TIVAN LIMITED — Board/Management Information 2022

Dec 22, 2022

23 December 2022

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ASX ANNOUNCEMENT
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CHAIRMAN’S LETTER

Dear Shareholders and Stakeholders

As most of you will be aware, there has recently been a transformative change in management at TNG Limited. Following a decade of disappointment, a group of significant shareholders commenced an action in July to oust management and set the Company on a new and forward-facing path. This culminated at the Annual General Meeting in late November, where I was elected with 96% shareholder support, and subsequently elected as Executive Chairman by the new Board of Directors.

While it has been only weeks, I am pleased to report on behalf of the Board on the meaningful progress the Company has already made, and the expectations we have for next year.

Reset

During the campaign to change management, I committed to an initial phase of Reset, Review and Renew.

The Reset is already well underway and has facilitated a dramatic improvement in Stakeholder relations. This extends to commercial partners, such as SMS Group, Ti-Cons and METS Engineering Group, and project financiers and advisors, such as KfW IPEX-Bank and KPMG.

Governments have also lent back in, both in the Northern Territory and at the Federal level. On the latter, I am pleased to report rejuvenated dialogues with Critical Mineral Office (“CMO”), Export Finance Australia, Northern Australia Instructure Facility and CSIRO. The Company will be making a public submission to the Critical Mineral Strategy 2023, which is being led by CMO, in February next year.

My visit to the Northern Territory in mid-December was particularly encouraging. At a personal level, it was a homecoming of sorts, as I attended primary school in Alice Springs in the 1980s. The reception was warm and highly professional, with special thanks due to Mr Jason Schoolmeester, Major Projects Commissioner.

In Darwin, I confirm high level meetings with various representatives of the Northern Territory Government, across multiple portfolios. This engagement is extensive and ongoing and is a necessary and welcome precondition to the Company earning and maintaining a social licence to operate.

Substantively, the Board approved a comprehensive review and new approach on the important issue of water extraction (see ASX announcement of 12 December 2022) in conjunction with meetings with the Department of Environment, Parks and Water Security.

I also extend my thanks to Dr Paul Vogel, Chairperson of the Environmental Protection Agency, for the opportunity to introduce the substantial changes that are taking place at the Company.

In Alice Springs, it was my privilege to meet at short notice with the Central Land Council and the pastoral lease owners of Stirling Station (where Mount Peake is located). These were genuine and heartfelt sessions, where course correction has already been actioned and achieved.

Community outreach has also commenced and will be a feature going forward across the Territory. At the outset this includes the Environment Centre NT, Charles Darwin University and the Paspaley Pearling Company. The Company is also progressing toward an office in Darwin early next year. And we are laying the foundations for a local media presence in the Territory, and to ensure there is a strong emphasis on local procurement going forward.

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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Renew

To Renew the Company my early focus has been with the team in Perth.

Here I am delighted to report that expectations have been meaningfully surpassed. I naturally held concerns that the upheaval in the Company’s management may have been a disruption for the team, and that a prolonged period would be required to establish a new firm ethos and culture.

Those concerns proved to be entirely unfounded.

The team had kept its collective head down during the months it took to implement the change in management, exhibiting a strong solidarity to each other and to the Company’s broader mission. Each recognised the opportunity at hand and have fully embraced the far-reaching changes I am introducing, in terms of open communications, digital transformation and compensation policies.

Credit is due to Mr Jason Giltay, recently promoted to Chief Financial Officer, for his leadership through this period. And I highlight the contribution of Mr Brendon Nicol, Senior Process Engineer. Brendon is an outstanding talent, with deep embedded knowledge of the Tivan metallurgical process. The Board expects that he will play an important role in the years ahead.

Further changes at the Company are required as part of its renewal. I expect headcount will expand materially next year, particularly in the project team. I confirm that a search process has commenced for a CEO, and that this will intensify as we move into the first half of the year. I also expect the roster of Stakeholders to evolve significantly, and for this to act as a catalyst for the re-rating of the Company’s image.

A final point is that corporate communications have already been overhauled, commencing with the immediate termination of the Company’s public relation advisor and firm counsel. As highly engaged Shareholders have already noted in December, the Company’s policy henceforth is to communicate on a timely and forthright basis.

Review

The Review of the Company’s major project, Mount Peake, is well underway, and the timeline the Board previously communicated for key findings, being Q1 2023, will hold up.

I expect to be able to provide some additional context at the General Meeting on 20 January 2023. We will ensure a livestream and replay are available for those shareholders who cannot attend in person.

I can say at this early stage that an enormous amount of work has been done by the project team and by SMS Group and Ti-Cons in recent years, and that there is deep embedded value in the Tivan process. It is my role to unlock this value for the Company, on behalf of Shareholders and Stakeholders. The prospect of doing so is greatly enhanced by tremendous tailwinds now at work in the critical minerals sector, both in Australia and globally.

General Meeting

The Reset will wrap at a General Meeting in Melbourne on 20 January 2023, where Shareholder support is being sought to rename the Company to Tivan Limited (proposed ASX code: TVN). This is an important event, and will be well attended by Shareholders and Stakeholders, including various special guests.

The Company will launch a first cut of the new corporate website directly after this and commence building out the Company’s mainstream and social media footprints. These will embed Tivan Limited’s new branding and logo, that centre on core thematics of Critical, Vertical and Sustainable.

By way of reminder, the Notice of Meeting for this event was released last Friday, and online voting is now open. Please support this important step by voting FOR the Resolution online, or in person at the General Meeting.

Shareholders are of course welcome and encouraged to attend in Melbourne. It would be helpful for our planning to confirm attendance via email to Katrina Arratoon, VP – Engagement, at katrina@tngltd.com.au.

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Onward

Looking further ahead, I am confident that there is a path for Tivan Limited, and that with consolidated efforts much will be achieved.

I encourage everyone to join us next year, with energy and vigour, as a new and exciting journey begins.

On behalf of the Board, warm wishes and best regards for the festive season.

Executive Chairman

Grant Wilson

Ends

This announcement is authorised by the Board of the Company.

Inquiries:

Tony Bevan Joint Company Secretary + 61 (0) 8 9327 0900

Follow TNG on

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About TNG

TNG is a mineral resource and processing technology company focussing on building a world-scale strategic metals business based on its flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory. Located 235km north of Alice Springs, Mount Peake will be a long-life project producing a suite of high-quality, high-purity strategic products for global markets including vanadium pentoxide, titanium dioxide pigment and iron ore fines. The project, which is expected to be a top-10 global producer, has received Major Project Status from the Australian Federal Government and the Northern Territory Government.

TNG is also advancing a green energy strategy with the dual objective of offsetting carbon emissions from its planned future operations and generating new business opportunities in the alternative energy market to create additional shareholder value, with a focus on green hydrogen and vanadium redox flow batteries.

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