideration for such Warrants, as applicable.

Capitalized terms used but not defined in this Letter of Transmittal have the meanings set out in the Circular. A copy of the Circular is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca.

TO: LONCOR GOLD INC.

AND TO: CHENGTUN GOLD ONTARIO INC.

AND TO: TSX TRUST COMPANY. at its offices set out herein.

In connection with the Arrangement being considered for approval at the Meeting, the undersigned delivers to you the enclosed certificate(s)/DRS Statement(s) for Shares and/or Warrants, details of which are as follows:

Certificate Number(s)/DRS Account Number ⁽¹⁾	Name in Which Registered (Please fill in exactly as name(s) appear(s) on the certificate(s) or DRS Statement(s))	Number and Type of Securities Deposited (i.e. specify Shares or Warrants, as applicable, in addition to the number deposited)

☐ Some or all of my Share or Warrant certificates have been lost, stolen or destroyed. Please review Instruction #6 for the procedure to replace lost or destroyed Share Certificates or Warrant Certificates, as applicable. (Check box if applicable.)

(1) A certificate number does not need to be provided if the Shares or Warrants, as applicable, are represented by a DRS Statement. The DRS is a system that allows Shares and Warrants to be held in book-entry form without having a physical certificate issued as evidence of ownership. Instead, Shares or Warrants, as applicable, are held and registered electronically in the record systems of an issuer's transfer agent, which can be confirmed in the DRS Statement(s).

The undersigned transmits herewith the certificate(s)/DRS Statement(s) described above for cancellation upon the Arrangement becoming effective. The undersigned acknowledges receipt of the Circular and represents and warrants that: (a) the undersigned has good and sufficient authority to deposit, surrender, assign and transfer the Shares represented by the enclosed certificate(s)/DRS Statement(s) (the "Deposited Shares") and to deposit, surrender, assign and transfer the Warrants represented by the enclosed certificate(s)/DRS Statement(s) (the "Deposited Warrants" and collectively with the Deposited Shares, the "Deposited Securities"); and (b) at the Effective Time, the Purchaser will acquire good title to the Deposited Securities as the same are modified pursuant to the Plan of Arrangement free from all liens, charges, encumbrances, claims and equities and in accordance with Plan of Arrangement. For certainty, at the Effective Time all of the right, title and interest of the undersigned in and to the Deposited Securities and in and to any and all dividends, distributions, payments, securities, rights, warrants, assets or other interests (collectively, "distributions") which may be declared, paid, accrued, issued, distributed, made or transferred on or in respect of the Deposited Securities or any of them as and from the effective date of the Arrangement, as well as the right of the undersigned to receive any and all distributions shall have been assigned to the Purchaser. If, notwithstanding such assignment, any distributions are received by or made payable to or to the order of the undersigned, then, in accordance with any applicable provisions of the Plan of Arrangement, (i) in the case of any such cash distribution that does not exceed the cash purchase price per Share the Share Consideration will be reduced by the amount of any such dividend or distribution received in respect of that Share, and (ii) in the case of any such cash distribution in an amount that exceeds the cash purchase price per Share in respect of which the distribution is made, or in the case of any other distribution, the undersigned shall promptly pay or deliver the whole of any such distribution to TSX Trust Company (the "Depositary") for the account of the Purchaser, together with appropriate documentation of transfer.

All cash payments to the holders of Deposited Securities in connection with the Arrangement will be in Canadian dollars.

The undersigned hereby irrevocably constitutes and appoints each of the Chief Financial Officer and Corporate Secretary of the Company, each of whom is an officer of the Company, and any other person designated by the Purchaser in writing, the true and lawful agent, attorney and attorney-in-fact of the undersigned with respect to the Deposited Securities purchased in connection with the Arrangement with full power of substitution (such power of attorney, being coupled with an interest, being irrevocable) to, in the name of and on behalf of the undersigned, (a) register or record the transfer of such Deposited Securities consisting of securities on the registers of the Company; and (b) execute and negotiate any cheques or other instruments representing any such distribution payable to or to the order of the undersigned.

The undersigned revokes any and all other authority, whether as agent, attorney-in-fact, attorney, proxy or otherwise, previously conferred or agreed to be conferred by the undersigned at any time with respect to the Deposited Securities or any distributions other than as set out in this Letter of Transmittal and in any proxy granted for use at the Meeting. Other than in connection with the Meeting, no subsequent authority, whether as agent, attorney-in-fact, attorney, proxy or otherwise, will be granted with respect to the Deposited Securities or any distributions by or on behalf of the undersigned, unless the Deposited Securities are not taken up and paid for in connection with the Arrangement.

The undersigned covenants and agrees to execute all such documents, transfers and other assurances as may be necessary or desirable to convey the Deposited Securities and distributions effectively to the Purchaser or the Company, as applicable.

Each authority conferred or agreed to be conferred by the undersigned in this Letter of Transmittal may be exercised during any subsequent legal incapacity of the undersigned and all obligations of the undersigned in this Letter of Transmittal shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

The undersigned instructs the Purchaser, the Company and the Depositary, upon the Arrangement becoming effective, to: (a) mail the cheque(s) by first class mail, postage prepaid; (b) hold such cheque(s) for pick-up; or (c) initiate a wire, in accordance with the instructions given below. Should the Arrangement not proceed for any reason, the deposited certificate(s)/DRS Statement(s) and other relevant documents shall be returned in accordance with the instructions in the preceding sentence.

By reason of the use by the undersigned of an English language form of Letter of Transmittal, the undersigned shall be deemed to have required that any contract evidenced by the Arrangement as accepted through this Letter of Transmittal, as well as all documents related thereto, be drawn exclusively in the English language. En raison de l'usage d'une lettre d'envoi en langue anglaise par le soussigné, le soussigné et les destinataires sont présumés d'avoir requis que tout contrat attesté par l'arrangement et son acceptation par cette lettre d'envoi, de même que tous les documents qui s'y rapportent, soient rédigés exclusivement en langue anglaise.

	BOX A PAYMENT AND DELIVERY INSTRUCTIONS				BOX B DELIVERY INSTRUCTIONS
	Please issue the Arrangement consideration in the name of:				To be completed ONLY if the Arrangement consideration to which the undersigned is entitled is to be sent to someone other than the person shown in Box A or to an address other than the address shown on Box A.
					☐ Same as address in Box A or to:
	(Please print or type)				(Please print or type)
	(Name)				(Name)

	(Street Address and Number)				(Street Address and Number)

	(City and Province or State)				(City and Province or State)

	(Country and Postal (or Zip) Code)				(Country and Postal (or Zip) Code)

	(Telephone - Business Hours)				(Telephone - Business Hours)

	(Social Insurance, Social Security Number or Tax Identification Number)				(Social Insurance, Social Security Number or Tax Identification Number)

BOX C
SPECIAL PICK-UP INSTRUCTIONS

☐ HOLD CHEQUE FOR PICK-UP AT TSX TRUST COMPANY TORONTO OFFICE:

TSX Trust Company
301 - 100 Adelaide Street West
Toronto, Ontario, M5H 4H1, Canada

BOX D

☐ DELIVER FUNDS VIA WIRE* (COMPLETE BOX E)

BOX E
WIRE PAYMENT*

*PLEASE NOTE THAT THERE IS A CDN$100 BANKING FEE DEDUCTED ON WIRE PAYMENTS. ALTERNATIVELY, CHEQUE PAYMENTS ARE ISSUED AT NO ADDITIONAL COST.

*IF WIRE DETAILS ARE INCORRECT OR INCOMPLETE, THE DEPOSITARY WILL ATTEMPT TO CONTACT YOU AND CORRECT THE ISSUE. HOWEVER, IF WE CANNOT CORRECT THE ISSUE PROMPTLY, A CHEQUE WILL BE AUTOMATICALLY ISSUED AND MAILED TO THE ADDRESS ON RECORD. NO FEES WILL BE CHARGED.

**Please provide both email address and phone number in order to be contacted to confirm wire instructions:

EMAIL ADDRESS: PHONE NUMBER:

** Mandatory Fields

SECURITYHOLDER SIGNATURE(S)

Signature guaranteed by
(if required under Instruction 3)

__________________________________________
Authorized Signature

__________________________________________
Name of Guarantor (please print or type)

__________________________________________
Address of Guarantor (please print or type)

Dated: ___________________________________

__________________________________________
Signature of Securityholder or authorized representative (see Instructions 2 and 4)

__________________________________________
Address

__________________________________________
Name of Securityholder (please print or type)

__________________________________________
Telephone No

__________________________________________
Name of authorized representative, if applicable
(please print or type)

BOX F
RESIDENCY DECLARATION

ALL COMPANY SECURITYHOLDERS ARE REQUIRED TO COMPLETE A RESIDENCY DECLARATION. FAILURE TO COMPLETE A RESIDENCY DECLARATION MAY RESULT IN A DELAY IN YOUR PAYMENT.

The undersigned represents that:

☐ The beneficial owner of the Deposited Securities deposited herewith is a U.S. Securityholder.

☐ The beneficial owner of the Deposited Securities deposited herewith is not a U.S. Securityholder.

A “U.S. Securityholder” is a securityholder who either (i) has a registered account address that is located within the United States or any territory or possession thereof, or (ii) is a “U.S. person” for United States federal income tax purposes, as defined in Instruction 8 below. If you are a U.S person or acting on behalf of a U.S. person, then in order to avoid backup withholding of U.S federal income tax, you must provide a properly completed and executed IRS Form W-9 (enclosed below) or otherwise provide certification that the U.S. person is exempt from backup withholding, as provided in the instructions (see Instruction 8 below). If you are not a U.S. Securityholder as defined in (ii) above, but you provide an address that is located within the United States, you must complete an appropriate Form W-8 to avoid backup withholding of U.S. federal income tax. The applicable IRS Forms W-8 and accompanying instructions can be found on the IRS website at https://www.irs.gov/forms-instructions.

INSTRUCTIONS

1. Use and Delivery of Letter of Transmittal

This Letter of Transmittal duly completed and executed (or an originally executed facsimile copy thereof), together with the accompanying certificate(s) or DRS statement(s) representing the Shares or Warrants, as applicable, must be received by the Depositary at the office specified on the back cover of the Letter of Transmittal before the Effective Date.

The method used to deliver this Letter of Transmittal and any accompanying certificate(s) or DRS statement(s) representing Shares or Warrants, as applicable, and all other documents or other necessary information or confirmation for a book-entry transfer is at the option and risk of the holder, and delivery will be deemed effective only when such documents are actually received by the Depositary at its office in Toronto. The Company and the Purchaser recommend that the necessary documentation be hand delivered to the Depositary and that a receipt be obtained; otherwise the use of registered mail with return receipt requested, properly insured, is recommended.

2. Signatures

This Letter of Transmittal must be filled in and executed by the registered Securityholder described above or by such holder's duly authorized representative (in accordance with Instruction #4 below).

a. If this Letter of Transmittal is executed by the registered Securityholder, such signature(s) on this Letter of Transmittal must correspond with the names(s) as registered or as written on the face of the certificate(s) or DRS Statement(s), as applicable, representing the Shares or Warrants, as applicable, without any change whatsoever, and the certificate(s) or DRS Statement(s), as applicable, need not be endorsed. If the deposited certificate(s) or the DRS Statement(s) evidence Shares or Warrants that are owned of record by two or more joint owners, all such owners must sign the Letter of Transmittal.

b. If this Letter of Transmittal is executed by a person other than the registered Securityholder(s):

i. the deposited certificate(s) or DRS Statement(s), as applicable, must be endorsed or be accompanied by an appropriate security transfer power of attorney duly and properly completed by the registered Securityholder(s); and

ii. the signature(s) on such endorsement or security transfer power of attorney must correspond exactly to the name(s) of the registered Securityholder(s) as registered or as appearing on the certificate(s) or DRS Statement(s), as applicable, and must be guaranteed as noted in Instruction #3 below.

3. Guarantee of Signatures

If this Letter of Transmittal is executed by a person other than the registered Securityholder(s), or if Shares or Warrants, as applicable, not purchased (for any reason) are to be returned to a person other than such registered Securityholder(s) or if the payment is to be issued in the name of a person other than the registered Securityholder, such signature on the share certificate(s) or DRS Statement(s), as applicable, or a separate security transfer form must be guaranteed by an Eligible Institution (as defined below), or in some other manner satisfactory to the Depositary (except that no guarantee is required if the signature is that of an Eligible Institution).

An "Eligible Institution" means a Canadian Schedule I chartered bank, a member of the Securities Transfer Association Medallion Program (the "STAMP"), a member of the Stock Exchange Medallion Program (the "SEMP") or a member of the New York Stock Exchange Inc. Medallion Signature Program (the "MSP"). Members of the STAMP, the SEMP or the MSP are usually members of a recognized stock exchange in Canada or the United States, members of the Canadian Investment Regulatory Organization, members of the Financial Industry Regulatory Authority or banks and trust companies in the United States.

4. Fiduciaries, Representatives and Authorizations

Where this Letter of Transmittal is executed by a person on behalf of an executor, administrator, trustee, guardian, corporation, partnership or association or is executed by any other person acting in a representative capacity, this Letter of Transmittal must be accompanied by satisfactory evidence of the authority to act. Either the Company, the Purchaser or the Depositary, at its discretion, may require additional evidence of authority or additional documentation.

5. Miscellaneous

a. If the space provided in this Letter of Transmittal is insufficient, the requested information should be set out on a separate list and attached to this Letter of Transmittal.

b. If Shares or Warrants (as applicable) are registered in different forms (e.g. "John Doe" and "J. Doe") a separate Letter of Transmittal should be executed for each different registration.

c. No alternative, conditional or contingent deposits will be accepted.

d. Unless otherwise indicated, the Arrangement and any agreement in connection with the Arrangement will be construed with and governed by the laws of the Province of Ontario and the federal Laws of Canada applicable therein.

e. Additional copies of the Circular and this Letter of Transmittal may be obtained from the Depositary at its office listed below. Copies of the Circular and this Letter of Transmittal are also available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile and EDGAR (www.sec.gov/search-filings).

f. The Company and the Purchaser reserve the right, if they so elect, in their absolute discretion, to instruct the Depositary to waive any defect or irregularity contained in any Letter of Transmittal received by the Depositary. You agree that any determination made by the Purchaser or the Company as to validity, form and eligibility and acceptance of the Shares and Warrants will be final and binding. There will be no duty or obligation of the Purchaser, the Company or the Depositary to give notice of any defect or irregularity in any deposit and no liability will be incurred for failure to do so. The granting of a waiver to one or more registered Securityholders does not constitute a waiver for any other registered Securityholders.

g. Before completing this Letter of Transmittal, you are urged to read the accompanying Circular and discuss any questions with financial, legal and/or tax advisors.

h. Unless otherwise indicated, all references herein to "Cdn$" are to Canadian dollars.

6. Lost, Stolen or Destroyed Certificates and DRS Statements

If a Share or Warrant certificate has been lost, destroyed or stolen, this Letter of Transmittal should be completed as fully as possible and forwarded, together with a letter describing the loss, destruction or theft, to the Depositary. The registered Shareholder or Warrantholder, as applicable, will be required to complete and submit certain documentation, including a bond and/or indemnity, before payment for the Shares or Warrants, as applicable, can be received by the registered Securityholder. If a DRS Statement representing Shares or Warrants has been lost, stolen or destroyed, the holder can request a copy of the DRS Statement by contacting TSX Trust Company at (416) 342-1091, toll-free in North America at 1 866-600-5869 or by email at tsxtis@tmx.com, with no bond indemnity required and such copy of the DRS Statement should be deposited with this Letter of Transmittal.

7. Return of Certificates and DRS Statements

If the Arrangement does not proceed for any reason, the enclosed certificate(s) or DRS Statement(s) representing the Shares or Warrants, as applicable, and other relevant documents will be returned forthwith to the undersigned in accordance with the delivery instructions in this Letter of Transmittal, or failing such address being specified, to the undersigned at the last address of the undersigned as it appears on the register of the Company maintained by TSX Trust Company in its capacity as transfer agent and registrar of the Company in the case of Shares and as it appears on the register of the Company maintained by TSX Trust Company in its capacity as warrant agent in the case of Warrants, or in the case of Shares or Warrants delivered by book-entry transfer, the Depositary will credit the Shares or Warrants, as applicable, to the applicable account.

8. IRS Forms W-9 and W-8 - U.S. Securityholders

The following does not constitute a summary of the tax consequences of the Arrangement, and Securityholders should review the discussions in the Circular under the heading "Certain United States Federal Income Tax Considerations" and consult with their own tax advisors regarding the tax consequences of the Arrangement to them in light of their own personal circumstances.

As described in more detail in the Circular, based on the terms of the Arrangement, the exchange of Shares for the Share Consideration and the exchange of Warrants for the Warrant Consideration pursuant to the Arrangement will constitute a taxable transaction for U.S. federal income tax purposes. In order to avoid backup withholding of United States income tax in respect of the Share Consideration and Warrant Consideration, a Securityholder that is a U.S. holder (as defined below) must generally provide the person's correct taxpayer identification number ("TIN") on the IRS Form W-9 above and certify, under penalties of perjury, that such number is correct, that such Securityholder is not subject to backup withholding, and that such Securityholder is a U.S. person (including a U.S. resident alien) for U.S. federal income tax purposes. If the correct TIN is not provided or any other information providing for an adequate basis for an exemption from backup withholding, payments of the Share Consideration or Warrant Consideration in connection with the Arrangement may be subject to backup withholding, currently at the rate of 24%. For purposes of this Letter of Transmittal, a "U.S. holder" or "U.S. person" means: a beneficial owner of Shares or Warrants that, for United States federal income tax purposes, is (a) a citizen or resident of the United States, (b) a corporation, or other entity classified as a corporation for United States federal income tax purposes, that is created or organized in or under the laws of the United States or any state thereof or the District of Columbia or that is otherwise classified as a U.S. domestic corporation for U.S. federal income tax purposes, (c) an estate if the income of such estate is subject to United States federal income tax regardless of the source of such income, (d) a trust if (i) such trust has validly elected to be treated as a U.S. person for United States federal income tax purposes or (ii) a United States court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of such trust, or (e) a partnership, limited liability company or other entity classified as a partnership for United States tax purposes that is created or organized in or under the laws of the United States or any state in the United States, including the District of Columbia.

Backup withholding is not an additional United States income tax. Rather, the United States income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund may be obtained provided that the required information is furnished to the IRS.

Certain persons (including, among others, corporations, certain "not-for-profit" organizations, and certain non-U.S. persons) are not subject to backup withholding. A Securityholder that is a U.S. holder should consult his or her tax advisor as to the Securityholder's qualification for an exemption from backup withholding and the procedure for obtaining such exemption.

The TIN for an individual United States citizen or resident is the individual's social security number. Failure to provide a correct TIN may result in additional fines. More serious penalties may be imposed for providing false information which, if willfully done, may result in fines and/or imprisonment.

Non-U.S. holders receiving payments in the U.S. should return a completed Form W-8BEN, Form W-8BEN-E or other applicable Form W-8, copies of which are available from the Depositary upon request and are available on the IRS website at https://www.irs.gov/forms-instructions.

9. Payment Entitlement Pick-up Locations

If so indicated, the Depositary will mail the consideration payable to such registered Securityholder in accordance with the information provided in Box A or Box B, as applicable. If Box A or, as applicable, Box B, are not properly completed, any cheques representing the consideration will be issued in the name of the registered Securityholder and mailed to the address of the registered Securityholder as it appears on the register of the Company's transfer agent or warrant agent, as applicable. Any cheques representing the consideration mailed in accordance with this Letter of Transmittal will be deemed to be delivered at the time of mailing.

Entitlements may be picked up at applicable TSX Trust Company office locations with counter services. Pick-up instructions must be selected in Box C. Below is the applicable TSX Trust office location:

Toronto

100 Adelaide Street West
Suite 301, Toronto
Ontario, M5H 4H1
Canada

10. Privacy Notice

The Depositary is committed to protecting personal information received from its clients. In the course of providing services to its clients, the Depositary receives certain non-public personal information. This information could include an individual's name, address, social insurance number, securities holdings and other financial information. The Depositary uses this information for lawful purposes relating to its services. The Depositary has prepared a privacy code relating to information practices and privacy protection, which can be obtained by sending a written request to the Depositary at the following address: Chief Privacy Officer, TSX Trust Company, 301-100 Adelaide St. West, Toronto, Ontario, M5H 4H1, Canada. The Depositary will use the information provided on this form in order to process the registered Securityholder's request and will treat the registered Securityholder's signature(s) on this form as his, her or its consent to the above.

If you need assistance in completing this Letter of Transmittal, please contact TSX Trust Company at (416) 342-1091, toll-free in North America at 1 866-600-5869 or by email at tsxtis@tmx.com, or contact your professional advisor.

OFFICE OF THE DEPOSITARY:

TSX TRUST COMPANY

By Registered Mail, Mail, Hand or Courier

Toronto:

100 Adelaide Street West, Suite 301

Toronto, Ontario

M5H 4H1, Canada

Attention: Corporate Actions

Securities Counter Hours:

8:30 am to 5:00 pm EST - business days only

Inquiries:

8:30 am to 5:00 pm EST - business days only

North American Toll Free: 1-866-600-5869

Telephone: 416-342-1091

E-Mail: tsxtis@tmx.com

Loncor Gold Inc. 6-K