OKR comments + chat

Spoke with Leonard Math who is a Executive Director and Company Secretary at OKR, thought I would pass on my notes which are "in my opinion" and as always DYOR.

Flagship Project - Tallahassee Uranium 49.8mlb @ 540ppm: Already have a lot of drill logs and a significant resource so progression towards a scoping study would be a logical step. This is IMO significant as for example, AGE, have a similar resource/grade to OKR and a "scoping study underway" and recently reached $350m MC. PEN with similar resource/grade, allbeit further advanced, was valued at around $4/lb compared to OKR which is currently 40c/lb.

Doing some research on our JV partner, Western Uranium, they have other near term production projects in Colorado and Utah which would be taking up most of their time, effort and money - hypothetically if OKR could aquire the other 49% then our total resource would be 90mlb which is bigger than most projects out there with many multiples of our MC (LOT PEN AGE BOE AEE).

Athabasca Project Canada: Winter program of drilling (Jan - March 2023) however they also have a Summer field program (now) with testing and rock chip samples etc so there should be news flow on that in Q3/Q4 2022 before drilling early next year.

Rattler Project USA: OKR already have drill permits so could start drilling once they have a drill rig secured so IMO more newsflow expected from that project in Q3/Q4 2022. Expect high grade hits as historic production is 5.3mlb @ 1,300ppm!

Gold project: OKR are Uranium focused but results were too good to ignore, the recommendation was to do a few more drill holes and if the results are good again, they have some good options around spinning out the project (OKR holders get free shares in new company) or a straight sale of the project. IMO this is not priced into current MC

Summary: In my opinion OKR is significantly undervalued and I can easily see $100m+ MC in the near term if the global macro picture improves, that's approx 4-5x. Yes they will need to raise cash at some point but that can sometimes just release the brakes. I hope they can wait a few months to see if sentiment imporves before raising money.

HAGW