1Q26 Review; Construction Progressing, Regulatory Momentum Building. Reit OW, $122 PT.

Research evidence excerpt

1Q26 Review; Construction Progressing, Regulatory Momentum Building. Reit OW, $122 PT.

May 12, 2026

broader regulatory shift in favor of non-LWR technologies. Taken together,

we believe these frameworks make Oklo's early assets strategically more

valuable, as they speed the transition into NRC commercial licensing.

Site development and procurement update. For the Aurora-INL, long-lead

procurement work is advancing across major systems, and site preparation

and construction activities are progressing in the field:

●A3F Fuel Facility - early construction activities are complete and final

design deliverables are complete, with the construction contract award

expected as the next major execution milestone.

●Groves Test Reactor - the company completed construction in 229 days

and received the Certificate of Substantial Completion, with the next

execution focus on final installation of reactor equipment and fuel

delivery, as the company remains on pace for July 4, 2026 criticality.

Commercial development continues to expand. Oklo's plans with Meta

(OW, covered by D. Mathivanan) to develop a 1.2 GW advanced nuclear

power campus in Ohio progressed in the quarter, with the submission

of their interconnection applications on April 27, 2026. Moreover, the

company received a Notice of Intent to Award from the Defense Logistics

Agency for an Aurora-derived powerhouse at Eielson Air Force Base in

Alaska. Site characterization is underway, and ground investigations are

expected to begin in Summer 2026.

On the Fuel side, the company's Advanced Fuel Center in Tennessee is

going through site preparation, while the NRC application readiness review

is continuing. Within Isotopes (now known as Oklo Isotopes), the Idaho

Radiochemistry Laboratory received an NRC Material Handling Permit, and