More annual reports from Oklo Resources Limited:
2020 ReportPeers and competitors of Oklo Resources Limited:
Dateline Resources20
ANNUAL
REPORT
ACN 121 582 607
DIRECTORS
REGISTERED OFFICE AND PRINCIPAL
Mr Mark Connelly - Non-Executive Chairman
Mr Simon Taylor - Managing Director
PLACE OF BUSINESS
Level 5, 56 Pitt Street
Dr Madani Diallo - Executive Director, Country Manager
Sydney, NSW, 2000
COMPANY SECRETARY
Ms Louisa Martino
BANKER
National Australia Bank Ltd
South Sydney Partnership
Level 20 Tower 1
520 Oxford Street
Bondi Junction NSW 2022
AUDITORS
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA, 6008
Telephone: +61 2 8823 3100
Facsimile: +61 8 9252 8466
Website: www.okloresources.com
Email :
info@okloresources.com
STOCK EXCHANGE
The Company’s securities are quoted on the official
list of the Australian Securities Exchange Limited
(ASX code: OKU)
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth, WA, 6000
2
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 CONTENTS
4 Chairman’s Letter
6 Operations Overview
28 Corporate
31 Directors’ Report
48 Auditor’s Independence Declaration
FINANCIAL STATEMENTS
49
Consolidated statement of profit or loss and
other comprehensive income
51 Consolidated statement of financial position
52 Consolidated statement of changes in equity
53 Consolidated statement of cash flows
54 Notes to the consolidated financial statements
89 Directors’ Declaration
90
Independent Auditor’s Report to the Members
93 ASX Additional Information
3
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
Chairman’s
Letter
Dear Fellow Shareholders,
ONCE AGAIN IT GIVES ME GREAT PLEASURE TO PRESENT THE 2020 ANNUAL
REPORT FOR OKLO RESOURCES LIMITED.
FOLLOWING MY APPOINTMENT IN JULY 2019, WE EMBARKED ON A TWO-PRONGED STRATEGY OF
ADVANCING SEKO TOWARDS A MAIDEN MINERAL RESOURCE ESTIMATE (MRE) AND FOCUSSING
OUR EXPLORATION EFFORTS TOWARDS UNLOCKING ADDITIONAL DISCOVERIES ALONG THE 12KM
GOLD CORRIDOR WITHIN OUR FLAGSHIP DANDOKO PROJECT IN WEST MALI.
The discovery of a new wide, high grade zone of gold
mineralisation at SK1 North was a defining moment for the
Company, with the subsequent 2020 field season focused
on infill drilling and closing off previously defined zones
of gold mineralisation at Seko and adjoining areas in
advance of a maiden MRE. Additionally, favourable results
from the Seko metallurgical testwork program, indicating
the potential for industry standard processing options,
was a positive step forward in progressing the Company’s
flagship project.
These achievements however were not without some
significant challenges; in particular the restrictions
imposed by the COVID-19 pandemic. Fortunately, the
Company’s progress was largely unaffected, and we are
highly appreciative of the extraordinary efforts by our
in-country team under the leadership of Dr Madani Diallo
safeguarding the welfare of all our staff and contractors.
I would also like to recognise the efforts by our General
Manager Exploration Andrew Boyd, who successfully
oversaw all of our recent drilling programs remotely,
and Managing Director Simon Taylor, who ensured
the Company remained well-funded throughout this
challenging period.
With another busy year ahead, I look forward to providing
more insight into our plans for Seko through the delivery
of our maiden MRE and Scoping Study. The Company
currently expects the drill rigs to return in early October to
continue the evaluation of the recent SK1 North discovery
and potential extensions along strike to the south towards
Koko over a 3km prospective trend. The next 12 months
will be an exciting time for the Company with deeper
drilling testing for the potential source within fresh rock
of the extensive oxide gold mineralisation outlined at SK1.
Additionally we will continue to drill out shallow oxide
gold along strike towards Koko and in the latter part
of the year test other targets south from Koko towards
Selingouma over the 12 km gold corridor.
Finally, I wish to thank you for your ongoing support
during this exciting period for Company as we advance
closer towards our objective of becoming the next gold
producer in Mali.
Yours sincerely,
Mark Connelly
Chairman
4
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
“Following my appointment in July 2019, we
embarked on a two-pronged strategy of
advancing Seko towards a maiden mineral
resource estimate (MRE) and focussing
our exploration efforts towards
unlocking additional discoveries
along the 12km gold corridor
within our flagship Dandoko
Project in west Mali.”
“
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
5
Operations
Review
SUMMARY
THE PRINCIPAL FOCUS OF OKLO RESOURCES LIMITED (“OKLO” OR “THE COMPANY”; ASX:OKU)
DURING THE REPORTING YEAR WAS ON THE EVALUATION OF THE ADVANCED-STAGE SEKO
PROSPECT LOCATED WITHIN ITS FLAGSHIP DANDOKO PROJECT IN WEST MALI. IN ADDITION,
FURTHER EXPLORATION WAS CARRIED OUT OVER SEVERAL ADJOINING PROSPECT AREAS
ALONG THE 12KM-LONG DANDOKO GOLD CORRIDOR.
During the year, the Company also continued to
projects, including the flagship Dandoko project, while
consolidate its strategically located landholdings
maintaining an exposure to any future exploration
surrounding the Dandoko project in proximity to
success in the south Mali project areas.
several multi-million-ounce gold mining operations and
recent discoveries within the lightly explored but highly
prospective Proterozoic Birimian greenstone belts of
The Company’s 2019 field season, comprising 73,362m of
shallow aircore (AC), deeper reverse circulation (RC) and
diamond drilling (DD), continued to successfully test
west Mali. Approximately 505km2 is now directly held by
for both strike and depth extensions to the significant
Oklo following exercise of the option to acquire a 65%
oxide gold mineralisation previously outlined at Seko
interest in the Kossaya Project and the Company being
trends SK1, SK2 and SK3, as well as evaluating other key
registered as the 100% owner of the Kandiole projects
targets along the 12km-long host gold corridor within
Oklo’s projects in Mali now cover a combined area
of 1,405km2 and are concentrated in two key areas:
west Mali (Dandoko, Moussala, Kouroufing, Kandiole,
Sari, Kossaya and Socaf) and south Mali (Yanfolila,
Kolondieba, Sirakourou and Solabougouda). Further,
the Company recently entered into a binding term
sheet with Marvel Gold Limited, (ASX: MVL, formerly
Graphex Mining Limited) to divest an 80% interest in its
non-core south Mali projects through the formation of
an exploration joint venture company. The transaction
allows Oklo to focus on advancing its west Mali gold
the Dandoko Project. In addition, follow-up drilling
along the 6km-long gold corridor and adjoining trends
outlined by first pass auger geochemistry at the nearby
Kouroufing Project confirmed the second bedrock gold
discovery by Oklo in west Mali.
The Company commenced the 2020 field season with
a fully funded resource definition drilling program
focused on Seko. This program culminated in the
discovery of the high-grade SK1 North prospect along
the SK1 trend.
6
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 FIGURE 1: LOCATION OF OKLO PROJECTS IN WEST AND SOUTH MALI
TABLE 1: FY20 DRILLING SUMMARY
PROJECT
DRILLING TYPE
NO. HOLES
METRES
Aircore
Dandoko
Reverse Circulation
Kossaya
Diamond
Auger
FY20 Total
FY20 Total (excluding auger)
206
168
40
684
1,098
414
13,358
16,501
8,024
8,551
46,434
37,883
Highlights of this program
during the reporting year
included:
• A total of 37,883m
drilled (excluding auger)
intersecting further
wide zones of gold
mineralisation at the SK1,
SK2 and SK3 trends
• The discovery of the Koko
and high-grade SK1 North
prospects along strike of
SK1, including:
• Oxide gold from
surface to ~ 200m
• Open at depth with
primary zone untested
• Potential for discovery
of significant feeder
structure
• Confirmation of the
non-refractory nature of
the gold mineralisation
which is amenable to
conventional cyanide-
leach treatment from
metallurgical testwork at
SK2
• The appointment
of seasoned mining
executive Mr Mark
Connelly as Non-Executive
Chairman of the Company
• $12.5 million placement
to sophisticated and
institutional investors
to accelerate drilling
programs at Seko
7
SenegalMaliSierra LeoneGuineaBamakoCôte d’Ivoire75 KilometresGranitoid RocksCover SequenceBirimian Volcanic RocksPre-Birimian BasementYounger CoverGold MineAdvanced ProjectOklo ProjectsMALI GOLD PROJECTSCountry BorderMap Area181109KolondiebaYanfolilaSariDandokoKossayaKouroufingMoussalaKandioleSocafSolabougoudaSirakourouResolute MiningSyama 7.9MozEndeavour MiningKalana 2.0MozWassoul'Or SAKodieran 2.0MozHummingbird Yanfolila 1.8Moz B2 Gold Fekola 7.1MozBarrickGounkoto 5.4MozAlgom ResourcesTabakoto 3.8MozBarrickLoulo 12.5MozIAMGOLDSadiola 13.5MozIAMGOLDYatela 4.5MozIAMGOLDBoto 2.6MozBarrickMorila 8.5MozOKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 DANDOKO PROJECT
OKLO’S FLAGSHIP DANDOKO PROJECT COVERS 134KM2 WITHIN THE KENIEBA INLIER OF WEST
MALI TO THE EAST OF THE REGIONALLY SIGNIFICANT SENEGAL MALI SHEAR ZONE (“SMSZ”)
AND IN CLOSE PROXIMITY TO SEVERAL WORLD-CLASS GOLD DEPOSITS, INCLUDING B2GOLD’S
7.1MOZ FEKOLA MINING OPERATION TO THE WEST AND BARRICK’S 12.5MOZ LOULO MINING
OPERATION TO THE NORTH-NORTHWEST.
In late 2016, Oklo initiated a reconnaissance auger geochemistry program over the Dandoko and neighbouring
Moussala Project 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 12km-long Dandoko gold corridor, now host to the
Seko, Koko and Dabia bedrock gold discoveries.
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 AC drilling to vertical depths of
circa 80m and deeper RC and 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 2020 field season commenced in the December 2019 quarter with a resource definition drilling
program in advance of finalising the Company’s maiden Mineral Resource estimate (MRE). The RC and DD
program was focused on infill drilling and closing off areas of near surface mineralisation at SK1, SK2 and SK3 with
the AC drilling exploring for blind mineralisation between and along strike of these three main trends. The RC and
DD program was subsequently expanded following the spectacular assay results received from SK1 North.
8
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 FIGURE 2: A) LOCATION OF OKLO’S DANDOKO, MOUSSALA, KOUROUFING, SARI AND KANDIOLE GOLD PROJECTS IN WEST MALI
B) LOCATION OF SEKO GOLD TRENDS WITHIN THE DANDOKO GOLD CORRIDOR
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
9
MaliSenegal25 KilometresPhanerozoic/QuaternaryCoverNeoproterozoicSandstone and DoleritePalaeoproterozoic (Birimian)Undifferentiated SedimentsUndifferentiated VolcanicsGranitesOklo ProjectsStructuresLocal StructureCountry BorderAdvanced ProjectRegional StructuresSMSZMALI GOLD PROJECTSMap AreaGold mineAlgom ResourcesTabakoto 3.8MozBarrickLoulo 12.5MozBarrickGounkoto 5.4MozDandokoSariKossayaMoussalaKandiole B2 Gold Fekola 7.1MozIAMGOLDBoto 2.6 MozKouroufingDANDOKO PROJECTAUGER MAX GOLDIN HOLENAuger Max Gold in Hole< 5 ppb> 5 - 10 ppb> 10 - 15 ppb> 15 - 25 ppb> 30 ppbTenement Completed Auger Drilling4 Kilometres12km DANDOKO GOLD CORRIDORGombalyDabiaSelingoumaBembalaSoryLomonaDiabarouDisseSeko GoldTrends190813SelingoumaNorth
SEKO PROSPECT
Seko comprises five coherent auger gold trends (SK1 to SK5) with a combined strike length of circa 7km within the
Company’s flagship Dandoko Project.
FIGURE 3: DRILL PLAN SHOWING LEAPFROG GOLD ISOSURFACES FROM RECENT AND PREVIOUS
DRILLING PROGRAMS (AC, RC AND DD) OVER SEKO ANOMALIES SK1-5
SK1 RESOURCE DEFINITION DRILLING
Ongoing infill and extensional drilling at SK1 continued to intersect multiple zones of significant gold mineralisation
with the best results summarised in the following table.
Two AC traverses completed at the northern end of SK1 successfully confirmed the northern continuation of
SK1 centred on a spectacular high-grade intersection of 47m at 10.95g/t gold from a down hole depth of 48m
(including 7m at 60.57g/t gold from 54m) in hole ACSK19-582 indicating the potential emergence of a new high-
grade shoot.
Follow-up RC drilling on nominal 40m-spaced, northwest-southeast oriented sections was successful in confirming
a new wide zone of northeast-trending gold mineralisation extending over a strike length of 500m, which was
designated SK1 North.
Highlights of the step-out RC drilling were 32m at 10.57g/t gold from a down hole depth 52m (including 10m at
30.96g/t gold from 58m) in hole RCSK20-206, 26m at 7.54g/t gold from a down hole depth of 70m (including
8m at 14.44g/t gold from 84m) in hole RCSK20-207 and 20m at 3.32g/t gold from a down hole depth of 100m
(including 5m at 8.64g/t gold from 112m) in hole RCSK20-210.
10
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 TABLE 2: SK1 - SIGNIFICANT AC, RC AND DD DRILL HOLE INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
Air Core Drilling
WIDTH (m)
GOLD (g/t)
SK1
North
ACSK19-582
includes
includes
ACSK19-586
RCSK19-142
RCSK19-143
RCSK19-144
RCSK19-145
RCSK19-148
RCSK19-149
RCSK20-164
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
21
48
54
56
104
113
36
60
25
41
54
59
79
80
92
101
44
63
75
81
99
102
111
30
38
38
38
42
43
66
34
39
5
10
11
42
17
39
40
52
68
72
38
40
21
95
61
58
107
122
37
80
Reverse Circulation Drilling
29
46
109
63
86
82
97
105
58
114
87
86
108
106
114
61
55
40
39
51
46
67
45
42
37
21
15
60
18
65
47
54
75
74
45
42
1
47
7
2
3
9
1
20
4
5
55
4
7
2
5
4
14
51
12
5
9
4
3
31
17
2
1
9
3
1
11
3
32
11
4
18
1
26
7
2
7
2
7
2
1.37
10.95
60.57
170.25
1.42
2.56
1.61
1.98**
1.48
1.59
7.65***
6.34
38.31
98.75
10.63
5.70
1.47
4.28*
7.19
9.07
6.97
10.57
5.78*
7.12
12.63
17.39
30.60
18.87
43.23
7.52
3.81
10.75
4.55
8.78
18.84
1.23*
3.53
1.85
3.35
4.06
1.79
4.04
10.09
25.25
11
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Reverse Circulation Drilling
SK1
North
RCSK20-165
RCSK20-168
RCSK20-170
RCSK20-171
RCSK20-176
RCSK20-177
RCSK20-178
RCSK20-179
RCSK20-180
RCSK20-182
RCSK20-183
RCSK20-199
RCSK20-205
RCSK20-206
RCSK20-207
RCSK20-210
RCSK20-216
RCSK20-218
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
RCSK20-224
Includes
Includes
21
26
77
95
66
74
80
36
50
51
76
79
57
71
55
68
111
116
133
14
18
6
10
19
22
24
25
0
20
52
58
0
70
84
84
100
112
0
7
39
97
105
131
140
3
4
28
27
100
99
84
81
87
38
65
56
98
83
102
77
57
70
123
118
135
25
21
27
39
26
30
26
26
1
38
84
68
9
96
92
85
120
117
24
9
40
102
107
143
143
34
14
7
1
23
4
18
7
7
2
15
5
22
4
45
6
2
2
12
2
2
11
3
21
29
7
8
2
1
1
18
32
10
9
26
8
1
20
5
24
2
1
5
2
12
3
31
10
13.11
65.40
1.77
5.24
2.27*
3.48
5.34*
1.57
2.40
3.99
3.94
15.04
1.34
2.70
1.90
1.84
3.84
18.53
1.15
8.55
27.62
2.52
2.20
4.27
9.25
31.85
53.20
22.30
3.07
10.57*
30.96
1.04
7.54*
14.44
52.70
3.32*
8.64
1.21
5.27
3.51
1.12
1.60
2.33
6.67
1.14
2.65
12
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Reverse Circulation Drilling
SK1
North
RCSK20-226
RCSK20-227
RCSK20-236*
RCSK19-132
RCSK20-231
SK1
South
RCSK20-232
RCSK20-234
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
RCSK20-235
RDSK20-057
RDSK20-059
RDSK20-060
RDSK20-062
Includes
Includes
Includes
Includes
includes
Includes
Includes
Includes
SK1
North
12
45
48
66
69
6
83
102
137
124
9
11
26
61
121
130
25
25
127
127
65
71
115
7
8
38
38
57
82
113
92
126
136
136
91
92
127
127
12
70
83
99
114
135
142
147
159
159
165
14
51
50
78
72
7
86
123
138
150
Reverse Circulation Drilling
18
12
78
64
126
157
31
27
138
132
82
75
118
11
9
46
40
66
88
127
95
128
157
146
Diamond Drilling
104
96
139
133
14
72
117
110
116
165
149
149
165
197
175
2
6
2
12
3
1
3
21
1
26
9
1
52
3
5
27
6
2
11
5
17
4
3
4
1
8
2
9
6
14
3
2
21
10
13
4
12
6
2
2
34
11
2
30
7
2
6
38
10
10.10
3.71
10.50
2.40
5.59
1.51
1.71
1.29
0.61*
1.36
1.09
3.64
1.27
3.64
1.02
1.10
7.27
19.35
1.49
2.28
2.81
8.03
2.25
11.45
41.00
1.10
3.04
1.66
1.44
1.18
1.32
2.18
1.74
2.97
15.80
46.65
1.67
2.69
1.88
1.78
4.07
6.16
9.28
8.54
30.69
75.83
2.27
5.65
19.22
13
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Diamond Drilling
SK1
North
RDSK20-066
RDSK20-067
RDSK20-068
RDSK20-069
RDSK20-072
RDSK20-073
RDSK20-075
RDSK20-077
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
RDSK20-081**
RDSK20-083
Includes
Includes
Includes
168
172
186
185
185
209
210
225
237
243
122
123
123
131
136
242
242
274
102
152
159
115
128
132
78
85
179
180
82
91
100
101
136
142
138
144
156
176
186
196
174
173
197
193
187
232
215
226
240
246
138
127
124
134
137
248
243
283
104
162
162
148
148
139
94
90
199
187
92
92
110
102
144
144
149
146
160
197
197
197
6
1
11
8
2
23
5
1
3
3
16
4
1
3
1
6
1
9
2
10
3
33
20
7
16
5
20
7
10
1
10
1
8
2
11
2
4
21
11
1
30.94
102.37
1.29
4.98
18.85
2.50
5.45
9.23
1.18
1.67
4.34
10.46
30.30
4.89
5.54
7.49
28.60
1.27
1.84
2.32
6.18
2.95
4.17
6.60
1.71
3.72
2.09
4.20
1.51
4.05
1.60
3.72
1.40
3.78
1.61
3.42
1.31
1.31
2.05
6.42
* hole ends in mineralisation. ** hole abandoned prior to target depth. *** Poor sample recovery was observed at 68-70m and these samples have been
assigned a value of 0.00g/t for the purpose of calculating the interval. Intervals are reported using a threshold where the interval has a 0.3g/t Au average
or greater over the sample interval and selects all material greater than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling
was completed as 1m for DD, AC & RC drilling.
Deeper DD drilling targeting the down-dip extent of the SK1 North gold mineralisation confirmed the high-grade
zone to a vertical depth of at least 240m. Highlights of the deeper drilling included 38m at 5.65g/t gold from 159m
down hole (including 10m at 19.22g/t gold from 165m) in hole RDSK20-062, 8m at 4.98g/t gold from 185m down hole
(including 2m at 18.85g/t gold from 185m) and 23m at 2.50g/t gold from 209m down hole (including 5m at 5.45g/t
gold from 210m and 1m at 9.23g/t gold from 225m) in hole RDSK20-066.
Hole RDSK20-068 confirmed the high-grade gold mineralisation extending to at least 240m vertically, returning 6m
at 7.49g/t gold from 242m down hole (including 1m at 28.60g/t gold from 242m), partly within fresh rock before
intersecting a late-stage (post mineralisation), flat-lying dolerite dyke over 17m. Below the dyke, a further 9m at 1.27g/t
gold was intersected from 274m with hole RDSK20-076, completed post the reporting period, intersecting several
narrow zones at depth.
The primary zone gold mineralisation is associated with a fault-bounded, brecciated sulphide stockwork hosting more
massive zones of weathered pyrite within variably weathered sediments.
14
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
FIGURE 4: SK1 NORTH CROSS SECTION A-A’
FIGURE 5: SK1 LONG SECTION SHOWING DRILLING RESULTS FROM SK1 NORTH AND SK1 SOUTH
15
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 SK2 RESOURCE DEFINITION DRILLING
Ongoing infill and extensional RC and DD drilling continued
to confirm the grade and thickness continuity of the main
high-grade zone at SK2 and included the one of the best
intersections ever recorded by the Company (hole RCSK19-
096). This hole intersected two wide zones of high-grade gold
mineralisation with the first zone returning 65m at 7.11g/t gold
from a down hole depth of 4m (including 3m at 10.58g/t gold
from 4m, 9m at 16.76g/t gold from 13m and 16m at 12.45g/t
gold from 29m). The second deeper zone returned 53m at
4.34g/t gold from a down hole depth 95m (including 15m at
7.20g/t gold from 108m and 8m at 6.62g/t gold from 139m).
Other noteworthy intersections included 36m at 3.20g/t gold
(including 13m at 7.32g/t gold) from a down hole depth of
124m and 43m at 2.77g/t gold from 174m in hole RDSK19-054
and 37m at 2.66g/t gold from a down hole depth of 198m and
18m at 1.32g/t gold from 244m in hole RDSK19-050. Multiple
zones of mineralisation were also returned from hole RCSK19-
153, which intersected 51m at 1.51g/t gold from a down hole
depth of 81m (including 25m at 2.25g/t gold from 84m) and a
deeper zone of 17m at 3.09g/t gold from 157m.
The drilling also encountered a new zone of altered breccia
with sulphide mineralisation located 300m north of the main
SK2 zone. Significant intersections included 6m at 2.86g/t
gold from a down hole depth of 124m (including 3m at
4.90g/t gold from 126m) in hole RCSK019-092 and 7m at
1.23g/t gold from a down hole depth of 50m in hole RCSK019-
091.
16
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 TABLE 3: SK2 - SIGNIFICANT RC AND DD DRILL HOLE INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Reverse Circulation Drilling
SK2
North
SK2
RCSK19-084
RCSK19-085
RCSK19-091
RCSK19-092
RCSK19-093
RCSK19-095
RCSK19-096
RCSK19-153
RCSK19-156
DDSK19-047
RDSK19-050
SK2
RDSK19-053
RDSK19-054
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
Includes
includes
includes
includes
includes
includes
includes
includes
includes
91
94
99
101
20
50
124
126
19
2
3
8
14
66
142
145
4
4
5
13
29
40
87
95
108
139
15
81
84
87
157
168
206
8
0
38
40
127
198
203
215
244
148
152
177
202
124
147
147
174
174
182
108
100
102
102
21
57
130
129
20
Reverse Circulation Drilling
10
5
9
15
75
143
146
69
7
6
22
45
44
91
148
123
147
31
132
109
90
174
174
210
28
Diamond Drilling
50
50
44
130
235
211
216
262
156
154
210
210
160
160
151
217
194
186
17
6
3
1
1
7
6
3
1
8
2
1
1
9
1
1
65
3
1
9
16
4
4
53
15
8
16
51
25
3
17
6
4
20
50
12
4
3
37
8
1
18
8
2
33
8
36
13
4
43
20
4
0.80
1.33
2.41
4.61
1.63
1.23
2.86
4.90
1.27
10.56
16.95
47.00
1.49
0.85
1.45
1.22
7.11
10.58
30.40
16.76
12.45
28.07
1.77
4.34
7.20
6.62
1.45
1.51
2.25
6.22
3.09
5.44
2.37
1.11
3.99
7.19
11.53
1.36
2.66
5.30
10.10
1.32
2.00
5.69
1.33
2.24
3.20
7.32
14.65
2.77
4.25
7.23
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and selects all material greater
than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 1m for AC/RC drilling.
17
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
SK3 RESOURCE DEFINITION DRILLING
Infill and extensional drilling along the main SK3 trend
continued to return results consistent with the previously
completed drilling. Highlights included 20m at 3.08g/t
gold from a down hole depth of 81m (including 11m
at 4.46g/t gold from 89m) in hole RCSK19-138, 50m at
1.55g/t gold from a down hole depth of 43m (including
30m at 2.17g/t gold from 43m) in hole RCSK19-139, 27m
at 3.95g/t gold from a down hole depth of 110m (including
3m at 28.73g/t gold from 112m) in hole RCSK20-160 and
36m at 2.14g/t gold from 46m in hole RCSK20-162.
Two RC holes drilled in the north of SK3 encountered
several narrow zones of gold mineralisation, including a best
intersection of 1m at 16.40g/t gold from hole RCSK19-087.
TABLE 4: SK3 - SIGNIFICANT RC AND DD DRILL HOLE INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Reverse Circulation Drilling
SK3
North
RCSK19-086
RCSK19-087
RCSK19-137
RCSK19-138
RCSK19-139
SK3
RCSK19-140
RCSK19-154
Includes
Includes
Includes
Includes
Includes
Includes
RCSK19-160
Includes
RCSK20-162
Includes
SK3
RDSK20-061
36
42
51
100
23
45
45
116
118
48
81
89
31
43
43
53
146
27
140
147
174
12
146
155
215
110
112
208
0
46
61
93
144
145
37
43
58
102
24
Reverse Circulation Drilling
53
48
121
120
52
101
100
33
93
73
63
147
28
154
152
176
21
147
166
237
137
115
209
5
82
71
101
Diamond Drilling
161
149
1
1
7
2
1
8
3
5
2
4
20
11
2
50
30
10
1
1
14
5
2
9
1
11
22
27
3
1
5
36
10
8
17
4
1.27
1.59
0.62
3.32
16.40
5.26
10.23
2.11
4.35
1.23
3.08*
4.46
3.21
1.55
2.17
3.14
1.12
1.15
2.65
5.21
1.58
1.40
13.50
1.42
1.05
3.95
28.73
2.50*
3.14
2.14
3.75
1.94
2.52
6.38
* hole ends in mineralisation. Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and
selects all material greater than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 1m AC/RC drilling.
18
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
SK5 DRILLING
Six RC holes completed at the lightly drill-tested SK5 trend returned several encouraging gold intersections at shallow
depths including a highlight of 25m at 1.21g/t gold from a down hole depth of 18m in hole RCSK19-113.
TABLE 5: SK5 - SIGNIFICANT RC DRILL HOLE INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
SK5
RCSK19-111
RCSK19-112
RCSK19-113
RCSK19-116
Reverse Circulation Drilling
29
7
22
18
34
31
15
27
43
39
2
8
5
25
5
1.23
1.02
1.56
1.21
1.19
SEKO RECONNAISSANCE AC DRILLING
A series of AC traverses to explore for blind mineralisation
between the three main Seko trends (SK1 to 3) and
for extensions along strike returned several significant
intersections to the immediate west, south and east of
SK1. To the immediate west of SK1, 4m at 14.12g/t gold
(including 2m at 27.40g/t gold) was intersected from
a down hole depth of 48m related to a potential blind
zone of gold mineralisation undetected in the earlier
auger geochemical drilling. To the immediate south
and southwest of SK1, the AC holes intersected several
moderate to high-grade zones, including 2m at 9.15g/t
gold, 4m at 2.01g/t gold and 2m at 2.93g/t gold.
A step-out AC traverse located 600m south and along
strike from SK1 intersected a 16m zone of low-grade gold
mineralisation (averaging 0.82g/t gold and including 4m
at 1.38g/t gold) related to a potential linking structure
between SK1 and the Koko prospect, located a further
1.2km to the south.
The AC traverses also successfully intersected additional
gold mineralisation on the eastern side of SK3, including a
best intersection of 10m at 1.37g/t gold (including 2m at
4.47g/t gold).
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and selects all material greater
than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 1m for RC/AC drilling.
TABLE 6: SEKO - SIGNIFICANT RECONNAISSANCE AC DRILL HOLE INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Aircore Drilling
SK3
EAST
ACSK19-476
ACSK19-477
Includes
SK2 WEST
SK1 NNE
ACSK19-481
ACSK19-507
ACSK19-511
SK1 WEST
Includes
SK1 SOUTH
SK1 SSW
CNR
SK1 SW
SK 4
SK1 –
600m
SOUTH
ACSK19-517
ACSK19-531
ACSK19-532
ACSK19-535
ACSK19-537
ACSK19-538
ACSK19-542
ACSK19-544
ACSK19-564
ACSK19-577
ACSK19-578
ACSK19-579
Includes
104
32
62
64
6
88
48
50
76
8
32
80
18
62
32
38
14
56
30
54
27
4
14
30
42
110
34
72
66
8
92
52
52
84
10
42
84
22
64
36
42
16
58
32
56
29
20
18
32
44
6
2
10
2
2
4
4
2
8
2
10
4
4
2
4
4
2
2
2
2
2
16
4
2
2
1.00
1.13
1.37
4.47
1.63
2.66
14.12
27.40
1.19
9.15
0.56
0.94
1.04
1.71
1.08
2.01
2.93
1.73
1.16
1.21
1.26
0.82
1.38
1.83
1.77
Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and selects all material greater
than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m. Sampling was completed as 2m composites for AC drilling.
19
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
KOKO DRILLING
The Koko prospect is located to the immediate south of Seko
and was identified from the reconnaissance auger drilling
program that outlined the 12km-long Dandoko gold corridor.
Oklo previously reported several significant intersections from
wide-spaced reconnaissance AC and first-pass RC drilling
over this prospect, including 5m at 2.82g/t gold from 49m,
5m at 2.27g/t gold from 14m, 44m at 1.37g/t gold from 33m
and 35m at 1.00g/t gold from 19m.
During the reporting period a further 14 RC holes tested
the Koko prospect, including potential extensions towards
Seko, returning several highly encouraging intersections.
Hole RCSR19-123 intersected 37m at 3.24g/t gold from a
down hole depth of 11m (including 12m at 5.14g/t gold
from 15m and 4m at 7.48g/t gold from 37m), 5m at
1.19g/t gold from 50m, 5m at 1.01g/t gold from 79m and
3m at 1.19g/t gold from 87m with the hole ending in
mineralisation. Hole RCSR19-124 intersected 29m at 3.52g/t
gold from a down hole depth of 36m (including 9m at
5.60g/t gold from 38m, 3m at 9.56g/t gold from 42m and
3m at 10.13g/t gold from 50m). Hole RCSR20-189 returned
58m at 1.14g/t gold from a down hole depth of 3m and
3m at 2.48g/t gold from 89m.
At Koko North, hole RCSR19-118 intersected 3m at
2.50g/t gold from a down hole depth of 57m, with the
hole ending in mineralisation, while hole RCSR19-122
intersected 1m at 5.03g/t gold from 13m.
A reconnaissance AC drilling program between SK1 and
Koko prospect was subsequently completed confirming
the potential for the SK1 trend to extend over at least 3km.
FIGURE 6: DRILL PLAN SHOWING LEAPFROG GOLD ISOSURFACES FROM RECENT AND PREVIOUS DRILL
PROGRAMS (AC, RC AND DD) OVER SEKO ANOMALIES SK1-5 AND EXTENSIONS TO KOKO
20
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 TABLE 7: KOKO - SIGNIFICANT AC & RC DRILL HOLE INTERSECTIONS
TO (m)
RC & AC Drilling
FROM (m)
HOLE ID
AREA
KOKO
NORTH
Includes
Includes
Includes
Includes
Includes
Includes
RCSR19-118
RCSR19-122
RCSR19-123
RCSR19-124
RCSR19-125
RCSR19-126
RCSR19-128
RCSR19-129
RCKK20-187
RCKK20-189
ACKK20-622
ACKK20-623
ACKK20-624
ACKK20-692
57
13
11
15
37
50
79
87
36
38
42
50
64
32
49
9
40
20
48
54
3
89
23
68
54
45
32
60
14
48
27
41
55
84
90
65
47
45
53
65
36
52
15
42
32
52
57
61
92
24
73
56
54
33
KOKO
WIDTH (m)
GOLD (g/t)
3
1
37
12
4
5
5
3
29
9
3
3
1
4
3
6
2
12
4
3
58
3
1
5
2
9
1
2.50*
5.03
3.24
5.14
7.48
1.19
1.01
1.19*
3.52***
5.60
9.56
10.13
5.12
2.28
2.61
1.11
1.30
0.71
0.85
1.47
1.14
2.48
1.56
0.48*
0.48*
1.10*
1.64
* hole ended in mineralisation. Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval
and selects all material greater than 0.10g/t Au allowing for up to two samples of included dilution every 10m. Sampling was completed as 1m for RC/
AC drilling. ** Poor sample recovery was observed at 62-64m and these samples have been given a value of 0.00g/t for the purpose of calculating the
interval.
21
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
TABLE 8: SUMMARY OF SIGNIFICANT KOKO-SK1 RECONNAISSANCE AC INTERSECTIONS
AREA
HOLE No.
FROM (m)
TO (m)
WIDTH (m)
GOLD (g/t)
Shallow AC Reconnaissance Holes
KOKO
SK1
ACKK20-598
ACKK20-599
ACKK20-625
ACKK20-660
ACKK20-600
ACKK20-605
ACKK20-606
ACKK20-617
ACKK20-623
ACKK20-637
ACKK20-638
ACKK20-655
ACKK20-675
ACKK20-692
ACKK20-698
ACKK20-699
ACSK20-708
ACSK20-715
ACSK20-716
ACSK20-719
ACSK20-720
ACSK20-721
ACSK20-725
ACSK20-727
ACSK20-728
ACSK20-729
ACSK20-740
ACSK20-741
ACSK20-748
ACSK20-754
ACSK20-755
ACSK20-756
ACSK20-757
6
8
63
6
41
41
35
2
19
54
20
52
64
29
39
32
22
34
22
31
14
22
52
40
31
34
13
23
1
60
36
10
39
21
78
69
76
10
7
9
69
7
42
42
36
3
22
56
21
53
65
30
41
33
23
36
24
36
16
27
58
41
32
35
14
25
5
61
48
16
40
36
85
72
78
17
1
1
6
1
1
1
1
1
3
2
1
1
1
1
2
1
1
2
2
5
2
5
6
1
1
1
1
2
4
1
12
6
1
15
7
3
2
7
5.31
2.61
1.63
1.63
0.66
0.94
0.78
8.00
0.87
0.48*
0.66
0.51
0.51
0.87
0.71
1.64
0.73
0.68
2.39
10.77
1.13
1.24
1.71
3.38
1.18
2.07
18.5
2.20
1.30
1.05
0.87
1.05
6.22
1.50
1.70
1.82
1.99
1.87
* hole ended in mineralisation. Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over the sample interval and
selects all material greater than 0.10g/t Au allowing for up to two samples of included dilution every 10m. Sampling was completed as 1m for AC drilling.
SEKO METALLURGICAL TEST WORK
During the reporting year, a metallurgical test work program was completed on samples from Seko. The program
included gravity separation, bond abrasion & mill work indices, leach kinetics and basic grind size variability, and initial
flotation test work on three composite samples collected from SK2, representing soft oxide, transitional and fresh/
hard rock gold mineralisation. The test work was undertaken by ALS Metallurgy in Perth, Western Australia under the
supervision of Lycopodium Minerals of Brisbane, Queensland.
The test work program was designed to provide key data to assist in identifying the likely processing route for a Scoping
Study.
Highlights from the test work program included:
•
Seko exhibits straightforward, non-refractory metallurgical characteristics from the test work completed to date,
with a likely processing route incorporating a simple, industry standard cyanide leach circuit.
• Cyanide leach gold recoveries of ~94% for oxide, with ~85% and ~88% gold recoveries for transitional and fresh
mineralisation respectively.
22
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
• Encouraging leach kinetics and rapid leach times, with at least 96% of extractable gold dissolution within 8 hours.
• Oxide mineralisation amenable to gravity concentration to recover free gold within the milling circuit.
•
Flotation gold recoveries to concentrate of ~95% and ~91% for transitional and fresh mineralisation respectively.
• Ball mill work indices of 10.2 kWh/t – 16.0 kWh/t, comparable to other gold operations in the region.
• Moderate bond abrasion index (Ai) for oxide and fresh mineralisation of 0.05 Ai and 0.20 Ai respectively, and 0.31
Ai for transitional mineralisation.
Metallurgical test work is continuing on representative samples from SK1 and SK3.
DANDOKO GOLD CORRIDOR DRILLING
First-pass reconnaissance AC drilling was completed at the
Selingouma prospect, located approximately 10km south
of Seko, and the Lomona prospect, located 3km northeast
of Seko.
Several areas of interest were outlined at Selingouma
from the 6 wide-spaced traverses drilled over a total strike
length of 1.3km. In the southeast of the prospect, multiple
zones of gold mineralisation were intersected in hole
ACSL19-046 including: 12m at 1.21g/t gold, 2m at 3.34g/t
gold and 6m at 2.85g/t gold, including 4m at 4.07g/t
gold. Hole ACSL19-045 intersected 4m at 2.50g/t gold.
Hole ACSL19-012 in the centre of the prospect returned
10m at 1.88g/t gold. Significant widths of low-grade gold
mineralisation were also encountered northern end of the
prospect including 32m at 0.39g/t gold in hole ACSL19-
065 and 14m at 0.46g/t gold hole ACSL19-061.
At Lomona, 4 AC drill traverses successfully intersected
narrow zones of high-grade gold mineralisation, including
2m at 15.80g/t gold in hole ACLM19-005 and 2m at
5.42g/t gold from 10m in hole ACLM19-003 within a wider
zone of 10m at 1.39g/t gold.
FIGURE 7: SELINGOUMA PROJECT – LOCATION OF DRILL
FIGURE 8: LOMONA PROJECT – LOCATION OF DRILL
HOLES AND RESULTS
HOLES AND RESULTS
23
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 TABLE 9: SELINGOUMA & LOMONA - SIGNIFICANT AC DRILL HOLE INTERSECTIONS
HOLE ID
FROM (m)
TO (m)
SELINGOUMA
WIDTH (m)
GOLD (g/t)
ACSL19-001
ACSL19-004
ACSL19-007
ACSL19-008
ACSL19-012
ACSL19-016
ACSL19-018
ACSL19-034
ACSL19-045
ACSL19-046
ACSL19-055
ACSL19-058
ACSL19-059
ACSL19-060
ACSL19-061
ACSL19-062
ACSL19-065
ACSL19-067
ACLM19-003
ACLM19-004
ACLM19-005
ACLM19-007
ACLM19-035
ACLM19-036
Includes
Includes
Includes
Includes
Includes
8
76
12
26
80
84
84
60
86
16
56
56
2
4
24
72
74
18
4
48
8
34
30
4
26
10
6
10
10
12
14
12
12
36
12
80
14
30
86
94
88
62
88
18
60
58
14
6
26
78
78
20
6
50
10
42
44
6
28
42
8
LOMONA
20
12
14
16
14
14
40
4
4
2
4
6
10
4
2
2
2
4
2
12
2
2
6
4
2
2
2
2
8
14
2
2
32
2
10
2
2
2
2
2
4
0.49
1.54
1.00
0.59
1.28
1.88
2.77
0.71
0.81
0.66*
2.50
4.22
1.21
2.60
3.34
2.85
4.07
2.28
1.87
0.67
0.69
0.68
0.46
1.40
0.97
0.39*
0.60
1.39
5.42
1.22
15.80
1.20
0.64
2.06
* hole ends in mineralisation. Intervals are reported using a threshold where the interval has a 0.3g/t Au average or greater over
the sample interval and selects all material greater than 0.10g/t Au allowing for up to 2 samples of included dilution every 10m.
Sampling was completed as 2m composites for AC drilling.
24
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
KOUROUFING PROJECT
THE KOUROUFING PROJECT COVERS AN AREA OF 90.7KM2 WITHIN THE KENIEBA INLIER OVER A
TRACT OF UNEXPLORED PROTEROZOIC BIRIMIAN GREENSTONES WITH IDENTIFIED NORTHEAST-
TRENDING STRUCTURES IN A COMPARABLE GEOLOGICAL SETTING TO THE 12KM-LONG GOLD
CORRIDOR AT THE COMPANY’S NEARBY DANDOKO PROJECT.
Previous reconnaissance auger geochemical drilling outlined a 6km-long gold corridor at the Central Zone with grades
of up to 14.40g/t gold and best composite drill intersections of 8m at 14.35g/t gold, 5m at 2.18g/t gold and 15m at 1.25g/t
gold.
Further auger drilling was also successful in outlining the prominent Kome gold target in the southeast of the Project,
with peak composite grades of 6.32g/t gold, 3.32g/t gold and 1.20g/t gold.
Highlights from AC, RC and DD drilling completed over the Central Zone during the 2019 field season included:
•
•
•
•
•
•
16m at 11.07g/t gold from 4m; including 4m at 42.2g/t gold from 12m; including 2m at 29.9g/t gold from 12m
and 2m at 54.5g/t gold from 14m.
2m at 12.60g/t gold from 18m.
20m at 1.26g/t gold from 2m; including 2m at 7.61g/t gold from 18m.
2m at 7.30g/t gold from surface.
30m at 1.15g/t gold from 10m; including 2m at 8.11g/t gold from 14m.
34m at 1.06g/t gold from 26m; including 2m at 4.35g/t gold from 38m.
• 8m at 2.96g/t gold from 62m; including 2m at 8.20g/t gold from 64m.
•
•
•
•
5m at 4.23g/t gold from 34m; including 2m at 9.26g/t gold from 35m.
1m at 20.90g/t gold from 17m.
18m at 0.95g/t gold from 45m; including 4m at 2.21g/t gold from 50m.
12m at 1.47g/t gold from 176m; including 4m at 2.29g/t gold from 178m.
Significant bedrock gold mineralisation was also intersected in 6 wide-spaced AC traverses completed over a 1.4km
extent of the nearby Kome target. Best results included 2m at 18.20g/t gold, 10m at 1.29g/t gold and 2m at 8.50g/t gold.
The AC, RC and DD drill hole results from the Kouroufing Project confirmed the second major bedrock gold discovery
by Oklo in west Mali. No further field work was conducted at Kouroufing during the 2020 field season.
25
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 FIGURE 9: EXPLORATION RESULTS FROM AC, RC DRILLING AND AUGER EXPLORATION AT
THE KOSSAYA, SARI AND KOUROUFING GOLD PROJECTS
26
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 OTHER PROJECTS – WEST MALI
Following the encouraging results from first-pass auger drilling completed over portions of the Kossaya and Sari
Projects during the 2019 field season, Oklo exercised its option to acquire a 65% interest in the Kossaya Project during
reporting year and retained the option to acquire the remaining 35% interest by July 2020. Oklo had previously
exercised the option to acquire a 65% interest in the adjoining Sari Project.
The Company was also registered as the 100% owner of the Kandiole permit by the Malian Minister of Mines. The
permit, covering 100km2, is strategically located within 10km of B2Gold’s operating Fekola gold mine (7.1Moz) and
IAMGold’s Boto Gold Project (2.6Moz). An adjoining 10km2 permit in Oklo’s name is pending approval.
A program of 779 auger drill holes was completed over the Kandiole Project, with the receipt of all assay results
pending at year-end.
With the current focus on advancing Seko to resource status, no field work was completed over the Moussala,
Kandiole, Kossaya, Sari and Socaf projects during the reporting period.
SAMIT NORTH PHOSPHATE PROJECT – MALI
No exploration activities were undertaken at this project during the reporting year.
KIDAL URANIUM PROJECT - MALI
No exploration activities were undertaken at this project during the reporting year.
KIDAL URANIUM PROJECT - MALI
No exploration activities were undertaken at this project during the year.
INTERESTS ACQUIRED OR DIVESTED AFTER
REPORTING DATE
In July 2020, Oklo exercised the two options held over the Kossaya and Sari projects increasing its ownership from
65% to 100%. In August 2020, Oklo entered into a binding term sheet with Marvel Gold Limited, (ASX: MVL, formerly
Graphex Mining Limited) to divest an 80% interest in its non-core south Mali projects through the formation of an
exploration joint venture company. Further details are set out in the section “Events subsequent to the Reporting
Date” below.
27
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 Corporate
CAPITAL RAISINGS
In September 2019, the Company completed a private placement at an issue
price of $0.105 per share to raise gross proceeds of $6 million.
In March 2020, the Company completed a private placement at an issue price
of $0.21 per share to raise gross proceeds of $12.5 million.
The Company remains well-funded at the end of the year with cash reserves
of approximately $12.7million, and with a further $10 million (before costs)
raised post year end (refer section “Events subsequent to the Reporting Date”
below).
BOARD &
MANAGEMENT CHANGES
In July 2019, Mr Mark Connelly was appointed Non-Executive Chairman, and
at the time, Mr Simon O’Loughlin moved to a Non-Executive Director role. Mr
O’Loughlin subsequently retired from the Board in November 2019.
Competent Person’s Declaration
The information in this Annual Report that relates to Exploration Results is based on information
compiled by geologists employed by Africa Mining (a wholly owned subsidiary of Oklo
Resources) and reviewed by Mr Simon Taylor, who is a member of the Australian Institute of
Geoscientists. Mr Taylor is the Managing Director of Oklo Resources Limited and holds shares
in the Company. Mr Taylor is considered to have sufficient experience deemed relevant to the
style of mineralisation and type of deposit under consideration, and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC
Code). Mr Taylor consents to the inclusion in this report of the matters based on this information
in the form and context in which it appears.
This report contains information extracted from previous ASX market announcements reported
in accordance with the 2012 JORC Code and is available for viewing at www.okloresources.com.
Oklo Resources confirms that in respect of these announcements it is not aware of any new
information or data that materially affects the information included in any original ASX market
announcement. The announcements are as follows: 21 December 2016, 30 January 2017, 21
February 2017, 3 March 2017, 7 March 2017, 15 March 2017, 30 March 2017, 6 April 2017, 26 April 2017,
29 May 2017, 21 June 2017, 12 July 2017, 25 July 2017, 14 August 2017, 16 August 2017, 4 September
2017, 28 November 2017, 5 December 2017, 20 December 2017, 5 February 2018, 22 February 2018,
8 March 2018, 28 March 2018, 3 May 2018, 16 May 2018, 22 May 2018, 2 July 2018, 6 August 2018,
28 August 2018, 3 September 2018, 12 September 2018, 19 September 2018, 12 November 2018, 30
January 2019, 19 February 2019, 30 January 2019, 19 February 2019, 6 March 2019, 11 April 2019,
17 April 2019, 27 May 2019, 15 August 2019, 14 Oct 2019, 20 November 2019, 10 December 2019,
17 December 2019, 14 January 2020, 20 January 2020, 29 January 2020, 13 February 2020, 25
February 2020, 24 March 2020, 31 March 2020, 7 April 2020, 29 April 2020 and 28 May 2020.
28
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 29
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 Financial
Report
30 OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 31
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 31 2020 Annual Report The Board of Directors present their report on the Consolidated entity (referred to hereafter as the Group) consisting of Oklo Resources Ltd and the entities it controlled at the end of, or during the year ended 30 June 2020. DIRECTORS The names and details of the Company’s Directors in office during the financial year and until the date of this report, unless as otherwise stated, are as follows: Mr Mark Connelly (appointed 16 July 2019) Non-Executive Chairman Mr Connelly has more than 30 years of experience in the mining industry, and has held senior executive positions with Newmont Mining Corporation and Inmet Mining Corporation. He is the former Managing Director and Chief Executive Officer of Papillon Resources Limited, a Mali-based gold developer which merged with B2Gold Corp in a US$570 million deal. He was Chief Operating Officer of Endeavour Mining Corporation following its merger with Adamus Resources, where he was Managing Director and CEO. Mr Connelly has extensive experience in financing, development, construction and operation of mining projects in a variety of commodities including gold, base metals and other resources in West Africa, Australia, North America and Europe. Current External Directorships Tao Commodities Limited (ASX) Calidus Resources Limited (ASX) Primero Group Limited (ASX) Chesser Resources (ASX) Emmerson plc (LSE) BeMetals (TSX-V) Past Directorships in last 3 years: West African Resources Limited (ASX) Ausdrill Limited (ASX) Tiger Resources Limited (ASX) Saracen Mineral Holdings Limited (ASX) Toro Gold plc Mr Simon Taylor B.Sc, MAIG,Gcert AppFin Managing Director Mr Taylor is a geologist with over 25 years’ experience in exploration, project assessment and development in the resources sector. He has had a diversified career as a resources professional. His experience spans a range of commodities including gold, fertilisers (phosphate and potash), base metals, nickel, uranium, coal and coal seam methane. Whilst his experience includes Australia, a majority of his projects have been in international countries including Brazil, Turkey, Uganda, Tanzania, Mali, China, UK and North America. His experience includes providing consulting services to resource companies and financial corporations as a resource analyst and in senior positions. His analytical and technical expertise, combined with his corporate experience have given him an ability to advise companies at a corporate and Board level including fund raising, acquisitions, promotion and recognising value opportunities to add shareholder value. Current External Directorships Chesser Resources Limited (ASX) Stellar Resources (ASX) Past Directorships in last 3 years: ARC Exploration Limited (ASX) Bod Australia (ASX) 32
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 32 2020 Annual Report Dr Madani Diallo MSc Geochem, PhD Geochem Executive Director Dr Diallo has an outstanding track record for over 30 years of successful exploration in Africa. During his lengthy career Dr Diallo has directly led the teams that discovered large gold deposits including the multi-million ounce deposits of Syama, Morila and Sadiola deposits in Mali and the Essakane deposit in Burkina Faso. Dr Diallo is a director of several private companies focussed on precious and industrial minerals in the West African region and was formerly a Director of the Sadiola Gold Mine (IamGold/AngloGold Ashanti JV). He also advises private and government agencies involved with the financing of resource related projects in Mali. He also holds the position of Vice-President of the Mali Chamber of Mines, President of the Association of Geoscientists in Mali and is a Director of UBA bank in Burkina Faso. He has also been honoured with the second highest distinction in Mali “Knight of National Order” for his contribution to the development of the Mali mining industry and was recently granted the medal of Officer of the Nation by the President of Mali. Current External Directorships Compass Gold Corporation (TSX-V) Past Directorships in last 3 years: Sadiola and Morila Gold Mine (joint venture) Mr Simon O’Loughlin (Retired 22 November 2019) Non-Executive Chairman to 16 July 2019 and then Non-Executive Director Mr O’Loughlin is the founding member of O’Loughlins Lawyers, an Adelaide based medium sized specialist commercial law firm. For many years he has practiced both in Sydney and Adelaide, in the corporate and commercial fields with, in more recent times, a particular focus on the resources sector. He also holds accounting qualifications. Mr O’Loughlin has extensive experience and involvement with companies in the small industrial and resources sectors. He has also been involved in the listing and back-door listing of numerous companies on the ASX and National Stock Exchanges. He is a former Chairman of the Taxation Institute of Australia (SA Division) and Save the Children Fund (SA Division). Current External Directorship (As at date of Resignation): Bod Australia Limited (ASX) Chesser Resources Limited (ASX) Petratherm Limited (ASX) Past Directorships in last 3 years: ARC Exploration Limited (ASX) Kibaran Resources Ltd (ASX) Odin Mining Ltd (ASX) Piedmont Lithium Limited (ASX) COMPANY SECRETARY Ms Louisa Martino B.Com, CA, SA Fin Company Secretary Lousia Martino has a Bachelor of Commerce from the University of Western Australia, is a member of the Institute of Chartered Accountants Australia & New Zealand and a member of the Financial Services Institute of Australasia (FINSIA). She provides a number of listed companies with company secretarial services and has worked within corporate finance, assisting with company compliance and capital raisings. Ms Martino holds the position of Company Secretary for listed companies PYX Resources Ltd, Cokal Ltd, Jadar Resources Ltd, and Vital Metals Limited. 32
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 33
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 32 2020 Annual Report Dr Madani Diallo MSc Geochem, PhD Geochem Executive Director Dr Diallo has an outstanding track record for over 30 years of successful exploration in Africa. During his lengthy career Dr Diallo has directly led the teams that discovered large gold deposits including the multi-million ounce deposits of Syama, Morila and Sadiola deposits in Mali and the Essakane deposit in Burkina Faso. Dr Diallo is a director of several private companies focussed on precious and industrial minerals in the West African region and was formerly a Director of the Sadiola Gold Mine (IamGold/AngloGold Ashanti JV). He also advises private and government agencies involved with the financing of resource related projects in Mali. He also holds the position of Vice-President of the Mali Chamber of Mines, President of the Association of Geoscientists in Mali and is a Director of UBA bank in Burkina Faso. He has also been honoured with the second highest distinction in Mali “Knight of National Order” for his contribution to the development of the Mali mining industry and was recently granted the medal of Officer of the Nation by the President of Mali. Current External Directorships Compass Gold Corporation (TSX-V) Past Directorships in last 3 years: Sadiola and Morila Gold Mine (joint venture) Mr Simon O’Loughlin (Retired 22 November 2019) Non-Executive Chairman to 16 July 2019 and then Non-Executive Director Mr O’Loughlin is the founding member of O’Loughlins Lawyers, an Adelaide based medium sized specialist commercial law firm. For many years he has practiced both in Sydney and Adelaide, in the corporate and commercial fields with, in more recent times, a particular focus on the resources sector. He also holds accounting qualifications. Mr O’Loughlin has extensive experience and involvement with companies in the small industrial and resources sectors. He has also been involved in the listing and back-door listing of numerous companies on the ASX and National Stock Exchanges. He is a former Chairman of the Taxation Institute of Australia (SA Division) and Save the Children Fund (SA Division). Current External Directorship (As at date of Resignation): Bod Australia Limited (ASX) Chesser Resources Limited (ASX) Petratherm Limited (ASX) Past Directorships in last 3 years: ARC Exploration Limited (ASX) Kibaran Resources Ltd (ASX) Odin Mining Ltd (ASX) Piedmont Lithium Limited (ASX) COMPANY SECRETARY Ms Louisa Martino B.Com, CA, SA Fin Company Secretary Lousia Martino has a Bachelor of Commerce from the University of Western Australia, is a member of the Institute of Chartered Accountants Australia & New Zealand and a member of the Financial Services Institute of Australasia (FINSIA). She provides a number of listed companies with company secretarial services and has worked within corporate finance, assisting with company compliance and capital raisings. Ms Martino holds the position of Company Secretary for listed companies PYX Resources Ltd, Cokal Ltd, Jadar Resources Ltd, and Vital Metals Limited. DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 33 2020 Annual Report PRINCIPAL ACTIVITIES The principal activities of the Group during the year were the identification of potential mining resource assets for acquisition, acquiring same, conducting mineral exploration in the Republic of Mali. FINANCIAL POSITION The Group’s net assets at 30 June 2020 were $67,261,981 (30 June 2019: $50,823,915). The Directors consider that the Group is in a strong and stable financial position to continue and grow its existing activities. REVIEW OF OPERATIONS AND FINANCIAL RESULTS The Group’s operations are reviewed from pages 6 to 31 of the Annual Report. The Group recorded an operating loss for the year of $1,635,814 (2019: $1,006,272). The 2020 result is consistent with the size and operations of the Group. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group other than those referred to elsewhere in this report of the financial statements or notes thereto. EVENTS SUBSEQUENT TO REPORTING DATE On 15 July 2020, the Company exercised its options to increase its ownership interests from 65% to 100% in the Kossaya and Sari Projects. As at the date of this report, the Company has a 100% interest in the Kossaya and Sari Projects (refer Note 3.2). On 31 July 2020, the Company completed a private placement by the issue of 32,250,000 fully paid shares at an issue price of $0.32 per share to raise a total of $10,000,000 before costs. On 27 August 2020, the Company entered into a binding terms sheet with Marvel Gold Limited (Marvel) to divest an 80% interest in its non-core projects located in south Mali through the formation of an exploration joint venture company. The key terms of the transaction are: •Marvel will make a non-refundable $50,000 payment to Oklo immediately. This has been received byOklo.•Marvel will make a non-refundable $150,000 payment to Oklo immediately upon Oklo incorporating anexploration joint venture structure that provides Marvel with an 80% beneficial interest in the licences.•Oklo will retain a 20% free-carried interest in the exploration joint venture company until a decision tomine is taken on a licence.•Marvel will issue 4,000,000 Marvel shares to Oklo upon each confirmation of the successful renewal ofthe Yanfolila, Yanfolila Est, Kolondieba, Kolondieba Nord and Sirakourou licences (to a total of 20,000,000Marvel shares).•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nordlicences of any resource category of not less than 500,000 oz of gold or gold equivalent at a 34
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 34 2020 Annual Report minimum grade of 1 g/t; or oa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences ofany resource category of not less than 350,000 oz of gold or gold equivalent at a minimum grade of1 g/t.•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nordlicences of any resource category of not less than 1,000,000 oz of gold or gold equivalent at aminimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences ofany resource category of not less than 700,000 oz of gold or gold equivalent estimated at aminimum grade of 1 g/t.As at the date of this report, the Board is still assessing the financial impact of the transaction, which will ultimately depend on the value of the Marvel shares at the time of issue. On 21 September 2020, the Company issued 1,650,000 Zero Exercise Priced Options (ZEPOs) to employees and a consultant of the Group on the following terms: •Exercise Price - $0.00•Expiry date – 16/7/2025;•Performance Period – three years to 16/7/2023•Vesting Conditions (provided Performance Period has been met):In respect of 200,000 ZEPOs•30% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•30% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•40% on granting of environmental licence and mining licence application criteria met.In respect of 450,000 ZEPOs•33.3% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on granting of environmental licence and mining licence application criteria met.In respect of 1,000,000 ZEPOs•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on adding shareholder value through corporate and business development includingbranding, institutional support base and or successful JV, sale or acquisition of projects;•33.3% on granting of environmental licence and mining licence application criteria metThe impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not had a material impact on the business up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided. Other than the above, there has not been any matter or circumstance that has arisen since the end of the financial year, that has significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. 34
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 35
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 34 2020 Annual Report minimum grade of 1 g/t; or oa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences ofany resource category of not less than 350,000 oz of gold or gold equivalent at a minimum grade of1 g/t.•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nordlicences of any resource category of not less than 1,000,000 oz of gold or gold equivalent at aminimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences ofany resource category of not less than 700,000 oz of gold or gold equivalent estimated at aminimum grade of 1 g/t.As at the date of this report, the Board is still assessing the financial impact of the transaction, which will ultimately depend on the value of the Marvel shares at the time of issue. On 21 September 2020, the Company issued 1,650,000 Zero Exercise Priced Options (ZEPOs) to employees and a consultant of the Group on the following terms: •Exercise Price - $0.00•Expiry date – 16/7/2025;•Performance Period – three years to 16/7/2023•Vesting Conditions (provided Performance Period has been met):In respect of 200,000 ZEPOs•30% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•30% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•40% on granting of environmental licence and mining licence application criteria met.In respect of 450,000 ZEPOs•33.3% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on granting of environmental licence and mining licence application criteria met.In respect of 1,000,000 ZEPOs•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on adding shareholder value through corporate and business development includingbranding, institutional support base and or successful JV, sale or acquisition of projects;•33.3% on granting of environmental licence and mining licence application criteria metThe impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not had a material impact on the business up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided. Other than the above, there has not been any matter or circumstance that has arisen since the end of the financial year, that has significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 35 2020 Annual Report DIVIDENDS No dividends were declared or paid during the year. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS Likely future developments in the operations of the Group are referred to in the Chairman’s Letter, Operations Review and Note on subsequent events. INDEMNIFICATION OF DIRECTORS AND OFFICERS During the year, the Company paid an insurance premium to insure certain directors and officers including Directors named in this report. The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred in defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought against the officers in their capacity as officers of the Group. The insurance policy does not contain details of the premium paid in respect of individual officers of the Group. Disclosure of the nature of the liability cover and the amount of the premium is subject to a confidentiality clause under the insurance policy. The Company has not provided any insurance for an auditor of the group. ENVIRONMENTAL REGULATION The Group is aware of its environmental obligations and acts to ensure that its environmental commitments are met. The Group is not currently subject to significant environmental regulation in respect of its activities. The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. For the measurement period from 1 July 2019 to 30 June 2020 the Directors have assessed that the Company has no current reporting requirements but may be required to report in the future. PROCEEDINGS ON BEHALF OF THE GROUP No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. NON-AUDIT SERVICES An amount of $22,950 (2019: $ Nil) was paid to the external auditor during the year for non-audit services. The Directors are satisfied that any non-audit services provided during the year ended 30 June 2020 did not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. 36
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 36 2020 Annual Report DIRECTORS’ INTERESTS IN SECURITIES OF THE GROUP At the date of this report the relevant interests of the Directors in shares or options over shares of the Group are: DIRECTOR ORDINARY SHARES OPTIONS Mark Connelly 150,000 1,400,000 Simon Taylor 5,860,000 9,000,000 Madani Diallo 7,111,355 3,750,000 Unissued ordinary shares of the Company under option at the date of this report are as follows: DATE OPTIONS GRANTED EXPIRY DATE ISSUE PRICE OF SHARES NUMBER UNDER OPTION 21 November 2019 21 November 2020 $0.49 3,875,000 21 November 2019 21 November 2020 $0.395 1,000,000 24 November 2019 24 November 2020 $0.40 800,000 24 November 2019 24 November 2020 $0.40 250,000 24 November 2019 24 November 2020 $0.40 250,000 15 December 2019 15 December 2020 $0.42 150,000 10 December 2019 10 December 2024 $0.00 14,500,000 10 December 2019 10 December 2024 $0.00 1,400,000 17 February 2020 17 February 2025 $0.00 900,000 23 April 2020 23 April 2025 $0.00 300,000 16 July 2020 16 July 2025 $0.00 1,650,000 At the date of this report the Group had on issue 503,563,146 ordinary shares and 25,075,000 options over ordinary shares. DIRECTORS’ MEETINGS The table below sets out the number of Directors’ meetings held during the period and the number of meetings attended by each as a Director. DIRECTOR NUMBER OF MEETINGS ELIGIBLE TO ATTEND NUMBER OF MEETINGS ATTENDED M Connelly 3 3 S Taylor 3 3 M Diallo 3 3 S O’Loughlin 1 - CORPORATE GOVERNANCE STATEMENT The Company’s Corporate Governance Statement can be found on the Company’s website at the following URL: https://www.okloresources.com/corporate/corporate-governance/. 36
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 37
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 36 2020 Annual Report DIRECTORS’ INTERESTS IN SECURITIES OF THE GROUP At the date of this report the relevant interests of the Directors in shares or options over shares of the Group are: DIRECTOR ORDINARY SHARES OPTIONS Mark Connelly 150,000 1,400,000 Simon Taylor 5,860,000 9,000,000 Madani Diallo 7,111,355 3,750,000 Unissued ordinary shares of the Company under option at the date of this report are as follows: DATE OPTIONS GRANTED EXPIRY DATE ISSUE PRICE OF SHARES NUMBER UNDER OPTION 21 November 2019 21 November 2020 $0.49 3,875,000 21 November 2019 21 November 2020 $0.395 1,000,000 24 November 2019 24 November 2020 $0.40 800,000 24 November 2019 24 November 2020 $0.40 250,000 24 November 2019 24 November 2020 $0.40 250,000 15 December 2019 15 December 2020 $0.42 150,000 10 December 2019 10 December 2024 $0.00 14,500,000 10 December 2019 10 December 2024 $0.00 1,400,000 17 February 2020 17 February 2025 $0.00 900,000 23 April 2020 23 April 2025 $0.00 300,000 16 July 2020 16 July 2025 $0.00 1,650,000 At the date of this report the Group had on issue 503,563,146 ordinary shares and 25,075,000 options over ordinary shares. DIRECTORS’ MEETINGS The table below sets out the number of Directors’ meetings held during the period and the number of meetings attended by each as a Director. DIRECTOR NUMBER OF MEETINGS ELIGIBLE TO ATTEND NUMBER OF MEETINGS ATTENDED M Connelly 3 3 S Taylor 3 3 M Diallo 3 3 S O’Loughlin 1 - CORPORATE GOVERNANCE STATEMENT The Company’s Corporate Governance Statement can be found on the Company’s website at the following URL: https://www.okloresources.com/corporate/corporate-governance/. DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 37 2020 Annual Report AUDITED REMUNERATION REPORT The information provided in this remuneration report has been audited as required under Section 308(3C) of the Corporations Act 2001. This report details the nature and amount of remuneration for each director of Oklo Resources Limited and key management personnel. For the purposes of this report, Key Management Personnel (“KMP”) of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any Director (whether Executive or otherwise) of the parent company. The names and positions of the KMP of the company and the Group during the financial year were: Name Position Mr Mark Connelly (appointed 16 July 2019) Non-Executive Chairman Mr Simon Taylor Managing Director Dr Madani Diallo Executive Director (Country Manager) Mr Simon O’Loughlin (retired 22 November 2019) Non-Executive Director Mr Andrew Boyd General Manager - Exploration Remuneration Policy The nature and amount of remuneration for Directors and key management personnel depends on the nature of the role and market rates for the position, with the assistance of external surveys and reports, and taking into account the experience and qualifications of each individual. The Board ensures that the remuneration of key management personnel is competitive and reasonable. Fees and payments to the Non-executive Directors reflect the demands which are made on, and the responsibilities of the Directors. Remuneration Framework In July 2019, the Company engaged an independent expert to design a transparent and comprehensible remuneration approach to attract, retain and motivate the right calibre of person for the business (Incentive Framework). The Incentive Framework proposed by the expert and subsequently adopted by the Board (the Incentive Policy), is intended to be simple and transparent and seeks to promote the interests of the Company over the medium and long term, to encourage a ‘pay for performance’ culture and be reflective of good corporate governance. Under the terms of the Incentive Policy, the Company offers certain incentives to members of the Company's senior management team and key management personnel (including Directors) and such incentives were offered in accordance with the Company’s Performance Rights and Option Plan, which was adopted by Shareholders on 21 November 2017. Outcome of the Independent Review As a result of the independent review, at the Board’s absolute discretion, the Board and Key Management Personnel are eligible to participate in the incentive arrangements of the Company. The Incentive Policy focusses the efforts of the executive and management team on business performance, business sustainability, business growth and long term value creation. It provides for clear ‘line of sight’ objectives to maximise the effectiveness of the participants’ total incentive awards, and facilitates the meaningful accumulation of Shares by participants to enforce an ownership mentality which in addition to having a retentive benefit, also further aligns management interests with those of Shareholders. The 38
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 38 2020 Annual Report Remuneration Policy, including the incentive plan, has been tailored to increase goal congruence between Shareholders and executives. Two methods have been applied to achieve this aim, a short term incentive plan and a long term incentive plan. The long term incentive plan is, administered under the Company’s Performance Rights and Share Option Plan. Remuneration Framework Overview (Executive Directors and Key Management Personnel) Category Definition of pay category Element Purpose Fixed pay Pay which is linked to the present value or market value of the role Total Fixed Remuneration (TFR) Pay for meeting role requirements Incentive pay Pay for delivering the plan and growth agenda for the Group which must create value for shareholders. Incentive pay is linked to achievement of ‘line-of-sight’ performance goals Reflects ‘pay for performance’ Short Term Incentive (STI) Incentive for the achievement of annual objectives. Incentive for the achievement of sustained business value Reward pay Pay for creating value for shareholders. Reward pay is linked to shareholder returns. Reflects ‘pay for results’ Long Term Incentive (LTI) Reward for performance over the long term The incentive opportunities under the Remuneration Policy contain a maximum amount of Total Incentive Opportunity (TIO), as shown below. Plan: Short Term Incentive Plan (STI) Long Term Incentive Plan (LTI) Annual TIO as a % of TFR Performance Period: 1 year 3 year vest Award: Cash ZEPOs Managing Director 30% 70% 100% GM Exploration 20% 70% 90% Country Manager 15% 50% 65% The LTI as a percentage of TFR shown in the above table has been calculated on the basis that LTIs will only be granted once every three years. For example, the FY20 grant to the Managing Director equates to 201% of his TFR, and this expense will be amortised over the 3 year term of the LTIs to show an LTI opportunity per annum equal to 70% of TFR (i.e. 210% divided by 3 years). The maximum amount of TIO will only be delivered to Directors and Key Management Personnel if performance levels for each of the performance hurdles are achieved. The actual value of incentives may be zero if the performance hurdles are not met. The Total Annual Remuneration (i.e. TFR + STI + LTI) for the Managing Director and Key Management Personnel has been set at a level that is in line with the average Total Annual Remuneration for a peer group of exploration and project development companies. Participation in the incentive opportunities of the Remuneration Policy is based on successful milestone achievements against the following performance hurdles: 38
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 39
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 38 2020 Annual Report Remuneration Policy, including the incentive plan, has been tailored to increase goal congruence between Shareholders and executives. Two methods have been applied to achieve this aim, a short term incentive plan and a long term incentive plan. The long term incentive plan is, administered under the Company’s Performance Rights and Share Option Plan. Remuneration Framework Overview (Executive Directors and Key Management Personnel) Category Definition of pay category Element Purpose Fixed pay Pay which is linked to the present value or market value of the role Total Fixed Remuneration (TFR) Pay for meeting role requirements Incentive pay Pay for delivering the plan and growth agenda for the Group which must create value for shareholders. Incentive pay is linked to achievement of ‘line-of-sight’ performance goals Reflects ‘pay for performance’ Short Term Incentive (STI) Incentive for the achievement of annual objectives. Incentive for the achievement of sustained business value Reward pay Pay for creating value for shareholders. Reward pay is linked to shareholder returns. Reflects ‘pay for results’ Long Term Incentive (LTI) Reward for performance over the long term The incentive opportunities under the Remuneration Policy contain a maximum amount of Total Incentive Opportunity (TIO), as shown below. Plan: Short Term Incentive Plan (STI) Long Term Incentive Plan (LTI) Annual TIO as a % of TFR Performance Period: 1 year 3 year vest Award: Cash ZEPOs Managing Director 30% 70% 100% GM Exploration 20% 70% 90% Country Manager 15% 50% 65% The LTI as a percentage of TFR shown in the above table has been calculated on the basis that LTIs will only be granted once every three years. For example, the FY20 grant to the Managing Director equates to 201% of his TFR, and this expense will be amortised over the 3 year term of the LTIs to show an LTI opportunity per annum equal to 70% of TFR (i.e. 210% divided by 3 years). The maximum amount of TIO will only be delivered to Directors and Key Management Personnel if performance levels for each of the performance hurdles are achieved. The actual value of incentives may be zero if the performance hurdles are not met. The Total Annual Remuneration (i.e. TFR + STI + LTI) for the Managing Director and Key Management Personnel has been set at a level that is in line with the average Total Annual Remuneration for a peer group of exploration and project development companies. Participation in the incentive opportunities of the Remuneration Policy is based on successful milestone achievements against the following performance hurdles: DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 39 2020 Annual Report Short Term Incentive (STI) performance metrics (paid in the form of a cash bonus): For the purposes of the STI, the Company set a budget target and corporate and individual performance measures at the beginning of each financial year. At the end of the annual performance period, the Board assesses the performance of the management team against their corporate and individual objectives, giving each participant a corporate score and individual score (as percentages). The corporate and individual scores, weighted against the corporate objective weighting and individual objective weighting for the participant, are combined to create an overall percentage score determining the cash award the participant will receive, to a maximum of 100% (Percentage Score). The Board has determined that the Executive Directors and Key Management Personnel receiving incentives will have the following weighting: Role Corporate Objective Weighting Individual Objective Weighting Managing Director 100% 0% GM Exploration 80% 20% Country Manager 80% 20% If the Company does not achieve its ‘budget’ target, no STI (in the form of a cash bonus) will be payable. If a participant has an individual weighting greater than 0% and that participant does not achieve a satisfactory individual score (at least 50% or better), they will not qualify for the STI cash bonus regardless of company performance. The actual cash bonus payable if the Company does achieve its budget target, is such proportion as is equal to the participant’s Percentage Score. The Company proposes that the STI component will ‘reset’ on an annual basis, with the Company making a cash award opportunity available at the beginning of each year. Long Term Incentive (LTI) performance metrics (paid in ZEPO’s): The LTI component of an incentive award under the Incentive Policy consists of zero exercise price options (ZEPOs) (i.e. Options with a nil exercise price). For the purposes of the LTI, the ZEPOs have been issued to the Executive Directors and Key Management Personnel subject to three separate performance hurdles over a three-year performance period and will be subject to the following vesting conditions: 40
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 40 2020 Annual Report Vesting Conditions Expiry Date Exercise Price Tranche A LTI 33.3% of the ZEPOs will vest on achieving a minimum of 300,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) Tranche B LTI 33.3% of the ZEPOs will vest on achieving a minimum of 500,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) Tranche C LTI 33.3% of the ZEPOs will vest on achieving a minimum of 1,000,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) The introduction of the STIs and LTIs are effective from 1 July 2019. The STIs are for 12 month periods aligned to each financial year, effective and measured from 1 July 2019. The LTI is for the 3 year period from 10 December 2019. Remuneration Framework Overview (Non-Executive Directors (NED)) The Incentive Plan for Non-Executive Directors is premised on achieving the following goals: •Ensuring that the Company has a stable Board over a period;•Providing adequate remuneration to attract and retain the current NED team to carry out theirroles diligently;•Aligning the interests of NEDs with the interests of public investors by ensuring they are able toaccumulate equity in the business;•Preserving cash holdings in the most effective way possible.In order to achieve the stated goal, the Company’s Non-Executive Director remuneration package encompasses the following elements: •Annual board fees (inclusive of statutory superannuation contributions);•Equity based remuneration (in lieu of fees).The purpose of the equity component is to ensure a strong alignment between the Board and shareholder interests and in this regard, the aforementioned structure can support NEDs in building their shareholding in the Company, and assists in facilitating that they hold a ‘meaningful’ shareholding in the company. It should be noted that the equity component of the NED package does not increase the NED fee above that of the market but rather, aligns the NED fees with market-based responsibilities and calibre of the incumbent. The equity-based remuneration is non-performance based (subject only to a service period), which is in line with good corporate governance protocols and to ensure objectivity and independence. In the event that the NED’s employment is terminated before reaching the service period, then the equity portion of fees will be pro-rated. 40
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 41
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 40 2020 Annual Report Vesting Conditions Expiry Date Exercise Price Tranche A LTI 33.3% of the ZEPOs will vest on achieving a minimum of 300,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) Tranche B LTI 33.3% of the ZEPOs will vest on achieving a minimum of 500,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) Tranche C LTI 33.3% of the ZEPOs will vest on achieving a minimum of 1,000,000ozs of gold (with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard and continuous service for the three year Performance Period. 5 years - 10 December 2024 $0 (ZEPOs) The introduction of the STIs and LTIs are effective from 1 July 2019. The STIs are for 12 month periods aligned to each financial year, effective and measured from 1 July 2019. The LTI is for the 3 year period from 10 December 2019. Remuneration Framework Overview (Non-Executive Directors (NED)) The Incentive Plan for Non-Executive Directors is premised on achieving the following goals: •Ensuring that the Company has a stable Board over a period;•Providing adequate remuneration to attract and retain the current NED team to carry out theirroles diligently;•Aligning the interests of NEDs with the interests of public investors by ensuring they are able toaccumulate equity in the business;•Preserving cash holdings in the most effective way possible.In order to achieve the stated goal, the Company’s Non-Executive Director remuneration package encompasses the following elements: •Annual board fees (inclusive of statutory superannuation contributions);•Equity based remuneration (in lieu of fees).The purpose of the equity component is to ensure a strong alignment between the Board and shareholder interests and in this regard, the aforementioned structure can support NEDs in building their shareholding in the Company, and assists in facilitating that they hold a ‘meaningful’ shareholding in the company. It should be noted that the equity component of the NED package does not increase the NED fee above that of the market but rather, aligns the NED fees with market-based responsibilities and calibre of the incumbent. The equity-based remuneration is non-performance based (subject only to a service period), which is in line with good corporate governance protocols and to ensure objectivity and independence. In the event that the NED’s employment is terminated before reaching the service period, then the equity portion of fees will be pro-rated. DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 41 2020 Annual Report Director Vesting Conditions Exercise Price Expiry Date Non-Executive Director 1/3 each year from the date of grant $0 (ZEPOs) 5 years - 10 December 2024 Employment Contracts of Directors and Executives As at 30 June 2020, all Directors and all executives, other than the Non-Executive Chairman, have formal contracts with the Company. The Non-Executive Chairman is paid director’s fees under the terms agreed to by a directors’ resolution. By way of a board resolution at a Board meeting held on 27 July 2017, it was resolved that with effect from 1 July 2017, the remuneration of the Non-Executive Chairman be at the rate of $50,000 per annum. From July 2018 there was a 7.5% increase in Chairman fees. In December 2018, on the resignation of Mr Fotios as Chairman and the appointment of Mr O’Loughlin as Chairman, the agreed remuneration was set at $40,000 per annum plus applicable superannuation. The terms during the past year and as at the date of this report are set out as follows: Name Position Annual Remuneration FY 20201 Mr. Mark Connelly Non-Executive Chairman (Appointed 16 July 2019) 59,7952, 3Mr. Simon Taylor Managing Director 345,0003 Dr. Madani Diallo Executive Director 263,4513 Mr. Simon O’Loughlin Non-Executive Director (Retired 22 November 2019 20,0004 Mr. Andrew Boyd General Manager - Exploration 319,3255 Notes: 1.Amounts do not include STI amounts paid or accrued.2.Annual rate was $63,924 per annum, amount above reflects actual amounts paid from date ofappointment.3.Superannuation entitlements are paid in addition to these amounts.4.Dr Diallo is paid in Euro. The amount paid in Euro was €159,6435.Annual rate is was $40,000 and amount above reflects actual amounts paid to date oftermination.6.Mr Boyd is paid in US Dollars. The amount paid in US Dollars was USD218,750The payment of statutory employment entitlements (such as superannuation contributions), where applicable is in addition to the above amounts. The non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is periodically recommended for approval by shareholders. The maximum currently stands at $300,000, which was approved by shareholders at the Annual General Meeting on 23 November 2006. Fees were paid to Makly SA and Cairn Geoscience Limited related parties of Dr Diallo and Mr Boyd and with respect to consultancy services provided. These amounts are included salaries and fees in the following schedule. On 15 March 2018, the Company and the Managing Director entered into an executive services agreement and with an effective date of 1 February 2018. This agreement includes normal leave and superannuation entitlements. The agreement provides for a twelve (12) month notice period on termination and that any unvested incentive securities will vest on termination. Effective 1 July 2018, the 42
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 42 2020 Annual Report remuneration for the Managing Director was increased to $345,000 plus applicable superannuation entitlements. On 1 October 2018, the Company and Makly SA entered into an updated services agreement for the provision of services by Dr Madani Diallo as Exploration Director and Country Manager of the Company (“Makly Agreement”). This agreement has a three (3) year term and provides for monthly remuneration of €14,513 (A$23,591) This agreement provides for normal three (3) month notice periods on termination and that any unvested incentive securities will vest on termination. On 1 October 2018, the Company and Cairn Geoscience Limited entered into an updated services agreement for the provision of services by Andrew Boyd as a consultant of the Company (“Cairn Agreement. This agreement has a two (2) year term and provides for monthly remuneration of USD12,000 (A$17,391) assuming approximately 10 days work a month, with additional days being at the rate of USD1,200 (A$1,739) per day. This agreement provides for normal two (2) month notice periods on termination and that any unvested incentive securities will vest on termination. Remuneration of Key Management Personnel Details of the remuneration provided to the Key Management Personnel of the Group are set out in the following tables. Key Management Personnel of the Group 2020 SHORT-TERM POST EMPLOY-MENT OTHER BENEFITS STI SHARE BASED PAYMENTS (LTI) DIRECTORS Cash salary & fees $ Super Contri-bution $ Annual Leave $ STI $ Options $ Shares $ TOTAL $ Performance related M Connelly 59,795 5,681 - - 60,041 - 125,516 0% S Taylor 345,000 32,775 13,139 113,333 112,517 - 616,764 37% M Diallo 263,4511 - - 27,786 40,185 - 331,422 21% S O’Loughlin 16,667 1,583 - - - - 18,250 0% Total 684,913 40,039 13,139 141,119 212,743 - 1,091,952 KEY MANAGEMENT PERSONNEL Andrew Boyd 319,3252 - - 60,443 80,369 - 460,137 31% Total 1,004,238 40,039 13,139 201,562 293,112 - 1,552,089 Notes: 1.Fees paid to Makly S.A.2.Fees paid to Cairn Geoscience Limited 42
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 43
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 42 2020 Annual Report remuneration for the Managing Director was increased to $345,000 plus applicable superannuation entitlements. On 1 October 2018, the Company and Makly SA entered into an updated services agreement for the provision of services by Dr Madani Diallo as Exploration Director and Country Manager of the Company (“Makly Agreement”). This agreement has a three (3) year term and provides for monthly remuneration of €14,513 (A$23,591) This agreement provides for normal three (3) month notice periods on termination and that any unvested incentive securities will vest on termination. On 1 October 2018, the Company and Cairn Geoscience Limited entered into an updated services agreement for the provision of services by Andrew Boyd as a consultant of the Company (“Cairn Agreement. This agreement has a two (2) year term and provides for monthly remuneration of USD12,000 (A$17,391) assuming approximately 10 days work a month, with additional days being at the rate of USD1,200 (A$1,739) per day. This agreement provides for normal two (2) month notice periods on termination and that any unvested incentive securities will vest on termination. Remuneration of Key Management Personnel Details of the remuneration provided to the Key Management Personnel of the Group are set out in the following tables. Key Management Personnel of the Group 2020 SHORT-TERM POST EMPLOY-MENT OTHER BENEFITS STI SHARE BASED PAYMENTS (LTI) DIRECTORS Cash salary & fees $ Super Contri-bution $ Annual Leave $ STI $ Options $ Shares $ TOTAL $ Performance related M Connelly 59,795 5,681 - - 60,041 - 125,516 0% S Taylor 345,000 32,775 13,139 113,333 112,517 - 616,764 37% M Diallo 263,4511 - - 27,786 40,185 - 331,422 21% S O’Loughlin 16,667 1,583 - - - - 18,250 0% Total 684,913 40,039 13,139 141,119 212,743 - 1,091,952 KEY MANAGEMENT PERSONNEL Andrew Boyd 319,3252 - - 60,443 80,369 - 460,137 31% Total 1,004,238 40,039 13,139 201,562 293,112 - 1,552,089 Notes: 1.Fees paid to Makly S.A.2.Fees paid to Cairn Geoscience Limited DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 43 2020 Annual Report Key Management Personnel of the Group 2019 SHORT-TERM POST EMPLOYMENT SHARE BASED PAYMENTS TOTAL DIRECTORS Cash salary & fees $ Superannuation Contribution $ Options $ Shares $ TOTAL $ Performance related S O’Loughlin 20,000 1,900 - - 21,900 0% M Fotios 27,0001 - - - 27,000 0% S Taylor 345,000 32,775 - - 377,775 0% M Diallo 272,9832 - - - 272,983 0% Total 664,983 34,675 - - 699,658 KEY MANAGEMENT PERSONNEL Andrew Boyd 304,1513 - - - 304,151 0% Total 969,134 34,675 - - 1,003,809 Notes: 1.Fees paid to Delta Resource Management Pty Ltd2.Fees paid to Makly S.A.3.Fees paid to Cairn Geoscience LimitedShare–based compensation The Company has historically engaged in share-based remuneration with the Directors. During the year ended 30 June 2020, the Company granted the following share-based compensation to the directors. Issued to: Mark Connelly Simon Taylor Madani Diallo Andrew Boyd Issue Date 10 December 2019 10 December 2019 Expiry Date 10 December 2024 10 December 2024 Number of Options 1,400,000 14,500,000 Exercise Price $0.00 $0.00 Risk free rate 0.63% 0.63% Minimum Service Period (Time Vesting) 36 months 36 months Volatility 90% 90% Performance Vesting conditions 1/3 on achieving a minimum of 300,000 ozs of gold 1/3 on achieving a minimum of 500,000 ozs of gold 1/3 on achieving a minimum of 1,000,000 ozs of gold (each with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard Other Vesting Conditions 1/3 of the ZEPOS will vest on the first anniversary from the date of grant 1/3 of the ZEPOS will vest on the second anniversary from the date of grant 1/3 of the ZEPOS will vest on the third anniversary from the date of grant 44
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 44 2020 Annual Report Historically, the grant of options to the Directors were not linked to performance. The Board considered the issues of the options to be reasonable in the circumstances given the Company’s size, stage of development and need to attract directors and key management personnel of a high calibre while still maintaining cash reserves. Options granted carry no dividend or voting rights. When exercisable, each option is convertible into one ordinary share. The assessed fair value at grant date of options granted to the individuals is allocated equally over the period from the grant date to vesting date where there are no performance vesting conditions and using management’s probability assessment at each reporting date where there are performance-related vesting conditions and the amount is included in the remuneration tables above. Fair values at grant date are independently determined using a Binomial Methodology option pricing model that takes into account the exercise price, the terms of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free rate for the term of the option. Equity Instruments Held by Key Management Personnel a)Shareholdings - Number of shares held by key management personnel:30 June 2020Directors Balance 30 Jun 2019 Acquisitions Disposals Other Balance 30 Jun 2020 Mark Connelly -1150,0003 - 150,000 Simon Taylor 5,260,000 200,0003 - - 5,460,000 Madani Diallo 7,111,355 - - - 7,111,355 Simon O’Loughlin 613,200 - - (613,200)2- Total 12,984,555 350,000 - (613,200) 12,721,355 KEY MANAGEMENT PERSONNEL Andrew Boyd 1,430,000 - - - 1,430,000 Total 14,414,555 350,000 - (613,200)14,151,356 Notes: 1.As at date of appointment2.As at date of resignation – these shares relate to a retired director3.Acquisitions represent on-market purchases(b)Options Holdings - Number of Options held by key management personnel as at 30 June 2019Options to expire on 21 November 2019 at an exercise price of $0.345 Directors Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Andrew Boyd 1,000,000 - (1,000,000) - - - - Total 1,000,000 - (1,000,000) - - -- 44
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 45
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 44 2020 Annual Report Historically, the grant of options to the Directors were not linked to performance. The Board considered the issues of the options to be reasonable in the circumstances given the Company’s size, stage of development and need to attract directors and key management personnel of a high calibre while still maintaining cash reserves. Options granted carry no dividend or voting rights. When exercisable, each option is convertible into one ordinary share. The assessed fair value at grant date of options granted to the individuals is allocated equally over the period from the grant date to vesting date where there are no performance vesting conditions and using management’s probability assessment at each reporting date where there are performance-related vesting conditions and the amount is included in the remuneration tables above. Fair values at grant date are independently determined using a Binomial Methodology option pricing model that takes into account the exercise price, the terms of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free rate for the term of the option. Equity Instruments Held by Key Management Personnel a)Shareholdings - Number of shares held by key management personnel:30 June 2020Directors Balance 30 Jun 2019 Acquisitions Disposals Other Balance 30 Jun 2020 Mark Connelly -1150,0003 - 150,000 Simon Taylor 5,260,000 200,0003 - - 5,460,000 Madani Diallo 7,111,355 - - - 7,111,355 Simon O’Loughlin 613,200 - - (613,200)2- Total 12,984,555 350,000 - (613,200) 12,721,355 KEY MANAGEMENT PERSONNEL Andrew Boyd 1,430,000 - - - 1,430,000 Total 14,414,555 350,000 - (613,200)14,151,356 Notes: 1.As at date of appointment2.As at date of resignation – these shares relate to a retired director3.Acquisitions represent on-market purchases(b)Options Holdings - Number of Options held by key management personnel as at 30 June 2019Options to expire on 21 November 2019 at an exercise price of $0.345 Directors Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Andrew Boyd 1,000,000 - (1,000,000) - - - - Total 1,000,000 - (1,000,000) - - -- DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 45 2020 Annual Report Options to expire on 22 June 2020 at an exercise price of $0.30 Directors Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Madani Diallo 500,000 - (500,000) - - - - Andrew Boyd 1,000,000 - (1,000,000) - - - - Total 1,500,000 - (1,500,000) - - - - Options to expire on 21 November 2019 at an exercise price of $0.455 Directors Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Simon Taylor 2,000,000 - (2,000,000) - - - - Madani Diallo 1,250,000 - (1,250,000) - - - - Total 3,250,000 - (3,250,000) - - - - Options to expire on 11 August 2019 at an exercise price of $0.25 Directors Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Simon Taylor 1,500,000 - (1,500,000) - - - - Total 1,500,000 - (1,500,000) - - - - Options to expire on 11 August 2020 at an exercise price of $0.30 Directors / KMP Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Simon Taylor 1,500,000 - - - 1,500,000 - 1,500,000 Total 1,500,000 - - - 1,500,000 - 1,500,000 Options to expire on 21 November 2020 at an exercise price of $0.49 Directors / KMP Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Simon Taylor 2,000,000 - - - 2,000,000 - 2,000,000 Madani Diallo 1,250,000 - - - 1,250,000 - 1,250,000 Total 3,250,000 - - - 3,250,000 - 3,250,000 46
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 46 2020 Annual Report Options to expire on 21 November 2020 at an exercise price of $0.395 Directors / KMP Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Andrew Boyd 1,000,000 - - - 1,000,000 - 1,000,000 Total 1,000,000 - - - 1,000,000 - 1,000,000 Options to expire on 10 December 2024 at an exercise price of $0.00 Directors / KMP Balance 01.07.19 Granted as incentive Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Mark Connelly - 1,400,000 - - - 1,400,000 1,400,000 Simon Taylor - 7,000,000 - - - 7,000,000 7,000,000 Madani Diallo - 2,500,000 - - - 2,500,000 2,500,000 Andrew Boyd - 5,000,000 - - - 5,000,000 5,000,000 Total - 15,900,000 - - - 15,900,000 15,900,000 Securities Trading Policy The Company’s security trading policy provides guidance on acceptable transactions in dealing in the Company’s various securities, including shares, debt notes and options. The Company’s security trading policy defines dealing in company securities to include: (a)Subscribing for, purchasing or selling Company Securities or entering into an agreement to doany of those things;(b)Advising, procuring or encouraging another person (including a family member, friend,associate, colleague, family company or family trust) to trade in Company Securities; and(c)Entering into agreements or transactions which operate to limit the economic risk of aperson’s holdings in Company Securities.The securities trading policy details acceptable and unacceptable times for trading in Company Securities including detailing potential civil and criminal penalties for misuse of “inside information”. The Directors must not deal in Company Securities without providing written notification to the Chairman. The Chairman must not deal in Company Securities without the prior approval of the Managing Director. The Directors are responsible for disclosure to the market of all transactions or contracts involving the Company’s shares. Engagement of remuneration consultants During the financial year, the Company engaged a remuneration consultants to review the Directors and Key Management Personnel remuneration. 46
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 46 2020 Annual Report Options to expire on 21 November 2020 at an exercise price of $0.395 Directors / KMP Balance 01.07.19 Granted as compensation Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Andrew Boyd 1,000,000 - - - 1,000,000 - 1,000,000 Total 1,000,000 - - - 1,000,000 - 1,000,000 Options to expire on 10 December 2024 at an exercise price of $0.00 Directors / KMP Balance 01.07.19 Granted as incentive Lapsed Disposals Vested and Exercisable Unvested Balance 30.06.20 Mark Connelly - 1,400,000 - - - 1,400,000 1,400,000 Simon Taylor - 7,000,000 - - - 7,000,000 7,000,000 Madani Diallo - 2,500,000 - - - 2,500,000 2,500,000 Andrew Boyd - 5,000,000 - - - 5,000,000 5,000,000 Total - 15,900,000 - - - 15,900,000 15,900,000 Securities Trading Policy The Company’s security trading policy provides guidance on acceptable transactions in dealing in the Company’s various securities, including shares, debt notes and options. The Company’s security trading policy defines dealing in company securities to include: (a)Subscribing for, purchasing or selling Company Securities or entering into an agreement to doany of those things;(b)Advising, procuring or encouraging another person (including a family member, friend,associate, colleague, family company or family trust) to trade in Company Securities; and(c)Entering into agreements or transactions which operate to limit the economic risk of aperson’s holdings in Company Securities.The securities trading policy details acceptable and unacceptable times for trading in Company Securities including detailing potential civil and criminal penalties for misuse of “inside information”. The Directors must not deal in Company Securities without providing written notification to the Chairman. The Chairman must not deal in Company Securities without the prior approval of the Managing Director. The Directors are responsible for disclosure to the market of all transactions or contracts involving the Company’s shares. Engagement of remuneration consultants During the financial year, the Company engaged a remuneration consultants to review the Directors and Key Management Personnel remuneration. OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 202047 DIRECTORS’ REPORT Oklo Resources Limited and its Controlled Entities Page 47 2020 Annual Report Voting of shareholders at last year’s annual general meeting The Company received more than 97% of “yes” votes on its remuneration report for the 2019 financial year. The company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. This is the end of the Audited Remuneration Report. AUDITOR’S INDEPENDENCE DECLARATION The auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 for the year ended 30 June 2020 has been received and can be found on page 49. This report has been made in accordance with a resolution of the Board of Directors pursuant to s.298 (2) of the Corporations Act 2001. Signed Simon Taylor Managing Director Sydney: 30 September 2020 48
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, andform part of the international BDO network of independent a firms. Liability limited by a scheme approved under Professional Standards Legislation.Tel: +61 8 6382 4600Fax: +61 8 6382 4601www.bdo.com.au38Station StreetSubiaco, WA 6008PO Box 700 West Perth WA 6872AustraliaDECLARATION OF INDEPENDENCE BY NEIL SMITH TO THE DIRECTORS OF OKLO RESOURCES LIMITEDAs lead auditor of Oklo Resources Limited for the year ended 30 June 2020, I declare that, to the bestof my knowledge and belief, there have been:1.No contraventions of the auditor independence requirements of theCorporations Act 2001 inrelation to the audit; and2.No contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of Oklo Resources Limited and the entities it controlled during the period.Neil SmithDirectorBDO Audit (WA) Pty LtdPerth, 30 September 2020 48
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 49
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, andform part of the international BDO network of independent a firms. Liability limited by a scheme approved under Professional Standards Legislation.Tel: +61 8 6382 4600Fax: +61 8 6382 4601www.bdo.com.au38Station StreetSubiaco, WA 6008PO Box 700 West Perth WA 6872AustraliaDECLARATION OF INDEPENDENCE BY NEIL SMITH TO THE DIRECTORS OF OKLO RESOURCES LIMITEDAs lead auditor of Oklo Resources Limited for the year ended 30 June 2020, I declare that, to the bestof my knowledge and belief, there have been:1.No contraventions of the auditor independence requirements of theCorporations Act 2001 inrelation to the audit; and2.No contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of Oklo Resources Limited and the entities it controlled during the period.Neil SmithDirectorBDO Audit (WA) Pty LtdPerth, 30 September 2020CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020 Oklo ResourcesLimitedand its Controlled EntitiesPage492020 Annual ReportNote 2020 $ 2019 $ Continuing Operations Other income 91,411 33,043 91,411 33,043 Employee benefits expense / Directors Fees (549,698) (392,000) Superannuation (42,208) (34,675) Provision for employee benefits (13,139) (20,025) Share based payments expense 8.1 (172,558) - Professional fee expense (146,200) (120,500) Legal expense (30,746) (3,021) Administration expense (282,457) (225,728) Business development (178,828) (239,743) Travel and accommodation expense (117,235) (106,484) Occupancy expense (77,750) (73,748) Foreign exchange (159,537) (12,278) Depreciation expense (1,236) (1,218) Total Expenses (1,771,591) (1,229,420) Loss from continuing operations (1,680,181) (1,196,377) Finance income 1.1 44,367 190,108 Finance costs - (3) Net finance income 44,367 190,105 Loss before income tax (1,635,814) (1,006,272) Income tax expense 1.2 - - Loss after income tax (1,635,814) (1,006,272) Net loss for the year (1,635,814) (1,006,272) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation differences for foreign operations 208,787 1,280,582 Other comprehensive income for the year, net of income tax 208,787 1,280,582 Total comprehensive profit/(loss) for the year (1,427,027) 274,310 50
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Cont.) FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 50 2020 Annual Report Note 2020 $ 2019 $ Loss attributable to: Owners of the Company (1,635,814) (1,006,272) (1,635,814) (1,006,272) Total Comprehensive Profit/(Loss) attributable to: Owners of the Company (1,427,027) 274,310 (1,427,027) 274,310 Loss and diluted loss per share for loss attributable to the ordinary equity holders of the company: 1.3 (0.004) (0.003) The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes 50
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 51
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Cont.) FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 50 2020 Annual Report Note 2020 $ 2019 $ Loss attributable to: Owners of the Company (1,635,814) (1,006,272) (1,635,814) (1,006,272) Total Comprehensive Profit/(Loss) attributable to: Owners of the Company (1,427,027) 274,310 (1,427,027) 274,310 Loss and diluted loss per share for loss attributable to the ordinary equity holders of the company: 1.3 (0.004) (0.003) The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 51 2020 Annual Report The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. Note 2020 2019 $ $ CURRENT ASSETS Cash and cash equivalents 2.1 12,697,052 6,527,164 Trade and other receivables 2.2 172,154 165,121 TOTAL CURRENT ASSETS 12,869,206 6,692,285 NON-CURRENT ASSETS Property, plant and equipment 3.1 645,560 831,279 Exploration and evaluation expenditure 3.2 55,382,567 45,122,939 56,028,127 45,954,218 TOTAL ASSETS 68,897,333 52,646,503 CURRENT LIABILITIES Trade and other payables 2.3 1,575,539 1,775,914 Provisions 2.4 59,813 46,674 TOTAL CURRENT LIABILITIES 1,635,352 1,822,588 TOTAL LIABILITIES 1,635,352 1,822,588 NET ASSETS 67,261,981 50,823,915 EQUITY Contributed equity 4.1 79,855,624 62,317,143 Reserves 4.2 6,288,675 5,753,276 Accumulated losses 4.3 (18,882,318) (17,246,504) TOTAL EQUITY 67,261,981 50,823,915 52
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 52 2020 Annual Report Contributed Equity $ Accumulated losses $ Reserves $ Total $ Balance at 1 July 2019 62,317,143 (17,246,504) 5,753,276 50,823,915 Loss for year -(1,635,814)-(1,635,814)Other comprehensive income Exchange differences on translation of foreign operation 208,787 208,787 Total other comprehensive income - - 208,787 208,787 Total comprehensive loss for the year - - 208,787 208,787 Transactions with owners in their capacity of owners Contributions of equity, net of transaction costs 17,538,481 - - 17,538,481 Share based payments - - 326,612 326,612 Balance at 30 June 2020 79,855,624 (18,882,318) 6,288,675 67,261,981 Contributed Equity $ Accumulated losses $ Reserve $ Total $ Balance at 1 July 2018 61,925,515 (16,240,232) 4,386,174 50,071,457 Loss for year -(1,006,272)-(1,006,272)Other comprehensive income Exchange differences on translation of foreign operation - - 1,280,582 1,280,582 Total other comprehensive income - - 1,280,582 1,280,582 Total comprehensive loss for the year -(1,006,272)1,280,582 274,310 Transactions with owners in their capacity of owners Contributions of equity, net of transaction costs 391,628 - - 391,628 Share based payments - - 86,520 86,520 Balance at 30 June 2019 62,317,143 (17,246,504) 5,753,276 50,823,915 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. 52
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 53
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 52 2020 Annual Report Contributed Equity $ Accumulated losses $ Reserves $ Total $ Balance at 1 July 2019 62,317,143 (17,246,504) 5,753,276 50,823,915 Loss for year -(1,635,814)-(1,635,814)Other comprehensive income Exchange differences on translation of foreign operation 208,787 208,787 Total other comprehensive income - - 208,787 208,787 Total comprehensive loss for the year - - 208,787 208,787 Transactions with owners in their capacity of owners Contributions of equity, net of transaction costs 17,538,481 - - 17,538,481 Share based payments - - 326,612 326,612 Balance at 30 June 2020 79,855,624 (18,882,318) 6,288,675 67,261,981 Contributed Equity $ Accumulated losses $ Reserve $ Total $ Balance at 1 July 2018 61,925,515 (16,240,232) 4,386,174 50,071,457 Loss for year -(1,006,272)-(1,006,272)Other comprehensive income Exchange differences on translation of foreign operation - - 1,280,582 1,280,582 Total other comprehensive income - - 1,280,582 1,280,582 Total comprehensive loss for the year -(1,006,272)1,280,582 274,310 Transactions with owners in their capacity of owners Contributions of equity, net of transaction costs 391,628 - - 391,628 Share based payments - - 86,520 86,520 Balance at 30 June 2019 62,317,143 (17,246,504) 5,753,276 50,823,915 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 53 2020 Annual Report Note 2020 2019 $ $ CASH FLOW FROM OPERATING ACTIVITIES Receipts for rent 44,368 26,883 Government incentives 50,000 - Payments to suppliers and employees (1,517,991) (1,113,284) Interest received 44,367 190,105 Net cash outflow in operating activities 2.1 (1,379,256) (896,296) CASH FLOW FROM INVESTING ACTIVITIES Payments for exploration (9,640,174) (11,007,080) Payments for plant and equipment (11,924) (41,045) Payment for software (2,712) (6,741) Payments for acquisition of Licences (153,210) (117,451) Net cash outflow in investing activities (9,808,020) (11,172,317) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from share issues (net of share issue costs) 17,459,323 219,090 Net cash provided by financing activities 17,459,323 219,090 Net increase in cash held 6,272,047 (11,849,523) Cash at beginning of the year 6,527,164 18,366,296 Foreign exchange variances on cash (102,159) 10,391 Cash at end of the year 2.1 12,697,052 6,527,164 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 54
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 54 2020 Annual Report ABOUT THIS REPORT Oklo Resources Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Group are described in the directors' report. The financial report of Oklo Resources Limited (the Company) and its subsidiaries (collectively, the Group) for the year ended 30 June 2020 was authorised for issue in accordance with a resolution of the Directors on 27 September 2020. Basis of preparation This financial report is a general purpose financial report, prepared by a for-profit entity, which: •Has been prepared in accordance with the requirements of the Corporations Act 2001, AustralianAccounting Standards and other authoritative pronouncements of the Australian AccountingStandards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by theInternational Accounting Standards Board (IASB);•Has been prepared on a historical cost basis, as modified by the revaluation of available-for-salefinancial assets, financial assets and liabilities (including derivative instruments) at fair valuethrough profit or loss and certain classes of property, plant and equipment;•Presents comparative information where required for consistency with the current year'spresentation; and•Adopts all new and amended Accounting Standards and Interpretations issued by the AASB thatare relevant to the operations of the Group and effective for reporting periods beginning on orafter 1 July 2019.•The notes to the consolidated financial statements have been organised into logical groupings tohelp users find and understand the information. Where possible, related information has beenprovided in the same note.Adoption of New and Revised Standards and Change in Accounting Standards Early adoption of accounting standards The Group has not elected to apply any pronouncements before their operative date in the annual reporting year beginning 1 July 2019. New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period for which the Group has adopted: •AASB 16 Leases; and•IFRIC 23 Uncertain tax treatments.The new accounting policies are disclosed below. There is no impact on the Group for the year ended 30 June 2020. 54
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 54 2020 Annual Report ABOUT THIS REPORT Oklo Resources Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Group are described in the directors' report. The financial report of Oklo Resources Limited (the Company) and its subsidiaries (collectively, the Group) for the year ended 30 June 2020 was authorised for issue in accordance with a resolution of the Directors on 27 September 2020. Basis of preparation This financial report is a general purpose financial report, prepared by a for-profit entity, which: •Has been prepared in accordance with the requirements of the Corporations Act 2001, AustralianAccounting Standards and other authoritative pronouncements of the Australian AccountingStandards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by theInternational Accounting Standards Board (IASB);•Has been prepared on a historical cost basis, as modified by the revaluation of available-for-salefinancial assets, financial assets and liabilities (including derivative instruments) at fair valuethrough profit or loss and certain classes of property, plant and equipment;•Presents comparative information where required for consistency with the current year'spresentation; and•Adopts all new and amended Accounting Standards and Interpretations issued by the AASB thatare relevant to the operations of the Group and effective for reporting periods beginning on orafter 1 July 2019.•The notes to the consolidated financial statements have been organised into logical groupings tohelp users find and understand the information. Where possible, related information has beenprovided in the same note.Adoption of New and Revised Standards and Change in Accounting Standards Early adoption of accounting standards The Group has not elected to apply any pronouncements before their operative date in the annual reporting year beginning 1 July 2019. New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period for which the Group has adopted: •AASB 16 Leases; and•IFRIC 23 Uncertain tax treatments.The new accounting policies are disclosed below. There is no impact on the Group for the year ended 30 June 2020. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 55 2020 Annual Report ABOUT THIS REPORT (CONT) AASB 16 Leases Effective 1 July 2019, AASB 16 has replaced AASB 17 Leases and IFRIC 4 Determining whether an Arrangement Contains a Lease. AASB16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, together with options to exclude leases where the lease term is 12 months or less, or where the underlying asset is of low value. AASB 16 substantially carries forward the lessor accounting in AASB 17, with the distinction between operating leases and finance leases being retained. The Group does not have significant leasing activities acting as a lessor. (a)Transition Method and Practical Expedients UtilisedThe Group adopted AASB 16 using the modified retrospective approach, with recognition of transitionaladjustments on the date of initial application (1 July 2019), without restatement of comparative figures.The Group elected to apply the practical expedient to not reassess whether a contract is, or contains, alease at the date of initial application. Contracts entered into before the transition date which were notidentified as leases under AASB 17 and IFRIC 4 were not reassessed. The definition of a lease under AASB16 was applied only to contracts entered into or changed on or after 1 July 2019.AASB 16 provides for certain optional practical expedients, including those related to the initial adoptionof the standard. The Group applied the following practical expedients when applying AASB 16 to leasespreviously classified as operating leases under AASB 17:•Apply a single discount rate to a portfolio of leases with reasonably similar characteristics;•Exclude initial direct costs from the measurement of right-of-use assets at the date of initialapplication for leases where the right-of-use asset was determined as if AASB 16 had been appliedsince the commencement date;•Reliance on previous assessments on whether leases are onerous as opposed to preparing animpairment review under AASB 36 as at the date of initial application; and•Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12months of lease term remaining as of the date of initial application.As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under AASB 16, the Group recognises right-of-use assets and lease liabilities for most leases. However, the Group has elected not to recognise right-of-use assets and lease liabilities for some leases of low value assets based on the value of the underlying asset when new or for short-term leases with a lease term of 12 months or less. IFRIC 23 Uncertain tax treatments IFRIC Interpretation 23 Uncertainty over Income Tax Treatments (IFRIC 23) is effective for periods beginning on or after 1 January 2019. The Interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It applies to both current and deferred income taxes within the scope of IAS 12, and any situations where there is uncertainty over whether a particular approach adopted will be accepted by the tax authority. The impact of the adoption of the standard on the group was not material. 56
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 56 2020 Annual Report ABOUT THIS REPORT (CONT) New and amended standards not yet adopted by the Group Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Group for the annual reporting year ended 30 June 2020 The directors have not early adopted any of these new amended standards and interpretations. The directors are in the process of assessing the impact of the applications of the standard and its amendment to the extent relevant to the financial statement of the Group Key estimates and judgements In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates of future events. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the following notes: Note 1.2 Income tax expense Note 3.1 Property, plant and equipment Note 3.2 Exploration and evaluation expenditure Note 8.1 Share-based payments Coronavirus (COVID-19) pandemic Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the consolidated entity based on known information. This consideration extends to the nature of the services offered, farm-in partners, supply chain, staffing and geographic regions in which the consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic. Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of controlled entities (subsidiaries) at year end is contained in Note 6.1. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or losses resulting from intra-Group transactions have been eliminated. Subsidiaries are consolidated from the date on which control is obtained to the date on which control is disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. 56
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 56 2020 Annual Report ABOUT THIS REPORT (CONT) New and amended standards not yet adopted by the Group Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Group for the annual reporting year ended 30 June 2020 The directors have not early adopted any of these new amended standards and interpretations. The directors are in the process of assessing the impact of the applications of the standard and its amendment to the extent relevant to the financial statement of the Group Key estimates and judgements In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates of future events. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the following notes: Note 1.2 Income tax expense Note 3.1 Property, plant and equipment Note 3.2 Exploration and evaluation expenditure Note 8.1 Share-based payments Coronavirus (COVID-19) pandemic Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the consolidated entity based on known information. This consideration extends to the nature of the services offered, farm-in partners, supply chain, staffing and geographic regions in which the consolidated entity operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic. Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of controlled entities (subsidiaries) at year end is contained in Note 6.1. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or losses resulting from intra-Group transactions have been eliminated. Subsidiaries are consolidated from the date on which control is obtained to the date on which control is disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 57 2020 Annual Report CONTENTS OF THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE 1.FINANCIAL PERFORMANCE58 1.1.FINANCE INCOME58 1.2.INCOME TAX58 1.3.LOSS PER SHARE60 1.4.SEGMENT INFORMATION61 2.WORKING CAPITAL PROVISIONS62 2.1.CASH AND CASH EQUIVALENTS62 2.2.TRADE AND OTHER RECEIVABLES63 2.3.TRADE AND OTHER PAYABLES63 2.4.PROVISIONS64 3.INVESTED CAPITAL64 3.1.PROPERTY, PLANT AND EQUIPMENT64 3.2.EXPLORATION AND EVALUATION66 4.CAPITAL STRUCTURE AND FINANCING ACTIVITIES68 4.1.CONTRIBUTED EQUITY68 4.2.RESERVES70 4.3.ACCUMULATED LOSSES71 5.RISK71 5.1.FINANCIAL RISK MANAGEMENT71 6.GROUP STRUCTURE76 6.1.SUBSIDIARIES76 7.UNRECOGNISED ITEMS76 7.1.COMMITMENTS76 7.2.CONTINGENCIES77 7.3.EVENTS OCCURRING AFTER THE REPORTING PERIOD78 8.OTHER INFORMATION80 8.1.SHARE-BASED PAYMENTS80 8.2.RELATED PARTY TRANSACTIONS86 8.3.PARENT ENTITY FINANCIAL INFORMATION87 8.4.REMUNERATION OF AUDITIORS88 8.5.OTHER ACCOUNTING POLICIES88 58
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 58 2020 Annual Report 1.FINANCIAL PERFORMANCE1.1.FINANCE INCOME2020 2019 $ $ Interest revenue 44,367 190,108 Accounting Policy Interest revenue Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. 1.2.INCOME TAX 2020 2019 $ $ Current income tax expense/(benefit) - - Deferred income tax expense/(benefit) - - Total income tax expense/(benefit) - - Income tax expense differs to the standard rate of corporation tax as follows: Accounting loss before taxation (1,635,814) (1,006,272) Tax on loss at standard rate at 27.5% (2019: 27.5%) (449,848) (276,725) Share based payments 47,453 - Tax effect of permanent differences 221696 210,422 Tax effect of timing differences (33,060) (45,226) Deferred tax asset losses not recognised 213,759 111,529 Income tax expense - - Deferred tax assets/(liabilities) not recognised Unrecognised deferred tax asset losses 2,814,881 2,601,123 Unrecognised deferred tax asset - other 87,279 75,539 Unrecognised deferred tax liability- other - (7,057) 2,902,160 2,669,605 Key estimates and judgements The recoupment of tax losses carried forward as at 30 June 2020 are contingent upon the company deriving assessable income of a nature and of an amount sufficient to enable the benefit from the losses to be realised; the conditions for deductibility imposed by tax legislation continuing to be complied with; and there being no changes in tax legislation which would adversely affect the company from realising the benefits from the losses. 58
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 58 2020 Annual Report 1.FINANCIAL PERFORMANCE1.1.FINANCE INCOME2020 2019 $ $ Interest revenue 44,367 190,108 Accounting Policy Interest revenue Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset. 1.2.INCOME TAX 2020 2019 $ $ Current income tax expense/(benefit) - - Deferred income tax expense/(benefit) - - Total income tax expense/(benefit) - - Income tax expense differs to the standard rate of corporation tax as follows: Accounting loss before taxation (1,635,814) (1,006,272) Tax on loss at standard rate at 27.5% (2019: 27.5%) (449,848) (276,725) Share based payments 47,453 - Tax effect of permanent differences 221696 210,422 Tax effect of timing differences (33,060) (45,226) Deferred tax asset losses not recognised 213,759 111,529 Income tax expense - - Deferred tax assets/(liabilities) not recognised Unrecognised deferred tax asset losses 2,814,881 2,601,123 Unrecognised deferred tax asset - other 87,279 75,539 Unrecognised deferred tax liability- other - (7,057) 2,902,160 2,669,605 Key estimates and judgements The recoupment of tax losses carried forward as at 30 June 2020 are contingent upon the company deriving assessable income of a nature and of an amount sufficient to enable the benefit from the losses to be realised; the conditions for deductibility imposed by tax legislation continuing to be complied with; and there being no changes in tax legislation which would adversely affect the company from realising the benefits from the losses. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 59 2020 Annual Report 1.2 INCOME TAX (CONT) Accounting policy Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the comprehensive liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, branches, associates and joint ventures except where the consolidated entity is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with these investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax for the year Current and deferred tax is recognised as an expense or income in the profit or loss, except when it relates to items credited or debited in other comprehensive income or directly to equity, in which case the deferred tax is also recognised in other comprehensive income or directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill or excess. 60
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 60 2020 Annual Report 1.3.LOSS PER SHARE 2020 2019 Basic loss per share – cents per share (0.004) (0.003) The following reflects the loss and share data used in the calculations of basic loss per share and diluted loss per share: Net loss (1,635,814) $ (1,006,272) Weighted average number of shares outstanding: Weighted average number of ordinary shares used in calculating basic earnings per share: 419,867,757 353,833,293 Weighted average number of ordinary shares used in calculating diluted earnings per share: N/A N/A Classification of securities Diluted earnings per share is calculated after classifying all options on issue and all ownership based remuneration scheme shares remaining uncovered at 30 June 2020 as potential ordinary shares. As at 30 June 2020, the company has on issue 26,425,000 options over unissued capital. Diluted loss per share has not been calculated as the Company made a loss for the year and the impact would be to reduce the loss per share. Conversions, calls, subscriptions or issues after 30 June 2020 Other than the placement of 32,150,000 shares to raise $10,000,000 in July 2020 (refer Note 7.3), there have not been any conversions, calls, subscriptions or other share issues after 30 June 2020. Accounting Policy Loss per share Basic earnings per share is determined by dividing the profit from ordinary activities after related income tax expense and after preference dividends by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. 60
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 60 2020 Annual Report 1.3.LOSS PER SHARE 2020 2019 Basic loss per share – cents per share (0.004) (0.003) The following reflects the loss and share data used in the calculations of basic loss per share and diluted loss per share: Net loss (1,635,814) $ (1,006,272) Weighted average number of shares outstanding: Weighted average number of ordinary shares used in calculating basic earnings per share: 419,867,757 353,833,293 Weighted average number of ordinary shares used in calculating diluted earnings per share: N/A N/A Classification of securities Diluted earnings per share is calculated after classifying all options on issue and all ownership based remuneration scheme shares remaining uncovered at 30 June 2020 as potential ordinary shares. As at 30 June 2020, the company has on issue 26,425,000 options over unissued capital. Diluted loss per share has not been calculated as the Company made a loss for the year and the impact would be to reduce the loss per share. Conversions, calls, subscriptions or issues after 30 June 2020 Other than the placement of 32,150,000 shares to raise $10,000,000 in July 2020 (refer Note 7.3), there have not been any conversions, calls, subscriptions or other share issues after 30 June 2020. Accounting Policy Loss per share Basic earnings per share is determined by dividing the profit from ordinary activities after related income tax expense and after preference dividends by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 61 2020 Annual Report 1.4.SEGMENT INFORMATION Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of Oklo Resources Limited. At 30 June 2020 the segment information reported was analysed on the basis of geographical Region (Australia and Mali). During the year to 30 June 2020, the Group’s management reporting has remained unchanged. Management has determined that the Company has two reportable segments, being mineral exploration in Mali and operations in Australia. Information regarding these segments is presented below. The accounting policies of the reportable segments are the same as the Group’s accounting policies. The following is an analysis of the Group’s revenue and results by reportable segment: Australia Mali Group 2020 $ 2019 $ 2020 $ 2019 $ 2020 $ 2019 $ Segment revenue 91,411 - - - 91,411 - Other Expenses (1,771,591) (1,196,377) -- (1,771,591)(1,196,377) Net Finance Income 44,367 190,105 - - 44,367 190,105 Exploration expense - - - - - - Segment result (1,635,814) (1,006,272) -- (1,635,814)(1,006,272) Loss before tax (1,635,814) (1,006,272) The following is an analysis of the Group’s assets by reportable operating segment: 30 June 2020 30 June 2019 Segment assets $ $ Australia 12,637,551 6,524,424 Mali 56,259,782 46,122,079 Total assets 68,897,333 52,646,503 The following is an analysis of the Group’s liabilities by reportable operating segment: 30 June 2020 30 June 2019 Segment liabilities $ Australia 264,836 174,737 Mali 1,370,517 1,647,851 Total liabilities 1,635,352 1,822,588 62
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 62 2020 Annual Report 2.WORKING CAPITAL PROVISIONS2.1.CASH AND CASH EQUIVALENTSAccounting Policy For the purpose of the statement of cash flows, cash includes cash on hand and in banks and at call deposits with banks or financial institutions. Non-Cash Investing and Financing Activities During the year, the only non-cash investing and financing activities related to the issue of shares relating to the acquisition of the Kouroufing licence (refer Note 3.2) and the issue and vesting of options issues in previous financial periods. Full details of the options issued during the year are set out in Note 8.1. 2020 2019 Note $ $ Cash at bank 12,697,052 6,527,164 Total Cash at bank 5.1 12,697,052 6,527,164 Reconciliation of Loss after Income Tax to net cash flows from operating activities: Loss after income tax (1,635,814) (1,006,272) Non-cash flows from continuing operations: Depreciation 1,236 1,218 Foreign exchange movements 990 (26,960) Provision for employee benefits 13,139 20,025 Shares based payments 172,558 - Changes in assets and liabilities: (Increase) / decrease in receivables (8,325) 68,971 Increase / (decrease) in payables 76,960 46,722 Net cash (used in) operating activities (1,379,256) (896,296) 62
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 62 2020 Annual Report 2.WORKING CAPITAL PROVISIONS2.1.CASH AND CASH EQUIVALENTSAccounting Policy For the purpose of the statement of cash flows, cash includes cash on hand and in banks and at call deposits with banks or financial institutions. Non-Cash Investing and Financing Activities During the year, the only non-cash investing and financing activities related to the issue of shares relating to the acquisition of the Kouroufing licence (refer Note 3.2) and the issue and vesting of options issues in previous financial periods. Full details of the options issued during the year are set out in Note 8.1. 2020 2019 Note $ $ Cash at bank 12,697,052 6,527,164 Total Cash at bank 5.1 12,697,052 6,527,164 Reconciliation of Loss after Income Tax to net cash flows from operating activities: Loss after income tax (1,635,814) (1,006,272) Non-cash flows from continuing operations: Depreciation 1,236 1,218 Foreign exchange movements 990 (26,960) Provision for employee benefits 13,139 20,025 Shares based payments 172,558 - Changes in assets and liabilities: (Increase) / decrease in receivables (8,325) 68,971 Increase / (decrease) in payables 76,960 46,722 Net cash (used in) operating activities (1,379,256) (896,296) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 63 2020 Annual Report 2.2.TRADE AND OTHER RECEIVABLES 2020 2019 Note $ $ Current Trade debtors 3,203 6,160 Other debtors 115,490 118,714 Security deposit 19,140 19,140 GST Receivable 24,035 21,107 Prepayments 10,284 - 5.1 172,152 165,121 Accounting Policy Trade and other receivable assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as separate line items in the statement of profit or loss. The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables and other receivable, the Group applies the simplified approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 2.3.TRADE AND OTHER PAYABLES 2020 2019 $ $ Current Trade payables 1,472,302 1,411,422 Accrued expenses 75,895 329,341 PAYG Taxes Payable 27,342 35,151 1,575,539 1,775,914 Accounting Policy Trade payables and other accounts payable are recognised when the consolidated entity becomes obliged to make future payments resulting from the purchase of goods and services. 64
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 64 2020 Annual Report 2.4.PROVISIONS 2020 2019 $ $ Current Provision for Employee Benefits 59,813 46,674 59,813 46,674 Accounting Policy Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries, annual leave, non-monetary benefits and accumulating sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. 3.INVESTED CAPITAL3.1.PROPERTY, PLANT AND EQUIPMENT2020 2019 $ $ Office and field equipment: At cost 682,684 667,515 Accumulated depreciation (449,595) (350,689) 233,089 316,826 Software: At cost 104,614 101,375 Accumulated Depreciation (90,692) (66,613) 13,922 34,762 Motor vehicles At cost 525,217 522,585 Accumulated depreciation (432,457) (389,270) 92,760 133,315 Land and buildings: At cost 434,468 432,292 Accumulated depreciation (128,679) (85,916) 305,789 346,376 Total property, plant & equipment – written down value 645,560 831,279 64
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 64 2020 Annual Report 2.4.PROVISIONS 2020 2019 $ $ Current Provision for Employee Benefits 59,813 46,674 59,813 46,674 Accounting Policy Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries, annual leave, non-monetary benefits and accumulating sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. 3.INVESTED CAPITAL3.1.PROPERTY, PLANT AND EQUIPMENT2020 2019 $ $ Office and field equipment: At cost 682,684 667,515 Accumulated depreciation (449,595) (350,689) 233,089 316,826 Software: At cost 104,614 101,375 Accumulated Depreciation (90,692) (66,613) 13,922 34,762 Motor vehicles At cost 525,217 522,585 Accumulated depreciation (432,457) (389,270) 92,760 133,315 Land and buildings: At cost 434,468 432,292 Accumulated depreciation (128,679) (85,916) 305,789 346,376 Total property, plant & equipment – written down value 645,560 831,279 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 65 2020 Annual Report 3.1 PROPERTY PLANT AND EQUIPMENT (CONT.) Movements in carrying amounts Office and field equipment Software Motor Vehicles Land and Buildings Total 2020 $ $ $ $ $ Opening net book value 316,826 34,762 133,315 346,376 831,279 Additions 11,924 2,712 - - 14,636 Disposals - - - - - Depreciation capitalised to exploration and evaluation asset (97,670) (24,079) (43,187) (42,763) (207,699) Depreciation Expense (1,236) - - - (1,236) Exchange differences 3,245 527 2,632 2,176 8,580 Balance at 30 June 2020 233,089 13,922 92,760 305,789 645,560 2019 $ $ $ $ $ Opening net book value 354,235 47,660 172,745 359,956 934,596 Additions 40,241 6,741 - - 46,982 Disposals - - - - - Depreciation capitalised to exploration and evaluation asset (107,157) (24,184) (63,737) (33,687) (228,765) Depreciation Expense (1,218) - - - (1,218) Exchange differences 30,725 4,545 24,307 20,107 79,684 Balance at 30 June 2019 316,826 34,762 133,315 346,376 831,279 Key estimates and judgements (PPE) The estimations of useful lives, residual values and depreciation methods require significant management judgements and are regularly reviewed. If they need to be modified, the depreciation and amortisation expense is accounted for prospectively from the date of the assessment until the end of the revised useful life (for both the current and future years). Accounting Policy Each class of property, including land, buildings, plant and equipment is carried at cost less, where applicable, any accumulated depreciation. Depreciation Depreciation is provided on a straight line basis on all property, plant and equipment, other than freehold land. This is done over the useful lives of the asset to the Company commencing from the time the asset is held ready for use. The depreciation periods used for each class of depreciable assets are: Class of fixed asset Depreciation period Plant and equipment 5 years Software 3 years Office equipment 3-5 yearsMotor vehicles 5 yearsBuildings 10 years 66
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 66 2020 Annual Report 3.2.EXPLORATION AND EVALUATION 2020 2019 $ $ At written down value 55,382,567 45,122,939 Opening net book amount 45,122,939 33,245,336 Acquisitions 232,366 251,152 Additions / Expenditure 9,776,446 9,911,177 Share Based Payments 154,054 86,520 Foreign exchange differences 96,762 1,628,754 Closing net book amount 55,382,567 45,122,939 The Group has recognised an impairment of $Nil (2019: $Nil) with respect to the carrying value of capitalised exploration and evaluation expenditure. Kossaya and Sari Projects On 19 July 2018, the Company announced that it had signed agreements to acquire 100% ownership of the Kossaya and Sari Projects, both located within 5km of the Company’s flagship Dandoko Project in West Mali. The terms of the acquisitions are: Sari Project Oklo has the option to acquire 100% ownership of the Sari Permit on the following terms: 1.Payment of 10,000,000 FCFA (approx. A$24,680) on execution of the Agreement.2.On the first anniversary of the Agreement, Oklo earnt a 65% interest in the Permit by thepayment of 10,000,000 FCFA (approx. A$24,680) subject to Oklo completing minimumexpenditure totalling Euro €117,000 (approx. A$190,000) in the first year.3.On the second anniversary of the Agreement, Oklo can earn the remaining 35% interest in thePermit for a further payment of 10,000,000 FCFA (approx. A$24,680).As at 30 June 2020, the Company has a 65% interest in the Sari permit. Subsequent to the reporting date the company acquired the remaining 35% interest in the permit. Kossaya Oklo has the option to acquire 100% ownership of the Permit on the following terms: 1.Payment of 40,000,000 FCFA (approx. A$98,720) on execution of the Agreement.2.On the first anniversary of the Agreement, Oklo earnt a 65% interest in the Permit by thepayment of 60,000,000 FCFA (approx. A$148,080), subject to Oklo completing minimum expendituretotalling Euro €100,000 (approx. A$162,206) in the first year.As at 30 June 2020, the Company has a 65% interest in the Kossaya permit. Subsequent to the reporting date the company acquired the remaining 35% interest in the permit. 66
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 66 2020 Annual Report 3.2.EXPLORATION AND EVALUATION 2020 2019 $ $ At written down value 55,382,567 45,122,939 Opening net book amount 45,122,939 33,245,336 Acquisitions 232,366 251,152 Additions / Expenditure 9,776,446 9,911,177 Share Based Payments 154,054 86,520 Foreign exchange differences 96,762 1,628,754 Closing net book amount 55,382,567 45,122,939 The Group has recognised an impairment of $Nil (2019: $Nil) with respect to the carrying value of capitalised exploration and evaluation expenditure. Kossaya and Sari Projects On 19 July 2018, the Company announced that it had signed agreements to acquire 100% ownership of the Kossaya and Sari Projects, both located within 5km of the Company’s flagship Dandoko Project in West Mali. The terms of the acquisitions are: Sari Project Oklo has the option to acquire 100% ownership of the Sari Permit on the following terms: 1.Payment of 10,000,000 FCFA (approx. A$24,680) on execution of the Agreement.2.On the first anniversary of the Agreement, Oklo earnt a 65% interest in the Permit by thepayment of 10,000,000 FCFA (approx. A$24,680) subject to Oklo completing minimumexpenditure totalling Euro €117,000 (approx. A$190,000) in the first year.3.On the second anniversary of the Agreement, Oklo can earn the remaining 35% interest in thePermit for a further payment of 10,000,000 FCFA (approx. A$24,680).As at 30 June 2020, the Company has a 65% interest in the Sari permit. Subsequent to the reporting date the company acquired the remaining 35% interest in the permit. Kossaya Oklo has the option to acquire 100% ownership of the Permit on the following terms: 1.Payment of 40,000,000 FCFA (approx. A$98,720) on execution of the Agreement.2.On the first anniversary of the Agreement, Oklo earnt a 65% interest in the Permit by thepayment of 60,000,000 FCFA (approx. A$148,080), subject to Oklo completing minimum expendituretotalling Euro €100,000 (approx. A$162,206) in the first year.As at 30 June 2020, the Company has a 65% interest in the Kossaya permit. Subsequent to the reporting date the company acquired the remaining 35% interest in the permit. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 67 2020 Annual Report 3.2 EXPLORATION AND EVALUATION (CONT.) Kandiole Oklo agreed to purchase 100% interest in the Kandiole Permit for cash and the issue of fully paid ordinary shares in the Company on the following terms: 1.Payment of $200,000 in cash or shares within 2 business days of the Completion Date.2.The issue of 1,319,261 Oklo shares (equivalent to $500,000) within 2 business days of theCompletion Date.3.The issue of 791,557 Oklo shares (equivalent to $300,000) within 2 business days following thedate on which Oklo or its nominee is registered by the Mali Ministry of Mines as the 100% ownerof the Permit.4.Oklo assuming all the rights, duties and obligations, including, but not limited to the obligation topay a 1% net smelter return royalty in relation to the Permit, which can be purchased by Oklo forUS$1,400,000 (A$1,891,125)at any time in which Oklo or its nominee has an interest, or a right toan interest, in the Permit.As at 30 June 2020, Oklo holds a 100% interest in this permit. Key estimates and judgements The recoverability of the carrying amount of the exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale of the respective area of interest. The Group reviews the carrying value of exploration and evaluation expenditure on a regular basis to determine whether economic quantities of reserves have been found or whether further exploration and evaluation work is underway or planned to support continued carry forward of capitalised costs. This assessment requires judgement as to the status of the individual projects and their estimated recoverable amount. Accounting Policy Exploration and evaluation expenditures in relation to separate areas of interest are capitalised in the year in which they are incurred and are carried at cost less accumulated impairment losses where the following conditions are satisfied: i)rights to tenure of the area of interest are current; andii)at least one of the following conditions is also met:a)the exploration and evaluation expenditures are expected to be recouped through successfuldevelopment and exploration of the area of interest, or alternatively by its sale; orb)exploration and evaluation activities in the area of interest have not at the reporting datereached a stage which permits a reasonable assessment of the existence or otherwise ofeconomically recoverable reserves and active and significant operations in, or in relation tothe area of interest are continuing.Capitalised exploration costs are reviewed each reporting date to test whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years. 68
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 68 2020 Annual Report 3.2 EXPLORATION AND EVALUATION (CONT.) Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to capitalised development and then amortised over the life of the reserve associated with the area of interest once mining operations have commenced. Development expenditure is recognised at cost less any impairment of losses. Where commercial production in an area of interest has commenced, the associated costs are amortised over the life of reserves associated with the area of interest. Changes in factors such as estimates of proved and probable reserves that affect unit of production calculations are dealt with on a prospective basis. 4.CAPITAL STRUCTURE AND FINANCING ACTIVITIESL4.1.CONTRIBUTED EQUITY2020 $ 2019 $ (a)Issued and paid up capitalFully paid ordinary shares 79,855,624 62,317,143 Number of shares 2020 Number of shares 2019 2020 $ 2019 $ (b)Movements in shares on issueBeginning of the year 354,854,921 352,706,280 62,317,143 61,925,515 Issued during the year (i) - 2,148,641 -397,539Issued during the year (ii) 57,142,857 5,999,988 - Issued during the year (iii) 59,523,811 -12,500,000- Issued during the year (iv) 791,557 -79,158- 117,458,225 2,148,641 18,579,146 397,539 Transaction costs on issue - - (1,040,665) (5,911) End of the year 472,313,146 354,854,921 79,855,624 62,317,143 (i)See previous year Financial Report.(ii)Issue of shares in September 2019 by way of a private placement at an issue price of $0.105per share.(iii)Issue of shares in March 2020 by way of a private placement at an issue price of $0.21 pershare.(iv)Issue of shares in connection with the acquisition of the Kandiole licence in October 2019. 68
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 68 2020 Annual Report 3.2 EXPLORATION AND EVALUATION (CONT.) Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to capitalised development and then amortised over the life of the reserve associated with the area of interest once mining operations have commenced. Development expenditure is recognised at cost less any impairment of losses. Where commercial production in an area of interest has commenced, the associated costs are amortised over the life of reserves associated with the area of interest. Changes in factors such as estimates of proved and probable reserves that affect unit of production calculations are dealt with on a prospective basis. 4.CAPITAL STRUCTURE AND FINANCING ACTIVITIESL4.1.CONTRIBUTED EQUITY2020 $ 2019 $ (a)Issued and paid up capitalFully paid ordinary shares 79,855,624 62,317,143 Number of shares 2020 Number of shares 2019 2020 $ 2019 $ (b)Movements in shares on issueBeginning of the year 354,854,921 352,706,280 62,317,143 61,925,515 Issued during the year (i) - 2,148,641 -397,539Issued during the year (ii) 57,142,857 5,999,988 - Issued during the year (iii) 59,523,811 -12,500,000- Issued during the year (iv) 791,557 -79,158- 117,458,225 2,148,641 18,579,146 397,539 Transaction costs on issue - - (1,040,665) (5,911) End of the year 472,313,146 354,854,921 79,855,624 62,317,143 (i)See previous year Financial Report.(ii)Issue of shares in September 2019 by way of a private placement at an issue price of $0.105per share.(iii)Issue of shares in March 2020 by way of a private placement at an issue price of $0.21 pershare.(iv)Issue of shares in connection with the acquisition of the Kandiole licence in October 2019.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 69 2020 Annual Report 4.1 CONTRIBUTED EQUITY (CONT.) (c)Terms and condition of contributed equityOrdinary shares Ordinary shares have the right to receive dividends as declared and in the event of the winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. (d)Share optionsAt 30 June 2020 there were 24,925,000 (2019: 20,375,000) unissued ordinary shares for which options were outstanding. During the year a total of 17,100,000 options were issued. All these options have been recognised as share based payments and full details of the issues are set out in Note 8.1. (e)Capital risk managementThe Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so it can continue its activities and provide returns for shareholders and other stakeholders. It is the board’s current policy, which it has operated since the company’s inception, that given the nature of its business, to fund its operations without the use of external borrowings. The board undertakes the preparation of an annual budget to assess its expected capital needs and to ensure sufficient capital is available to meet those needs. The financial performance of the company is measured on a regular basis against this budget to ensure that the company is meeting its cash inflow and outflow targets. In order maintain its capital structure and to maintain its policy of no external borrowings, to support its ongoing operations, the company may issue new shares or sell assets to provide ongoing funding of its operations. Accounting Policy Ordinary shares are classified as equity Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of acquisition as part of the purchase consideration. If the entity reacquires its own equity instruments, e.g. as the result of a share buyback, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity. 70
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 70 2020 Annual Report 4.2.RESERVES 2020 2019 $ $ Foreign currency translation reserve: Balance at the beginning of year 1,847,998 567,416 Currency translation differences arising during the year 208,787 1,280,582 Balance at the end of the year 2,056,785 1,847,998 Share option reserve: Balance at the beginning of year 3,905,278 3,818,758 Share based payments expense 172,558 - Capitalised as part of exploration expenditure 154,054 86,520 Balance at the end of the year 4,231,890 3,905,278 Total reserves 6,288,675 5,753,276 (i)Foreign currency translation reserveThe Foreign Currency Translation Reserve records exchange differences arising on the translation offoreign controlled subsidiaries.Accounting Policy (i)Functional and presentation currencyThe consolidated financial statements are presented in Australian dollars, which is Oklo ResourcesLimited's functional and presentation.(ii)Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange ratesprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from thesettlement of such transactions and from the translation at year end exchange rates of monetaryassets and liabilities, denominated in foreign currencies, are recognised in profit or loss.(iii)Foreign operationsThe assets and liabilities of foreign operations are translated to the functional currency as exchangerates at the reporting date. The income and expenses of foreign operations are translated toAustralian dollars at exchange rates at the dates of the transactions.Foreign currency difference are recognised in other comprehensive income, and presented in theforeign currency translation reserve in equity.On consolidation, exchange differences arising from the translation of any net investment in foreignentities are recognised in other comprehensive income. When the settlement of a monetary itemreceivable from or payable to a foreign operation is neither planned nor likely in the foreseeablefuture, foreign exchange gains and losses arising from such a monetary item are considered to formpart of a net investment in a foreign operation and are recognised in other comprehensive income,and are presented in the translation reserve in equity. When a foreign operation is sold or anyborrowings forming part of the net investment are repaid, the associated exchange differences arereclassified to profit or loss, as part of the gain or loss on sale.(ii)Share option reserveThe Share option reserve records items recognised as expenses in the profit or loss statement, shareissue expenses or capitalised as exploration expenditure on the issue of employee share options or inrespect of compensation for services rendered. The amount relates to the issue of share-basedpayments that vested during the year. Refer to Note 8.1. 70
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 70 2020 Annual Report 4.2.RESERVES 2020 2019 $ $ Foreign currency translation reserve: Balance at the beginning of year 1,847,998 567,416 Currency translation differences arising during the year 208,787 1,280,582 Balance at the end of the year 2,056,785 1,847,998 Share option reserve: Balance at the beginning of year 3,905,278 3,818,758 Share based payments expense 172,558 - Capitalised as part of exploration expenditure 154,054 86,520 Balance at the end of the year 4,231,890 3,905,278 Total reserves 6,288,675 5,753,276 (i)Foreign currency translation reserveThe Foreign Currency Translation Reserve records exchange differences arising on the translation offoreign controlled subsidiaries.Accounting Policy (i)Functional and presentation currencyThe consolidated financial statements are presented in Australian dollars, which is Oklo ResourcesLimited's functional and presentation.(ii)Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange ratesprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from thesettlement of such transactions and from the translation at year end exchange rates of monetaryassets and liabilities, denominated in foreign currencies, are recognised in profit or loss.(iii)Foreign operationsThe assets and liabilities of foreign operations are translated to the functional currency as exchangerates at the reporting date. The income and expenses of foreign operations are translated toAustralian dollars at exchange rates at the dates of the transactions.Foreign currency difference are recognised in other comprehensive income, and presented in theforeign currency translation reserve in equity.On consolidation, exchange differences arising from the translation of any net investment in foreignentities are recognised in other comprehensive income. When the settlement of a monetary itemreceivable from or payable to a foreign operation is neither planned nor likely in the foreseeablefuture, foreign exchange gains and losses arising from such a monetary item are considered to formpart of a net investment in a foreign operation and are recognised in other comprehensive income,and are presented in the translation reserve in equity. When a foreign operation is sold or anyborrowings forming part of the net investment are repaid, the associated exchange differences arereclassified to profit or loss, as part of the gain or loss on sale.(ii)Share option reserveThe Share option reserve records items recognised as expenses in the profit or loss statement, shareissue expenses or capitalised as exploration expenditure on the issue of employee share options or inrespect of compensation for services rendered. The amount relates to the issue of share-basedpayments that vested during the year. Refer to Note 8.1.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 71 2020 Annual Report 4.3.ACCUMULATED LOSSES 2020 2019 $ $ Accumulated losses at the beginning of the financial year (17,246,504) (16,240,232) Loss after tax for the year during the year (1,635,814) (1,006,272) Balance at the end of the year (18,882,318) (17,246,504) 5.RISK5.1.FINANCIAL RISK MANAGEMENTThe Group attempts to mitigate risks that may affect its future performance through a process ofidentifying, assessing, reporting and managing risks of corporate significance.The board considers the principal risks of our business, particularly during the strategic planning and budget processes.The Group’s principal financial instruments comprise cash, short-term deposits and investments in shares. The main purpose of these financial instruments is to fund the Group’s operations.The Group has various other financial instruments such as trade debtors, trade creditors and borrowings, which arise directly from its operations.The main risks arising from the Group’s financial instruments is cash flow interest rate risk and foreign currency risk. Other minor risks include credit risk, liquidity risk and capital risk management. The board reviews and adopts policies for each of these risks which are summarised below.(a)Credit riskThe Group does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the Group.Financial instruments other than receivables that potentially subject the Group to concentrations of credit risk consist principally of cash deposits. The Group places its cash deposits with high credit quality financial institutions, being in Australia one of the major Australian (big four) banks. Cash holdings in other countries are not significant. The Group’s cash deposits are all on call or in term deposits and attract a rate of interest at normal short-term money market rates. The maximum amount of credit risk the Group considers it would be exposed to would be $12,697,052 (2019: $6,527,164) being the total of the carrying values of cash and cash equivalents and other financial assets as at the Reporting Date. The group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. These provisions are considered representative across all customers of the Group based on recent sales experience, historical collection rates and forward-looking information that is available. 72
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 72 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) 2020 2019 $ $ Trade and other receivables Trade Debtors 3,203 6,160 Security and other deposits 19,140 19,140 Other 149,809 139,821 172,152 165,121 Cash at bank and short-term bank deposits AAA 12,697,052 6,527,164 (b)Cash flow interest rate riskThe Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All other financial assets and liabilities in the form of receivables and payables are non-interest bearing. The Company had external borrowings amounting to $Nil as at 30 June 2020 (2019: $Nil).The Group’s exposure to interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates. The Group does not have a formal policy in place to mitigate such risks as the Group’s income and operating cash flows are not materially exposed to changes in market interest rates. The Group’s exposure to interest rate risks and the effective interest rates on its financial assets and liabilities as at reporting date is as follows: Weighted Average Effective Interest Rate Floating Interest Rate Fixed Interest Rate Maturing Non-Interest Bearing Total Within 1 Period 1-5 Periods 2020 2020 2020 2020 2020 2020 2020 $ $ $ $ $ Financial assets: Cash at bank 0.1% 7,575,855 5,000,000 -121,19712,697,052 Trade and other receivables - - - 172,152 172,152 Total financial assets 7,575,855 5,000,000 -293,35112,869,206 Financial liabilities: Trade and other payables - - - 1,575,539 1,575,539 Total financial liabilities - - - 1,575,539 1,575,539 72
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 72 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) 2020 2019 $ $ Trade and other receivables Trade Debtors 3,203 6,160 Security and other deposits 19,140 19,140 Other 149,809 139,821 172,152 165,121 Cash at bank and short-term bank deposits AAA 12,697,052 6,527,164 (b)Cash flow interest rate riskThe Group’s exposure to the risks of changes in market interest rates relate to its cash deposits. All other financial assets and liabilities in the form of receivables and payables are non-interest bearing. The Company had external borrowings amounting to $Nil as at 30 June 2020 (2019: $Nil).The Group’s exposure to interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates. The Group does not have a formal policy in place to mitigate such risks as the Group’s income and operating cash flows are not materially exposed to changes in market interest rates. The Group’s exposure to interest rate risks and the effective interest rates on its financial assets and liabilities as at reporting date is as follows: Weighted Average Effective Interest Rate Floating Interest Rate Fixed Interest Rate Maturing Non-Interest Bearing Total Within 1 Period 1-5 Periods 2020 2020 2020 2020 2020 2020 2020 $ $ $ $ $ Financial assets: Cash at bank 0.1% 7,575,855 5,000,000 -121,19712,697,052 Trade and other receivables - - - 172,152 172,152 Total financial assets 7,575,855 5,000,000 -293,35112,869,206 Financial liabilities: Trade and other payables - - - 1,575,539 1,575,539 Total financial liabilities - - - 1,575,539 1,575,539 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 73 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) Weighted Average Effective Interest Rate Floating Interest Rate Fixed Interest Rate Maturing Non-Interest Bearing Total Within 1 Period 1-5 Periods 2019 2019 2019 2019 2019 2019 2019 % $ $ $ $ $ Financial assets: Cash at bank 0.1% 5,856,872 - - 670,292 6,527,164 Trade and other receivables - - - Total financial assets 5,856,872 - - 670,292 6,527,164 Financial liabilities: Trade and other payables - - - - 1,822,588 1,822,588 Total financial liabilities - - - - 1,822,588 1,822,588 Sensitivity Analysis At the reporting date, the variable interest profile of the Group’s interest bearing financial instruments were: 2020 2019 $ $ Financial assets 12,575,880 5,856,872 A change of 0.1% (2019 - 0.25%)in the variable interest rates, at the reporting date, with all other variables held constant, would have increased/decreased the profit or loss by the amounts shown below. 0.1% (2019 - 0.25% is considered reasonable in light of current market expectations of interest rate movements and the current low interest environment. 2020 2019 $ $ 0.1% (2019- 0.1%) increase 12,576 5,857 0.1% (2019- 0.1%) decrease (12,576) (5,857) (c)Liquidity riskThe Group’s objective is to match the terms of funding sources to the terms of the assets oroperations being financed. The Group aims to hold sufficient reserves of cash or cash equivalents tohelp manage the fluctuations in working capital requirements and provide the flexibility forinvestment into long-term assets without the need to raise debt. 74
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 74 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) Maturities of financial liabilities The following tables analyse the Group’s and the parent entity’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contracted undiscounted cash flows. Group: at 30 June 2020 Less than 6 months $ 6 – 12 months $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Total contractual cash flows $ Carrying amount (assets) /liabilities $ Trade and other payables 1,575,539 1,575,539 Group: at 30 June 2019 Less than 6 months $ 6 – 12 months $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Total contractual cash flows $ Carrying amount (assets) /liabilities $ Trade and other payables 1,775,914 - - - - - 1,775,914 (d)Foreign Exchange RiskA risk arises when future commercial transactions and recognised assets and liabilities aredenominated in a currency other than the consolidated entity’s functional currency.The Group operates internationally, with its major assets being held in Mali, West Africa and is exposed to foreign exchange risk arising from currency exposures to the Euro, FCFA (fixed to the Euro) and US Dollar. Historically, given the level of expenditure and available funding, the Group considered its exposure to foreign exchange risk was manageable and hedging policies were not adopted. The Company, through the Managing Director and the Chief Financial Officer regularly monitor movements in the foreign currencies that the Company is exposed to. If appropriate, and from time to time, the Company may enter into forward foreign exchange contract to minimise its exposure to foreign exchange risks. The Company also has foreign currency denominated accounts that are utilised to manage this risk. The Company did not enter into any new forward foreign exchange contracts during the year. The Board considers policies relating to foreign currency exposure from time to time and, based on available funding, proposed exploration programs and foreign currency exposures, may or may not decide to enter in further forward foreign exchange contracts. The Board will continue to review its position in respect of foreign exchange risk management and will adopt suitable policies as required. 74
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 74 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) Maturities of financial liabilities The following tables analyse the Group’s and the parent entity’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contracted undiscounted cash flows. Group: at 30 June 2020 Less than 6 months $ 6 – 12 months $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Total contractual cash flows $ Carrying amount (assets) /liabilities $ Trade and other payables 1,575,539 1,575,539 Group: at 30 June 2019 Less than 6 months $ 6 – 12 months $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Total contractual cash flows $ Carrying amount (assets) /liabilities $ Trade and other payables 1,775,914 - - - - - 1,775,914 (d)Foreign Exchange RiskA risk arises when future commercial transactions and recognised assets and liabilities aredenominated in a currency other than the consolidated entity’s functional currency.The Group operates internationally, with its major assets being held in Mali, West Africa and is exposed to foreign exchange risk arising from currency exposures to the Euro, FCFA (fixed to the Euro) and US Dollar. Historically, given the level of expenditure and available funding, the Group considered its exposure to foreign exchange risk was manageable and hedging policies were not adopted. The Company, through the Managing Director and the Chief Financial Officer regularly monitor movements in the foreign currencies that the Company is exposed to. If appropriate, and from time to time, the Company may enter into forward foreign exchange contract to minimise its exposure to foreign exchange risks. The Company also has foreign currency denominated accounts that are utilised to manage this risk. The Company did not enter into any new forward foreign exchange contracts during the year. The Board considers policies relating to foreign currency exposure from time to time and, based on available funding, proposed exploration programs and foreign currency exposures, may or may not decide to enter in further forward foreign exchange contracts. The Board will continue to review its position in respect of foreign exchange risk management and will adopt suitable policies as required. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 75 2020 Annual Report 5.1 FINANCIAL RISK MANAGEMENT (CONT.) The carrying value of foreign currency denominate monetary assets and liabilities as at the reporting date are as follows: Assets Liabilities 2020 2019 2020 2019 Euro/CFA 414,865 116,634 1,187,785 1,511,475 USD 30,067 705 90,896 128,092 Foreign Currency Sensitivity Analysis The Group is mainly exposed to Euro and US Dollars. The following table details the Group’s sensitivity to a 10% increase and decrease in the Australian dollar against the relevant foreign currencies. 10% is the sensitivity rate that represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit where the Australian dollar strengthens 10% against the relevant currency. For a 10% weakening of the Australian dollar against the relevant currency, there would be a comparable impact on the profit, and the balances below would be negative. Euro US Dollars 2020 2019 2020 2019 Financial Assets +10% Appreciation(41,486) (12,959) (3,007) (78) -10% Depreciation41,486 10,603 3,007 64 Financial Liabilities* +10% Appreciation118,778 137,407 9,090 11,645 -10% Depreciation(118,7778) (167,942) (9,090) (14,232) *Note – the majority of the balance of financial liabilities relates to capitalised explorationexpenditure. Therefore, the variations in the balance as shown in the sensitivity analysis would notimpact the profit or loss, but rather the carrying value of the capitalised exploration expenditure.Forward Foreign Exchange Contracts As at 30 June 2020 there were no outstanding forward foreign exchange contracts. (e)Fair value of financial instrumentsThe directors consider that the carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective net fair values, determined in accordance with accounting policies. The fair values and net fair values of financial assets and financial liabilities are determined as follows: -the fair value of financial assets and financial liabilities with standard terms and conditionsand traded on active liquid markets are determined with reference to quoted market prices;and-the fair value of other financial assets and financial liabilities are determined in accordancewith generally accepted pricing models based on discounted cash flow analysis. 76
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 76 2020 Annual Report 6.GROUP STRUCTURE6.1.SUBSIDIARIESThe consolidated financial statements include the financial statements of the ultimate parent entity Oklo Resources Limited and the subsidiaries listed in the following table: Name of Entity Country of Incorporation Equity Interest Investment of Parent 2020 2019 2020 2019 Oklo Resources Mali sarl Republic of Mali 100% 100% 2,550 2,550 Kidal Mining sarl Republic of Mali 100% 100% 2,434 2,434 Essouk Mining sarl Republic of Mali 100% 100% 2,434 2,434 Tessalit Mining sarl Republic of Mali 100% 100% 2,434 2,434 Telabit Mining sarl Republic of Mali 100% 100% 2,434 2,434 Anefis Mining sarl Republic of Mali 100% 100% 2,434 2,434 Adrar Mining sarl Republic of Mali 100% 100% 2,434 2,434 Tedeini Mining sarl Republic of Mali 100% 100% 2,434 2,434 Oklo Uranium Mali Limited sarl Republic of Mali 100% 100% 2,550 2,550 Socaf sarl Republic of Mali 75% 75% - - Compass Gold (BVI) Mali British Virgin Islands 100% 100% 4,730,592 4,730,592 Africa Mining sarl Republic of Mali 100% 100% - - Compass Gold sarl Republic of Mali 100% 100% - - Somarex sarl Republic of Mali 100% - - - Sorex sarl Republic of Mali 100% - - - 7.UNRECOGNISED ITEMS7.1.COMMITMENTS2020 2019 $ $ EXPENDITURE COMMITMENTS (a)Capital expenditure commitmentsNo capital expenditure commitments werecontracted for at reporting date.- - (b)Mineral tenement commitments (including under acquisition agreements)-Within one year842,146 5,694,310 -Later than one year but not later than five years1,446,613 562,753 2,288,759 6,257,063 (c)Operating lease expenditure commitments-Within one year14,300 - - Later than one year but not later than five years- - 14,300 - Total all expenditure commitments 2,303,059 6,257,063 76
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 76 2020 Annual Report 6.GROUP STRUCTURE6.1.SUBSIDIARIESThe consolidated financial statements include the financial statements of the ultimate parent entity Oklo Resources Limited and the subsidiaries listed in the following table: Name of Entity Country of Incorporation Equity Interest Investment of Parent 2020 2019 2020 2019 Oklo Resources Mali sarl Republic of Mali 100% 100% 2,550 2,550 Kidal Mining sarl Republic of Mali 100% 100% 2,434 2,434 Essouk Mining sarl Republic of Mali 100% 100% 2,434 2,434 Tessalit Mining sarl Republic of Mali 100% 100% 2,434 2,434 Telabit Mining sarl Republic of Mali 100% 100% 2,434 2,434 Anefis Mining sarl Republic of Mali 100% 100% 2,434 2,434 Adrar Mining sarl Republic of Mali 100% 100% 2,434 2,434 Tedeini Mining sarl Republic of Mali 100% 100% 2,434 2,434 Oklo Uranium Mali Limited sarl Republic of Mali 100% 100% 2,550 2,550 Socaf sarl Republic of Mali 75% 75% - - Compass Gold (BVI) Mali British Virgin Islands 100% 100% 4,730,592 4,730,592 Africa Mining sarl Republic of Mali 100% 100% - - Compass Gold sarl Republic of Mali 100% 100% - - Somarex sarl Republic of Mali 100% - - - Sorex sarl Republic of Mali 100% - - - 7.UNRECOGNISED ITEMS7.1.COMMITMENTS2020 2019 $ $ EXPENDITURE COMMITMENTS (a)Capital expenditure commitmentsNo capital expenditure commitments werecontracted for at reporting date.- - (b)Mineral tenement commitments (including under acquisition agreements)-Within one year842,146 5,694,310 -Later than one year but not later than five years1,446,613 562,753 2,288,759 6,257,063 (c)Operating lease expenditure commitments-Within one year14,300 - - Later than one year but not later than five years- - 14,300 - Total all expenditure commitments 2,303,059 6,257,063 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 77 2020 Annual Report 7.2.CONTINGENCIES The Group’s Malian subsidiary SOCAF sarl has obligations in the event that it commences mining at either its Boutounguissi Sud or Aourou concessions in Mali. Pursuant to an agreement with the SOCAF sarl founder, M. B Camara, an amount of FCFA 200,000,000 (approximately A$496,200) is payable from available cash-flow from mining, after reimbursement of the Malian Government for past exploration. As part of the acquisition of Compass Gold Mali BVI Corp in December 2013, part of the contingent liabilities acquired included an existing 2% Net Smelter Return Royalty (Royalty) over the assets of Africa Mining sarl, one of the Company’s operating subsidiaries in Mali. This Royalty was originally granted in 2009. The Royalty covers the Dandoko, Yanfolila and Kolondieba licences now held by Africa Mining sarl and Oklo Resources Mali sarl and is jointly held by a company controlled by a former director, James Henderson, and current director Dr Madani Diallo. As part of the acquisition of the Kandiole Permit, the Company will assume all the rights, duties and obligations of the Permit, including, but not limited to the obligation to pay a 1% net smelter return royalty to the current owner. Oklo has the right to purchase this for US$1,400,000 (A$2,039,924) at any time in which Oklo or its nominee has an interest, or a right to an interest, in the Permit. As part of the agreement to acquire the Kouroufing Project, Oklo agreed that in the event that Oklo elects to apply for an Exploitation Licence (Mining Licence) in relation to any part of Kouroufing Project, Oklo shall grant Kouroufing Gold S.A. (current owner) a 5% equity interest in the Licence and a 1% NSR (Net Smelter Return) royalty. Kouroufing Gold will then grant Oklo the right to acquire Kouroufing Gold’s equity interest in the Licence for a fixed price of US$1,000,000 (A$1,457,089) payable in cash. In July 2018, the Company entered into an agreement to acquire the Kossaya Project. The acquisition terms, including future amounts payable (commitments) to Sogetrac sarl (current owner), are set out in Note 3.2. As part of the acquisition of the Kossaya Project, Oklo agreed that in the event that Oklo, elects to apply for Mining License in relation to any part of the Kossaya Project, Oklo shall cause the Mining Licence to be issued to a new entity (NewCo) and grant Sogetrac a 5% equity interest in NewCo and also cause Newco to grant Sogetrac a 1% NSR royalty. Sogetrac will then grant to Oklo the right to acquire Sogetrac’s ownership interest in Newco for a fixed price of US$1,000,000 (A$1,457,089) payable in cash. In July 2018, the Company entered into an agreement to acquire the Sari Project. The acquisition terms, including future amounts payable (commitments) to Ecosud sarl (current owner), are set out in Note 3.2. As part of the acquisition of the Sari Project, Oklo agreed that in the event that Oklo elects to apply for Mining License in relation to any part of the Sari Project, Oklo shall cause the Mining Licence to be issued to a new entity (Sari NewCo) and grant Ecosud a 5% equity interest in Sari NewCo and also cause Sari Newco to grant Ecosud a 1% NSR royalty. Ecosud will then grant to Oklo the right to acquire Ecosud’s ownership interest in Sari Newco for a fixed price of US$1,000,000 (A$1,457,089) payable in cash, and the right to Ecosud’s 1% NSR for a fixed price of US$1,000,000 (A$1,457,089). 78
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 78 2020 Annual Report 7.2 CONTINGENCIES (CONT.) Under the Malian Mining code, the Government of Mali is entitled to a 10% interest in any mining company established to exploit a resource and may secure a further 10% on commercial terms. This contingency would only crystallise in the event the any of the current exploration licences are converted into mining licences. 7.3.EVENTS OCCURING AFTER THE REPORTING PERIOD On 15 July 2020, the Company exercised its options to acquire a further 35% in each of the Sari and Kossaya permits. As at the date of this report, the Company has a 65% interest in these permits (refer Note 3.2). On 31 July 2020, the company completed a private placement by the issue of 32,150,000 fully paid shares at an issue price of $0.32 per share to raise a total of $10,000,000. On 27 August 2020, the Company entered into a binding terms sheet with Marvel Gold Limited (Marvel) to divest an 80% interest in its non-core projects located in south Mali through the formation of an exploration joint venture company. The key terms of the transaction are: •Marvel will make a non-refundable $50,000 payment to Oklo immediately. This has been received by Oklo.•Marvel will make a non-refundable $150,000 payment to Oklo immediately upon Oklo incorporating an exploration joint venture structure that provides Marvel with an 80% beneficial interest in the licences.•Oklo will retain a 20% free-carried interest in the exploration joint venture company until a decision to mine is taken on a licence.•Marvel will issue 4,000,000 Marvel shares to Oklo upon each confirmation of the successful renewal of the Yanfolila, Yanfolila Est, Kolondieba, Kolondieba Nord and Sirakourou licences (to a total of 20,000,000 Marvel shares).•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nord licences of any resource category of not less than 500,000 oz of gold or gold equivalent at a minimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences of any resource category of not less than 350,000 oz of gold or gold equivalent at a minimum grade of 1 g/t.•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nord licences of any resource category of not less than 1,000,000 oz of gold or gold equivalent at a minimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences of any resource category of not less than 700,000 oz of gold or gold equivalent estimated at a minimum grade of 1 g/t.As at the date of this report, the Board is still assessing the financial impact of the transaction, which will ultimately depend on the value of the Marvel shares at the time of issue. 78
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 78 2020 Annual Report 7.2 CONTINGENCIES (CONT.) Under the Malian Mining code, the Government of Mali is entitled to a 10% interest in any mining company established to exploit a resource and may secure a further 10% on commercial terms. This contingency would only crystallise in the event the any of the current exploration licences are converted into mining licences. 7.3.EVENTS OCCURING AFTER THE REPORTING PERIOD On 15 July 2020, the Company exercised its options to acquire a further 35% in each of the Sari and Kossaya permits. As at the date of this report, the Company has a 65% interest in these permits (refer Note 3.2). On 31 July 2020, the company completed a private placement by the issue of 32,150,000 fully paid shares at an issue price of $0.32 per share to raise a total of $10,000,000. On 27 August 2020, the Company entered into a binding terms sheet with Marvel Gold Limited (Marvel) to divest an 80% interest in its non-core projects located in south Mali through the formation of an exploration joint venture company. The key terms of the transaction are: •Marvel will make a non-refundable $50,000 payment to Oklo immediately. This has been received by Oklo.•Marvel will make a non-refundable $150,000 payment to Oklo immediately upon Oklo incorporating an exploration joint venture structure that provides Marvel with an 80% beneficial interest in the licences.•Oklo will retain a 20% free-carried interest in the exploration joint venture company until a decision to mine is taken on a licence.•Marvel will issue 4,000,000 Marvel shares to Oklo upon each confirmation of the successful renewal of the Yanfolila, Yanfolila Est, Kolondieba, Kolondieba Nord and Sirakourou licences (to a total of 20,000,000 Marvel shares).•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nord licences of any resource category of not less than 500,000 oz of gold or gold equivalent at a minimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences of any resource category of not less than 350,000 oz of gold or gold equivalent at a minimum grade of 1 g/t.•Marvel will issue 10,000,000 Marvel shares to Oklo within 5 business days of Marvel announcing:oa JORC 2012 Mineral Resource at the Yanfolila, Yanfolila Est, Kolondieba or Kolondieba Nord licences of any resource category of not less than 1,000,000 oz of gold or gold equivalent at a minimum grade of 1 g/t; oroa JORC 2012 Mineral Resource at the Sirakourou, Solabougouda and Solabougouda Sud licences of any resource category of not less than 700,000 oz of gold or gold equivalent estimated at a minimum grade of 1 g/t.As at the date of this report, the Board is still assessing the financial impact of the transaction, which will ultimately depend on the value of the Marvel shares at the time of issue. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 79 2020 Annual Report 7.3.EVENTS OCCURING AFTER THE REPORTING PERIOD (CONT.) On 21 September 2020, the Company issued 1,650,000 Zero Exercise Priced Options (ZEPOs) to employees and a consultant of the Group on the following terms: •Exercise Price - $0.00•Expiry date – 16/7/2025;•Performance Period – three years to 16/7/2023•Vesting Conditions (provided Performance Period has been met):In respect of 200,000 ZEPOs •30% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•30% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•40% on granting of environmental licence and mining licence application criteria met.In respect of 450,000 ZEPOs•33.3% on achieving a minimum of 500,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on granting of environmental licence and mining licence application criteria met.In respect of 1,000,000 ZEPOs•33.3% on achieving a minimum of 1,000,000 ozs of gold (with at least 2 grams of gold per tonne);•33.3% on adding shareholder value through corporate and business development including branding, institutional support base and or successful JV, sale or acquisition of projects;•33.3% on granting of environmental licence and mining licence application criteria metThe impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not had a material impact on the business up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided. Other than the above, there has not been any matter or circumstance that has arisen since the end of the financial year, that has significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years 80
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 80 2020 Annual Report 8.OTHER INFORMATION8.1.SHARE BASED PAYMENTS2020 2019 Note $ $ (a)Recognised share based paymentsExpense recognised for director or key management personnel services 172,558 - Expense recognised for consulting services (capitalised as exploration expenditure) 154,054 86,520 $326,612 86,520 Being Amounts Expensed Share-based payments expensed during the year - Fair value of issue of options to executives on 10 December 2019 with an expiry date of 10 December 2024, with performance and vesting conditions 112,517 - Fair value of issue of options to non-executive directors on 10 December 2019 with an expiry date of 10 December 2024, with vesting conditions 60,041 - Recognised as expense 172,558 - Amount Capitalised Share-based payments capitalised during the year - Refer to 30 June 2019 audited accounts and 31 December 2018 half-year accounts for details of fair value of options issued with no vesting conditions and amounts capitalised -70,612Fair value of issue of options to executives on 10 December 2019 with an expiry date of 10 December 2024, with performance and vesting conditions 120,554 - Fair value of issue of options to consultants on 17 February 2020 with an expiry date of 17 February 2025, with performance and vesting conditions 18,342 - Fair value of issue of options to consultants on 23 April 2020 with an expiry date of 23 April 2025, with performance and vesting conditions 3,137 - Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 12 months vesting conditions (i) 55,392 Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 12 months vesting conditions (i) 15,220 Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 24 months vesting conditions (i)12,02115,908 Recognised as Exploration and Evaluation Expenditure (Asset) 154,054 86,520 Total amount recognised share based payments 326,612 86,520 80
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 81
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 80 2020 Annual Report 8.OTHER INFORMATION8.1.SHARE BASED PAYMENTS2020 2019 Note $ $ (a)Recognised share based paymentsExpense recognised for director or key management personnel services 172,558 - Expense recognised for consulting services (capitalised as exploration expenditure) 154,054 86,520 $326,612 86,520 Being Amounts Expensed Share-based payments expensed during the year - Fair value of issue of options to executives on 10 December 2019 with an expiry date of 10 December 2024, with performance and vesting conditions 112,517 - Fair value of issue of options to non-executive directors on 10 December 2019 with an expiry date of 10 December 2024, with vesting conditions 60,041 - Recognised as expense 172,558 - Amount Capitalised Share-based payments capitalised during the year - Refer to 30 June 2019 audited accounts and 31 December 2018 half-year accounts for details of fair value of options issued with no vesting conditions and amounts capitalised -70,612Fair value of issue of options to executives on 10 December 2019 with an expiry date of 10 December 2024, with performance and vesting conditions 120,554 - Fair value of issue of options to consultants on 17 February 2020 with an expiry date of 17 February 2025, with performance and vesting conditions 18,342 - Fair value of issue of options to consultants on 23 April 2020 with an expiry date of 23 April 2025, with performance and vesting conditions 3,137 - Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 12 months vesting conditions (i) 55,392 Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 12 months vesting conditions (i) 15,220 Fair value of issue of options to consultants and employees on 24 November 2017 with expiry date of 24 November 2020 and 24 months vesting conditions (i)12,02115,908 Recognised as Exploration and Evaluation Expenditure (Asset) 154,054 86,520 Total amount recognised share based payments 326,612 86,520 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 81 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) Notes: (i)On 24 November 2017, the board approved the issue of a total of 1,300,000 options withdeferred vesting conditions to a consultant and employees of the Group pursuant to theEmployee Option Plan. A total of three classes of options with deferred vesting conditions wereissued on this date. The options have been valued using an option pricing model. Details of theoptions issued are set out in the table below, including the values and inputs used in the optionpricing model.(ii)Issue Date 24 November 2017 24 November 2017 24 November 2017 Expiry Date 24 November 2020 24 November 2019 24 November 2020 Number of Options 800,000 250,000 250,000 Exercise Price $0.40 $0.35 $0.40 Risk free rate 1.5% 1.5% 1.5% Vesting Conditions 12 months 12 months 24 months Volatility 80% 80% 80% Probability adjustment for Vesting 90% 90% 85% Value per option $0.14972 $0.13164 $0.14972 Total value of all options $119,776 $32,910 $37,430 Amount capitalised to EED in prior Periods $119,776 $32,910 $25,409 Amount capitalised to EED in current Period - - $12,021 82
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 82 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) (iii)At the Annual General Meeting on 22 November 2019, shareholders approved the issue zeropriced performance options (ZEPOS) to non-executive directors, executive directors and otherexecutives. On 10 December 2019, these ZEPOS were issued to the directors and otherexecutives. The ZEPOS have been valued using an option pricing model. Details of the optionsissued are set out in the table below, including the values and inputs used in the option pricingmodel.Issue Date 10 December 2019 10 December 2019 Expiry Date 10 December 2024 10 December 2024 Number of Options 1,400,000 14,500,000 Exercise Price $0.00 $0.00 Risk free rate 0.63% 0.63% Minimum Service Period (Time Vesting) 36 months 36 months Volatility 90% 90% Performance Vesting conditions (Management’s probability assessment) Nil 1/3 on achieving a minimum of 300,000 ozs of gold (90%) 1/3 on achieving a minimum of 500,000 ozs of gold (80%) 1/3 on achieving a minimum of 1,000,000 ozs of gold (35%) (each with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard Other Vesting conditions 1/3 of the ZEPOS will vest on the first anniversary from the date of grant 1/3 of the ZEPOS will vest on the second anniversary from the date of grant 1/3 of the ZEPOS will vest on the third anniversary from the date of grant N/a Value per option $0.125 $0.125 Total value of all options $175,000 $1,812,500 Amount expensed in current period $60,041 $112,517 Amount expensed in future periods $114,959 $762,483 Amount capitalised to EED in current Period - $120,554 Amount capitalised to EED in future periods - $816,946 82
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 82 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) (iii)At the Annual General Meeting on 22 November 2019, shareholders approved the issue zeropriced performance options (ZEPOS) to non-executive directors, executive directors and otherexecutives. On 10 December 2019, these ZEPOS were issued to the directors and otherexecutives. The ZEPOS have been valued using an option pricing model. Details of the optionsissued are set out in the table below, including the values and inputs used in the option pricingmodel.Issue Date 10 December 2019 10 December 2019 Expiry Date 10 December 2024 10 December 2024 Number of Options 1,400,000 14,500,000 Exercise Price $0.00 $0.00 Risk free rate 0.63% 0.63% Minimum Service Period (Time Vesting) 36 months 36 months Volatility 90% 90% Performance Vesting conditions (Management’s probability assessment) Nil 1/3 on achieving a minimum of 300,000 ozs of gold (90%) 1/3 on achieving a minimum of 500,000 ozs of gold (80%) 1/3 on achieving a minimum of 1,000,000 ozs of gold (35%) (each with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard Other Vesting conditions 1/3 of the ZEPOS will vest on the first anniversary from the date of grant 1/3 of the ZEPOS will vest on the second anniversary from the date of grant 1/3 of the ZEPOS will vest on the third anniversary from the date of grant N/a Value per option $0.125 $0.125 Total value of all options $175,000 $1,812,500 Amount expensed in current period $60,041 $112,517 Amount expensed in future periods $114,959 $762,483 Amount capitalised to EED in current Period - $120,554 Amount capitalised to EED in future periods - $816,946 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 83 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) (iv)On 17 February 2020 and 23 April 2020 the Board issued, ZEPOS to consultants of the Group. TheZEPOS have been valued using an option pricing model. Details of the options issued are set out inthe table below, including the values and inputs used in the option pricing model.Issue Date 17 February 2020 23 April 2020 Expiry Date 17 February 2025 23 April 2025 Number of Options 900,000 300,000 Exercise Price $0.00 $0.00 Risk free rate 0.75% 0.25% Minimum Service Period (Time Vesting) 36 months 36 months Volatility 90% 90% Performance Vesting conditions (Management’s probability assessment) 1/3 on achieving a minimum of 300,000 ozs of gold (90%) 1/3 on achieving a minimum of 500,000 ozs of gold (80%) 1/3 on achieving a minimum of 1,000,000 ozs of gold (35%) (each with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard 50% on achieving a minimum of 500,000 ozs of gold (80%) 50% on achieving a minimum of 1,000,000 ozs of gold (35%) (each with at least 2 grams of gold per tonne) reported at an economic grade to JORC standard Value per option $0.225 $0.285 Total value of all options $202,500 $85,500 Amount capitalised to EED in current Period $18,342 $3,137 Amount capitalised to EED in future periods $184,158 $ $82,363 84
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 84 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) (b)Summary of Options Granted2020 2019 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding at beginning of year 20,125,000 $0.324 25,875,000 $0.20 Net issued year ending 2019 (4,500,000) - Issued (i) 14,500,000 - - - Issued (i) 1,400,000 - - - Issued (ii) 900,000 - - - Issued (iii) 300,000 - - - Lapsed (iv) (12,300,000) (0.34) - - Outstanding at end of the year 20,375,000 $0.13 20,125,000 $0.324 Vested and Exercisable at end of the year 7,675,000 $0.43 20,125,000 $0.320 (i)In December 2019, a total of 14,500,000 unlisted options (ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 10 December 2024 wereissued.(ii)In December 2019, a total of 1,400,000 unlisted options (ZEPOs) with an exercise price of $0,and vesting conditions and an expiry date of 10 December 2024 were issued.(iii)In February 2020 total of 900,000 unlisted options ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 17 February 2025 wereissued(iv)In April 2020 total of 900,000 unlisted options ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 23 April 2025 were issued.(v)During the financial year a total of 12,300,000 options lapsed unexercised.(c)Weighted average remaining contractual lifeThe weighted average remaining contractual life of the share options outstanding as at 30 June 2020 is1.61 years (2019: 0.76 years).(d)Range of exercise pricesThe range of exercise prices for options outstanding at the end of the year is $0.00 to $0.49 (2019:$0.20 to $0.49).(e)Weighted fair average valueThe weighted fair average value of options granted during the year was $0.13 per option (2019: Nil).(f)Share option planAccounting Policy Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. 84
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 84 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) (b)Summary of Options Granted2020 2019 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding at beginning of year 20,125,000 $0.324 25,875,000 $0.20 Net issued year ending 2019 (4,500,000) - Issued (i) 14,500,000 - - - Issued (i) 1,400,000 - - - Issued (ii) 900,000 - - - Issued (iii) 300,000 - - - Lapsed (iv) (12,300,000) (0.34) - - Outstanding at end of the year 20,375,000 $0.13 20,125,000 $0.324 Vested and Exercisable at end of the year 7,675,000 $0.43 20,125,000 $0.320 (i)In December 2019, a total of 14,500,000 unlisted options (ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 10 December 2024 wereissued.(ii)In December 2019, a total of 1,400,000 unlisted options (ZEPOs) with an exercise price of $0,and vesting conditions and an expiry date of 10 December 2024 were issued.(iii)In February 2020 total of 900,000 unlisted options ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 17 February 2025 wereissued(iv)In April 2020 total of 900,000 unlisted options ZEPOs) with an exercise price of $0,performance hurdles and vesting conditions and an expiry date of 23 April 2025 were issued.(v)During the financial year a total of 12,300,000 options lapsed unexercised.(c)Weighted average remaining contractual lifeThe weighted average remaining contractual life of the share options outstanding as at 30 June 2020 is1.61 years (2019: 0.76 years).(d)Range of exercise pricesThe range of exercise prices for options outstanding at the end of the year is $0.00 to $0.49 (2019:$0.20 to $0.49).(e)Weighted fair average valueThe weighted fair average value of options granted during the year was $0.13 per option (2019: Nil).(f)Share option planAccounting Policy Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 85 2020 Annual Report 8.1SHARE BASED PAYMENTS (CONT.) The costs of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The costs of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. Key estimates and judgements The Group has an Incentive Option Scheme (“Scheme”) for executives and employees of the Group. In accordance with the provisions of the Scheme, as approved by the shareholders at the August 2019 annual general meeting, executives and employees may be granted options at the discretion of the directors. Each share option converts into one ordinary share of Oklo Resources Limited on exercise. No amounts are paid or are payable by the recipient on receipt of the option. The options carry neither rights of dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. Options issued to directors are not issued under the Scheme but are subject to approval by shareholders. 86
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 86 2020 Annual Report 8.2 RELATED PARTY TRANSACTIONS Directors and other key management personnel The directors of Oklo Resources Limited during the financial year were: -Mr Mark Connelly – Chairman from 16 July 2019-Mr Simon Taylor - Managing Director-Dr Madani Diallo - Executive Director-Mr Simon O’Loughlin – Retired 22 November 2019Other key management personnel consisted of: -Mr Andrew Boyd – General Manager - ExplorationMr Mark Connelly was appointed Chairman from 16 July 2019 and receives annual remuneration of $63,924 plus statutory superannuation entitlements. This rate is set by the Board. There is no service agreement in place for Mr Connelly and there are no termination benefits. Compensation of key management personnel 2020 2019 $ $$ Short-term employee benefits 1,004,238 969,134 Post-employment benefits 40,039 34,675 Other long term benefits 13,139 - Short Term Incentives (STI) 201,562 - Share-based payments 293,112 - 1,552,089 1,003,809 Amounts included in compensation of key management personnel recognised as exploration expenditure Director fees (ii) 263,451 272,983 Consulting fees (ii) 319,325 304,151 Short Term Incentives (STI) 88,229 - Share-based payments (ii) 120,554 - 791,559 577,134 (i)These amounts are included in key management personnel remuneration. 86
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 86 2020 Annual Report 8.2 RELATED PARTY TRANSACTIONS Directors and other key management personnel The directors of Oklo Resources Limited during the financial year were: -Mr Mark Connelly – Chairman from 16 July 2019-Mr Simon Taylor - Managing Director-Dr Madani Diallo - Executive Director-Mr Simon O’Loughlin – Retired 22 November 2019Other key management personnel consisted of: -Mr Andrew Boyd – General Manager - ExplorationMr Mark Connelly was appointed Chairman from 16 July 2019 and receives annual remuneration of $63,924 plus statutory superannuation entitlements. This rate is set by the Board. There is no service agreement in place for Mr Connelly and there are no termination benefits. Compensation of key management personnel 2020 2019 $ $$ Short-term employee benefits 1,004,238 969,134 Post-employment benefits 40,039 34,675 Other long term benefits 13,139 - Short Term Incentives (STI) 201,562 - Share-based payments 293,112 - 1,552,089 1,003,809 Amounts included in compensation of key management personnel recognised as exploration expenditure Director fees (ii) 263,451 272,983 Consulting fees (ii) 319,325 304,151 Short Term Incentives (STI) 88,229 - Share-based payments (ii) 120,554 - 791,559 577,134 (i)These amounts are included in key management personnel remuneration.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 87 2020 Annual Report 8.3 PARENT ENTITY FINANCIAL INFORMATION 2020 2019 $ $ Assets Current assets 12,632,535 6,521,988 Non-current assets 51,855,041 41,866,030 Total assets 64,487,576 48,388,018 Liabilities Current liabilities 666,491 796,211 Non-current liabilities - - Total liabilities 666,491 796,211 Equity Issued capital 79,855,624 62,317,143 Accumulated losses (20,226,429) (18,630,614) Share based payment reserve 4,231,890 3,905,278 Total equity 63,821,085 47,591,807 Financial performance Loss for the year (1,635,814) (1,006,272) Other comprehensive income - - Total comprehensive loss (1,635,814) (1,006,272) Contingent liabilities - - Contractual commitments: Operating lease 14,300 - Mineral properties1 74,416 491,258 Total contractual commitments 88,716 491,258 Notes: 1.This is the balance of acquisition costs relating to the Kossaya and Sari Projects (total ofCFA 30,000,000).There are no parent company guarantees in place at the Reporting date. 88
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 88 2020 Annual Report 8.4 REMUNERATION OF AUDITORS 2020 2019 $ $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd --Audit and review of financial statements43,781 51,478 --Other amounts received or due and receivable by BDOReward (WA) Pty Ltd for preparation of Board andExecutive Remuneration Review Report22,950 - Total remuneration 66,731 51,478 8.5 OTHER ACCOUNTING POLICIES Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position. Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. 88
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Oklo Resources Limited and its Controlled Entities Page 88 2020 Annual Report 8.4 REMUNERATION OF AUDITORS 2020 2019 $ $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd --Audit and review of financial statements43,781 51,478 --Other amounts received or due and receivable by BDOReward (WA) Pty Ltd for preparation of Board andExecutive Remuneration Review Report22,950 - Total remuneration 66,731 51,478 8.5 OTHER ACCOUNTING POLICIES Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position. Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 202089DIRECTORS’ DECLARATIONOklo Resources Limited and its Controlled Entities Page 89 2020 Annual Report OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES ABN 53 121 582 607 DIRECTORS’ DECLARATION The directors of the Company declare that: 1.The financial statements, comprising the consolidated statement of profit or loss and othercomprehensive income, consolidated statement of financial position, consolidated statement ofcash flows, consolidated statement of changes in equity, accompanying notes, are in accordancewith the Corporations Act 2001 and:(a)comply with Accounting Standards and Corporations Regulations 2001 and othermandatory professional reporting requirements; and,(b)give a true and fair view of the financial position as at 30 June 2020 and of theperformance for the year ended on that date of the consolidated entity.2.In the directors’ opinion, there are reasonable grounds to believe that the Company will be ableto pay its debts as and when they become due and payable.3.The directors have been given the required declarations by the chief executive officer and chieffinancial officer required by section 295A.The Notes to the Consolidated Financial Statements confirm that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by: Simon Taylor Managing Director Sydney: 30 September 2020 Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Oklo Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Oklo Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2020, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent a firms. Liability limited by a scheme approved under Professional Standards Legislation.
90
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
To the members of Oklo Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Oklo Resources Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2020, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
declaration.
Act 2001, including:
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
time of this auditor’s report.
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent a firms. Liability limited by a scheme approved under Professional Standards Legislation.
INDEPENDENT AUDITOR'S REPORT
Accounting for Exploration and Evaluation Assets
Key audit matter
How the matter was addressed in our audit
At 30 June 2020 the Group held a significant
Our audit procedures included, but were not limited to:
carrying value of Exploration and Evaluation Assets
as disclosed in Note 3.2.
·
Obtaining a schedule of the areas of interest
held by the Group and assessing whether the
As the carrying value of the Exploration and
rights to tenure of those areas of interest
Evaluation Asset represents a significant asset of
remained current at balance date;
the Group, we considered it necessary to assess
whether any facts or circumstances exist to suggest
that the carrying amount of this asset may exceed
its recoverable amount.
·
Considering the status of the ongoing exploration
programmes in the respective areas of interest
by holding discussions with management, and
reviewing the Group’s exploration budgets, ASX
In accordance with AASB 6 Exploration for and
announcements and director’s minutes;
Evaluation of Mineral Resources (AASB 6), the
recoverability of exploration and evaluation
expenditure requires significant judgment by
management in determining whether there are any
facts or circumstances that exist to suggest that
the carrying amount of this asset may exceed its
recoverable amount.
As a result, this is considered a key audit matter.
·
Considering whether any such areas of interest
had reached a stage where a reasonable
assessment of economically recoverable reserves
existed;
·
Verifying, on a sample basis, evaluation
expenditure capitalised during the year for
compliance with the recognition and
measurement criteria of AASB 6
·
·
Considering whether any facts or circumstances
existed to suggest impairment testing was
required; and
Assessing the adequacy of the related disclosures
in Note 3.2 to the financial report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2020, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
90
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 91
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 37 to 46 of the directors’ report for the
year ended 30 June 2020.
In our opinion, the Remuneration Report of Oklo Resources Limited, for the year ended 30 June 2020,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Neil Smith
Director
Perth, 30 September 2020
92
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 37 to 46 of the directors’ report for the
year ended 30 June 2020.
In our opinion, the Remuneration Report of Oklo Resources Limited, for the year ended 30 June 2020,
complies with section 300A of the Corporations Act 2001.
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Responsibilities
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Neil Smith
Director
Perth, 30 September 2020
92
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020 93
ASX ADDITIONAL INFORMATION As at 25 SEPTEMBER 2020 Oklo Resources Limited and its Controlled Entities 2020 Annual Report The Australian Securities Exchange Limited, in respect of listed public companies, requires the following information: 1.Shareholding(a)Distribution of shareholders- fully paid ordinary sharesSize of Holding Number of Shareholders Percentage of Holders Number of Shares Percentage of Shares 1-1,000 shares238 14.7% 75,888 0.0% 1,001 - 5,000 shares 342 21.1% 981,654 0.2% 5,001 – 10,000 shares 191 11.8% 1,546,999 0.3% 10,000 – 100,000 shares 582 35.9% 25,542,942 5.1% 100,001 shares and over 267 16.5% 475,415,663 94.4% Total 1,620 100.0% 503,563,146 100.0% (b)Marketable ParcelsThe number of shareholdings held in less than a marketable parcel is 328 holders with 202,068shares. The required marketable parcel is $500 (1,786 shares).(c)Substantial ShareholdersThe company has received the following details of substantial shareholdings as notifiedpursuant to sections 671B of The Corporations Act.Substantial Shareholder Number of Securities Voting Power Blackrock Group 61,035,703 12.12% Resolute Mining Limited 54,322,752 10.79% Ruffer LLP 48,987,984 9.73% (d)Voting RightsThe Constitution of Oklo Resources Limited provides that every member present or by proxy,attorney or other representative will have one vote for each fully paid share held by thatmember.Options do not carry any voting rights.Page93 94
OKLO RESOURCES LIMITED AND ITS CONTROLLED ENTITIES | ANNUAL REPORT 2020
ASX ADDITIONAL INFORMATION As at 25 SEPTEMBER 2020 Oklo Resources Limited and its Controlled Entities 2020 Annual Report Top Twenty Shareholders of Oklo Resources Limited – Ordinary Shares: Fully Paid Ordinary Shares Percentage of Total (%) HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 157,785,521 31.33 RESOLUTE (TREASURY) PTY LTD 47,988,440 9.53 CITICORP NOMINEES PTY LIMITED 27,395,406 5.44 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 17,690,104 3.51 ACK PTY LTD
Continue reading text version or see original annual report in PDF format above