Okapi Resources : Quarterly Activities Report

Quarterly Report

onlyFor the quarter ending 30 June 2022

okapiresources.com.au

useOkapi Resources is developing a portfolio of

personaldvanced, high-grade assets in prolific uranium

districts in North America. For

Highlights

• Acquisition of a 51% option on the high-grade
  Hansen Uranium Deposit, increasing Okapi's JORC
  Resource by 81% to 49.8Mlb U3O8.
• Athabasca North American summer exploration program has commenced.
• Exceptional vanadium grades returned from rock chips assays at the Rattler Uranium Project, Utah.
• Government approval received to drill Rattler Uranium Project.
• Drilling approvals received for the Middle Lake Uranium Project in the Athabasca Basin.
• Colorado State approval received to drill at Tallahassee Uranium Project.
• Experienced mining executive Jim Viellenave joins the company as a consultant and a member of the company's advisory committee.
• Diamond drilling starts at the Enmore Gold Project.
• Binding agreement signed to sell Lake Johnston Project interest to Nordau Pty Ltd.
• Completion of A$2.369m placement to high-quality institutional and sophisticated investor in July 2022.

Athabasca onlyUranium Portfolio

Saskatchewan, Canada

Okapi has six advanced exploration tenements located in Canada's Athabasca

useBasin, the world's premier high-grade uranium district responsible for 20% of global supply.

During the quarter, Okapi kicked off the company's North American summer exploration program across its exploration projects at Athabasca.

personalNewnham Lake and Perch Projects

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. The targets are positioned across east-west structural corridors, and the intersection of those with north- outh and northeast-southwest trending faults.

For

Subsequent to the end of the quarter, Okapi started an extensive field exploration program at Newnham Lake and Perch, which consists of prospecting, outcrop, and boulder sampling with potential soil and vegetation sampling to help identify favourable structural scenarios suitable for hosting uranium mineralisation. Results will be utilised from the satellite analysis and compilation work received from Axiom Exploration Group to assist exploration efforts in specific areas of interest.

Middle Lake Project

During the quarter, Okapi received from the Ministry of Environment, Government of Saskatchewan, a Crown Resource Land Work Authorisation, an Aquatic Habitat Protection Permit, a Temporary Work Camp Permit, and Forest Product Permit; together these permits will allow Okapi to drill up to 10,000m in 24 drill holes at its Middle Lake Uranium Project as well as conduct ground based geophysical surveys of up to 100-line kilometres. The permit is valid through to October 2023.

Athabasca Portfolio location, Canada

Okapi's immediate aim is to take the historic data and reinterpret and remodel the historic surface and drill onlydata, geochemistry and geophysics to provide targets for drill testing. This will be combined with new remote sensing image interpretation currently underway that, when integrated with the historic, existing geophysical survey results, will provide a structural framework that

can be incorporated into the geologic modelling. The application of multi-spectral satellite imaging to exploration at Middle Lake, and the enhanced software capacity now available, can readily detect areas of alteration associated with uranium

usemineralisation. personalFor

Kelic Lake and Argo Projects

Acquisition, processing, analysis and interpretation of satellite image data including SAR and multispectral 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.

Location of the proposed drilling area, Middle Lake Uranium Project, Saskatchewan, Canada

Tallahassee onlyUranium Project

Colorado, USA

The Tallahassee Uranium Project has a total JORC Mineral Uranium Resource of

use49.8 million pounds (42.0Mt @ 540ppm U3O8 using a 250ppm cut-off grade)1 and is located within the prolific Tallahassee Uranium District.

During the quarter, Okapi's strategy to build a world leading uranium portfolio in North America continued

to pick up speed with the company acquiring 51% personaloption in two uranium deposits in Colorado, USA.

The Hansen and Picnic Tree deposits increased Okapi's JORC Resource by 81% to 49.8 million pounds of U3O8 and increase the grade by 10% to 540ppm U3O8.

For

By securing this strategic 51% interest in the two deposits, the company now has sufficient resource inventory to advance the Tallahassee Project as a stand-alone asset.

The acquisition was completed in July 2022.

Okapi received approval for its notice of intent to conduct prospecting application on its Taylor-Boyer deposits from the Colorado Division of Reclamation, Mining and Safety. The approval will allow Okapi to drill up to 18,200m in 60 drill holes; the drilling will be applied to exploration, hydrological testing and geotechnical investigations in order to further the development of the Taylor-Boyer Prospect to a mining decision. The permit is valid through to 31 December 2027.

Tallahassee Project located in central Colorado, USA, approximately 140km southwest of Denver and 30km northwest of Canon City.

1 Refer to ASX announcement dated 7 April 2022 titled "Okapi to acquire Hansen Deposit - Resource increased by 81%".

Rattler Uranium onlyProject

Utah, USA

Located within the La Sal Uranium District, Utah, Okapi's Rattler Uranium

useProject includes the historical Rattlesnake and Sunnyside uranium mines and is 85km north of White Mesa's Uranium/ Vanadium mill - the only operating conventional uranium mill in the USA.

During the quarter, Okapi received approval from the

Bureau of Land Management (BLM) and the State of personalUtah, Division of Oil, Gas and Mining for the Notice of

Intent to conduct exploration at Rattler.

The jointly received notices approve Okapi's reverse- circulation exploration drill program that comprises 100 shallow drill holes to test the extent and nature of the Uranium mineralisation historically mined at the Rattlesnake Mine and confirmed by recent rock

For

sample results (ASX announcement dated 10th March 2022).

Additionally, during the quarter, Okapi announced that the company had received the vanadium assay results from the rock chip sample program at Rattler. A total of 28 rock samples which were collected from the project in December 2021 were recently analysed for vanadium; of the samples collected 18 reported values greater than 5,000 ppm V2O5 (0.5% V2O5).

The company decided to have the pulp samples reanalysed for vanadium after the exceptional uranium grades from the rock chip samples (announced on 10 March 2022) which included 15 of the 28 samples reporting values greater than 1,000 ppm U3O8 and also considering that Vanadium has also been an important by product credit in the La Sal Mining district.

The Rattler Uranium Project is located within La Sal Uranium District, Utah, and includes the historical Rattlesnake and Sunnyside uranium mines

2 Refer to ASX announcement dated 10 March 2022 titled "High Grade Rock Chips Assay up to 1.24% U3O8 at Rattler".