TIVAN LIMITED — AGM Information 2017

Nov 27, 2017

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2017 ANNUAL GENERAL MEETING
Paul Burton, Managing Director
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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.

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 20 November 2017 , (see ASX Announcement – 20 November 2017, “Updated Feasibility Study Results”, 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 20 November 2017 continue to apply and have not materially changed.

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TNG Limited: Corporate Overview

Key Corporate and Financial Data
ASX code: Market capitalisation (at 15c): Shares on issue:	TNG $121M 805M
Cash (at 23 Nov 2017):	$5.8M
Auditors: KPMG

Major Shareholders	Major Shareholders
WWB Investments P/L	9.94%
Aosu Investment & Development Co	6.99%
Ao-Zhong International Mineral Resources	2.62%
SMS Investments SA	1.74%
(Directors and their related companies hold approximately 4% of issued capital)

12-month share price – as at 23 Nov 2017

Board of Directors

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

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TNG Limited: New Corporate Structure following demerger

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Australia: Northern Territory; a Safe Jurisdiction for Resource Development

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Darwin Port: Australia’s Strategic Gateway to Asia

• Northern Australia’s only major multimodal port

• 750m of quay line designed to handle a variety of imports and exports

• 24hr pilot service and port management

• Landbridge Group (Chinese-owned company operators) have committed >$200m for infrastructure development over 25 years

• To support minerals export stakeholders the Port is considering the following over 10yrs:

• A cross land conveyor system

• Dedicated enclosed storage sheds

• Additional bulk loading systems

• Additional rail dump facilities

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Mount Peake: Focus on Project de-risking activities during 2017

TIVAN[R] Process & Ti02 Pigment Production

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• Concentrate feed optimised by preroast

• Hydrometallurgical process optimised for maximum recovery and purity

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• Achieved lower OPEX (approx. $50M / year saving)

• Detailed footprint and layout from SMS

• Power requirements optimised

• Titanium dioxide feed to chlorinator optimised

• Beneficiation and concentrate production optimised for best size and geochemistry

Offtake Agreements

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

• Titanium: MoU with global TiO2 trader Wogen for LOM sales and marketing

• Iron: Binding Term Sheet for LOM Off-take Agreement with major global commodity trader Gunvor

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Mount Peake Updated DFS: Key Metrics 2017

Project life	19 years
Mining rate	3 Mtpa (Stage 1)_expanding to 6 Mtpa (Stage 2)_after 4 years
Pre-production capital estimate_(including all infrastructure)_	A$853 million(Stage 2 expected to be covered from revenue)
Total operating costs_(including mining, processing, transport & royalties)_	A$185 per tonne of ore
Total revenue (life-of-mine)	A$29.2 billion
Operating cash flow (life-of-mine)	A$13.5 billion
Net cash flow (life-of-mine)	A$11.7 billion
Payback period	3 years
Net annual operating cash flow	A$738 million
IRR pre-tax	44%
NPV (at 8% discounted)	A$4.7 billion

Refer ASX announcement 31 July 2015.

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Mount Peake: Project cleared; awaiting permitting

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TNG: Mount Peake Resource

Mineral Resources as at March 2013

Category	Tonnes (Mt)	V2O5%	TiO2%	Fe%	Al2O3%	SiO2%
Measured	118	0.29	5.48	23.64	8.18	32.81
Indicated	19.5	0.28	5.33	22.05	9.09	33.98
Inferred	22	0.22	4.41	19.06	10.38	37.79
Total	160	0.28	5.31	22.81	8.60	33.64

Maiden Ore Reserve as at July 2015

Category	Tonnes (Mt)	Cut-off	V2O5	TiO2	Fe
Probable	41.1		0.42%	7.99%	28.0%

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Refer ASX announcements 31 July 2015.

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Mount Peake: Mine Concentration flow sheet locked down

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Mount Peake: Proposed Mine Layout

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TIVAN™: Land Allocation for TIVAN from NT Government

• Ideal location close to rail, gas and port facilities

• Large land area

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Legend
Railway line
Amadeus Gas Pipeline
Darwin Process Plant Site
Darwin City Centre
East Arm Port Facilities
Darwin LNG INPEX Ichthys
Refinery Site LNG Refinery Site
Darwin Process
Channel Island Plant Site
Power Station See inset
Power Station
Gas Terminus
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SMS group: TNG’s Engineering group for development and Technology

► SMS group

• 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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Mount Peake Mine: Tivan Processing and Final Product Flow Sheet

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Conc. prep
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TIVAN’S Products: Market Overview

Future demand drivers for strategic metals

• Regulators globally are pushing for higher quality steel to lower risks – vanadium is ideally placed as a key strengthening agent

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

• TiO 2 is widely used in many consumer

• products and in demand for major 3D metal printing applications

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

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Vanadium Redox Flow Batteries : The Future of Energy Storage

Market Forecast – Development of Power on the Energy Storage Market

• Industry CAGR 2015-2020: 30.8%

• Stronger growth in utility scale from 2018 onwards - US$6 billion market opportunity in 2020

• TNG has successfully produced commercial-grade Vanadium Electrolyte from Mount Peake’s V2O5 and is ideally placed to supply Vanadium Electrolyte in Australia and the region to global VRB manufacturers

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

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Sources: Gildemeister, Pike Research, Navigant Research, Lux Research, Roland Berger, IHS, SNL Power

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TIVAN’S Products: Price Outlook FIRM

Key developments in major markets	►TNG’s proposed products have experiencedsolid growth in price over 12 months: ►Relative weakness in Australian Dollar is also very favourable for TNG V2O5 +110% from US$5/lb to a peak of US$12/lb TiO2 +12% from US$2,900/t to US$3,250/t Pig Iron +15% from US$340/t to US$390/t

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TIVAN’S Products: Vanadium Forecast Demand vs Supply and Nominal Price

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7 140
130
6
120
5
110
4
100
3
90
2 80
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Price Demand Supply
Source: Roskill
Price (US$/lb V2O5) Demand/Supply (kt)
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TIVAN’S Products: Tio2 Pigment Forecast Demand vs Supply and Nominal Price

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5,000 9,500
9,000
4,500
8,500
4,000 8,000
7,500
3,500
7,000
3,000 6,500
6,000
2,500
5,500
2,000 5,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Price Demand Supply Source: TIM & Artikol
Price (US$/t)
Demand/Supply (kt)
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Mount Peake: Binding off-take Agreements in place

Vanadium Products - Korea

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

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Titanium Products – Hong Kong

Off-take

Agreements

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

Iron Products - Singapore

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

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Mount Peake: Finance Advisor appointed

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

• Is focused on achieving superior financial outcomes

• Project Finance for its clients ► Has a solid reputation for independence and innovation, with history of largest and most complex transactions completed in the Australian marketplace.

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TNG: The Year Ahead 2018

Next Steps

• Permitting

• Binding TiO2 offtake agreement

• Mine site equipment tender process

• SMS FEED leading EPC tender process

• Appointment of EPC

• KfW / Euler Hermes funding decision

• Project development team

• TNG Board FID

• Commencement of development

• Community engagement and local procurement strategy

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