Oklo Resources : Quarterly Activities Report and Quarterly Cash Flow Report

28th JANUARY 2021

DECEMBER 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 DECEMBER 2020 QUARTER:

• Initial 15,000m drilling program commenced, predominantly targeting the 3km-long SK1 North to Koko trend at Seko, which remains open at depth and along strike.
• Assay results received from the first 6 deep diamond (DD) holes spaced over a 350m strike length at SK1 North successfully confirmed the extension of the Seko gold system into fresh rock to a vertical depth of at least 325m.
• Shareholders Agreement executed with Marvel Gold Limited (ASX: MVL) to divest an 80% interest in its non-core projects located in south Mali through a newly incorporated exploration joint venture company.

SEKO - COMMENCES 2021 DRILL PROGRAM

• Drilling to date has outlined significant oxide gold mineralisation at SK1 North to depths of up to 200m, with the primary zone (fresh rock) remaining largely untested.
• The drilling program is focused upon:
• • DD drilling (5,000m) testing the primary zone for mineralisation below the broad oxide gold zone at SK1 North to depths of up to 350m.
  • Shallow reverse circulation (RC) drilling focusing on infilling and closing off areas of near surface oxide hosted mineralisation at SK1 and strike extensions south towards Koko.
  • Shallow RC and reconnaissance aircore (AC) drilling exploring for extensions to the Seko gold system and targets within close proximity to Seko.

SEKO - FIRST DEEP STEP-OUT HOLES EXTEND SEKO AT DEPTH

• Assay results received from the first 6 deep DD holes spaced over a 350m strike length at SK1 North successfully confirmed the extension of the Seko gold system into fresh rock to a vertical depth of at least 325m.
• Gold mineralisation associated with wide zones of hydrothermal alteration hosting individual grades of up to 8.16g/t gold
• Alteration shows strong similarities to other large gold systems in the region, including B2
  Gold's 7.1Moz Fekola Project located ~30km to the west and Barrick Gold's 12.5Moz
  Loulo complex located ~50km to the northwest.
• Significant gold intersected in first RC pre-collar at SK1 South, located 600m to the south:

28th JANUARY 2021

• • 10m at 2.42g/t gold from 47m, including 2m at 6.69g/t gold; and
  • 11m at 1.14g/t gold from 74m
• Drilling is ongoing with a further 143 holes completed and assays pending.

EXECUTES FINAL DOCUMENTATION TO DIVEST 80% INTEREST IN SOUTH MALI GOLD PROJECTS

• Shareholders Agreement executed with Marvel Gold Limited to divest an 80% interest in its south Mali projects through a newly incorporated exploration joint venture company, with all conditions precedent to achieve completion of the transaction met. Completion occurred after the quarter end on 4 January 2021.
• Under the deal and on completion Oklo has received total cash consideration of A$200,000 and will receive 20,000,000 Marvel shares (upon confirmation of renewal of licences), with up to an additional 20,000,000 Marvel shares to be issued subject to Marvel achieving certain milestones.

MARCH 2021 QUARTER WORK PROGRAM

• Continued drilling based on results from the 15,000m program, with assays pending from
  143 holes:
• • Resource definition drilling at Seko and other targets in close proximity, including extensions to Koko in advance of an initial Mineral Resource Estimate (MRE) to be delivered during the quarter.
  • Further drilling over the Dandoko gold corridor.
• Further metallurgical test work on SK1 North oxide mineralisation.
• Advancement of environmental baseline studies as inputs to a future ESIA.

CORPORATE

• Oklo remains well-funded with cash reserves of $17.3 million as at 31 December 2020.

MALI

• The Company has resumed normal staff and contractor rotations and break schedules. Expatriate staff have resumed travel into Mali with all international borders now open.
• The Company will continue to maintain a focus on the welfare of its employees and is continuing with the measures implemented during the COVID-19 pandemic.
• The situation is being continuously monitored by our in-country Director, Dr Madani Diallo and further actions may be appropriately undertaken as deemed necessary.

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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28th JANUARY 2021

Oklo Resources Limited ("Oklo" or the "Company") is pleased to present its Quarterly Activities Report for the period ending 31 December 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

1. 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 SK1-5 and surrounding areas, and was subsequently expanded after the spectacular results received at SK1 North.

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28th JANUARY 2021

DANDOKO PROJECT

During the December quarter, the Company commenced its 2020/2021 field season with an initial 15,000m drilling program underway and first assay results received in December. The program is designed to predominantly target the 3km-long SK1 North to Koko trend at Seko, which remains open at depth and along strike (Figure 3). Drilling to date has outlined significant oxide gold mineralisation at SK1 North to depths of up to 200m, with the primary zone (fresh rock) remaining largely untested. The results will inform the current Mineral Resource Estimate (MRE).

Three drill rigs were contracted for the program, with one rig fully operational since the commencement of the program, however the second rig experienced ongoing mechanical issues whilst mobilisation of the third rig from the Ivory Coast and clearance through customs was delayed.

Due to the setback in drilling progress, the expected completion of the MRE was deferred until Q1 2021, subject to the timely receipt of assay results over the Christmas - New Year period.

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

Oklo previously outlined extensive oxide-hosted gold mineralisation along the ~3km SK1 North - Koko trend to depths of more than 200m. In addition to completing the oxide zone definition drilling in advance of finalising a maiden Mineral Resource Estimate, the current drilling program is testing for depth extensions to SK1 North into fresh rock.

6 step-out DD holes tested the SK1 North zone over a strike length of 350m and to vertical depths of at least 325m. All holes successfully intersected wide zones of hydrothermal alteration and gold mineralisation in fresh rock. The alteration is characterised by albite-sericite-carbonate-silica- pyrite assemblage within turbiditic greywacke, similar to the other large gold systems in the region, including B2 Gold's Fekola deposit 30km to the west and the Yalea/Gounkoto deposits within Barrick Gold's 18Moz Loulo / Gounkoto complex located ~50km to the northwest (Figure 3).

Figure 2: Comparison of alteration styles from the SK1 North (top) and Yalea/Gounkoto (bottom) gold deposits1,2

1. The Geology and Mineralogy of the Loulo Mining District, Mali, West Africa: Evidence for Two Distinct Styles of Orogenic Gold Mineralization, Lawrence et al., 2013
2. Tectonic Setting and Metallogenesis in the South-EasternKedougou-Kenieba Inlier: Our Current Understanding, Lambert-Smith et al., 2015

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