Companies · Mining & Resources

Loncor Gold Inc.

TORONTO · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Loncor Gold Inc. — recommendation, valuation, rhythm, risks.
$32.2M
Total raised · real
11
Rounds
1.6×
Latest step-up
Top 7%
Sector rank · raised
Series A
Latest stage · inferred · Fri May 23 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Loncor Gold Inc. looks under-valued against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.39× the median modeled value of Series A Mining & Resources companies in 2025–2027 (40 peers) — value vs value, same stage and era.
Quiet
  • Last raise 13 mo ago; this sector typically re-raises about every 11 months.
  • Slightly overdue versus sector cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Loncor Gold Inc. is one of 701 Mining & Resources companies tracked from TORONTO. By capital raised it ranks among the largest (ahead of 94% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2025-05-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MPre-Seed · 2009-09-10 Raised $250K (real) Modeled valuation $1.7M (est)Pre-Seed2009Series A · 2010-02-10 Raised $5.4M (real) Modeled valuation $24M (est)Series A2010Series A · 2010-12-15 Raised $3.9M (real) Modeled valuation $17M (est)Series A2010Series A · 2011-02-01 Raised $7.3M (real) Modeled valuation $32M (est)Series A2011Series A · 2012-10-09 Raised $5.8M (real) Modeled valuation $25M (est)Series A2012Series A · 2020-07-31 Raised $289K (real) Modeled valuation $1.3M (est)Series A2020Series A · 2021-02-02 Raised $153K (real) Modeled valuation $629K (est)Series A2021Series A · 2021-07-23 Raised $2.5M (real) Modeled valuation $9.6M (est)Series A2021Series A · 2022-02-28 Raised $786K (real) Modeled valuation $2.9M (est)Series A2022Seed · 2022-06-10 Raised $1.9M (real) Modeled valuation $7.1M (est)Seed2022Series A · 2022-06-10 Raised $3.2M (real) Modeled valuation $12M (est)Series A2022Series A · 2023-04-05 Raised $1.1M (real) Modeled valuation $3.6M (est)Series A2023Series A · 2025-05-23 Raised $1.8M (real) Modeled valuation $4.8M (est)Series A2025Cumulative $34M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$250K · 2009
Series A$5.4M · 2010no Seed on file
Series A extension$3.9M · 2010
Series A extension$7.3M · 2011
Series A extension$5.8M · 2012
Series A extension$289K · 2020
Series A extension$153K · 2021
Series A extension$2.5M · 2021
Series A extension$786K · 2022
Bridge · Series A-stage$1.9M · 2022smaller follow-on
Series A extension$3.2M · 2022
Series A extension$1.1M · 2023
Series A extension$1.8M · 2025

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$4.8M
Base estimate est.
$2.3M
Conservative case
$8.4M
Upside case
$8.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $1.7M · 2009-09-102009Series A · modeled $23.8M · 2010-02-10Series A · modeled $17.0M · 2010-12-15Series A · modeled $31.9M · 2011-02-01Series A · modeled $25.3M · 2012-10-09Series A · modeled $1.3M · 2020-07-31Series A · modeled $629K · 2021-02-02Series A · modeled $9.6M · 2021-07-23Series A · modeled $2.9M · 2022-02-28Seed · modeled $7.1M · 2022-06-10Series A · modeled $11.6M · 2022-06-10Series A · modeled $3.6M · 2023-04-05Series A · modeled $4.8M · 2025-05-232025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.11×/yr
Annual markup
1.39×/yr upside case
1.1 yr
Elapsed time used
1.1 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$2.1M/yr
Capital velocity
16.8 yr
On record since
2009
First round
13
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 14× above median
This company$32.2M
Sector median$2.3M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.4× of median
This company$1.8M
Sector median$4.2M
Modeled value — vs sector median (estimate, all stages) 1.9× above median
This company$4.8M
Sector median$2.5M

Raised more than 94% of sector peers (real $). Modeled value above 65% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #30 of 40.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Fortitude Gold Corp · Series A Raised $12.5M · modeled $29.6M (est)San Cristobal Mining Inc. · Series A Raised $17.2M · modeled $28.8M (est)Torngat Metals Ltd · Series A Raised $21.9M · modeled $27.1M (est)Rua Gold Inc. · Series A Raised $16.4M · modeled $25.0M (est)Red Metals, Inc. · Series A Raised $9.6M · modeled $23.7M (est)West Point Gold Corp. · Series A Raised $9.2M · modeled $21.3M (est)McFarlane Lake Mining Ltd · Series A Raised $7.9M · modeled $19.2M (est)Evolution Metals LLC · Series A Raised $7.2M · modeled $19.0M (est)Silverco Mining Ltd. · Series A Raised $7.7M · modeled $19.0M (est)Miedzi Copper Corp. · Series A Raised $10.7M · modeled $19.0M (est)Rise Gold Corp. · Series A Raised $20.9M · modeled $17.0M (est)TDG Gold Corp. · Series A Raised $6.6M · modeled $16.4M (est)Loncor Gold Inc. (this company) Raised $32.2M · modeled $4.8M (est)Loncor Gold Inc.
CompanyStageRaised · realValue · estvs peer med.
Fortitude Gold CorpSeries A$12.5M$29.6M2.41×
San Cristobal Mining Inc.Series A$17.2M$28.8M2.34×
Torngat Metals LtdSeries A$21.9M$27.1M2.20×
Rua Gold Inc.Series A$16.4M$25.0M2.03×
Red Metals, Inc.Series A$9.6M$23.7M1.93×
West Point Gold Corp.Series A$9.2M$21.3M1.73×
McFarlane Lake Mining LtdSeries A$7.9M$19.2M1.56×
Evolution Metals LLCSeries A$7.2M$19.0M1.54×
Silverco Mining Ltd.Series A$7.7M$19.0M1.54×
Miedzi Copper Corp.Series A$10.7M$19.0M1.54×
Rise Gold Corp.Series A$20.9M$17.0M1.38×
TDG Gold Corp.Series A$6.6M$16.4M1.33×
Loncor Gold Inc. this companySeries A$32.2M$4.8M0.39×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$250K2009-09-10$1.4M$1.7M85%
Series A$5.4M2010-02-10$24.8M$23.8M85%
Series A$3.9M2010-12-15$17.7M$17.0M85%
Series A$7.3M2011-02-01$33.2M$31.9M85%
Series A$5.8M2012-10-09$26.3M$25.3M85%
Series A$289K2020-07-31$1.3M$1.3M90%
Series A$153K2021-02-02$695K$629K90%
Series A$2.5M2021-07-23$11.2M$9.6M90%
Series A$786K2022-02-28$3.6M$2.9M90%
Seed$1.9M2022-06-10$9.3M$7.1M90%
Series A$3.2M2022-06-10$14.7M$11.6M90%
Series A$1.1M2023-04-05$5.0M$3.6M90%
Series A$1.8M2025-05-23$8.1M$4.8M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$250K2009-09-10
    • First recorded raise — entered as Pre-Seed.
    • 3 investors on this round.
  2. Series A$5.4M2010-02-10
    • Came back fast: 5 mo vs the ~11 mo sector norm.
    • Round 21.8× larger than the prior — scaling up.
    • 3 investors on this round.
  3. Series A$3.9M2010-12-15
    • Raised 10 mo later, in step with the ~11 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  4. Series A$7.3M2011-02-01
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 1.9× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → No revenue.
    • 4 investors on this round.
  5. Series A$5.8M2012-10-09
    • Raised again after 20 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  6. Series A$289K2020-07-31
    • Raised again after 94 mo — slower than the ~11 mo sector norm.
    • Round 20.0× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 8 investors on this round.
  7. Series A$153K2021-02-02
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  8. Series A$2.5M2021-07-23
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 16.1× larger than the prior — scaling up.
    • 6 investors on this round.
  9. Series A$786K2022-02-28
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 3.1× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  10. Seed$1.9M2022-06-10
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 5 investors on this round.
  11. Series A$3.2M2022-06-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.8× larger than the prior — scaling up.
    • 5 investors on this round.
  12. Series A$1.1M2023-04-05
    • Raised 10 mo later, in step with the ~11 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  13. Series A$1.8M2025-05-23
    • Raised again after 26 mo — slower than the ~11 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
    • 3 investors on this round.
Intelligence
2026 ~Q3
Modeled next raise · ~16mo cadence
$2.9M
Modeled next size est.range $1.9M$4.7M
1.6×
Last step-up
$2.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
William R. Wilson3 other2009-09
Arnold T. Kondrat1 other2009-09
Donat K. Madilo1 other2009-09
Geoffrey K. Farr1 other2011-02
Peter Cowley1 other2011-02
Richard T. Lachcik1 other2022-02
Donat R. Madilo2012-10
Donat T. Madilo2020-07
Geoffrey G. Farr2009-09
John K. Barker2022-06
John T. Barker2020-07
Kevin R. Baker2009-09
Martin D. Jones2009-09
Martin K. Jones2010-12
Maurice R. Colson2012-10
Naomi R. Nemeth2012-10
Peter K. Cowley2022-06
Peter N. Cowley2010-02
Richard J. Lachcik2009-09
Richard R. Lachcik2011-02
Simon F.W. Village2009-09
Simon R. Village2011-02
William T. Wilson2022-02
Zhengquan K. Chen2022-06
Registry & provenance

Loncor Gold Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1472619
SEC CIK
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Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Western Uranium & Vanadium Corp.Mining & ResourcesSeries A$20.5M$3.0Msame sector · same stage
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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Lode Metals Corp.Mining & ResourcesPre-Seed$815K86%
Mexican Gold Corp.Mining & ResourcesPre-Seed$601K84%
Lahontan Gold Corp.Mining & ResourcesSeed$3.0M84%
HighGold Mining Inc.Mining & ResourcesSeed$13.2M83%
U.S. Gold Corp.Mining & ResourcesSeries B$115.0M82%
Lavras Gold Corp.Mining & ResourcesSeed$6.2M82%
Lumina Gold Corp.Mining & ResourcesSeed$3.7M82%
Durango Gold Corp.Mining & ResourcesSeed$4.8M82%
Frequently asked
How much funding has Loncor Gold Inc. raised?
Loncor Gold Inc. has raised approximately $32.2M in disclosed capital across 11 recorded financing rounds, aggregated from public filings.
What is Loncor Gold Inc.'s estimated valuation?
Provath's modeled valuation for Loncor Gold Inc. is approximately $4.8M (modeled range $2.3M–$8.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Loncor Gold Inc. at?
Loncor Gold Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Fri May 23.
What does Loncor Gold Inc. do and where is it based?
Loncor Gold Inc. operates in the Mining & Resources sector, based in TORONTO.
Explore related

See where Loncor Gold Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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