TIVAN LIMITED — AGM Information 2016

Nov 28, 2016

ASX: TNG

Mount Peake Vanadium Project:

• A world-class strategic metals project

• A$4.9 billion NPV, 41% IRR (2015 DFS)

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• Binding off-take agreements in place

• Financing discussions underway

Paul Burton, Managing Director

2016 ANNUAL GENERAL MEETING Company Update

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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 requirements applicable in such jurisdiction. Recipients should inform themselves of the 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. 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.

COMPETENT PERSON’S STATEMENTS

• The information in this report that relates to the Mount Peake Mineral Resource estimates is extracted from an ASX Announcement dated 26 March 2013, (see ASX Announcement – 26 March 2013, “Additional Information on the Mount Peake Resource”, www.tngltd.com.au and www.asx.com.au ), and was completed in accordance with the guidelines of the JORC Code (2012). Initial mining and financial assessment work, based on the Mineral Resource, followed (see ASX Announcement – 15 July 2013, “TNG Considers Two-Stage Development Option for Mount Peake Project, NT ”, www.tngltd.com.au and www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

• The information in this report that relates to the Mount Peake Ore Reserve estimates is extracted from an ASX Announcement dated 31 July 2015, (see ASX Announcement – 31 July 2015, “Mount Peake Feasibility Study Confirms a WorldClass Project”, www.tngltd.com.au and www.asc.com.au) and was completed in accordance with the guidelines of the JORC Code (2012). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

• The information in this report that relates to Exploration Results for Mount Peake and Mt Hardy projects are based on information compiled by Exploration Manager Mr Kim Grey B.Sc. and M. Econ. Geol. Mr Grey is also a member of the Australian Institute of Geoscientists and a full time employee of TNG Limited. Mr Grey 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grey consents to the inclusion in the report of the matters based on his information in the form and context in which it appear.

PRODUCTION TARGETS AND FINANCIAL INFORMATION

• Information in relation to the Mount Peake Definitive Feasibility, including production targets and financial information, included in this report is extracted from an ASX Announcement dated 31 July 2015, (see ASX Announcement – 31 July 2015, “Mount Peake Feasibility Study Confirms a World-Class Project”, www.tngltd.com.au and www.asx.com.au). The Company confirms that all material assumptions underpinning the production target and financial information set out in the announcement released on 31 July 2015 continue to apply and have not materially changed.

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TNG Limited: Building a Mega-Project, Managing Directors comment

• In the current global equities and resource sector, the total build cost of a project is not the TNG: Share price vs. S&P/ASX 300 Metal and Mining Index primary determinant on a projects implementation; cost of capital has never been better.

• Rising to ever increasing prominence on determining a projects future are Life of Mine Operating Costs and Innovation , to make operations more efficient, cleaner and cheaper for. These are the features investors should be looking for in Mega-Projects.

• TNGs approach during 2016 and that of its consultants have been aimed at ensuring TNG’s Mount Peake mine and downstream TIVAN refinery have the lowest possible operating costs with the maximum efficiency.

• I believe we have achieved this with the dedication, expertise and innovation of our core development partners and consultants since our DFS.

• Our TIVAN refinery operating costs estimate that TNG will likely be the lowest cost globally for the production of our key commodities V205, Tio2, Fe203, and our mine will be a low cost “smart mine” with new technology, green power and innovative design.

• This presentation at todays AGM outlines what we have achieved and our expectations for the year to come.

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TNG Limited: Corporate Structure

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TNG Limited
Todd River TIVAN
Enigma
Resources Limited Mining Limited Technology Pty Ltd
Todd River Mount Peake
Tivan Process
Metals Pty Ltd Mine
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TNG Limited: Corporate Overview

Key Corporate and Financial Data
ASX code:	TNG
Market capitalisation (at 15.5c):	$116M
Shares on issue:	752M
Cash (at 30 Sept 2016):	$4.7M
Auditors: KPMG
Lawyers: Clifford Chance

Board of Directors
Paul Burton	Managing Director
Stuart Crow	Non-executive Director
Rex Turkington	Non-executive Director

Major Shareholders
WWB Investments P/L	10.64%
Aosu Investment & Development Co	7.49%
Ao-Zhong International Mineral Resources	4.99%
SMS Investments SA	1.86%
(Directors and their related companies hold approximately 4% of issued capital)
12-month share price– as at 25 Nov 2016

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TNG Limited: Key ASX Announcements

16/11/2016 TNG si ns MOU with lobal rou Wo en for Titanium Products g g g p g ~~TNG: Share price vs. S&P/ASX 300 Metal and Mining Index~~

09/11/2016 Traditional owner a rovals received for Mount Peake pp

10/10/2016 TNG roduces Electrol te for Vanadium Redox Batteries p y

20/09/2016 TNG a oints Gresham for Mount Peake fundin pp g

01/08/2016 TIVAN™ optimisation identifies OPEX saving of up to $50m p.a.

25/07/2016 TNG to demer e and IPO base metal assets g

21/07/2016 TNG si ns a reement with Global Titanium rou g g g p

05/07/2016 Mount Peake mine development aquifer drilling commences

01/07/2016 Davis Samuel ud ement – a eals dismissed j g pp

30/06/2016 TNG ex ands base metal ortfolio in NT p p

20/06/2016 SMS rou takes stake in TNG g p

05/05/2016 SMS to artner with TNG for TIVAN™ commercial develo ment p p

23/03/2016 TNG si ns Bindin Term Sheet for Iron Off-take g g

23/02/2016 TNG si ns develo ment MOU with Downer g p

11/02/2016 Mount Peake mine EIS released for ublic comment p

02/02/2016 TNG executes Bindin A reement for TIVAN™ with SMS rou g g g p

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TNG Limited: Significant Milestones

• TNG: Share price vs. S&P/ASX 300 Metal and Mining Index

• EIS submitted; supplemental work nearing completion

• Mining agreement with Traditional Owners submitted

Mount Peake

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• Darwin Land site agreed with NT Government

• Gresham appointed as Financial Advisor

• Downer appointed for mine, infrastructure development and construction

• SMS appointed as Engineering group for TIVAN™ design and construction

• Major Optimisation for TIVAN™ complete

• Optimisation for Beneficiation at mine site complete

• Todd River Resources demerger approved

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TNG Limited: Share Price

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PROJECT DEVELOPMENT

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TNG: Developing a Global Network for Funding, Development and Off-take

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Binding MoU for refinery construction – SMS Group (Germany)
MOU Potential Partner – Hyundai Steel (Korea) MOU EPMC – POSCO E&C (Korea)
Binding vanadium off-take agreement with WOOJIN (Korea)
Paul Vollant, TNG’s General Manager, Business Development (Shanghai)
MoU for TiO2 off-take with WOGEN (Hong Kong)
Binding term sheet for iron off-take with Gunvor (Singapore)
MOUNT PEAKE
Project
TNG HEAD OFFICE
PERTH
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Mount Peake: Project Development Agreements

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• Binding agreement for engineering, design and construction of the TIVAN™ refinery in Darwin

• MOU for joint commercial exploitation of TIVAN™ technology

• Assisting TNG to obtain funding for refinery construction through Export Credit Agencies or other structured finance

Project development agreements

• SMS is one of the most significant writers of new business for Germany’s Export Credit Agencies, which provide finance on competitive terms to new projects or industries which could benefit German industry

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• Pre-Mine development, operations and investment agreement for total project delivery

• Downer is a leading service provider in markets including mining, minerals and metals processing, transport services, technology and communication services, utilities services, engineering, construction and maintenance (EC&M) and rail, employing around 20,000 people worldwide

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Mount Peake: Mine Site Layout, Agreements, Permitting Advanced

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Mount Peake: Concept Mine Layout

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Mount Peake: Mine Site Flowchart – Concentrate production

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SMS group: A Powerful Development and Technology Partner

► SMS group

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• Leading global supplier of metallurgical plants

• US$5 billion per annum turnover

• 13,000 employees

• 150 years old

• Family-owned

• One of Germany’s leading users of ECA finance

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technical services
plant and equipment supply
plant engineering financial engineering
process development project development
SMS value chain
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TIVAN™: 3-Product Efficiency

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3 Mtpa
Titanomagnetite TIVAN TIVAN
Ore Process Tailings
0.9 Mtpa
150 ktpa
11 ktpa
Beneficiation
Plant
Synthetic TiO2
500 ktpa Rutile Pigment Plant Pigment
V2O5 FeV
Mine
Ferrovanadium Plant
Tailings
Fe2O3 Pig Iron
Iron Making Plant
or HBI
Feedstock Products Refined Products
Mine Site
Processing Plant Site
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Mount Peake: TIVAN™ Refinery Location Site – Darwin

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TIVAN™: Darwin Processing Plant

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Pigment Plant
Project Phase I
TIVAN
Reduction Plant
Iron Making Plant
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Project Phase II
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TIVAN™: Darwin Processing Plant

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Vanadium Acid Hematite Ferric Leach
Precipitation Regeneration Precipitation
Autoclave
Leach
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Mount Peake: Mega-Project Development Pathway

TIVAN pilot study completion Discovery of LOM water aquifer 2015 Definitive Feasibility Study completion Vanadium off-take agreement – Woojin Metal co. ltd EIS completion Project Delivery Agreement – Downer Mining Agreement – Traditional Owners 2016 Iron offtake agreement – Gunvor (Singapore Development Agreement – SMS Group Mining Licence Approval – NT Government FID Financing completion 2017 Development + Construction 2018 Production

2015

2016

2017

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2019

2020

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PROJECT FINANCE PROGRESS AND TIMELINE

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Mount Peake: Project Finance – Financial Advisor

► Gresham

• one of the largest and highest ranking independent corporate advisors operating in the Australian market.

• Gresham is focused on achieving superior financial outcomes for its clients

• The Gresham group has built a solid reputation for independence and innovation and includes many of the largest and most complex transactions completed in the Australian marketplace.

► For Mount Peake

• 70:30 Debt : Equity

• Working combination of:

• German ECA’s

• Syndicated Debt

• Institution Placement

• Equity

• Development Partners

• Federal / NT funding

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PRODUCTS, MARKET OVERVIEW, OFF-TAKE AGREEMENTS & COMMERCIAL DEVELOPMENT

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TIVAN’S Products: Market Overview

Key

developments in major markets

► The resource industry seems to have found a bottom with commodity prices at historical lows in early 2016

► Lack of investments in new projects combined with growing demand have sown the seeds for medium term supply/demand tightness

• Prices of all TNG’s proposed products have experienced strong growth since the start of the year:

• V2O5: +100% (from US$2.5/lb to US$5/lb)

• TiO2: +26% (from US$2,300/t to US$2,900/t)

• Pig Iron: +58% (from US$215/t to US$340/t)

• Relative weakness of Australian Dollar is also very favourable for TNG

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TIVAN’S Products: Market Overview

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• Vanadium Redox Flow Batteries (VRB) are gaining momentum with strong growth and worldwide commercial deployment

► Regulators globally are pushing for higher quality steel to lower negative impacts – Vanadium is ideally placed as a key strengthening agent

Future demand drivers for strategic metals

• TiO 2 is widely used in many consumer products and the ideal for new

• major 3D printing applications

• Advances in titanium metal production expected to drive considerable amount of demand for TiO 2

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Mount Peake: Commercial Development

► Vanadium Electrolyte:

• TNG has successfully produced commercial-grade Vanadium Electrolyte from Mount Peake’s V2O5

Commercial Development

• High purity electrolyte was produced with SMS in Vienna and demonstrate TNG’s ability to supply the high value Vanadium Redox Battery (VRB) market

• VRB’s are gaining momentum on a global basis with a high double digit growth – the technology is being commercially deployed on five continents targeting large and long life applications such as remote communities, industrial projects and off-grid projects

• TNG is ideally placed to supply Vanadium Electrolyte in Australia and the region to global VRB manufacturers

TNG’s Vanadium Electrolyte

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Mount Peake: Off-take Agreements

Off-take Agreements

► Vanadium Products:

• Binding Life-of-Mine (LOM) Off-take Agreement and Technology Transfer agreement with WOOJIN Metals (Korea)

• Titanium Products:

• MoU with global TiO2 trader Wogen (Hong Kong) for LOM sales and marketing of titanium products. TNG continues to discuss opportunities with pigment producers and end users of pigment products

► Iron Products:

• Binding Term Sheet for LOM Off-take Agreement with major global commodity trader Gunvor (Singapore) for iron products

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TNG and the Northern Territory

- NT Government is Pro Resource development

• Major Project Status awarded to Mount Peake

• Pro-active executive Major Project team

• Excellent geological and infrastructure support

• Darwin – North Australia’s development hub, NAIF

• Rapidly developing region

TNG’s corporate aim is to be a leader in indigenous involvement in NT

• Demonstrated commitment to working with employing Traditional Owners

• Long-standing relationships developed from decades of successful exploration on indigenous land

• Positive support for Mount Peake project development

• Clearance obtained for mine and infrastructure

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TNG Corporate: Non-Core Projects Demerger Approved

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TNG pre-demerger
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TNG post-demerger

100% Mount Peake, TIVAN®

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TNG Corporate: Portfolio of significant Projects

• Todd River Resources Limited

• Largest base metal coverage in NT

• Advanced to grassroots projects:

• Timetable to be advised

• Manbarrum

  • 45Mt of combined Zn-Pb-Ag in two JORC resources

• Mount Hardy

  • 2 large intersections of Cu (5%) and Au (7g/t)

• McArthur

  • 9km Cu-Zn zone; Surface grades up to 20% Cu

• Walabanba

Sn / W / Au

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THE YEAR AHEAD

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2017 Expectations: The Year Ahead

► TNG expects current economic conditions to continue to stabilise

• TNG’s key focus will be:

• Completing on ground project implementation work

• Project Finance terms agreed and placed with key financial groups

• Commence mine site and infrastructure development (subject to Govt approvals and finance)

• Tender and appoint lead EPMC contractor

• Appoint project development Executive team

• IPO Todd River Resources to restructure TNG and add shareholder value

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Mount Peake
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ASX: TNG

Mount Peake Vanadium Project:

• A world-class strategic metals project

• A$4.9 billion NPV, 41% IRR (2015 DFS)

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• Binding off-take agreements in place

• Financing discussions underway

THANK YOU

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