A 2021 Preliminary Economic Assessment (PEA) returned an AT-NPV5% of $600M, and an attractive AT-IRR of 25%, using $1,600/oz gold vs the spot price of $2,515/oz. LN is trading at just 6% of the AT-NPV. The AT-NPV increases to $1B at $1,840/oz gold. Adumbi has potential to produce 300+ Koz ever year, making it a mid-sized gold mine. We note that the Imbo area has significant resource expansion potential as the Adumbi deposit remains open at depth, and multiple targets have not been drill-tested. Gold is trading near record highs. We are more bullish on gold stocks than the metal itself, with gold producer valuations averaging 17% lower than the past three instances when gold surpassed $2k/oz. We continue to believe that Loncor is an attractive M&A target. Relative to other gold juniors, LN is trading at a 62% discount (C$19/oz vs the sector average of C$51/oz). Price Performance (1-year) YTD 12M LN 0% 37% TSX 11% 14% GOEX 23% 26% The Democratic Republic of the Congo (DRC) is the 10th largest gold producer in Africa, the largest cobalt producer in the world, and second in copper. Despite its rich natural resources, the country is ranked low in mining attractiveness due to concerns of political instability and security concerns. Nonetheless, ongoing conflicts between government forces and rebel groups have not materially impacted operations for Loncor or its neighbor Barrick. Barrick even expects 2024 production at its Kibali mine to remain steady, supported by successful partnerships with local businesses. We also note that several other majors like AngloGold Ashanti (NYSE: AU), Glencore (LSE: GLEN), Ivanhoe Mines (TSX: IVN), and Zijin Mining (SEHK: 2899) continue to operate in the DRC, signaling a willingness to navigate political risks in exchange for access to the country's rich cobalt, copper, and gold reserves. Imbo Project Despite ongoing conflicts, several majors remain active in the DRC. Located in the Ngayu gold belt of northeastern DRC, 220 km from Barrick&r