TIVAN LIMITED — AGM Information 2018

Nov 28, 2018

2018 Annual General Meeting Shareholder Presentation

Building a major new Australian strategic metals company: the Mount Peake Vanadium-Titanium-Iron Project

Paul Burton Managing Director

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 World-Class 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.

TNG Limited Corporate Overview

TNG is an Australian resources company that is progressing towards development of its 100% owned world class Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, Australia.

	Board of Directors
	Paul Burton	Managing Director
	Mining Executive; Project Development, Exploration Geologist & Geochemist
	Rex Turkington	Non-Executive Chairman
	Mining Financier & Corporate Advisor; Economist
	John Davidson	Non-Executive Director
	Resources, Energy & Tech Executive
	Greg Durack	Non-Executive Director
	Mining Executive; Project Development, Delivery & Operations
	Simon Robertson	Company Secretary

	Top shareholders
	Vimson Group- Indian iron ore mining conglomerate	9.76%
	WWB Investments P/L- private investor	8.32%
	Aosu Investment & Development Co- strategic Chinese investor	5.85%
	TNG Directors’ holdings	2.34%
	JP Morgan Nominees Australia Limited- institution	1.52%
	SMS Investments SA- Mount Peake development partner	1.46%
	Corporate Data
	ASX code	TNG
	Cash (current)	$17.4 million
	Shares on issue	961m
	Market capitalisation	$106m

TNG Limited KEY 2018 DEVELOPMENT ASX ANNOUNCEMENTS

	25/01/18	Mount Peake Project EIA approval
	26/02/18	Breakthrough Process on TNG’s TIVAN® Titanium Product
	16/03/18	TNG signs strategic agreement with Clough and McMahon
	21/03/18	TNG appoints Como Engineers to oversee Mine development
	15/05/18	TNG Receives Federal Approval for Mount Peake Mine
	15/05/18	TNG signs strategic HoA with BBI Group
	01/08/18	TNG Receives Approval for Native Title Mining Agreement
	26/09/18	LeadingTitanium Pigment TechnologyProvider Ti-Cons Engaged
	11/10/18	Mount Peake Native Title Agreement Executed
	30/10/18	TNG Executes Binding Offtake terms for its Titanium Pigment
	02/11/18	SMS to give TNG Process and Product Guarantee
	21/11/18	Mount Peake MLs Granted

Mount Peake Project A WORLD CLASS STRATEGIC METALS DEPOSIT

▼Large, long-life asset located in a stable and supportive jurisdiction for major resources projects

▼Extensive development studies completed; FEED (Front-End Engineering & Design) underway

▼Global network of strategic partners

▼Project funding discussions underway

▼Close proximity to existing transport and power infrastructure

==> picture [792 x 223] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

Concept: One Mine

**THREE HIGH VALUE, HIGH PURITY PRODUCTS ***

==> picture [792 x 296] intentionally omitted <==

----- Start of picture text -----

$US75,000/t
$US3,175/t $US70/t
Current pricing for high purity V2O5, TiO2 pigment & iron fines
----- End of picture text -----*

A Financially Robust Project OPERATIONAL AND FINANCIAL METRICS

	Operational Metrics Annualized	Operational Metrics Annualized
	Mine life	19 years
	Mining Rate (ROM)	3Mtpa (Stage 1) expanding to 6Mtpa (Stage 2) after 4 years
	**Financial Metrics ***
	Pre-production CAPEX	A$853m
	Payback period	3 years
	IRR %	44%
	Total Revenue	A$29.2b
	Operating Cash Flow (LOM)*	A$13.5b
	Net Cash Flow (LOM)	A$11.7b
	Net Annual Operating Cash Flow	A$738m
	NPV (at 8% discounted)	A$4.7b

Mount Peake Project WELL LOCATED IN THE NORTHERN TERRITORY

==> picture [628 x 322] intentionally omitted <==

Mount Peake Deposit GEOLOGICALLY ADVANTAGEOUS – FLAT LYING, HOMOGENEOUS, AND SHALLOW

Mineral Resources as at March 2013

Category	Tonnes (Mt)	Tonnes (Mt)	V2O5%	V2O5%	TiO2%	TiO2%	Fe%	Fe%	Al2O3%	Al2O3%	SiO2%
Measured	117		0.29		5.5		24		8.2		33
Indicated	20		0.29		5.3		23		8.7		33
Inferred	22		0.25		4.7		21		9.4		36
Total	159		0.28		5.4		23		8.4		33.
Maiden Ore Reserve as at July2015
Category		Tonnes (Mt)		Cut-off		V2O5		TiO2		Fe
Probable		41.1				0.42%		7.99%		27.0%

==> picture [365 x 252] intentionally omitted <==

Organisational Chart for Development

TNG Limited – Current Organisational Structure CORPORATE AND TECHNICAL

Building a strong technical and commercial team with the capability and experience to develop a world-class project

==> picture [522 x 269] intentionally omitted <==

TNG Limited – Planned Organisational Structure MINE SITE & CONCENTRATOR

Aiming to recruit a worldclass mining, processing and operations team covering all facets of the project

==> picture [532 x 307] intentionally omitted <==

Technology Sector TNG’s TIVAN[®] Process

Titano-Magnetite Ore Bodies KEY STRATEGIC ADVANTAGES

• Abundant : many known, accessible and easy-tomine deposits

• Ilmenite shortage: high-grade ilmenites, suitable for synthetic rutile production are becoming scarce

• Growing vanadium demand: urbanisation in fast-growing emerging markets calls for the construction of high rises, requiring large quantities of vanadium-reinforced rebar

• Potential for additional products: the hydrometallurgical processing of titano-magnetite also allows for the extraction of other valuable fractions, such as scandium, high-purity silicon and MgO

==> picture [314 x 295] intentionally omitted <==

TIVAN[®] Chemical Process

TNG DEVELOPED AND PATENTED PROCESSING TECHNOLOGY

• ▼Conventional means of extracting vanadium from titano-magnetite ore is through a salt roasting, energy intensive, pyrometallurgical process

• ▼Conventional processing unable to commercially extract all three elements

• ▼TNG and its technical advisers, METS, CSIRO and SMS group, have developed the world first TIVAN[® ] process to overcome these limitations

• ▼TIVAN[®] utilises a combination of pyro and hydrometallurgical processes to extract vanadium as V2O5, and commercially recover titanium dioxide and iron

==> picture [473 x 223] intentionally omitted <==

TIVAN[®] PATENT AND TRADE MARK STATUS

	TIVAN® Patent Status					TIVAN® Trade Mark Status
	A Method for Extraction and Recovery of Vanadium					Registered in the following regions:
	Australia	REGISTERED				Australia
	Russian Federation	REGISTERED				Canada
	United States of America	REGISTERED				China
	Canada	REGISTERED				European Union
	China	FILED - IN PROGRESS				Madrid Protocol
	European Patent Federation	FILED - IN PROGRESS				Russian Federation
	Vietnam	FILED - IN PROGRESS				South Africa
	A Method for Preparing a Leach Feed Material					United States of America
	Australia	FILED - IN PROGRESS
	Titanium Dioxide Pigment Production Method
	Australia	IN PREPARATION
								16

PRODUCTS - VANADIUM, TITANIUM AND IRON

Markets and Commercial Agreements Overview

Vanadium

OVERVIEW

• ▼Vanadium is mainly mined in China, Russia, South Africa and Brazil;

• ▼About 80% of the commercial vanadium is produced through coproduction (smelting high V bearing slag), 12% through processing of primary ore and the remaining recovered from secondary production (oil residues, catalysts, stone coal);

• ▼Over 90% of vanadium is used in the steel industry (strengthening agent). Recent regulations in China have been the main driver for a surge in demand;

• ▼Demand in new markets such as supper alloys and flow batteries is still small but set to grow rapidly;

==> picture [330 x 179] intentionally omitted <==

• ▼The current low stocks level, rapid demand increase and supply constraints have all contributed to a spectacular price rise (+500%) over the past 2 years;

• ▼Current Global demand is estimated at 90,000tpa V or 160,000tpa V2O5 equivalent.

Vanadium

HISTORIC & FORECAST PRICE (NOMINAL)

==> picture [399 x 257] intentionally omitted <==

Source: Independent research by TTPSquared recognized globally as an expert in the field of vanadium market fundamentals and having made more than 20 presentations at key conferences in North America, Asia, Europe and India over the past ten years. Lead by Mr Terry Perles who has been in the steel and vanadium industry for the past 38 years with leading industry players including: US Steel, Stratcor, Evraz and Atlantic.

V O 2 5 TNG PRODUCT

==> picture [293 x 310] intentionally omitted <==

• TNG’s strategy is to be a fully integrated vanadium producer from mine to finished product;

• Very high purity V2O5 will enable TNG to supply the steel industry as well as higher value niche markets such as Vanadium Redox Flow Batteries;

• The vanadium industry is currently at a high point in its cycle;

==> picture [73 x 36] intentionally omitted <==

▼ OFFTAKE AGREEMENT :

• Binding Life-of-Mine (LOM) Off-take Agreement Woojin (Korea) for a minimum of 60% of TNG’s production*. Woojin is the second largest Ferro-Vanadium exporter in Asia with a V2O5 processing capacity of 22,000tpa and has a market share of 80%+ in its home market Korea.

• Technology Transfer agreement with Woojin for V2O5 to FeV conversion plant;

• Further negotiations for up to 40% offtake underway with leading vanadium buyers and distributors.

• See ASX Announcement - 7 September 2015, “TNG Signs Life-of-Mine offtake and technology agreements”

Fe O 2 3 TNG PRODUCT

==> picture [253 x 321] intentionally omitted <==

• TNG’s strategy is to be a fully integrated Fe2O3 fines producer from mine to finished product;

• Global demand for iron ore is estimated at 2btpa, almost entirely for the steel industry.

• High purity hematite with Fe content over 64.4% will command a strong premium over the benchmark 62% grade;

• TNG’s ability to pelletize its product also has the potential to further improve the margin for its iron product (current premium of US$50+/t);

• Binding Term Sheet for LOM Off-take Agreement with major global commodity trader Gunvor (Singapore) for iron products*. Gunvor is one of the largest commodity trading companies worldwide with a turnover of US$63bn in 2017;

• Further negotiations for offtake underway with leading iron ore buyers and distributors.

• See ASX Announcement - 23 March 2016, “TNG Signs Binding Term Sheet for Iron Offtake”

TiO 2 Processes and Raw Material TNG’S IS A BEST PRACTICE PROCESS

MINERAL SAND OR HARD ROCK

==> picture [715 x 286] intentionally omitted <==

----- Start of picture text -----

Ilmenite Titanomagnetite
Natural Rutile
Concentrate TIVAN™
(high cost)
(low cost) (low cost)
40-75% TiO2
Feedstock for New
Sulfate Route
35-50% TiO2 55-65% TiO2 85-98% TiO2
75% TiO2
Smelting Process Synthetic Rutile
TiO2 Base Material Slag TiO2 Base Material TiO2 Base Material
Sulfate Process >85% TiO2 85-93% TiO2 Chloride Process New Sulfate Route
TiO2 Pigment TiO2 Pigment TiO2 Pigment
----- End of picture text -----

TNG intends to produce a TiO2 pigment from Titanomagnetite ore and not from Ilmenite or Rutile through an evolved Sulfate route

TiO 2 Feedstocks TNG’S UNIQUE FEEDSTOCK

Oxide	Ilmenite 44%	TiO2 Slag 80%	Tivan
TiO2	44.0	79.4	74.20
FeTotal	35.5	9.40	2.34
SiO2	3.3	4.30	18.39
Cr2O3	0.09	0.13	0.03
Al2O3	0.7	1.80	2.43
MgO	4.5	5.70	0.42
CaO	0.35	0.66	0.91
V2O5	0.20	0.35	0.24

The Tivan feedstock has fewer residual impurities

TiO2 Pigment HISTORIC AND FORECAST PRICE (US$ OF THE DAY)

TiO2 (US$/mt)

==> picture [741 x 232] intentionally omitted <==

----- Start of picture text -----

4500
4000
3500
3000
2500
2000
1500
1000
500
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e
----- End of picture text -----

Source: Independent research by Artikol. Since 1972, Artikol has been researching, writing about and consulting on all aspects of the world TiO2 industry onwards. The company has also participated in the compilation of a number of multi-client reports published by various companies, the first of which was published by Financial Times Books or Roskill Information. It regularly presents papers and conducts seminars at industry forums; writes commissioned articles for trade journals; and provides consultancy services to mining and chemical companies, investment banks and brokers, etc.

TiO2 Pigment TNG PRODUCT

TNG 360

Versatile and high-durable white pigment

PRELIMINARY TECHNICAL DATASHEET

The titanium dioxide white pigment TNG 360 meets the highest demands on weather resistance in the Coatings industry with excellent optical properties.

Product Description and Applications

TNG 360 is a rutile titanium dioxide pigment manufactured from the Tivan™ process by TNG Limited, giving a high purity TiO2, which combines excellent optical properties as opacity, whiteness and high durability for the Coatings industry like architectural (indoor and outdoor) and industrial paints (water-bone and solvent), coil coating and powder coatings.

• TNG’s strategy is to be a fully integrated TiO2 pigment producer from mine to finished product;

• Global demand is estimated at 6.5mtpa;

• Technology provided by Ti-Cons (Bergisch-Gladbach, Germany), a leader in TiO2 technology;

• A sustainable and environmentally friendly process using its own feedstock and patented TIVAN[®] process;

Product Properties

Easy to disperse with good lightening power and opacity, TNG 360:

• gives outstanding weather resistance to coatings

• gives high hiding power and tinting strength

• shows maximum brightness and neutral tone in white coatings

• Produces brilliant tints in colored coatings

Product Characteristics

Treated rutile TiO2 pigment produced from the Tivan™ process:

• Surface treatment aluminium, zirconium and organic compounds

• ● TiO2 content (ISO 591) ≥ 94.0 % ● Standard classification (ISO 591) R2

• Rutile content (R %) ≥ 99.0 %

• ● Density (ISO 787, Part 10) 4.1 ● Oil absorption (ISO 787, Part 5) 17 - 21 g/100g

Product Specifications (excerpt)

Compliance with the hereafter product specifications is checked and is the prerequisite for a release of the finished product:

• Brightness (DFC L*)[1] 97.1 - 97.7

• ● Tone, white (DFC b*)[2] 0.9 – 1.7 ● Relative scattering power (MAB HTS)[3 ] 100.0 - 106.0 ● Tone, grey (MAB HSC)[4] 5.30 – 6.0

Method of determination:

• 12 DFC L DFC b Dry Film Color test - brightness in white air-drying paint (CIELAB L) Dry Film Color test - tone in white air-drying paint (CIELAB L)

• 3 4 MAB HTS MAB HSC Modified Alkyd Black test - relative scattering power according to DIN 53 165 (grey paste method) Modified Alkyd Black test - tone in grey tints (absolute value of CIELAB B*)

The information set forth herein is furnished free of charge and based on technical data that TNG Ltd. believes to be reliable. It is intended for use by persons having technical skill, at their own risk. Because conditions of use are outside our control, we make no warranties, express or implied, and assume no liability in connection with any use of this information. Nothing herein is to be taken as license to operate under or a recommendation to infringe any patents.

• First TiO2 pigment grade targeting the Paint & Coatings industry with a high-durable grade for outdoor applications and Industrial market will then be followed by a pigment for plastics application;

▼ OFFTAKE AGREEMENT:

• Binding Term Sheet for Life-of-Mine (LOM) Off-take Agreement with global leader DKSH (Switzerland)*, a leading commodities and FMCG distribution company with a turnover of CHF11bn;

• Relationship with global leading end-users already established.

© TNG Limited, April 2018 DS 360E/006 Sales Office: Perth - Email: corporate@tngltd.com.au- Tel +61 8 9327 0900

• See ASX Announcement - 30 October 2018, “TNG Executes Binding Offtake Terms for its Titanium Pigment”

PROJECT EXECUTION STRATEGY

TNG Limited

CURRENT OWNERSHIP STRUCTURE

• ▼TNG owns all Mining, Exploration and ancillary licences 100%

• ▼TNG owns TIVAN Process and Patents

==> picture [792 x 254] intentionally omitted <==

----- Start of picture text -----

TNG Limited
Enigma Mining Limited TIVAN Technology Pty Ltd
(100% TNG Limited) (100% TNG Limited)
Mount Peake Mine Site &
Concentrator, and Darwin TIVAN Process
Processing Plant
27
----- End of picture text -----

Mount Peake Project EPC CONTRACTING STRATEGY

TNG Project Management

EPC Awarded

FEED: * Beneficiation Plant * Process Plant Mining Operations Non Processing Infrastructure TNG Approval: * Fixed Price * Lump Sum * Plant Design EPC provides Tender Packages Construction and Document “As Builts” Commissioning and Handover

• Operational Readiness: * Projects * External Affairs * Marketing * Finance * Commercial * Processing / Rail * Logistics / Port * Human Resources * Information Technology * HSES

Operational Readiness: * Major Event Milestones * Milestone Dates and Progress * Milestone Activities and Requirements

• Milestone Activities and Requirements: * Planning * Execution * Support and Maintain * Information Systems * People and Assets

Mount Peake Project STATUS OF APPROVALS

Mount Peake Mine Site

 ▼Environmental approval received (State & Federal)

 ▼Native Title Agreement executed with traditional owners

 ▼Mineral Leases (granted)

▼Mining Management Plan being finalised (submission expected Q1 2019) underway

Mount Peake TIVAN Processing Plant

▼Regulatory entities for processing plant environmental and operational approvals underway

 ▼Consultant engaged to progress EIS and approvals process

• ▼Approvals process expected to take 6 to 9 months

TIMETABLE FOR DEVELOPMENT

Mount Peake Project ESTIMATED DEVELOPMENT SCHEDULE AND MILESTONES

Mount Peake Development Pathway
		Project Milestone	2014	2015	2016	2017	2018		2019		2020- 2021
		Major project status
		TIVAN pilot study completion
		Discovery of LoM water aquifer
		DFS completion
		Vanadium Off-take Agreement - Woojin Metal
		Iron Off-take Agreement - Gunvor (Singapore)
		Project delivery agreement - Downer
		Titanium Off-take and Marketing
		Mine Site EIS Completion (Australia)
		Mine Site EIS Approval (Australia)
		Mining Agreement - Traditional Owners
		Mining Licence Approval
		Processing Plant EIS
		FEED - SMS group
		Equity & Debt Financing, FID
		Construction

• Project milestone schedules for 2019 & beyond are estimates only based on stated assumptions

Mount Peake Project Financing DEBT FUNDING OPTIONS

Debt funding targeted with consortium of Banks including ECA

EQUITY FUNDING OPTIONS

A range of potential options are available to TNG to raise the required project equity funding:

• ▼Strategic investors

• ▼ASX investors & institutions

• ▼International institutions

• ▼Off-take partners

• ▼Development partners

Mount Peake: The Path Ahead EXPECTED NEXT STEPS

• ▼Full Permitting for TIVAN processing site

• ▼Appointment of Debt and equity advisors and providers

• ▼Equipment tender process

• ▼Completion of final Mine design, FEED for all process plants, leading to EPC tender process

• ▼Appointment of EPC Contractor

• ▼Establish full Project Development team, including appointment of experienced Project Director

• ▼Project Financial structure and facilities package completed

• ▼TNG Board FID

• ▼Commencement of development

• ▼Community engagement and local procurement strategy

==> picture [308 x 282] intentionally omitted <==

. The Company is well positioned to Achieve these in 2019

Paul Burton Managing Director

Suite 20, 22 Railway Road Subiaco 6008 Western Australia www.tngltd.com.au

==> picture [56 x 9] intentionally omitted <==

----- Start of picture text -----

ASX : TNG
----- End of picture text -----