Oklo Resources (OKU AU, $0.14, market cap. A$58m) · out at Seko is already underway and we should start to see a steady flow of drill data over coming months. A Seko resource is

Dr Chris Baker

25 November 2019

OKLO RESOURCES | Research report

Oklo Resources (OKU AU, $0.14, market cap. A$58m) The exploration season starts with a ‘bang’: 47m at 11gpt gold at Seko 1 • Drilling on several of OKU’s key tenements has recommenced following the end of a three

month wet season in western Mali. OKU’s tenements are surrounded by several Tier 1 gold projects and appear to sit on splay faults off the highly prospective Senegal Mali Shear Zone (SMSZ).

• One of the first holes testing one of the main discoveries, Seko 1, has yielded success. A wide zone of high grade mineralisation has been reported: 47 metres at 11gpt, one of the project’s best intercepts with additional deeper zones including 9m at 2.6gpt and 8m at 2.1gpt which ended in mineralisation. Follow-up drilling is underway.

• In our view, priority targets for the forthcoming exploration season are: o The Seko 1,2 and 3 discoveries, within the Dandoko licence. o Other targets within the 12km Dandoko corridor, particularly Dabia and Sory o Initial auger drilling within the newly acquired Kandiole tenements.

• The key priority for the current drilling season is to define a resource base at the Seko discoveries.

• OKU is well funded (cash of A$9.6m at September 2019, no debt). A 10,000m resource drill-out at Seko is already underway and we should start to see a steady flow of drill data over coming months. A Seko resource is due in 2Q20.

• We are encouraged that well-known mining executive Mark Connelly has joined the OKU board as Chairman. Connelly’s experience in West Africa and his commercial acumen will undoubtedly assist OKU’s focus in Mali.

• The OKU share price has until recently underperformed its peers, perhaps reflecting some disappointment that the discovery of a multi-million ounce deposit remains elusive. However, exploration takes time, a generous budget and technical ability, not to mention the right geology. We continue to believe OKU possesses the right ingredients for success.

Source: Oklo Resources release 20 November 2019

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Summary

• The gold endowment of the southern Senegal Mali Shear Zone is impressive, with several Tier 1 gold orebodies which have developed into substantial stand alone operations. These include the multi-million ounce Loulo and Gounkoto orebodies now owned by Barrick (ABX TSE) and Fekola now owned by B2 Gold (BTO TSE). OKU is targeting orebodies of this type.

• Initial results from the re-start of exploration in 2019 has yielded early success with hole 582 delivering 47m at around 11gpt from a downhole depth of 48m together with 9m at 2.6gpt from 113m at the northern extent of SK1. The SK1 orebody remains open in all directions.

• There should now be a steady flow of exploration results into mid-2020.

Source: Excerpt from plan in Oklo Resources release 20 November 2019

• The main focus for OKU in the current season is to establish a resource base on the Seko discoveries. OKU has embarked on a 10,000 metre drilling programme at Seko, anticipating a maiden mineral resource estimate in 2Q2020. We would estimate this to cost around A$3m (including corporate G&A) depending on the proportion of diamond drilling associated with the programme.

• The 2018/19 field season for OKU may have delivered less than the market was expecting. In our view the company recorded significant achievements, including a significant increase in its landholding around the SMSZ. Air core and shallow RC drilling identified significant gold geochemical anomalism within this extensive tenement position. But none of the projects were elevated to resource status.

• OKU has the right ingredients: a large land position within a highly prospective portion of the highly prospective SMSZ, a strong exploration team and established infrastructure. The company is well funded following a A$6m equity raise in September.


Oklo’s activities during 2019

OKU has continued with its strategy of building its extensive land position adjacent to the highly prospective Senegal Mali Shear Zone. Key to this strategy was the acquisition of the Kouroufing tenement in the south-east of the region and Kandiole to the south-west. Kandiole is of particular significance in that it is the closest to structures associated with the Senegal Mali Shear Zone (SMSZ). The SMSZ plays host to at least three world class gold accumulations, including Barrick’s Loulo and Gounkoto mines (totally some 18Moz in resources) and the more recently discovered Fekola project now owned by B2 Gold (7.1Moz). The SMSZ is certainly one of the best endowed gold provinces in West Africa.

OKU now controls some 1400km2 in Mali, some 500km2 of which is located on the eastern side of the SMSZ. The company has done an excellent job in ‘land-banking’ this highly prospective area. See Appendix 1 for a summary of geology and gold mineralisation along the southern extent of the SMSZ.

OKU’s annual exploration commitment for the West Mali projects now totals approximately A$2m per year.

Source: Oklo Resources presentation, 24 October 2019


OKU recently presented an update of its exploration priorities in Mali:

Source: OKU AGM presentation, November 2019

In the following section we will discuss the exploration results from 3 key exploration targets during 2019, underlined in red above, and how OKU is planning to advance these projects.

OKU still has not been able to promote any of its projects into the “feasibility” category. Much of OKU’s drilling has been exploratory (aircore and shallow RC) with some 80% of holes under 100m depth. Numerous targets have been generated but await deeper drill testing. The company notes that only 2% of all drill holes have-tested below a depth of 200m.

Priority targets for the forthcoming exploration season are:

• Seko (SK) 1,2 and 3, within the Dandoko licence. Delineation of resources at Seko appears to be an important component of the next 6-9 months of exploration.

• Other targets within the 12km Dendoko corridor, including Dabia, Sory and perhaps Disse and Diabarou.

• Initial aircore drilling within the newly acquired Kandiole tenements.

1. Dandoko: moving the Seko discoveries into resource status

During the 2017 and 2018 field seasons OKU reported significant drill results from within the Seko discoveries. Drilling has just recommenced and first drill results have just started to flow. The Seko drill targets, identified by auger geochemical sampling, are large: SK1 is around 2km in length, SK2 around 1km and SK3 around 1.2km.


Source: Oklo Resources presentation, 24 October 2019

Drilling during 2017 and 2018 delivered many potentially economic intercepts from the Seko deposits, with some of the best summarised in the following table. (Clearly these should not be taken to represent average drill hole intercepts. Nonetheless they are highly encouraging and will likely underpin a maiden ore resource during 2020.)


Source OKU presentation, 24 October 2019

The first drill results at Seko 1 (or SK1) for the 2019 field season (limited drilling occurred at Seko in 1H19) have been highly encouraging. Results from the balance of 53 initial holes will emerge over the next few weeks. Note that two of the following four intercepts did not achieve target depth and one actually finished in mineralisation.



It should also be noted that the exceptional result of 47m at 11gpt is influenced by two very high grade metres which assayed at around 5.5 ounces per tonne over 2 metres.

The location of the recent drillholes, together with historical results at Seko are shown on the following plan:


As we understand, there has been no broad change to the geological interpretation at Seko where there are at least three zones of mineralisation identified (designated SK1, 2 and 3) and possibly five (SK4 and 5). The three main zones are illustrated on the plan above which aggregates drill data as grams of gold x metres (eg 13m at 2.3g/t is 42.5, highlighted as a red dot, above). The warmer colours (red and purple) highlight the stronger gold intercepts.

A lack of outcrop, a deep weathering profile (80-120m) and only a few deeper diamond drillholes has made it difficult for the geologists to understand the structural relationships between the three Seko orebodies. However, it appears that mineralisation might be confined to a series of steeply plunging ore shoots.

In summary:

Seko 1 appears to be the larger of the discoveries with a mineralised strike length now (following the recent drill holes) of perhaps 850m. Earlier intercepts of 1.3 to 10.3gpt over downhole widths of 5 to 76m gave sufficient encouragement to continue drilling. This confidence was clearly warranted with the recent release of hole 582, 47m at 11gpt. This hole demonstrates that deeper drilling is required to identify economic mineralisation. Shallower auger and aircore drill holes had not identified what might become a significant high grade shoot. Hole 582 is within fully oxidised rock types (believed to be sediments). The base of weathering is estimated to be around 100m suggesting much of the orebody discovered to date will produce favourable metallurgy.


Seko 2. The following long section from SK2 demonstrates the excellent continuity of mineralisation at depth, but as yet with limited strike extent. To us it looks like the high grade shoot at depth delivers a ‘mushroom top’ with gold disseminated into the oxide/supergene zone near surface. This in itself presents an easy-to-access source of what is likely to be soft, metallurgically simple ore. Shallow aircore drilling some 300m to the north of SK2 identified modest gold mineralisation, including 3m at 2.4gpt and 17m at 0.8gpt. This 300m zone demands further attention.


One initial hole of the current programme was vertical, targeting the high-grade core of the main SK2 mineralisation, and is to be used for metallurgical testing. The interval 0 to 50m delivered a very encouraging 4gpt, in line with previous drilling. Representative samples of oxide, transition and primary ore-types are to be dispatched to a Perth laboratory for testing. We are not expecting any surprises here as earlier testing from 86 bottle roll tests delivered an impressive recovery averaging 95.2%, with 98.2% from the oxide and 94.2% from fresh rock types.

The Seko 3 anomaly extends over a length of some 1200 metres with higher grade intercepts clustered over a strike length of around 500-600 metres.

An aircore programme designed to test continuity between SK1, 2 and 3 did identify an isolated high grade hit of 4m at 14gpt, which certainly deserves a follow-up. The results of this programme suggest that the three Seko orebodies are indeed separate, perhaps en-echelon tension gashes or possibly fold structures within a broad N-S striking mineralised trend.

In a previous report we posed the question: is it possible that the Seko shoots are analogous to the main zone of mineralisation at the nearby world class Fekola deposit of B2 Gold, smaller in cross section and more steeply plunging? Importantly the character of alteration at Seko is similar to Fekola, with strong albite alteration and abundant carbonate.

The Seko shoots appear to be hosted within strongly altered sediments. We understand that an increased mafic (volcanic) component is being seen in the deeper diamond drill holes. Recall, the Fekola deposit is hosted in sediments derived from mafic volcanics. The similarities remain compelling.


The next step is now a full drill-out of the Seko targets and move toward a maiden resource. To this end OKU have committed a 10,000m aircore, RC and diamond drill program with a resource scheduled for 2Q20.

What could Seko be? Looking at all RC and DDH intervals reported to date, the average intercept width is around 10m and the average grade of those intervals (reported at a 0.5g/t cut off) is just under 3g/t. On this basis alone we could envisage a minimum of perhaps 2-3 million tonnes at a grade of perhaps 2.5g/t for perhaps 200-250koz gold. This could become a very attractive starter pit for a future gold operation. The outcome from the 2019/20 deeper drilling programme is very important.

The Seko tenements are 100% owned by OKU. Should exploration success allow a move to production, the Government of Mali would be entitled to a 10% free carried interest.

2. Dandoko: extensions of the Seko trend

Two to 2.5km kilometres north and south of the Seko discoveries are two zones of impressive air core hits. This programme tested large (1.8 to 2km long) geochemical anomalies with wide spaced drilling and identified the following zones of mineralisation:

• The Sory zone to the south of Seko: best air core/RC results of 5 to 44m at 1.3 to 2.8g/t. 44m at 1.37g/t was encountered in an RC hole.

• The Dabia deposit (to the north): best air core results of 4 to 25m at 2 to 5g/t.



Additional targets identified during 2019 within the 12.5km Dandoko trend include:

• Selingouma, some 8km to the south of Seko, where aircore holes were completed along six wide spaced traverses over a 1.3km strike, testing a broad gold auger anomaly. Several significant intercepts were encountered, ranging in down-hole width of between 2 and 32m with grades of 0.4 to 2.9gpt.

• Some 4km to the north-east of Seko is a relatively new auger geochem anomaly called Lomona. Several aircore holes delivered narrow, but high grade intercepts.

All targets deserve further aircore and deeper RC drilling.

3. Kouroufing

During the 17/18 field season, Oklo’s geologists identified northeast-trending structures within the Kouroufing tenement. During 2018/19 OKU completed a major aircore program which identified two large geochemical anomalies, Kouroufing Central and Kome.



• Kouroufing Central is a very large, 6km long gold corridor. Aircore drilling has identified numerous significant gold intercepts ranging in down hole widths of 2 to 40m at 1 to 29gpt within quartz veining hosted by a hornfels. Follow-up RC and diamond drilling has reported several relatively narrow, but moderate to high grade intercepts, with the best as follows:

1m at 20.9gpt from 17m

8m at 3gpt from 62m



A single diamond hole was disappointing, reporting 18m at 0.95gpt (from 45m). The Kouroufing anomaly is large, and it is somewhat surprising that such narrow gold occurrences can deliver such a broad anomaly. Clearly further drilling is warranted.

• Kome is a 4km long gold corridor where initial aircore drilling had delivered several

significant intercepts, with down-hole widths of 2 to 22m at 0.9 to 18gpt. Rock-types

encountered include sediments and felsic intrusives which host quartz stringers and veins.

Both are high priority targets for follow-up aircore, RC and diamond drilling. Again, a lack of outcrop and relatively deep weathering makes structural interpretation challenging.

Kouroufing had been held under option from a local prospector. The option was exercised with a modest payment in OKU shares (approx. value A$165k); OKU now holds 100% in the tenement. Should OKU move to a mining lease the vendors will obtain a 5% equity in the licence (which can be purchased by OKU for US$1m) and a 1% NSR. Should exploration success allow a move to production, the Government of Mali would be entitled to a 10% free carried interest.

4. Kandiole

The Kandiole tenement was recently acquired from Sarama Investments, a West African explorer which regarded its Mali tenement as non-core. The tenement covered a large, largely unexplored tract of Birimian greenstones and appears to host several splays off the main SMSZ.

Kandiole is interesting to us in that it is OKU’s closest tenement to the SMSZ and is surrounded by several recent discoveries, including the +7Moz Fekola project and two deposits held by Iamgold, totally some 2Moz. Due east, in Senegal, is Iamgold’s 2.6Moz Boto project.

It is likely that following recent desktop studies, OKU will plan a regional campaign of auger geochemistry followed by aircore and if warranted RC and diamond drilling.

The project covers an area of some 110km2.


Should exploration success allow a move to production, the Government of Mali would be entitled to a 10% free carried interest.

Management/board changes

There have been no changes within OKU’s executive. In 2014, Simon Taylor, a well-qualified geologist with experience in the finance sector took over the direction of the company and in 2015 became Managing Director. OKU is supported by two key individuals, Dr. Madani Diallo, a very well respected senior Malian geologist who had been involved in a number of large scale gold discoveries throughout Mali and Dr Andrew Boyd, who led the exploration effort with Papillon Resources which resulted in the discovery of the Fekola deposit located some 15km to the west of OKU’s tenements. Together Diallo and Boyd offer a high level of experience in searching for new orebodies in SW Mali.

During 2019 there was an important appointment to OKU’s board. Mark Connelly, an experienced director with a great deal of experience in mining and exploration in West Africa joined the OKU board as Chairman in July 2019. Connelly was CEO of both Adamus Resources (which merged with Endeavour Mining in 2011 for a transaction value of ca. US$600m) and Papillon Resources (which was taken over by B2 Gold in 2014 for a transaction value of ca. US$570m). Amongst five other companies, Connelly is a non-executive director of West African Resources a gold miner in Burkina Faso. His depth of experience in West Africa and his commercial acumen will be of significant benefit to OKU.


The deteriorating security situation in West Africa and its impact on OKU’s operations

The security situation in West Africa hit a low point in early November with an attack by what was believed to be Islamic insurgents in Burkina Faso. 37 civilians were killed (and 60 wounded) when gunmen ambushed a convoy transporting workers of Canadian gold miner Semafo in eastern Burkina Faso. Workers were travelling by bus to Semafo’s recently commissioned Boungou mine in the far east of the country, some 600km from the Mali border. There seems little doubt that the insurgents access Burkina from neighbouring Niger, through a very porous border.

The attack is the deadliest in recent years as the military struggles to contain Islamist violence that has overrun parts of Burkina Faso. Semafo tightened security last year following armed incidents near two of its mines in the country. (Source: Reuters, 6 November 2019). Earlier in the year a geologist working in northern Burkina Faso was kidnapped and murdered by ISIS.

Mali has not been without security issues of its own. April 2019 saw the massacre of some 160 villagers at Ogossagou on the Burkina Faso border in far eastern Mali. Thankfully, however, there has been no issues in the extreme west of the country where OKU operates. OKU’s tenements are around 800km to the west of Ogossagou and over 1300km west of the trouble spot in Burkina Faso.

OKU’s corporate structure and shareholding

OKU last raised capital In September 2019 with the placement of 57.1m shares at an issue price of A$0.105.

Oklo Resources (OKU AU)

Share price A$ $0.14

52 week range A$ $0.10-0.28

Number of shares (fpo) m 412.8

Share options (as at 1/11/19)* m 10.45

Market capitalisation A$m $57.79

Cash (end 9/19) A$m $9.6

Debt A$m $0.0

Top 20 shareholders, appr. 71%

Major shareholders

Blackrock 13.6%

Resolute Mining Ltd 9.1%

1832 Asset Management 7.6%

Hawkestone 6.6%

Ruffer LLP 5.8%

Directors and management 3.8%

* Average exercise price of A$0.385


Appendix 1

Mali as an exploration destination for larger higher grade gold orebodies

Having spent much time looking at sub-Saharan Africa and its gold deposits one of the areas we keep coming back to is Mali, and particularly deposits along the Senegal-Mali Shear Zone (SMSZ). The following chart demonstrates that the +1Moz gold orebodies are on average large (over 5Moz) and importantly high grade relative to other regions of SW Africa. (Note Liberia and Niger have been excluded due to paucity of data).

Source: S&P Global Market Intelligence

Looking at more detail, the following plan shows most gold mines and projects in West Africa, with deposits with a peak endowment of over 3Moz, and those with grades over 2g/t (highlighted as red stars). There is a clear clustering of these large, higher grade orebodies around the SMSZ in Mali (and Senegal). The same, of course, is true of the Birimian in Ghana, where the data is skewed by one of the world’s largest orebodies, Obuasi.

It therefore seems logical to us that Mali, and specifically SW Mali, is an excellent destination for explorers to search for Tier 1 gold deposits.

As with many global investment destinations, Mali is not risk free. In 2012 there were significant security issues, largely confined to the north of the country. There were few issues in the south, and no disruptions to the gold mining operations at the time. Importantly, there have been no attempts at adjusting the fiscal environment for the Malian mining industry.


Large (>3Moz) gold deposits of the West African Birimian with peak resource grades >2g/t. Oklo’s projects lie at the southern end of the Senegal Mali Shear Zone (SMSZ). Source: BSCP, company data


Key operations on the southern section of the SMSZ

The Loulo/Gounkoto complex is 80% owned by Randgold Resources (soon to be “New Barrick”). The Loulo orebodies, Yalea and Gara, both now underground operations were discovered in 1997, with first gold produced in 2003. In total, Loulo has produced some 4Moz with some 9.5Moz remaining in resources (5.2Moz in reserves).

Gounkoto to the south of Loulo was discovered by Randgold in 2009 and brought into production in 2011. To date it has produced around 1.9Moz with 4.1Moz remaining in resources (3Moz in reserves).

The total endowment of the Loulo/Gounkoto complex is an extraordinary 19.5Moz. The two mines produced 730koz gold in 2017 at a cash cost (C1) of US$468/oz.

Both deposits at Loulo appear to be hosted by structures associated with the SMSZ. Yalea and Gara are two quite distinct styles of mineralisation, both hosted in Birimian calcareous greywackes and marbles. Gara is a stratiform deposit, with widths of mineralisation averaging some 5 to 20m. Yalea is a shear hosted breccia contained within strongly altered (carbonate/albite) sediments. The alteration halo here is very wide (50-100m)

15km to the south, the Gounkoto orebody is hosted by a shear bounded package of strongly albitised sediments. The altered sediments have been subsequently subjected to brittle deformation, which provides host to the gold mineralisation.

The Tabakoto deposit, previously owned by Endeavour Resources (and recently sold to a private mining group for US$60m) is located some 20km to the SE of the Loulo mining camp. The deposit occurs in metasediments (greywackes and argillites). The Tabakoto deposit itself is confined to a N-S trending tight and steeply plunging anticline. Mining here, and at three other open cuts commenced in 2005. The Segala mine is now an underground operation and in 2017 produced 144koz gold at US$1148/oz. Guidance for 2018 is for the production of 115-130koz at $1200-1250/oz. This was never going to be Endeavour’s jewel in the crown.

The most recent discovery, and one of the region’s best, is the Fekola project, now owned 80% by B2 Gold (which took over discoverer Papillon Resources in 2014).

Source: B2 Gold presentation, November 2018


Fekola’s long section, above, is now quite familiar, but it needs revisiting to highlight the nature of mineralisation targeted by OKU. The Fekola discovery was made with the assistance of soil geochemistry, which has proven to be a very effective exploration tool in many parts of Africa. The first RC drill hole into a very modest geochem anomaly (2 samples, both under 500ppb) encountered the orebody itself and yielded 33m at 3.8g/t in the first drill hole. Within 2 years the geologists had aggregated a resource of over 5Moz at a 2.4g/t resource grade. This is a remarkable discovery.

In 2014 B2 acquired Papillion, designed and constructed a 4Mtpa (later 5Mtpa and now 6Mtpa) mill at a cost of US$462m and began open pit mining in November 2017. Production guidance for 2018 is 420-430koz at cash costs of US$345-390/oz, a robust mine. B2 is already talking about another expansion, perhaps to 7.5Mtpa. On the current reserve base of 3.7Moz, this could represent a mine life of under 7 years, but undoubtedly part of the additional 3.3Moz in resources will be brought into reserves. Quite possibly the nearby Anaconda deposit (0.77Moz at 1.11g/t) could be part of B2’s plans.

At Fekola, high grade mineralisation (coloured red in the figure above) coincides with a strongly altered stratigraphic unit possibly a mafic volcanic. The intersection of the ore fluid pathway with this stratigraphic horizon and its relatively high reduced iron content is interpreted as a possible trapping mechanism during ore fluid passage that resulted in a flat, elongated shoot of high-grade mineralisation with a shallow north-northwest plunge subparallel with the dip of strata. Alteration mineralogy appears similar to other deposits of the SMSZ: albite, carbonate (dolomite/ankerite) and sericite are common alteration minerals which often completely mask the original rock types.

Rocks hosting the Fekola orebody. Samples e) and f) are within the orebody itself and contain 2.5g/t and 37g/t respectively. (Source: Boyd, Dahl, Dorling 2013. The Fekola Gold Deposit: A new multi-million ounce gold discovery in the Kenieba District of Western Mali. Newgen Gold)

(Summarised from BSCP Oklo research report, December 2018)


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Disclosures

Dr Chris Baker, an authorised representative of BSCP, certifies that the advice in this report reflects his honest

view of the company. He has 29 years investment experience in wholesale capital markets. He worked as a

mining analyst for brokers BZW and UBS for 11 years and has a further 16 years’ experience as a mining analyst

and portfolio manager with Colonial First State and Caledonia Investments. He now provides independent

financial advice on a part time basis. He may own securities in companies he recommends but will declare this

when providing advice. He currently owns shares in OKU. He is remunerated by BSCP but is not paid a specific

fee for providing this report. BSCP are Corporate Advisors to OKU and receive fees from OKU for services

provided. BSCP, its directors and consultants may own shares and options in OKU and may, from time to time,

buy and sell the securities of OKU.

BSCP earned fees from the recent capital raising undertaken by OKU.

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Documents

Oklo Resources (OKU AU, $0.14, market cap. A$58m) · out at Seko is already underway and we should start to see a steady flow of drill data over coming months. A Seko resource is