Ann: Tlou Energy Quarterly Activities Report, page-12

An investors email hasn’t been shared over in the UK with permission of the company, see below;

“Core-rig due on site in the next week or so, can have some delays getting
through border posts but usually it's not too much hassle.. Danny Horne
(our COO) is onsite co-ordinating everything.

GG still pushing along various avenues in Bots, (although government are
pre-occupied with the recent sacking of the director of intelligence and
the fallout from that) and it's all very positive, with the only unknown
really being when we will get something in writing that we can announce,
but we are extremely confident.

We got an early draft of the market report. The reports focuses on ease of
connectivity into various regional market (outside of Botswana) and which
ones provide the simplest connection etc. Zim, Namibia and SA would be the
easiest and our main focus (after Bots of course!), due to location, power
demand and infrastructure already in place. The report also talks about
wheeling power to potential offtakers (outside of the national utilities)
in these jurisdictions and the requirements that need to be put in place,
transmission licences, wheeling agreements etc. Solomon Rowland was in
Gaborone last week for some meetings including meeting with BPC where
these issues and others such as grant of a generation licence were
discussed. All went well and there is nothing too onerous involved. So all
parts of the development are falling into place.

(FYI, Solomon is officially our Co Sec and Legal Counsel, but is very much
a Commercial Manager and works very closely with Tony in our Brisbane
office.)

The EIA process is also progressing with the inception report complete and
meeting with relevant stakeholders scheduled for this week. This is a key
part as it involves meeting directly with local villages, farmers,
landowners where the project will be located. GG will lead this in
conjunction with Ecosurv, our environmental consultants. Results from
these meetings are then taken into account and thereafter a scoping report
is prepared that identifies and address key issues or concerns leading to
an EIS assessment and an Environment Management Plan put in place for the
project. It's quite an involved project but when managed well it runs
pretty smooth.

So everything is moving along nicely. If only the movement in the SP would
reflect this! In time, I'm sure it will.”