Oklo Inc. (OKLO): LOI with Centrus advances fuel visibility but further sourcing still required to support buildout

Research evidence excerpt

Oklo Inc. (OKLO): LOI with Centrus advances fuel visibility but further sourcing still required to support buildout

Equity Research

18 June 2026 | 1:56PM EDT

Oklo Inc. (OKLO): LOI with Centrus advances fuel visibility but further

sourcing still required to support buildout

OKLO announced today (here) that it signed a Letter of Intent with Centrus (LEU, Not Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

Covered) to secure nuclear fuel for its planned Aurora powerhouse deployments in Goldman Sachs & Co. LLC

southern Ohio. According to the company, the LOI outlines supply of domestic Tyler Bisset, CFA

HALEU sufficient to power up to five Aurora powerhouses over multiple years, with +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

deliveries expected to begin in 2029. While non-binding and subject to a future Keshav Choudhary

definitive agreement, the LOI may include a prepayment mechanism from OKLO to +1(332)245-7971keshav.choudhary@gs.com|

support fuel supply. In aggregate, we view this agreement as a positive step toward Goldman Sachs India SPL

addressing fuel availability one of the key constraints for advanced reactor

deployment and supporting broader SMR commercialization. We provide additional

takeaways within.

n Overview. The LOI with Centrus is intended to support OKLO’s planned ~1.2 GW

clean energy campus in Pike County, Ohio, with HALEU to be supplied from

Centrus’ American Centrifuge Plant. The agreement covers fuel requirements for

up to five Aurora powerhouses over multiple years, representing one of the first

large-scale commercial HALEU supply arrangements in the U.S. The structure

may include prepayments from OKLO to secure fuel supply, similar to prior

arrangements with customers to advance project certainty.

n Next steps.