TIVAN LIMITED — AGM Information 2011

Nov 27, 2011

AGM Presentation 28 November 2011

Managing Director – Paul Burton

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ASX Code: TNG
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Disclaimer

Forward-Looking Statements

This presentation has been prepared by TNG Ltd. This document contains background information about TNG Ltd current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of TNG Ltd shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requ remen s app i t li ca bl e n suc i h j ur s i di c ti on. ec p en s s R i i t h ou ld i n orm emse ves o f th l f th e restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, TNG Ltd, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy and a Director of TNG Limited. Paul Burton has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Paul Burton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Jeremy Peters who is a Member of The Australasian Institute of Mining and Metallurgy and a f u ll t me emp oyee o i l f S now d en Mi n ng n i I d ustry onsu tants ty t C l P L d . eremy eters as su J P h ffi c ent i experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jeremy Peters consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mr Damian Connelly, MAAusIMM, Chartered Processional (MET), tMMICA, MSME, MSAIMM was responsible for the preparation of the metallurgical test work results reported herein. Mr Connelly has sufficient experience to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of the Exploration Results, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which is appears.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of TNG Ltd. Actual values, results or events may be materially different to those expressed or implied in this presentation.

Excellent progress and results in 2011:

� Mount Peake scoping study

• MOU with major Chinese group

� TIVAN Metallurgical process advanced � Capital Raising for Pilot Plant/Feasibility

• FeV scoping study

� TIVAN - International Patent Application � Resource drilling and New targets identified � LOI signed with major Chinese Group ECE � Resource upgrade

• $13.4M Investment agreement finalised

• Mount Peake PFS Results

February February March March April May June August October November November

Rapid progress since discovery of Mount Peake in 2008

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Mount Peake

• �100% owned Leases

• �Close to key infrastructure

• � Huge Upside potential

KEY INTERIM PRE-FEASIBILITY STUDY OUTCOMES*

• Life of mine revenues of $10.4B

• Pre-tax IRR of 25.7%

� Total pre-production capital cost estimate of A $476M � Pre-tax Nett annual cash flow of $151.3M � Initial 17.2-year mine life

� 2.5Mtpa operation expanding to 5Mtpa � TIVAN[TM] Process remains cheaper than standard process.

• Internationally recognized consultants used

• Detail and competent person statement in appendix

THE TNG/METS ADVANTAGE TIVAN[TM] Process

• Hydrometallurgy - successfully extracts

• vanadium, titanium and iron

• �High recoveries and purities

• �acid leachin and solvent extraction g

• �Cheaper OPEX and CAPEX

Forecast vanadium prices, 2003 to 2015

Source: Roskill

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Titanium: Comparison of world sponge production with forecast to 2015

Source: Roskill

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Value – adding Potential Ferro-Vanadium Scoping study Key Outcomes*:

• �Processing rate (life-of-mine):

• �Total FeV metal production:

2 Mt/annum 105k tonnes

• �Capital Estimate:

$43.8M

• �Additional otential Annual Nett Revenue p

$78M/annum

• Detail and competent person statement in appendix

ON TRACK TO BUILDING A WORLD CLASS FERROUS METALS BUSINESS

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Future Plans:

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ON TRACK TO BUILDING A WORLD CLASS
FERROUS METALS BUSINESS
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Next Stage:

• Key Consultants to progress Mount Peake:

• Appointment Key Project staff

• Completion of major Investment

Major Investment transaction benefits:

• $13.4 million investment

• Future development of Mount Peake

• Potential access to Chinese finance,

EPCM and final product end-users

• Strategic partnership other projects

Corporate Snapshot

Shares on Issue

285m

POST TRANSACTION 387m

Cash

Investments Receivables $2.51m

Major Shareholders WWB Investments

9.07%

CBH

3.26% 4.98%

JP Morgan

$14.5m - Ao Zhong (ECE) 15.1% Aosu 14.9%

ASX Code:

TNG

Top 20 Shareholders hold 35.9% of Issued Capital

TNG SUMMARY

� 100% of Mount Peake project � Robust project, competitive OPEX and CAPEX � Experienced team delivering on project � TIVAN process = additional business opportunity � Outlook for strategic metals prices strong � Huge upside to resource potential � 100% owned prospective ground for Copper acquired � JV for Gold, Nickel, Zinc, Lead with leading companies � TNG well funded = platform for growth in 2012

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ON TRACK TO BUILDING A WORLD CLASS
FERROUS METALS BUSINESS
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We thank our Shareholders for their continued support ASX:TNG

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Appendix:

• Exploration Targets :

The potential quantity and grade in any reference to exploration targets and resource potential is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resources

• Pre-Feasibility Study

Reference to the PFS is to the ASX announcement on 23[rd] November has been prepared based on the Company’s presently delineated mineral resource estimate and any investment decision should be considered based on this information .

•Key assumptions of PFS include:

Operating costs and pit slope angles related to mining estimated to a Pre-Feasibility Study level (±25%) V2O5 price of US$20,305/tonne (>80% grade)

TiO 2 price of US$400/tonne (> 67% grade)

Fe O 2 3 price of US$200/tonne (>66% grade) Royalty rate of 2.5% per tonne of plant feed Discount rate of 8%

A$/US$ exchange rate of 0.85 US$ = 1A$

• Nett annual Cash Flow

is defined as the average discounted cash flow per annum after all CAPEX (pre-strip CAPEX, initial CAPEX, and expansion CAPEX) has been deducted, but ignores cost or source of capital, hedging, tax, depreciation, rehabilitation and salvage.