Oklo Resources : Quarterly Activities and Cashflow Report

29 July 2019

JUNE 2019 QUARTERLY ACTIVITIES REPORT

The Company's primary focus during the reporting period continued to be on the advancement of its extensive portfolio of gold projects located in Mali, West Africa.

HIGHLIGHTS FOR THE JUNE 2019 QUARTER:

• Significant progress was achieved during the quarter with over 26,700m of aircore (AC) and reverse circulation (RC) drilling completed at the Dandoko and Kouroufing Gold Projects as part of Oklo's fully funded $5 million drilling campaign.

DANDOKO - NEXT PHASE OF DRILLING COMPLETED

• The planned 16,000m drilling program was extended to 23,500m due to favourable weather conditions and was completed post quarter-end. The program tested for extensions to the north and south of Seko, Dabia and Sory along with other targets across the Dandoko gold corridor with assay results pending.

KOUROUFING - DRILLING CONFIRMS SECOND BEDROCK GOLD DISCOVERY

• Infill AC drilling completed over the southern portion of the 6km-long gold corridor (Kouroufing Central Target) with further significant bedrock gold mineralisation encountered1:
• • 16m at 11.07g/t gold from 4m; including 4m at 42.2g/t gold from 12m; including 2m at 29.9 g/t gold from 12m and 2m at 54.5g/t gold from 14m
  • 2m at 12.60g/t gold from 18m
  • 20m at 1.26g/t gold from 2m; including 2m at 7.61g/t gold from 18m
  • 2m at 7.30g/t gold from surface
  • 30m at 1.15g/t gold from 10m; including 2m at 8.11g/t gold from 14m
  • 34m at 1.06g/t gold from 26m; including 2m at 4.35g/t gold from 38m
• Assay results received from 9 follow-up RC holes and 1 DD hole completed in the central portion of the gold corridor (Kouroufing Central Target) where numerous high-grade gold intersections were previously reported from AC drilling2. Best results included:
• • 8m at 2.96g/t gold from 62m; including 2m at 8.20g/t gold from 64m
  • 5m at 4.23g/t gold from 34m; including 2m at 9.26g/t gold from 35m
  • 1m at 20.90g/t gold from 17m
  • 18m at 0.95g/t gold from 45m; including 4m at 2.21g/t gold from 50m
  • 12m at 1.47g/t gold from 176m; including 4m at 2.29g/t gold from 178m
• Results to date further enhance the potential for new bedrock gold discoveries along this 6km corridor, which is the second gold discovery by Oklo in the past 24 months.

1. ASX Announcement 17 April 2019 - Shallow, High-Grade Gold Results from Kouroufing South
2. ASX Announcement 27 May 2019 - Second Bedrock Discovery Confirmed at Kouroufing

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29th JULY 2019

• Significant bedrock gold mineralisation confirmed in first assay results received from wide- spaced, shallow AC drilling along 6 traverses covering a 1.4km extent of the nearby Kome Target. Best results included: 3
• • 2m at 18.20g/t gold from 24m
  • 10m at 1.29g/t gold from 36m; including 2m at 4.11g/t gold from 44m
  • 2m at 8.50g/t gold from 18m
  • 2m at 4.15g/t gold from 46m with the hole ending in mineralisation
  • 4m at 2.82g/t gold from 56m
  • 22m at 0.90g/t gold from 26m; including 4m at 2.22g/t gold from 26m
  • 12m at 0.99g/t gold from 16m; including 2m at 2.79g/t gold from 26m

KOUROUFING - AUGER GEOCHEMISTRY REVEALS NEW GOLD TRENDS

• Remaining assay results from 1,588 (for 22,650m) shallow geochemical auger holes outlined further potential gold-bearing structures in favourable northeast and northwest orientations to the immediate south of the previously identified 6km-long gold corridor.
• Best composite intersections included 11m at 1.09g/t gold, 6m at 6.97g/t gold, 4m at 3.59g/t gold, 6m at 1.12g/t gold and 4m at 1.09g/t gold highlighting potential for additional bedrock gold discoveries within the Kouroufing project area4.

KOSSAYA & SARI PROJECTS - FIRST-PASS AUGER RESULTS RECEIVED

• Assay results from first-pass auger drilling (925 holes for 12,261m) over portions of the adjoining Kossaya and Sari Projects identified numerous new anomalous zones including a best intersection of 7m at 4.29g/t gold, the highest grade auger intercept outside of Kouroufing3.
• Option exercised during the quarter to acquire a 65% interest in the Sari Project and a 65% interest in the Kossaya Project post quarter end.

SEPTEMBER 2019 QUARTER WORK PROGRAMS

• The compilation of current and pending results is ongoing, with planning underway for the resumption of field activities in October following the wet season.

CORPORATE

• Subsequent to quarter-end the Company announced the appointment of Mr Mark Connelly to the Board as non-executive Chairman.
• Oklo remains well-funded with cash reserves of circa $6.5 million as at 30 June 2019.

For further information visit our new website at www.okloresources.com or contact:

Simon Taylor

Managing Director

T: [phone]

E: [e-mail]

1. ASX Announcement 27 May 2019 - Second Bedrock Discovery Confirmed at Kouroufing
2. ASX Announcement 17 April 2019 - Further Significant Gold Trends Emerge at Kouroufing

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29th JULY 2019

Oklo Resources Limited ("Oklo" or the "Company") is pleased to present its Quarterly Activities Report for the period ending 30 June 2019. The Company's primary focus during the quarter continued to be on the advancement of its Dandoko and Kouroufing Projects in Mali, West Africa. First-pass auger geochemical drilling was also completed at the adjoining Kossaya and Sari Projects. Limited regional soil sampling programs were also completed over the Yanfolila, Kolondieba and Sirakourou projects in South Mali.

1. DANDOKO, MOUSSALA, KOUROUFING, KANDIOLE, SARI & KOSSAYA PROJECTS - WEST MALI

Oklo's Dandoko Project and adjoining Kouroufing, Moussala, Kandiole, Sari and Kossaya Projects are located within the Kenieba Inlier of western Mali and lie approximately 30km east of B2Gold's 7.1Moz Fekola Mine and 50km south-southeast of Barrick's 12.5Moz Loulo Mine (Figure 1).

Figure 1: Location of Oklo's gold projects in West Mali.

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29th JULY 2019

In late 2016, Oklo initiated a reconnaissance auger geochemistry program over the Dandoko and Moussala Projects to explore for new targets concealed under the extensive tracts of lateritic and transported cover. The program delivered early success with the delineation of the 12km-long Dandoko gold corridor hosting the Seko and more recent Sory and Dabia bedrock gold discoveries (Figure 2).

Figure 2: Location of Seko, Sory and Dabia trends within 12km-long Dandoko gold corridor

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29th JULY 2019

By conclusion of the 2018 field season, drilling programs completed at Seko successfully outlined both strike and depth extensions to the oxide gold mineralisation previously encountered in aircore (AC) drilling to vertical depths of circa 80m and deeper reverse circulation (RC) and diamond core

1. drilling to vertical depths of between 180m and 200m at Seko Anomaly 2 (SK2) and Seko Anomaly 3 (SK3). Initial testing over other regional targets along the Dandoko gold corridor resulted in the Sory and Dabia discoveries. At the neighboring Kouroufing Project, regional auger drilling delineated an extensive 6km-long gold corridor hosting individual anomalies of over 1km in length.

In November 2018, the Company's 2019 field season commenced with a fully funded $5 million drilling program. The 35,000m program, consisting of DD, RC and AC drilling, was focused on advancing the Seko gold discovery along with the ongoing evaluation of the 12km-long Dandoko gold corridor and Kouroufing Project. A further 25,000m of low-cost, reconnaissance auger drilling was allocated towards first-pass assessment of new regional target areas.

During the quarter, a total of 267 AC holes (for 21,993m), 7 RC holes (for 1,252m) and 1 DD hole (for 258m) were completed at Dandoko, and 58 AC holes (for 3,114m) and 1 RC hole (for 120m) were completed at Kouroufing and 286 auger holes (for 3,311m) completed at Sari and Kossaya, with all auger assays received.

DANDOKO PROJECT

During the June 2019 quarter, the planned 16,000m program of AC and RC drilling testing was extended to 23,500m due to favourable weather conditions. The program tested for extensions to the north and south of Seko, Dabia and Sory along with other targets across the Dandoko gold corridor (Figure 2). This program also included traverses exploring for potential gold mineralisation between SK2 and SK3 at Seko (Figure 3).

Subsequent to quarter-end, all the Dandoko drilling had been completed at with assay results pending.

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