A 2021 Preliminary Economic Assessment (PEA) returned an AT-NPV5% of $600M, and an attractive AT-IRR of 25%, using $1,600/oz gold. LN is trading at just 6% of the AT-NPV. AT-NPV increases to $1B at $1,840/oz gold (gold is currently at $2,047/oz). Adumbi has potential to produce 300+ Koz ever year, making it a mid-sized gold mine. LN is set to drill beneath the open-pit shell, aiming to outline additional resources totaling 1.5 Moz at 4.8 gpt. Resolute Mining Limited/ASX: RSG (21%), Newmont/NYSE: NEM (5%), and LN’s Executive Chairman (20%) own 46% of LN’s equity. We maintain a positive outlook on gold in light of the proposed rate cuts by the Fed, and as we anticipate inflation will remain above its historic average in 2024. M&A activities in the junior gold sector are on the rise. Recent transactions in the African gold sector involved Dundee Precious Metals’s (TSX:DPM) acquisition of Osino Resources (TSXV: OSI/gold in Namibia) for $215M, Silvercorp Metals’s (TSX: SVM) acquisition of Orecorp (ASX: ORR/gold in Tanzania) for $186M, Fortuna Silver Mines’s (TSX: FVI) acquisition of Chesser Resources (ASX: CHZ/gold in Senegal) for $60M, and Zhaojin Mining’s (SEHK: 1818) acquisition of Tietto Minerals (ASX: TIE/a brand new gold producer in Côte d’Ivoire) for $422M. We estimate an average price of C$82/oz for these deals. We believe Loncor is an attractive M&A target, given that its shares are trading at just C$19/oz. Loncor has been exploring the DRC since 2009. Its portfolio includes the advanced- stage Imbo project, and the pre-resource stage North Kivu project. Company Overview Portfolio Summary Source: Company Entered into an agreement to seel a non-core asset, located near lmbo, for C$13.5M Mining in the Democratic Republic of the Congo The DRC is the sixth largets gold producer in Africa, the fourth largest copper producer in the world, and the largest cobalt producer in the world. Loncor's Focus Source: Technical Repo