BSE pre-listing statement, page-7

I never, ever disputed that Reserves made Tlou a takeover target. I said ad nauseum that 10MW award and 306m shares did not equate/ align for Revenue and Profitability purposes.

And digging further into your post - those that say an award of any size means they are connected to the grid, leading to unlimited sales of power into the SAPP and blue sky ahead, frankly are idiots.

So, not wishing to pick a punch up with anyone, but the devil will be in the detail. And I don’t have the detail - others may do; others may allude to having some or all of it. Therein lies much of the fun. Regardless, it is Africa and whilst I would love for it to happen quick/soon, I just don’t see it happening that way.

PS change of President in Botswana in progress, so that takes care of a few more months and related inertia.