Tlou Achieves First Gas Revenue, Q1 2026

24 April 2026

("Tlou" or "the Company") Quarterly Activities Report for the quarter ended 31 March 2026 Highlights

First monetisation of Lesedi gas achieved, marking a major milestone Data Centre commissioned and operational, generating initial revenue from CBM gas Integrated gas-to-power strategy validated through successful operations Advancement of solar and hybrid energy strategy Funding initiatives progressing, with expanded loan facility in place The March 2026 quarter represents a pivotal period for Tlou, with the Company achieving its first revenue milestone while continuing to advance its broader energy development strategy. Lesedi Project - Botswana The Lesedi Project remains the Company's core development asset, integrating gas production, power generation, and digital infrastructure. Data Centre & Power Generation During the quarter, Tlou achieved a major milestone with the commissioning of the Kala Data Centre, which is now operational and generating initial revenues at a proof-of-concept scale. The project remains at an early-stage and revenue generation is currently limited while operations are optimised and scaled.

• Gas from the Lesedi 4 production well is now supplying power to generators
• Generators have been successfully connected to the gas gathering system

• The Data Centre has commenced computational operations
  This achievement represents:

• The first commercial utilisation of Tlou's CBM gas in Botswana

• Validation of the Company's end-to-end gas-to-power strategy

• A platform for future scaling of production and revenues
  While operations are currently at a modest level, this marks a transition from pre-revenue to initial revenue generation, an important inflection point for the Company. This milestone demonstrates the Company's ability to monetise its gas resources and represents a key step toward scalable energy and infrastructure development.

210 Alice Street, Victoria House, 132 Independence Avenue, ASX:TOU | BSE:TLOU

Brisbane, www.tlouenergy.com Tel: +267 316 0857 Gaborone QLD 4000 contact@tlouenergy.com PO Box 4023, Gaborone Australia Botswana

Gas Production and Field Development Production testing and dewatering activities continued at the Lesedi 4 and Lesedi 6 wells.

• Both wells continue to produce gas and water
• Focus remains on reducing water levels to enhance gas flow rates

• Independent technical review completed to assess optimisation strategies
  Potential development initiatives under evaluation include:

• Alternative well designs

• Targeting additional coal seams

• Well stimulation techniques

• Additional drilling to support future expansion
  The Company continues to recognise that sustainable commercial gas flow rates remain a key technical milestone. Substation and Grid Connection

• Substation construction remains approximately 90% complete

• Completion has been deferred pending funding availability

• Grid connection is a key near-term priority
  Once completed, the substation is expected to:

• Enable grid-based electricity sales

• Support both gas and solar power integration
  Solar and Hybrid Power Strategy The Company continues to advance its hybrid gas-solar strategy, aimed at delivering reliable, 24-hour power. Key developments:

• Tlou assessing initial 5MW solar project, expandable to ~20MW

• Battery Energy Storage Systems (BESS) and compressed natural gas (CNG) storage being evaluated

• The Company's data centre partner has indicated interest in installing 1MW of solar PV
  This hybrid approach could:

• Provide baseload-style power generation

• Differentiate Tlou's offering from standalone renewable projects

• Enhance long-term commercial viability
  No binding agreements are yet in place, and these initiatives remain subject to funding and approvals.

Project Funding and Corporate Funding Progress

• Loan facility increased to A$10 million, with A$5.6 million drawn to date
• A$4.4 million remains available under existing facilities

• Ongoing discussions with potential funding partners
  The Company continues to:

• Evaluate debt, equity, and strategic funding options

• Prioritise funding to support substation completion and gas development
  The Company remains dependent on securing additional funding to progress toward full commercialisation. Management continues to actively engage with funding counterparties and strategic partners and maintain the cash position carefully while progressing funding initiatives. Financial Summary On 31 March 2026, the Company held approximately A$117,000 in cash (unaudited). Payments to related parties and their associates during the quarter amounted to A$97,000, as disclosed in the Appendix 5B. These payments relate to directors' salaries, fees, and associated statutory payments including tax and superannuation.

The Appendix 5B cash flow report for the quarter ended 31 March 2026 accompanies this announcement.

Metric March 2026 Quarter Cash at end of quarter Net operating cash flow Investing cash flow Financing cash flow (A$267k) (A$501k) A$117k A$565k Available funding A$4.51m

Outlook Following the successful commissioning of the Data Centre, Tlou enters a new phase focused on operational scaling. The timing and scale of future revenues remain dependent on technical performance, acquiring further funding and infrastructure completion. Near-Term Priorities

• Optimise data centre and power generation performance
• Secure additional funding to support the Company
• Increase gas production capacity
• Complete substation and grid connection

• Advance solar project and hybrid energy strategy
  The Company believes that:

• The commissioning milestone provides strong validation of its strategy

• The project now has a clear pathway toward scalable revenue generation

• Execution of near-term priorities could materially enhance shareholder value
  However, progress remains subject to:

• Securing required funding

• Achieving sustainable gas flow rates

• Signing Power Purchase Agreements

• Completing infrastructure and regulatory steps
  **** By Authority of the Board of Directors Mr. Colm Cloonan Interim Managing Director For further information regarding this announcement please contact:

Forward-Looking Statements This announcement may contain certain forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Save as required by any applicable law or regulation, Tlou Energy Limited undertakes no obligation to update any forward-looking statements.

Colm Cloonan, Interim Managing Director Wedu Mbayi, Company Secretary +267 316 0857

Rule 5.5

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

ASX Listing Rules Appendix 5B (17/07/20) Page 1

months) $A'000 1.9 Net cash from / (used in) operating (1,882) (267) $A'000 79 136 739 967 31 March 2026 1. Cash flows from operating activities 2. Cash flows from investing activities Name of entity ABN Quarter ended ("current quarter") 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 2.1 (a) entities (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets Payments to acquire or for: (1,755) (136) (443) (131) (891) (548) (460) (41) (84) (c) production 1.6 Income taxes paid (b) tenements activities

ASX Listing Rules Appendix 5B (17/07/20) Page 2

months) $A'000 4. Net increase / (decrease) in cash and Transaction costs related to issues of equity Proceeds from issues of equity securities 3.2 Proceeds from issue of convertible debt 3.7 Transaction costs related to loans and 4.2 Net cash from / (used in) operating 4.3 Net cash from / (used in) investing activities (1,882) (1,839) (267) (501) 3.4 3.1 4.1 Cash and cash equivalents at beginning of 4.4 Net cash from / (used in) financing activities 3,633 3.10 Net cash from / (used in) financing 3,633 2.6 Net cash from / (used in) investing (1,839) (501) $A'000 3. Cash flows from financing activities cash equivalents for the period 2.2 (a) entities (b) tenements (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (Refunds of exploration VAT) (excluding convertible debt securities) securities 3.3 Proceeds from exercise of options securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings borrowings 3.9 Other (provide details if material) activities (item 1.9 above) (item 2.6 above) Proceeds from the disposal of: 3,649 (16) (5) (c) property, plant and equipment 3.8 Dividends paid period (item 3.10 above) activities activities

1. Reconciliation of cash and cash Previous quarter ASX Listing Rules Appendix 5B (17/07/20) Page 3 equivalents $A'000 $A'000

at the end of the quarter (as shown in the months) $A'000 6. Payments to related parties of the entity and their 4.5 Effect of movement in exchange rates on consolidated statement of cash flows) to the 6.1 Aggregate amount of payments to related parties and their 6.2 Aggregate amount of payments to related parties and their (3) (5) 4.6 Cash and cash equivalents at end of Cash and cash equivalents at end of 5.5 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an $A'000 associates $A'000 related items in the accounts cash held 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts associates included in item 1 associates included in item 2 5.4 Other (provide details) period quarter (should equal item 4.6 above) explanation for, such payments.

ILC BC Pty Ltd (the "Financier") has provided an unsecured loan facility that enables Tlou Energy Limited (the "Borrower") to seek advances from time to time from the Financier up to a maximum amount of A$5 million or such higher amount as the Financier might in future Financing facilities 7. Amount drawn at Total facility ASX Listing Rules Appendix 5B (17/07/20) Page 4 Include in the box below a description of each facility above, including the lender, interest agree in writing. Interest is charged at 10% per annum on amounts drawn down. The loan is 8.7 amount at quarter quarter end Note: the term "facility' includes all forms of financing 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further rate, maturity date and whether it is secured or unsecured. If any additional financing repayable 10 Business Days after the Financier requests payment of all outstanding arrangements available to the entity. $A'000 end Answer: 8.2 (Payments for exploration & evaluation classified as investing 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash to fund its operations and, if so, what are those steps and how likely does it facilities have been entered into or are proposed to be entered into after quarter end, amounts from the Borrower or when the Borrower elects to repay the Financier all Answer: Estimated quarters of funding available (item 8.6 divided by Add notes as necessary for an understanding of the Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". $A'000 6.2 8. Estimated cash available for future operating activities $A'000 sources of finance available to the entity. activities) (item 2.1(d)) 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 7.5 8.1 Net cash from / (used in) operating activities (item 1.9) 8.4 Cash and cash equivalents at quarter end (item 4.6) 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: cash flows for the time being and, if not, why not? believe that they will be successful? 10,000 10,000 5,607 5,607 4,393 4,393 4,510 include a note providing details of those facilities as well. outstanding amounts. 8.3 Total relevant outgoings (item 8.1 + item 8.2) Total financing facilities Unused financing facilities available at quarter end Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. item 8.3)

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed.

Date: .....24/04/2026...............................................................

Authorised by: ....By the Board.............................................................

(Name of body or officer authorising release - see note 4) Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
   entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
   in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
   depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board".
   If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
   complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) Page 5

Answer: 8.8.3 Does the entity expect to be able to continue its operations and to meet its business

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. objectives and, if so, on what basis?