Unlocking tlou’s gas field for sustainable reliable power - investor presentation 2025

Unlocking Tlou's Gas Field for Sustainable Reliable Power Investor Presentation 2025

Southern Africa's Untapped Gas Potential

DISCLAIMER CONTINUED

Past performance information given in these Presentation Materials is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

These Presentation Materials contain forward-looking statements, including in relation to the Company, the Group and the Group's proposed strategy, plans and objectives. Such statements are generally identifiable by the terminology used, such as "may", "will", "could", "should", "would", "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'' or other similar wording. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from any future results, projections, guidance on future earnings and estimates, performance or achievements expressed or implied by such forward-looking statements and such statements should not be relied upon as an indication or guarantee of future performance. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates, and other factors, many of which are beyond the control of the Company. Furthermore, the forward-looking information contained in the Presentation Materials is made as of the date of the Presentation Materials and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The forward-looking information contained in the Presentation Materials is expressly qualified by this cautionary statement.

The Presentation Materials are confidential and being supplied to you solely for your own information and may not be reproduced, further distributed, or the contents otherwise divulged, directly or indirectly, to any other person or published, in whole or in part, for any purpose whatsoever.

Investors are advised that by their nature as visual aids, presentations provide information in a summary form and are not all inclusive or complete. You should conduct your own investigations into the completeness of the information, statements and opinions contained in the Presentation Materials and perform your own analysis to satisfy yourself as to the accuracy of this information. The key information on detailed resource statements can be found in the Company's ASX press releases. Resource statements are provided to comply with ASX guidelines but investors are urged to read supporting information in full on the Company's website.

The gas reserves and resource estimates for the Lesedi CBM Project provided in this presentation (refer to slide titled 'Independent Gas Reserves Certification') were released on 20 February 2018 ("Previous Announcement"). Tlou confirms that it is not aware of any new information or data that materially affects the information included in the Previous Announcement and that all of the material assumptions and technical parameters underpinning the estimates in the Previous Announcement continue to apply and have not materially changed. However, there is no guarantee as to whether future estimates of reserves and/or resources for the Lesedi CBM Project will exceed, or be lower than, the current estimates. The gas reserve and resource estimates are based on and fairly represents, information and supporting documentation and were originally determined by Dr. Bruce Alan McConachie of SRK Consulting (Australasia) Pty Ltd, in accordance with Petroleum Resource Management System guidelines and re-affirmed by Mr Carl D'Silva of SRK. Mr D'Silva is considered to be a qualified person as defined under the ASX Listing Rule 5.42 and has given his consent to the use of the resource figures in the form and context in which they appear in this presentation.

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EXECUTIVE SUMMARY

Tlou Energy is developing one of the largest gas fields in Botswana - the Lesedi CBM field

Project has 2P Reserves of ~41 BCF and 3P Reserves of ~427 BCF

Grid connection to

Botswana Power Corporation (BPC) and effectively the Southern African Power Pool (SAPP) is imminent

Tlou was co-founded by

Tony Gilby, who previously led Sunshine Gas from a listed junior CBM explorer to a takeover for A$1.1bn

BOTSWANA

Tlou is set to start power generation in the coming months - Power purchase Agreement (PPA) in place

Power demand in

Botswana set to grow from 850 MW currently to 1,200 MW by 2030

VISION

" To become a major power producer across Sub-Saharan Africa

Botswana's leading CBM gas-to-power developer Clear revenue path - electricity sales from 2025

10MW Power Purchase Agreement (PPA) signed with Botswana Power Corporation (BPC)

Exclusive Digital Infrastructure Partnership signed with Kala Data

Strong government backing & direct regional grid access

Strategic location in a region with high power demand

Key approvals in place

Near term catalysts

WHAT IS CBM

" …CBM technology has been successfully used worldwide in regions with significant coal reserves.

CBM is the extraction of methane gas from underground coal deposits. Most coal beds are often located close to the surface and contain gas and water.

This water needs to be removed (the dewatering phase) to decrease pressure and allow the gas to flow to the surface.

After the well is put on production, it first produces a lot of water and with time water production starts to fall, and methane production increases. CBM produced can then be gathered and used to generate power.

TLOU'S GAS FIELD

Tlou's project area is prospective for gas.

The Company acquired well, aeromagnetic and seismic data which was used by the Independent Expert SRK Consulting (Australasia) Pty Ltd (SRK) to delineate Gas Reserves and Contingent Resources.

A summary of current reserves and resources in billion cubic feet (BCF) is outlined below*. Please refer to public market announcements and the Reserves Statement in the Company's last annual report for full details.

The gas in the ground if extracted commercially could produce power for decades.

* See 'Independent Gas Reserves Certification' slides ** MMboe figures based on 1 MMboe : 6 BCF

INDEPENDENT GAS RESERVES CERTIFICATION(1)

0.35 BCF (1P)

40.8 BCF (2P)

426.6 BCF (3P)

Gas Resource numbers have been rounded to the nearest tenth for amounts less than 100 BCF, otherwise to the nearest whole number. Refer to Competent Persons Statement in the disclaimer slide of this presentation.

• 1) Tlou's Gas Reserves have not been adjusted for fuel or shrinkage and have been calculated at the wellhead (which is the reference point for the purposes of Listing Rule 5.26.5).

• 2) Contingent Gas Resources are (100%) Unrisked Gross and are derived from the SRK certification at 31 March 2015 for all coal seams (as announced on 9 April 2015) with adjustment for the gas volumes which have been certified by SRK in the Gas Reserves category (as announced on 20 February 2018).

3) The Gas Reserves and Contingent Gas Resources for all coal seams in PL001/2004 and ML 2017/18L shown in the table above includes the numbers for the Lower Morupule coal seam which are shown in the first row of the table.

4) The most recent Reserves assessment by SRK did not include a review and assessment of additional Contingent Resources in the Lesedi Project Area or Contingent Resources in the Mamba Project area.

TLOU'S LESEDI POWER PROJECT

Lesedi is at the forefront of

Botswana's gas to power sector, with an initial 10MW target

Acreage under licence spans over 8,000 km2

Production (Mining) Licence valid to 2042

Electrical grid access onsite and expansion plans under consideration

All key approvals in place

Rapid expansion planned post 10MW development as part of a 100MW Government sanctioned gas to power project

LESEDI POWER PROJECT

… a new era for Tlou leading to a huge regional power market

AEROMAGNETIC MAP AND SEISMIC COVERAGE