Oklo Resources : Quarterly Activities Report and Quarterly Cash Flow Report

26th OCTOBER 2020

SEPTEMBER 2020 QUARTERLY ACTIVITIES REPORT

The Company's primary focus during the quarter continued to be on resource definition drilling at Seko within its flagship Dandoko gold project located in Mali, West Africa.

HIGHLIGHTS FOR THE SEPTEMBER 2020 QUARTER:

• Resource definition drilling program results received from the high-grade SK1 North discovery at Seko intersected significant widths of deep gold mineralisation, indicating an appreciable widening and continuation of the host structure.
• Binding term sheet executed with Marvel Gold Limited, (ASX: MVL) to divest an 80% interest in the Company's non-core projects located in south Mali.

SEKO - INTERSECTS EMERGING ZONE OF DEEP GOLD MINERALISATION

• SK1 North - Two deep DD holes intersect significant widths of gold mineralisation from a vertical depth of ~200m indicating an appreciable widening and continuation of the host structure. The holes spaced 200m apart along strike returned:

► 23m at 2.57g/t gold from 219m	► 50m at 1.43g/t gold from 200m including
including 6m at 5.00g/t gold from 233m	21m at 2.20g/t gold from 229m

• Two PQ metallurgical diamond holes completed at SK1 North confirm excellent continuity of the high-grade lodes. Significant results included:

► 18m at 9.18g/t gold from 44m including	► 33m at 4.10g/t gold from 121m including
5m at 14.14g/t gold from 45m and 2m at	12m at 7.04g/t gold from 121m
40.82g/t gold from 55m

• Ongoing drilling at SK1 South and Central returned further zones of shallow oxide gold mineralisation including:

• 10m at 2.74g/t gold from 45m including
  6m at 4.30g/t gold from 45m
• 14m at 1.45g/t gold from 39m including
  5m at 3.03g/t gold from 42m

• 10m at 1.44g/t gold from 85m including
  2m at 5.56g/t gold from 85m
• 10m at 1.48g/t gold from 123m including 3m at 4.29g/t gold from 123m

AGREEMENT TO DIVEST 80% INTEREST IN SOUTH MALI GOLD PROJECTS

• Binding term sheet executed with Marvel Gold Limited to divest an 80% interest in the Company's non-core projects located in south Mali.
• Oklo to receive consideration of A$200,000 cash and 20,000,000 Marvel shares for an 80% interest in its south Mali projects, with up to an additional 20,000,000 Marvel shares to be issued subject to Marvel achieving certain milestones.

26th OCTOBER 2020

• The transaction introduces a focused partner to unlock the potential of the projects, with Oklo shareholders participating in any future exploration success through a 20% free carried interest to a decision to mine and a shareholding in Marvel.

DECEMBER 2020 QUARTER WORK PROGRAM

• 2021 field season to commence in October with an initial 15,000m drill program approved by the Board. It is anticipated the program will be completed in 3 months with 3 drilling rigs to be employed.
• Drilling results will focus on advancing the Dandoko Mineral Resource Estimate.
• Further metallurgical test work program on SK1 North oxide mineralisation is underway, with samples collected in Q2 to be dispatched to ALS in Perth and study work to be overseen by Lycopodium as part of the initial Scoping studies underway.

CORPORATE

• Well supported $10 million institutional placement to accelerate drilling at Dandoko.
• Increased ownership of the Company's strategic Kossaya and Sari projects in west Mali from 65% to 100%.
• Oklo remains well-funded with cash reserves of $19.7 million as at 30 September 2020.

MALI

• Oklo has a focus on the welfare of its employees and has implemented measures to ensure their well-being including; health screening and temperature monitoring, change in rosters, spatial distancing protocols, a change in flow of staff to and from local communities, and the minimisation of staff in the Bamako administrative office.
• The Company continues to monitor the political situation in Mali following the recent military coup. After a short period of street protests in the capital city of Bamako a civilian transitional government was formed, with the civil service returning to work and government offices, shops, plants and the international airport reopened. There were no casualties reported during this period of unrest.
• The Company notes that past coups in Mali have in general resulted in the election of new Governments. At the time of the 2012 coup, Oklo's Chairman Mark Connolly and
  GM Exploration Andrew Boyd were working with Papillon Resources on the development of the Fekola Deposit, located 30km to the west of Dandoko. Throughout that period, the gold mining operations within Mali were unaffected by the political instability.

This announcement is authorised for release by Oklo's Managing Director, Simon Taylor.

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

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

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26th OCTOBER 2020

Oklo Resources Limited ("Oklo" or the "Company") is pleased to present its Quarterly Activities Report for the period ending 30 September 2020. The Company's primary focus during the quarter continued to be on the advancement of its flagship Dandoko Project in Mali, West Africa.

1. WEST MALI PROJECTS

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

Figure 1 (a): Location of Oklo's gold projects in west Mali.	Figure 1(b): Location of Seko gold trends
	within the Dandoko gold corridor

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 15km-long Dandoko gold corridor hosting the Seko, Koko and Dabia bedrock gold discoveries (Figure 1b).

By conclusion of the 2019 field season, the 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 (DD) drilling to vertical depths of between 180m and 200m at Seko Anomaly 2 (SK2) and Seko Anomaly 3 (SK3). Encouraging results were also returned from initial drill testing of other targets along the Dandoko gold corridor resulting in the Koko and Dabia discoveries.

The Company's 2019/20 field season commenced in Q4 2019 with an initial resource definition drilling program. The program, comprising AC, RC and DD drilling, was focused on infill drilling and closing off areas of near surface mineralisation at Seko anomalies SK1-3 and surrounding areas, and was subsequently expanded after the spectacular results received at SK1 North.

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26th OCTOBER 2020

DANDOKO PROJECT

During the September quarter, assay results were received from 12 RC, 9 DD and 2 PQ drill holes at Seko North and South. The recently concluded 2020 field season was focused on infill drilling and closing off previously defined zones of gold mineralisation at Seko and adjoining areas in advance of a maiden MRE (Figure 2).

SEKO PROSPECT

Seko comprises five coherent auger gold trends (SK1-5) with a combined strike length of ~7km within the Company's flagship Dandoko Project.

SK1 NORTH

The initial phase of drilling at SK1 North in late 2019 returned a spectacular intersection of 47m at 10.95g/t gold from 48m, following which Oklo's Board approved additional RC drilling to test this emerging zone of high-grade gold mineralisation.

Follow-up drilling returned further exceptional results with a series of step-out DD holes confirming the down-dip continuity of the high-grade gold mineralisation intersecting gold in the deepest holes.

Hole RDSK20-066 encountered two zones of mineralisation: 8m at 4.98g/t gold from 185m downhole (including 2m at 18.85g/t gold) and 23m at 2.50g/t gold from 209m downhole (including 5m at 5.45g/t gold and 1m at 9.23g/t gold). The gold mineralisation is associated with a fault- bounded, brecciated sulphide stockwork hosting more massive zones of weathered pyrite within variably weathered sediments.

Hole RDSK20-068 confirmed high-grade gold mineralisation extending to at least 240m vertically, which is the deepest intersection returned to date from SK1 North. The hole returned 6m at 7.49g/t gold from 242m downhole (including 1m at 28.60g/t gold), partly within fresh rock before intersecting a late-stage (post mineralisation), flat-lying dolerite dyke over 17m (~14m true at 10.95g/t gold from 48m. Follow-up drilling returned further exceptional intersections including 55m at 7.65g/t gold from 54m, 51m at 4.28g/t gold from 63m, 31m at 7.12g/t gold from 30m and 29m at 2.46g/t gold from 51m.

1. series of step-out DD holes testing the down-dip continuity of the high-grade gold mineralisation successfully intersected 30m at 8.54g/t gold from 135m and 38m at 5.65g/t gold from 159m in the deepest holes and 34m at 4.07g/t gold from 83m immediately along strike.

The new assay results reported during the quarter successfully extended the high-grade gold mineralisation at depth and along strike on several sections (Figure 5).

Two deep DD holes spaced 200m apart both intersected significant widths of gold mineralisation. The southern hole RDSK20-088 intersected 50m at 1.43g/t gold from 200m down hole, including 21m at 2.20g/t gold from 229m (Section F, Figure 4). Hole RDSK20-089, located 200m to the north, intersected 23m at 2.57g/t gold from 219m down hole, including 6m at 5.00g/t gold from 233m (Section D, Figure 3).

Both DD intersections, hosted in oxide and transitional zone mineralisation, are highly significant and indicate an appreciable widening of the host structure. Further detailed drilling is planned to test for the potential emergence of south-plunging,high-grade shoots within the primary zone at depth.

SK1 CENTRAL TO SOUTH

Assay results received from holes completed along the SK1 trend from SK1 Central to SK1 South continued testing for an east-dipping control to the gold mineralisation, similar in style to SK1 North.

In the Central zone, the holes intersected further zones of near surface and deeper gold mineralisation. Significant intersections included: 33m at 0.50g/t gold from a down hole depth of 44m in hole RCSK20-245;5m at 1.34g/t gold from a down hole depth of 25m (including 2m at 2.61g/t gold) and 10m at 1.48g/t gold from a down hole depth of 123m (including 3m at 4.29g/t gold) in hole RCSK20-256;10m at 1.44g/t gold from 85m (including 2m at 5.56 g/t gold) in hole RCSK20-254 and 7m at 1.01g/t from 34m gold in hole RCSK20-255.

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