Oklo Resources : Delivers Robust Initial JORC Resource

30th MARCH 2021

OKLO DELIVERS ROBUST INITIAL MINERAL

RESOURCE ESTIMATE FOR DANDOKO

79% Classified in Measured & Indicated Category

Oklo Resources Limited ("Oklo" or "the Company") is pleased to report an initial JORC 2012 compliant Mineral Resource Estimate (MRE) at its flagship Dandoko Project in west Mali.

HIGHLIGHTS:

• ► Measured, Indicated and Inferred Resource of 11.3Mt at 1.83g/t gold for 668.5kOz contained gold encompassing the Seko, Koko, Disse and Diabarou deposits, which all remain open and are expected to grow with ongoing drilling either along strike or at depth.

• ► The robust MRE is constrained within optimised pit shells1 with 56% of the contained ounces reporting to the Measured category and 23% to the Indicated category.

Dandoko Project Mineral Resource Estimate as at March, 2021. Reported at a cut-off grade of 0.3g/t.
Measured	Indicated	Inferred	Total
Deposit	Tonnes (Mt)	Grade (g/t)	Gold (kOz)	Tonnes (Mt)	Grade (g/t)	Gold (kOz)	Tonnes (Mt)	Grade (g/t)	Gold (kOz)	Tonnes (Mt)	Grade (g/t)	Gold (kOz)
Seko	5.57	2.09	374.2	2.40	1.69	130.6	2.13	1.49	101.7	10.09	1.87	606.5
Koko	-	-	-	0.73	0.97	22.8	0.02	0.73	0.4	0.74	0.97	23.2
Diabarou	-	-	-	-	-	-	0.34	2.45	26.7	0.34	2.45	26.7
Disse	-	-	-	-	-	-	0.15	2.57	12.1	0.15	2.57	12.1
Total	5.57	2.09	374.2	3.13	1.52	153.5	2.63	1.67	140.9	11.34	1.83	668.5

►

The MRE is an important milestone for Oklo and will underpin a scoping study on a potential low-cost open pit mining operation.

• ► The scoping study will focus on initial development of the high-grade oxide mineralisation extending to surface, with the deposit having a strong grade-tonnage cut off characteristic with over 60% of contained ounces above a 2.0g/t gold grade cut-off.

• ► 65% of the MRE comprises soft oxide mineralisation, and when combined with high metallurgical recoveries from initial metallurgical test work2, enables potential for a straightforward process flowsheet with a low capital requirement.

• ► The MRE provides a central foundation for continued resource growth at Seko and the 15km long Dandoko gold corridor, as well as within the nearby Kouroufing and Kandiole Projects where drilling is underway.

1 Open pit optimisations included an overall allowance of 10% for dilution and 7% for ore loss, and were undertaken using appropriate Malian royalties and taxes, metallurgical recovery data, mining, production, and environmental costs from nearby producing mines and utilising a low pit wall angle of 38o within the deep oxide profile observed and a 50o slope in fresh rock. Based on the preliminary optimisation work, a lower cut-off grade of 0.3g/t Au within a US$2,000/oz cut off shell provides a positive NPV indicating a reasonable prospect for eventual economic extraction.

2 Refer ASX announcement 6th August 2018, "Excellent Initial Metallurgical Results At Seko" and ASX announcement 7th April 2020, "Positive Metallurgical Results From Seko"

► The MRE allows significant optionality for a potential future mining operation, with an increase in modelled cut-off grade providing potential for very high grade production scenarios.

Grade and Tonnage Table, Dandoko Project - March 2021
Cut-off grade (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Gold (kOz)	Density (g/cm3)
2.0	3.11	4.08	407.7	2.06
1.8	3.52	3.83	432.8	2.05
1.6	4.03	3.56	460.6	2.05
1.4	4.72	3.25	494.1	2.04
1.2	5.59	2.95	530.2	2.03
1.0	6.67	2.65	568.1	2.02
0.9	7.33	2.50	588.2	2.01
0.7	8.80	2.21	626.1	2.00
0.5	10.28	1.98	654.7	1.99
0.3	11.34	1.83	668.5	1.98

► Pit optimisations for the SK1, 2 & 3 deposits, which contain 100% of the material reported in the

Measured and Indicated categories, highlight robust characteristics across a range of assumed gold prices.

SK 1, 2 & 3 pit constrained ounces with varying gold prices
Gold Price (US$ / Oz)	Gold (kOz)	Gold Grade (g/t)	Strip Ratio	% Change
1,250	475.1	1.97	5.9	-22%
1,500	557.0	1.84	7.1	-8%
1,750	582.5	1.78	7.3	-4%
2,000	606.5	1.74	7.8	Base
2,250	621.7	1.77	8.0	2%

► Significant drill intersections and numerous wide zones of gold mineralisation occur outside of the optimised pits and are not included in the MRE(Figure 1), with the potential for continued exploration success to enable them to be incorporated into the resource in the future.

Figure 1: Growth opportunities outside of the pit shells for SK1-3, which contains 91% of the MRE gold inventory.

► New drill hole RDSK21-114 returned 11m at 6.54g/t gold from 121m in the hanging wall zone at

SK1 South, representing an immediate growth target outside the pit shell, with follow up drilling underway.

Figure 2: SK1 South - 1396300mN representative section including drill hole RDSK21-114 in the hanging wall zone.

"Our initial Mineral Resource at Dandoko represents a major turning point for the Company and provides a strong platform in our quest to build a multi-million ounce resource inventory within this world class gold province. This greenfield discovery is a credit to our technical team, with considerable upside remaining not only within the Seko gold system, but also at other lightly tested targets along the 15km Dandoko gold corridor and within our nearby Kouroufing and Kandiole Projects.

The robust MRE announced today is a key input into our scoping study focussed on a low-cost open pit operation with a straightforward process flowsheet exploiting the oxide zone mineralisation, which will be undertaken while advancing our aggressive resource expansion and exploration drilling programs.

Geological studies by Oklo have demonstrated that the Dandoko Project has similar attributes to the nearby operating mines within the world class Kenieba Inlier of west Mali. These include B2Gold's 7.1Moz Fekola Project, Barrick Gold's 18Moz Loulo Project (including Yalea) / Gounkoto and IAMGold's 2.0Moz Diakha/Siribaya gold resource projects. We are very excited about the potential to significantly grow our resource base through continued exploration guided by our experienced and highly successful geological team." - commented Oklo's Managing Director, Simon Taylor.

This announcement is authorised for release by the Board of the Company.

For further information, please contact:

Simon Taylor	Dominic Allen
Managing Director	Business Development Manager
T: [phone]	T: [phone]
E:[e-mail]	E:[e-mail]
PAGE 3 OF 35

SUMMARY

The Company is pleased to deliver an initial JORC compliant (2012 Edition) MRE of 11.34Mt at 1.83g/t gold for 668.5kOz at the Dandoko Project in west Mali.

Figure 3: MRE prospect areas, drilling and mineralisation models.

79% of the MRE is at a Measured or Indicated resource classification with mineralisation open along strike and at depth. A total of 65% of the MRE is within soft oxide material from surface, which bodes well for potential low cost open cut mining scenarios.

Table 1: MRE grade and tonnage by weathering state

Grade and Tonnage by Weathering State
Weathering state	T onnes (Mt)	Density (g/cm3)	Gold Grade (g/t)	Gold (kOz)
Oxide	7.73	1.79	1.75	434.9
T ransition	1.32	2.24	1.97	83.8
Fresh	2.29	2.74	2.04	149.7
T otal	11.34	1.98	1.83	668.5

Over 60% of the mineralisation lies above a gold grade cut-off over 2.0g/t, and pit optimisations suggest significant optionality for a potential future mining operation, providing potential for very high grade production scenarios.

Figure 4: Dandoko Project March 2021 grade and tonnage curve.