Extension to Acquire 51% ofHigh-Grade Hansen Uranium Project

Okapi Resources Limited (ASX: OKR, OTCQB: OKPRF) (Okapi or the Company) advises that it has extended the Option Date on the proposed acquisition of the 51% interest in the Hansen Uranium Project in Colorado, USA by 30 days to no later than 2nd July 2022. The extension allows both parties sufficient time to finalise and execute the Definitive Agreement.

The details of the proposed acquisition were announced to the market on the 7th April 2022.

The Hansen Uranium Project is located immediately south of, and adjacent to, Okapi’s 100%-owned Taylor and Boyer Uranium Deposits, and comprises two deposits known as the Hansen Uranium Deposit and the Picnic Tree Uranium Deposit. The Hansen and Picnic Tree Uranium Deposit contains a JORC (2012) Mineral Resource of 22.2 million pounds U3O8 at 610 ppm U3O8 (100% of which is attributable to Okapi via its 51% mineral interest). Upon completion, Okapi’s updated JORC (2012) Mineral Resource for the Tallahassee Uranium Project will be 42.0 million tonnes at 540ppm for 49.8 million pounds of U3O8 representing an 81% increase to the size and an increase of 10% to the grade of Okapi’s existing JORC (2012) Mineral Resource.