2 Apr 2025investor presentation● Neutral
Investor presentation dated 2 April 2025. Only the disclaimer text was provided, so no figures or new information can be reported.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2025price query● Neutral
Answering an ASX query about the share price moving from A$0.008 to A$0.041 on higher volume, Tlou says it knows of no undisclosed information. It points to low trading volumes and possible earlier selling after the AIM exit having run its course.
13 Mar 2025director officer appointment● NeutralMajor
Dr Ian Campbell, whose ILC Investments is the largest shareholder and lender, becomes Non-Executive Chairman, replacing Martin McIver, who stays as a director. Allan Sullivan joins the board. Company Secretary Solomon Rowland resigned; Colm Cloonan takes over the role.
11 Mar 2025farm in farm out agreement▲ GoodMajor
Binding agreement with Kala Data (the earlier unnamed developer) for a data centre at Lesedi. Kala funds wells and equipment via an interest-free loan; Tlou gets 25% of profits until repaid, then 50/50. Kala has five-year exclusivity. The 10MW BPC project is unchanged.
10 Mar 2025half year report▼ Bad
Half-year accounts to 31 Dec 2024 show a loss of A$3.77m (A$1.82m a year earlier). No revenue yet. Lesedi PL035/037 renewals were lodged in Dec 2024 (expiry Mar 2025); focus remains dewatering and coal fines at two pods. Text is truncated, so little else is available.
5 Feb 2025material agreement▲ GoodMajor
Signed a non-binding Heads of Agreement with an unnamed data centre developer to build a computing facility at Lesedi, powered by Tlou gas. A proof-of-concept using Lesedi 4 gas worked; the developer would fund more wells, but no binding deal or funding is yet secured.
30 Jan 2025quarterly activities report● Neutral
December quarter: substation over 90% complete with commissioning now in Q1 2025; the 100km line is complete bar minor works. Dewatering is improving flow consistency. Next drilling is planned for 1H25 subject to funding, and power generation is planned for later in 2025.
30 Jan 2025quarterly activities report▼ Bad
Appendix 5B for December 2024 quarter: cash fell to A$499k from A$944k. Operating outflow A$596k, investing outflow A$1.292m, financing inflow A$1.414m. ILC BC facility is now A$5m with A$1.9m drawn; the report shows about 1.9 quarters of funding.
26 Nov 2024investor presentation● Neutral
Managing Director's AGM presentation, dated 22 November. Only the disclaimer text was provided, so no figures or new information can be reported.
26 Nov 2024other● Neutral
Chairman's AGM address repeats known progress: 100km line virtually complete, substation over 90% done, generator talks with 6-8 week lead time, and work to stabilise Lesedi 4 gas. Expects grid connection and first power sales in the next 12 months. No new facts.
26 Nov 2024agm notice● Neutral
All four AGM resolutions passed on a poll, including the AIM cancellation special resolution, which got about 98.5% of votes cast in favour against the 75% needed. Remuneration report carried with no strike.
26 Nov 2024other● NeutralMajor
Shareholders approved the AIM delisting. The last AIM trading day is expected to be 30 Dec 2024, with cancellation at 7am UK time on 31 Dec. ASX remains the primary trading venue, with the BSE listing continuing. Chairman's address repeated.
26 Nov 2024agm notice● Neutral
Proxy vote summary for the 2024 AGM. The remuneration report, director re-election, 10% placement capacity and AIM cancellation each drew heavy support. Administrative result only.
25 Nov 2024admin correction● Neutral
Cover note saying the 22 November substation announcement has been re-issued with the disclosures required by ASX Listing Rules 5.26.3 and 5.43.2. No new substance.
25 Nov 2024admin correction● Neutral
Re-release of the 22 Nov substation update with added ASX reserves disclosure; it adds a 1P reserve of 0.35 BCF alongside 2P 40.8 BCF and 3P 426.6 BCF. Otherwise the project status is unchanged.
22 Nov 2024production update● Neutral
The 5MVA transformer arrived at Lesedi on 20 Nov and the substation is over 90% complete, with completion expected before year end. Gas flow still surges because of coal fines; first power remains mid-2025, subject to funding and generator agreement.
5 Nov 2024material agreement● NeutralMajor
Discloses that the Feb 2024 A$1m ILC BC loan (A$480k drawn, 10%) was a related-party deal that should have been announced under AIM rules but was missed. The facility has now been extended to A$5m on the same terms; directors call it fair.
30 Oct 2024quarterly activities report▼ Bad
Appendix 5B for September 2024 quarter: cash fell to A$944k from A$2.517m. Operating outflow A$833k, investing outflow A$1.74m, financing inflow A$991k (the A$996k placement). The ILC BC facility is A$480k drawn of A$1m; the report shows about 0.6 quarters of funding.
30 Oct 2024quarterly activities report▼ BadMajor
September quarter: substation ~85% done, but gas flow from Lesedi 4 and 6 fluctuates because coal fines jam pumps. First power now expected mid-2025, up to a year later than earlier guidance of 'later this year'. Dr Ian Campbell indicated willingness to provide funding.
28 Oct 2024other● NeutralMajor
Proposes cancelling the AIM listing (admitted 2015), subject to a 75% shareholder vote at the 26 November AGM; effective date 31 December 2024. Reasons given: weak UK support for explorers and high costs. ASX and BSE listings remain, with a free swap into ASX shares.
1 Oct 2024agm notice● Neutral
Announces the 2024 AGM for 26 November 2024 in Brisbane, with director nominations closing 8 October. Administrative notice only.
26 Sept 2024annual report● Neutral
Annual report for year to 30 June 2024. The chairman cites the 100km line, a substation over 75% complete and first power sales coming within reach. Only the front section was provided, so financial results are not shown here.
23 Aug 2024capital raising announcement● NeutralMajor
Raised A$995,787 by placing 28.45m shares at A$0.035, from directors, family and sophisticated investors. 12.25m director shares need shareholder approval at a meeting around 25 September. Gilby, Swire and Cloonan are subscribing. Funds go to Lesedi.
What it means for a shareholder
28.4m new shares at A$0.035 to raise about A$995,787. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00454% of the company. To keep it you'd need 1,354 more shares - about A$47 at the issue price.
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31 July 2024debt financing● NeutralMajor
Signed a non-binding term sheet with a Botswana investment firm for a BWP76.5m (~A$8.5m) mezzanine loan: five years, 15% coupon, interest may be capitalised for 24 months. It would fund generators and the substation, but is subject to due diligence and approvals.
26 July 2024quarterly activities report● Neutral
June quarter: Lesedi substation ~64% complete, due September 2024; Lesedi 6 flowing and Lesedi 4 cleaned of coal fines and back in production after quarter end. Generator delivery is being arranged and first power is targeted later in 2024. Further drilling awaits funding.
26 July 2024quarterly activities report▼ Bad
Appendix 5B for June 2024 quarter: cash fell to A$2.517m from A$5.976m. Operating outflow A$1.12m, investing outflow A$2.915m, financing inflow A$545k. Related-party payments A$340k. ILC BC facility remains A$480k drawn of A$1m.
29 Apr 2024capital raising announcement● NeutralMajor
A second shortfall placement raised A$560,000 (16m shares at A$0.035), taking the total entitlement offer to about A$7.9m. The company will place no further shortfall, leaving 153.5m shares unplaced. Shares on issue rise to 1,270,133,251.
What it means for a shareholder
16.0m new shares at A$0.035 to raise about A$560,000. That's 2.6% dilution: every existing holder's slice gets 2.6% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00464% of the company. To keep it you'd need 762 more shares - about A$27 at the issue price.
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26 Apr 2024quarterly activities report▲ Good
Appendix 5B for March 2024 quarter: cash rose to A$5.98m from A$730k. Financing inflow A$7.9m, investing outflow A$2.16m, operating outflow A$454k. A new A$1m ILC BC loan facility is A$480k drawn. Related-party payments A$120k.
26 Apr 2024quarterly activities report▲ Good
March quarter: the 66kV line is complete, Lesedi substation is ~50% done (up from ~38%), gas gathering lines started, and Lesedi 4 and 6 keep flowing. Cash rose to ~A$5.98m after the shortfall placement; a drilling rig is secured. Energisation is expected later this year.
26 Mar 2024capital raising announcement▲ GoodMajor
Placed 177.6m shortfall shares at A$0.035 for about A$6.2m. Botswana Public Officers Pension Fund took 161.3m (BWP50m) and now holds 16.63%. Another 169.5m shares can be placed before 30 April 2024. Funds go toward first power at Lesedi.