We are reinitiating coverage on Loncor Gold. In December 2023, LN announced a deal to sell its Makapela property, located near its flagship Adumbi gold deposit in the Democratic Republic of the Congo (the “DRC”), for C$13.5M. This transaction provides Loncor with significant non-dilutive financing for advancing Adumbi.

LN’s Imbo project hosts multiple targets including Adumbi, Kitenge, and Manzako. The flagship Adumbi deposit hosts a large/high-grade open-pittable resource totaling 3.7 Moz gold (2.4 gpt). The project is 220 km from Barrick’s (TSX: ABX) Kibali mine, the largest gold mine in Africa, and has mining permits in place.