Okapi Resources : Athabasca Summer Exploration Program Commences

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10 June 2022

Athabasca North American

Summer Exploration Program Commences

Key Points

• Extensive field programs commencing across Okapi's Athabasca projects
• Satellite data analysis has generated numerous high-priority targets
• Surface exploration will include mapping and soil and rock sampling
• Okapi is developing a pipeline of drill-ready targets across its portfolio of projects
• Okapi continues to look to evaluate consolidation opportunities across its key projects

Okapi Resources Limited (ASX: OKR, OTCQB: OKPRF) (Okapi or the Company) is pleased to announce the commencement of its summer field exploration program across its exploration projects in the world-renowned Athabasca Region. Okapi has recently completed significant satellite image data analysis over the Newnham Lake and Perch Projects which has generated numerous highly prospective targets. Exploration program will include geologic mapping of structures, lithology and alteration, combined with geochemistry, primarily from rock samples. The purpose of the exploration program is to prioritise drill targets ahead of Okapi's upcoming North American winter drilling program.

Figure 1: Okapi's Athabasca Uranium Projects

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Okapi's Managing Director, Mr Andrew Ferrier said:

"The Okapi team is excited to begin its maiden exploration program. Okapi has a substantial land package comprising six project areas covering over 55,000 hectares. Importantly, five of these projects are located along the margin of the Athabasca Basin where depth to the unconformity is relatively shallow, typically around 100 metres, making these ideal for targeting shallow high-gradeunconformity-related Uranium deposits, and potentially near surface basement hosted Uranium deposits. The exception is the Middle Lake Project that lies adjacent to the formerly producing Cluff Lake Mine in the Carswell Impact Structure.

We are particularly excited about our Newnham Lake and Perch Projects along the north-eastern margin of the Athabasca Basin which have the hallmarks to host potential tier-1 uranium discoveries."

Newnham Lake and Perch Uranium Projects (100%)

Okapi's primary focus is on its 100% owned Newnham Lake and Perch Projects which straddle the northeastern margin of the Athabasca Basin. Both Projects consist of 15 mining claims covering circa 18,500 hectares. Historical drilling has encountered multiple ore-grade intercepts of between 1,000ppm U3O8 and 2,000ppm U3O8 in relatively shallow historical drilling within a 25km conductive trend. Importantly, the depth to the Athabasca Basin unconformity at Newnham Lake is approximately 100 metres deep mitigating the need to drill deep holes.

Figure 2: Priority Targets at the Newnham Lake Project

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Okapi recently completed satellite image data analysis over the entire Newnham Lake and Perch Projects. This analysis included synthetic aperture radar (SAR) data, multispectral Sentinel and Aster data. The data collected generated a number of target areas (Labeled A-K as shown in Figure 2). The targets are positioned across east-west structural corridors, and the intersection of those with north- south and northeast-southwest trending faults. The areas north of the unconformity contact in exposed Archean rocks at Perch. These areas have been identified as Archean Basement rocks at or near the surface that exhibit alteration and oxidation characteristics consistent with potential to host uranium mineralisation. The exploration program will consist of geologic mapping of structures, lithology and alteration in detail, combined with exploration geochemistry primarily from rock samples.

Also identified from the satellite image analysis at Newnham Lake are the complex, laterally extensive structures associated with geophysical anomalies interpreted as conductors. The recently completed image analysis will be combined with 3-dimensional geologic modelling of the historic surface and drill data that comprises approximately 200 drill holes (includes values up to 2,260ppm Uranium) with a goal of defining drill targets for the upcoming North American winter drilling season.

Middle Lake Project (80%)

The Middle Lake Project is located along the southeastern margin of the Carswell Impact Structure within close proximity to Orano's historical Cluff Lake Mine which produced 64.2 million pounds of U3O8 at 0.92% U3O8 between 1980 and 2002.1 The Middle Lake Project has, to date, had the most exploration work completed historically out of all the projects within Okapi's portfolio of Athabasca Projects.

Okapi is currently converting all historical exploration data to digital format to aid geological modeling of the Middle Lake Project area to generate viable drill targets for testing. Okapi has obtained a permit to drill up to 24 holes for a total of 10,000 meters of drilling and plans to drill the project in the upcoming North American winter season.

The exploration of the Middle Lake Project area extends back to the 1970's and has included extensive geophysics, geochemistry, surface mapping and exploration drilling. The most significant results to date have come from surface mapping of boulder trains on the property in 1981; two individual boulders returned values of 8.95% and 16.9% U3O8 respectively in altered and strongly mineralised Archean basement rocks; the rocks also returned gold values of 2,160ppb and 2,880ppb Au respectively - the source of the rocks has not been determined but both were found on the Middle Lake Project in separate areas, the first south of Middle Lake, and the second southeast of Skull Lake, the rock samples being collected approximately 5 kilometers apart. 1 2

1Technical Report on the Shea Creek Property, Northern Saskatchewan, with an Update Mineral Resource Estimate, UEX Corporation May 31, 2013 2Middle Lake Winter 2015 Drilling Program Report, Middle Lake Property, August 2015

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Figure 3: Middle Lake Uranium Project 2

Kelic Lake and Agro Projects (100%)

Acquisition, processing, analysis and interpretation of satellite image data including SAR and multi- spectral Sentinel & Aster data is currently underway over the entire project areas at the Kelic Lake and Argo Projects with results expected in early July.

The results of the image analysis will be combined with historic exploration data and summary reports generated with recommendations for follow-up surface exploration work to confirm drill targets. The surface work will dominantly comprise geologic mapping and sampling as well as soil geochemistry. The results of these investigations will then be geologically modelled to assist with the generation of drill programs.

This announcement has been authorised for release by the Board of Okapi Resources Limited.

Further information:
Andrew Ferrier	Gareth Quinn
Managing Director	Investor Relations
E: [e-mail]	E: [e-mail]
P: [phone]	P: [phone]

About Okapi Resources

Okapi Resources Limited recently acquired a portfolio of advanced, high grade uranium assets located in the United States of America and in the Athabasca Basin, Canada.

only	Assets include a strategic position in one of the most prolific uranium districts in the USA - the Tallahassee
			Creek Uranium District in Colorado. The Tallahassee Uranium Project contains a JORC 2012 Mineral Resource
			estimate of 49.8 million pounds of U3O8at a grade of 540ppm U3O8with significant exploration upside. The
			greater Tallahassee Creek Uranium District hosts more than 100 million pounds of U3O8 with considerable
			opportunity to expand the existing resource base by acquiring additional complementary assets in the district.
			The portfolio of assets also includes an option to acquire 100% of the high-grade Rattler Uranium Project in
use	Utah, which includes the historical Rattlesnake open pit mine. The Rattler Uranium Project is located 85km
from the White Mesa Uranium Mill, the only operating conventional uranium mill in the USA hence provides a
near term, low-capital development opportunity.
			In January 2022, Okapi acquired a portfolio of high-grade exploration assets in the world's premier uranium
			district, the Athabasca Basin. The Athabasca Basin is home to the world's largest and highest-grade uranium
			mines.
			Okapi's clear strategy is to become a new leader in North American carbon-free nuclear energy by assembling
			a portfolio of high-quality uranium assets through accretive acquisitions and exploration.
personal				JORC 2012 Mineral Resource Estimate for the Tallahassee Uranium Project
							Measured								Indicated								Inferred								Total
		Property			Tonnes			Grade			Lbs			Tonnes				Grade			Lbs			Tonnes			Grade			Lbs			Tonnes			Grade			Lbs
						U3O8			U3O8						U3O8			U3O8					U3O8			U3O8					U3O8			U3O8
						(000)							(000)								(000)							(000)
								(ppm)			(000)						(ppm)			(000)					(ppm)			(000)					(ppm)			(000)
		Hansen/
		Picnic			-		-		-		7,309			640		10,360		9,277		580		11,874			16,586		610		22,234
		Tree**
		Taylor			-		-		-		7,641			520		8,705		14,869		460		15,172			22,513		480		23,877
		and Boyer
		High Park			2,451		550		2,960		24			590		30		434		770		734			2,907		580		3,724
		Total			2,451			550			2,960			14,976				580			19,095			24,580			510			27,780			42,007			540			49,835
			Notes: Calculated applying a cut-off grade of 250ppm U3O8. Numbers may not sum due to rounding. Grade rounded to nearest 10ppm.
			**Numbers reported are 51% of the Hansen/Picnic Tree due to ownership agreements.
For	Competent Persons Statement
Information on the Mineral Resources presented, together with JORC Table 1 information, is contained in the ASX

announcement titled "Okapi to acquire Hansen Deposit - Resource increased by 81%" which was released as an announcement on 7 April 2022. The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcements, and that the form and context in which the Competent Persons findings are presented have not been materially modified from the original announcements.

Where the Company refers to Mineral Resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement.