TIVAN LIMITED — Board/Management Information 2022

Sep 5, 2022

6 September 2022

Dear TNG Shareholders,

==> picture [125 x 165] intentionally omitted <==

I am delighted to have recently joined the Board of TNG Limited as non-executive Chairman at a very important time in its history, and return to the Company I started 24 years ago.

I was Managing Director of TNG between 1998 and April 2011, when I was succeeded by Paul Burton, and remained a non-executive Director until May 2013, when I stepped down to join Pilbara Minerals (ASX: PLS) and lead that Company’s growth and development to become one of Australia’s leading lithium producers, with a market capitalisation today of almost $11 billion.

I oversaw the early exploration of the Mount Peake Project (originally as a nickel sulphide target) and the subsequent discovery of the world-class vanadium-titanium-iron deposit by TNG’s then Exploration Manager, Paul Burton. Since my departure, TNG, led by Paul, has made significant progress towards development of the Project, a major new long-life production asset that will change the face of the Company and make a huge contribution to the Australian economy.

I firmly believe that Mount Peake is one of the world’s premier critical minerals development projects, located in one of the world’s most stable and supportive jurisdictions, and I am looking forward to working again with Paul, the Board and the TNG team to deliver on this potential.

Due to my strong experience in the fast-growing battery materials sector over the past decade, I am excited and energised about the significant opportunity presented by the Mount Peake Project – which is on track to become one of Australia’s next major producers of future-facing metals.

While the financing and execution of the Mount Peake Project remains our core focus, the Company also has additional exciting growth opportunities in the shape of the recently-secured the Sandover Lithium Project and the substantial nickel potential around Mount Peake. These complement the existing asset base at Mount Peake and represent opportunities to add further value which is in keeping with our aim to have TNG re-rated.

Under my watch, I intend to ensure that we maximise all of these opportunities for our shareholders and set TNG on a long-term growth trajectory. As part of this, we will continue our board renewal process, grow our team, introduce new investors and build on the solid foundations created over the past decade.

Importantly, I would like to acknowledge that I am fully aware that TNG is currently under unwarranted and unnecessary attack by a small minority of shareholders. They are seeking to use the Corporations Act 2001 (Cth) to seize control of the TNG Board at an upcoming general meeting of shareholders on 20 September by proposing to remove non-executive director, John Elkington, and Managing Director, Paul Burton.

I am fully aware that the requisitioning shareholders, led by Grant Wilson, have also proposed a resolution removing all new directors appointed on or after 18 July 2022 until the commencement of the general meeting, with this resolution (being Resolution 5 described in the Notice of Meeting) purporting to apply to the appointment of my fellow Board member Elizabeth Henson and myself.

I would like to clarify my position that, if Resolution 5 is passed, I will consider that my directorship is terminated by the wishes of the shareholders, regardless of legal opinion.

==> picture [586 x 27] intentionally omitted <==

Notably, my decision to return to the TNG Board was based on the significant progress achieved by the current Board and management in advancing the Mount Peake Project, most recently with receipt of up to A$800 million in conditional non-binding project financing support, as well as on the new exciting opportunities in the lithium space with the acquisition of the Sandover Lithium Project.

I fully support the current Board and management and I strongly believe that a change in control of the TNG Board is not in the best interests of all shareholders and will jeopardise the progress achieved so far.

As I said previously, these are exciting times for TNG and I encourage all shareholders to unite behind the team to capitalise on the hard work that has been put in over a long period of time.

Yours sincerely

Neil Biddle

Non-Executive Chairman TNG Limited

==> picture [587 x 27] intentionally omitted <==

Page 2 of 3

==> picture [587 x 27] intentionally omitted <==

Page 3 of 3