TIVAN LIMITED — AGM Information 2019

Nov 17, 2019

18 November 2019

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ASX ANNOUNCEMENT
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ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS & MANAGING DIRECTOR’S PRESENTATION

TNG Limited (ASX: TNG) (“TNG” or the “Company”) provides the attached Chairman’s Address and Managing Director’s presentation to be made at the Company’s 2019 Annual General Meeting to be held today, 18 November 2019, at 11:00am (AWST).

On behalf of TNG Limited

Jason Giltay Company Secretary

Inquiries:

Jason Giltay Company Secretary + 61 (0) 8 9327 0900

W www.tngltd.com.au E corporate@tngltd.com.au

ASX CODE: TNG ABN 12 000 817 023

REGISTERED OFFICE T +61 8 9327 0900 Suite 20, 22 Railway Road F +61 8 9327 0901 Subiaco, Western Australia 6008

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Chairman’s Address, 2019 Annual General Meeting

The last 12 months has been another significant period of work and development for TNG and advancement of the Mount Peake Project.

I would like to take this opportunity to thank Paul Burton, the management team, staff and my fellow directors for their hard work and commitment during an extremely busy and successful year for TNG.

TNG has achieved a number of significant highlights over the past 12 months since the last AGM which have furthered the Mount Peake Project including:

• The SMS group making great inroads into the Front End Engineering and Design study; this study covers both the mine site Beneficiation Plant and the Darwin Processing Facility plants;

• The completion of an optimised delivery strategy more suitable to project financing being considered by KfW IPEX;

• The submission of the Environmental Impact Statement for the Darwin Processing plant site;

• Completion of all permitting for the Mount Peake mine and concentrator site;

• Submission of the Mining Management Plan for the Mount Peake mine site;

• Successfully addressing the issues raised by shareholders at the 2018 AGM in relation to the appointment of an independent Chair and the first strike on the remuneration report;

• The completion of a highly successful capital raising and rights issue which has resulted in the introduction of new global institutional investors to the Company’s register;

• The Company is in a strong financial position following successful capital raisings with cash of over $20 million that was recently supplemented with $2.18 million as a refunded tax offset for research and development;

• The recruitment of a number of highly experienced industry professionals as we build up a solid, experienced team for delivery of the project and prepare operational readiness;

• Submission to NAIF for consideration of funding; and

• Land acquisition proposal submitted to the NT Government.

We remain fully focused on advancing our world class Mount Peake Project to reward your support in 2020.

John Elkington Chairman

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ANNUAL GENERAL MEETING 2019 Company Presentation

PAUL BURTON – MANAGING DIRECTOR & CEO

TNG Limited Suite 20, 22 Railway Road Subiaco, Western Australia 6008 www.tngltd.com.au corporate@tngltd.com.au

PROMOTIONAL VIDEO

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Mount Peake: Key Milestones Achieved

LAST 12 MONTHS

• kfW IPEX-Bank GmbH mandated

• Access Authorities granted following execution of the Native Title Agreement and grant of the Mount Peake Mineral Leases

• Appointment of Mr John Elkington as TNG Independent Chairman

• Submission of the Mining Management Plan for the Mount Peake mine site

• Submission of the Environmental Impact Statement for the Darwin TIVAN® Processing Facility

• Execution of a binding life-of-mine off-take and marketing agreement with DKSH for the titanium dioxide pigment

• Ti-Cons

• Engagement of the industry-leading German technology provider for the supply of a technology package for a TiO2 pigment plant

• Execution of a Binding of Heads of Agreement with Genesee & Wyoming Australia for rail haulage services

• Optimisation of the Mount Peake delivery strategy and financial review of revised mine schedule

• Extension of the Company’s intellectual property protection with the granting of TIVAN® related patent in Vietnam and Europe

• Completion of a $15 million capital raising and rights issue , resulting in the introduction of new global institutional investors

• Strengthening of the mining, processing and project development team with the appointment of highly accomplished industry professionals

• Significant progress on the FEED (front-end engineering and design) for the Mount Peake Project by SMS group

Simple Concept : One Mine THREE HIGH VALUE, HIGH PURITY PRODUCTS

Today, our advancing and fast developing world relies on modern materials

• Titanium Dioxide Pigments

• Vanadium Pentoxide

 Iron Oxide

Mount Peake Products

PRODUCT SUMMARY

1. Titanium Dioxide Pigment (TiO2) World demand 6,700,000tpa TNG’s average production 100,000tpa (1.5% of world demand) Main usage Paint, plastics, paper and inks 2. Vanadium Pentoxide (V2O5) World demand 160,000tpa (equivalent of 90,000tpa V units) TNG’s average production 6,000tpa (3.8% of world demand) Steel, superalloys, chemicals, catalysts and Main usage energy storage (VRB) 3. Iron Oxide Fines (Fe2O3) World demand 1.16 billion tpa (seaborne market) TNG’s average production 500,000tpa (0.04% of world demand) Main usage Steelmaking

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Vanadium Redox Flow Batteries - VRFB THE FUTURE OF ENERGY STORAGE

Substantial Storage Market Dominated by V-Flow and Li-Ion US$50-100 Billion by 2025*

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T N G

• TNG has successfully produced high purity, commercial-grade, Vanadium Electrolyte

• Source: Wattjoule

Processing Technology TIVAN®

GERMAN TECHNOLOGY

CONVENTIONAL PROCESS = 1 PRODUCT

TIVAN® PROCESS = 3 PRODUCTS

V O Pyrometallurgical 2 5 Flake Titanomagnetite or FeV Process

1 tonne Titanomagnetite 6.93kg V2O5 = US$176 US$176 Concentrate Pre-OPEX Estimate

V O 2 5 Flake Mount Peake TIVAN® TiO 2 Pigment Titanomagnetite Iron Oxide Fines Fe O 2 3 1 tonne 8.53kg V2O5 = US$217 Titanomagnetite 128kg TiO2 = US$461 Concentrate 708kg Fe2O3 = US$72

Notes:

The TNG numbers are based on the most recently information provided by SMS. The pyrometallurgy number relies on the feed concentrate having the same composition as the TNG concentrate. This is required for this kind of comparison.

Product price assumptions of US$25,400/tonne for V2O5 (US$11.50/lb), US$3,600.00/t TiO2 pigment and US$102.00/tonne for high grade Fe2O3

FS Project Economics

A SINGLE-STAGE 2 MTPA DEVELOPMENT

Operational Metrics	Operational Metrics
Mine life	37 years
Ore feed	2 Mtpa
Operating cost per tonne processed	A$210
Magnetite concentrate produced	700,000 tpa
V2O5 produced	6,000 tpa
Titanium pigment produced	100,000 tpa
Fe2O3 produced	500,000 tpa

Financial Metrics	Financial Metrics
Pre-tax NPV8%	A$2.8 billion
IRR pre-tax	33%
Payback period	2.8 years
Pre-tax net annual operating cash flow	A$359 million
Pre-production CAPEX	A$824 million

Notes:

Updated FEED Model assumptions include long-term A$:US$ exchange rate of 0.70; updated long-term price assumptions of US$25,400/tonne for V2O5 (US$11.50/lb), US$3,600.00/t TiO2 pigment and US$102.00/tonne for high grade Fe2O3. Includes lease repayments

ALL prices and outcomes are indicative only while FEED is progressing and is an interim study, not final.

(see ASX Announcement – 11 September 2019, “Optimised Delivery Strategy for Mount Peake”)

Mount Peake Beneficiation

DEFINITIVE FEASIBILITY STUDY LAYOUT

Beneficiation plant Magnetite concentrate

Power plant

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Operational Metrics	Operational Metrics
Mine life	37 years
Ore feed	2 Mtpa
Operating cost per tonne processed	A$210
Magnetite concentrate produced	700,000 tpa

Open pit mine Primary crusher ROM feeder

Refer ASX Announcement dated 11 September 2019

Logistics Mapping OPTIMISED RAIL HAULAGE STRATEGY

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Mine Fleet Haulage of the Magnetite Concentrate is Three high quality- Three products are
transport the Ore Magnetite Concentrate railed to Darwin using high purity products shipped to customers via
to the ROM Pad to Rail Siding existing rail infrastructure are produced Darwin East Arm Wharf
Mount Darwin TiO2 Pigment
Peake Adnera Rail TIVAN®
Beneficiation Siding Processing V2O5 Flake Customers
Plant Facility
Fe2O3 Product
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Downstream Processing in Darwin, NT EXCELLENT FACILITIES

• Middle Arm Peninsula of Darwin Harbour

• Close to railway line from Mount Peake

Power generation and grid network capacity

• Gas supply available

Concentrate storage & transport logistics

• Raw water supply and Infrastructure

• Port capacity and configuration

• Supportive NT government

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Refer ASX Announcement dated 11 September 2019

Processing Technology TIVAN® GERMAN TECHNOLOGY

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Magnetite Concentrate Vanadium Pentoxide
Plant
Plant
Iron Plant
Acid Leach Plant
HCl Recovery Plant
Titanium Pigment
Plant
Product Packaging
Plant
Vanadium
Production Plant Power Plant
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Titanium Dioxide Pigment - TiO2

PROCESSING ROUTES

• Older sulphate route uses H2SO4

• Typical sulphate feed is Ilmenite TiO2 52%, FeO 47%

• Iron waste causing environmental issues

• More modern chloride route uses Cl 2

• Typical chloride feed is rutile TiO2 90%, FeO 10%

• TNG uses sulphate but low iron feedstock FeO 2.3% MAJOR ADVANTAGE

MAJOR ADVANTAGE

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Vanadium Redox Flow Batteries - VRFB

THE FUTURE OF ENERGY STORAGE

Advantages of VRFB compared to Li-Ion batteries

• Better for large scale storage and for longduration applications (>6 h)

• More cost effective

• Longer life cycle – 20 yrs vs 5-8 yrs (LIB)

• Lower degradation

• Simpler maintenance, safer

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Source: Wattjoule

Iron Oxide - Fe O 2 3 TNG PRODUCTION AND OFFTAKE

• TNG production of 500,000 tpa iron oxide fines

• 0.04% of current seaborne demand for iron oxide fines

• Fe content over 64.4%, strong premium over the benchmark 62% grade

• Malaysia and Indonesia easily absorb TNG’s production

T N G

• Reduce logistical costs

• Negotiations are underway with potential off-take

• partners

Vertical Integration Plan FROM PRODUCTION TO MARKET

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Mount Peake Deposit

LARGEST VANADIUM DEPOSIT IN AUSTRALIA

• Typical titano-magnetite composition

• Flat ore body with low strip ratio (0.9 to 1)

• Two high grade vanadium pits

• Mining via a conventional open pit operation

37 year mine life

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Mineral Resource 160 million tonnes

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0.37% 6.9% 26.4%
V O TiO Fe
2 5 2
N
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Refer ASX Announcement dated 11 September 2019

Mount Peake Beneficiation

DEFINITIVE FEASIBILITY STUDY DESIGN

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1. Open pit mining & primary crushing 2. SAG & ball milling 3. Screening and magnetic separation 4. Tailings management 5. Titano-magnetite to Darwin

Refer ASX Announcement dated 11 September 2019

Processing Technology TIVAN®

GERMAN TECHNOLOGY

• Extraction of V, Ti and Fe from titano-magnetite

• SMS Group (Germany) has developed TIVAN[®] technology with TNG

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• SMS will be the EPC contractor

• Fixed price, turn key delivery

• Throughput, process, product guarantee

Refer ASX Announcement dated 11 September 2019

Processing Technology TIVAN®

GERMAN TECHNOLOGY

TIVAN® PLANT FLOWSHEET

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Pre-Leach
Treatment
Vanadium / Iron
Solution
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1. Pre-leach treatment

1. Acid leach

2. Non soluble Ti is filtered & dried

3. Filtration of vanadium

4. Vanadium pentoxide production

5. Iron removal and Fe production

6. Acid re-generation and recovery

Updated optimised process plant flowsheet for TIVAN® products

Pigment Processing Technology Ti-Cons GmbH GERMAN TECHNOLOGY

• Technology provider

• Technology package for titanium pigment production

• Built sulphate plants in Henan, Yunan

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• Contracted by SMS Group

• SMS will be the EPC contractor

• Fixed price, turn key delivery

• Throughput, process, product guarantee

Refer ASX Announcement dated 11 September 2019

Pigment Processing Technology Ti-Cons GmbH GERMAN TECHNOLOGY

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Steam
Milled Ore H2SO4 Plant Pre
Heaters
Ore Mill H2SO4 Water Black Liquor Thickener Filter
Ti Conc
Digester Reactor Na OH
Quicklime
To Landfill
Rutile Seed TiO2 Seed
Al & Acid Steam
Dry Milling Rutile Kiln
TiO(OH)2
Hydrolysis
Bleaching
Screen Surface Treatment
Filter Press
Steam Mill
Conditioning Sand Mills Flash Dryer Packaging
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1. Preparation of Ti feedstock 2. Sulphation of Ti feedstock

2. Hydrolysis to Ti Hydroxide

3. Calcination to Rutile

4. Milling and surface treatment 6. Micronising and packaging

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Pigment Processing Technology Ti-Cons GmbH

GERMAN TECHNOLOGY

	Sulphate	Chloride	TNG
Raw material cost ($/ton of TiO2feed)	Low Ilmenite	High Rutile	Very Low Tivan
TiO2 final product	Medium purity	High purity	High purity
Capital expenditure	High	Medium	High
Operational costs	Medium	High	Medium
Environmental	High	Medium	Low
Flexibility in processing raw material	Limited (Fe, Cr)	Limited (CaO, MgO, size)	Tivan feedstock
Process Condition	Medium temp. (140-1800C)	Very High temp. (800-1,4000C)	Medium temp. (140-1800C)
TiO2 Pigment production	Rutile/Anatase	Rutile	Rutile/Anatase

Project Funding Partnerships

GERMAN BANK MANDATED

• Debt funding mandate awarded

• KfW IPEX-BANK to raise up to US$600m (AU$850m)

• Export credit finance

• Specialist Financier

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• Extensive expertise in Metals & Mining

Refer ASX Announcement dated 11 September 2019

Corporate Snapshot

TOP SHAREHOLDERS DEUTSCHE BALATON & ASSOCIATES* 12.28% German Investment Fund VIMSON GROUP 9.84% Indian iron ore mining conglomerate WWB INVESTMENTS P/L 7.47% Private investor AOSU INVESTMENT & DEVELOPMENT CO 5.38% Chinese Private Company SMS INVESTMENTS SA 1.31% Mount Peake development partner CORPORATE DATA ASX code TNG Cash as at 30 Sep 19 $20.8 million Shares on issue 1.12 billion Market capitalisation (at 9c) $101.2 million

TOP 50 SHAREHOLDERS BY LOCATION

Top 50 = 51% of TNG Total Issued Capital

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Europe (ex UK)
29%
North America
1%
Australia
38%
Asia
31%
Rest of World
1%
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• It includes DELPHI, the major shareholder of Deutsche Balaton, and Sparta AG, a subsidiary of Deutsche Balaton.

Mount Peake: The Path Ahead

EXPECTED NEXT STEPS

• Full permitting for the Darwin TIVAN[®] Processing Facility

• Appointment of equity advisors

• Completion of final mine design and FEED for all process plants, leading to EPC tender process

• Equipment tender process

• Appointment of EPC contractor

• Establish full Project Development team

• TNG Board FID

• Commencement of development

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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 Results”, 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 11 September 2019 called “Optimised Delivery Strategy for Mount Peake” available on the Company’s website on www.tngltd.com.au. The Company confirms that all material assumptions underpinning the production target and financial information set out in the announcement released on 11 September 2019 continue to apply and have not materially changed.

BUILDING A GLOBAL STRATEGIC METALS COMPANY PAUL BURTON – MANAGING DIRECTOR & CEO

TNG Limited Suite 20, 22 Railway Road Subiaco, Western Australia 6008 www.tngltd.com.au corporate@tngltd.com.au