TIVAN LIMITED — Capital/Financing Update 2006

Mar 8, 2006

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

TENNANT CREEK GOLD LIMITED

ABN

12 000 817 023

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

	+ Class of + securities issued or to be issued	Ordinary shares Options \$0.15 expiring 31 May 2007
2	Number of + securities issued or to	4,000,000 ordinary shares
	be issued (if known) or maximum number which may be issued	59,539,135 options
3	Principal terms of the "securities"	Shares - Ordinary fully paid
	(eg, if options, exercise price and expiry date; if partly paid securities, the amount outstanding and due dates for payment; if convertible securities. the conversion price and dates for conversion)	Options - \$0.15 expiry May 31, 2007

⁺ See chapter 19 for defined terms.

4	Do the "securities rank equally in all respects from the date of allotment with an existing 'class of quoted *securities?	$Shares - Yes$ Options - Yes
	If the additional securities do not rank equally, please state: the date from which they do $\bullet$ which they the extent to ٠ participate for the next dividend, the case (in οf a trust. distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	Shares - \$0.25 per ordinary share Options - \$0.02 per option
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Shares - Placement offer Options -- Funds raised will be used to advance exploration on the Company's Manbarrum Project.
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	Shares - 8 March 2006 Options - 24 March 2006
			* Class
8	Number *class all and of	Number
	ASX. *securities quoted on (including the securities in clause 2 if applicable)	91,628,270 59,539,135	Ordinary	Options Exercise price \$0.15, expiring 31 May 2007
		Number		+ Class
9	Number †elass оf all. and
	*securities not quoted on ASX (including the securities in clause 2 if applicable)	13,950,000	Options	Exercise price \$0.15, expiring 31 May 2007
		13,500,000	Options	Exercise price \$0.12, expiring 30 April 2007

$+$ See chapter 19 for defined terms.

Dividend policy (in the case of a
trust, distribution policy) on the
increased capital (interests) 10

$\overline{\text{ }*$ See chapter 19 for defined terms.

Part 2 - Bonus issue or pro rata issue

$\mathbf{H}$	security holder approval ls. required?	Yes, approval obtained 1 March 2006
12.	Is the issue renounceable or non- Non-renounceable renounceable?
13.	be offered	Ratio in which the "securities will 1 Listed option for every 2 shares held at record date
14	Class of securities to which the Ordinary fully paid shares offer relates
15.	+ Record date to entitlements	determine 23 March 2006
16.	Will holdings on different registers aggregated for calculating be entitlements?	Yes
17	Policy for deciding entitlements in To be rounded down relation to fractions
18.
	Names of countries in which the entity has *security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with.	United Kingdom, Singapore, Hong Kong, Malaysia, Belgium, Canada, Channel Islands, Ireland, Saudi Arabia, United States of America, Switzerland, China, Denmark, Sweden, Vanuatu
	Cross reference: risfe 7.7.
19.	Closing. date for receipt acceptances or renunciations	of 7 April 2006
20	Names of any underwriters	Kirke Securities Ltd
21	Amount of any underwriting fee or commission	\$20,000
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue

$+$ See chapter 19 for defined terms.

acceptances or renunciations on behalf of *security holders 25 If the issue is contingent on "security holders' approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do "security holders sell their entitlements in full through a broker? 31 How do *security holders sell part of their entitlements through a broker and accept for the balance?

Amount of any handling fee payable to brokers who lodge

32 How do "security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date

24

10 April 2006

Part 3 - Quotation of securities

Securities described in Part 1

You need only complete this section if you are applying for quotation of securities

• Type of securities 34 (tick one)
• $(a)$

25 January 2006

24 March 2006

⁺ See chapter 19 for defined terms.

$(b)$ All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

36

If the "securities are "equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$

37

A copy of any trust deed for the additional "securities

Entities that have ticked box 34(b)

100,001 and over

• Number of securities for which 38 *quotation is sought
• 39 Class of "securities for which quotation is sought

³⁵

⁺ See chapter 19 for defined terms.

40 Do the *securities rank equally in all respects from the date of allotment with an existing "class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend. (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

Number	* Class

Quotation agreement

• $\mathbf{I}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the "securities to be quoted complies with the law and is not for ×. an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

⁺ See chapter 19 for defined terms.

• Section 724 or section 1016E of the Corporations Act does not apply to any $\bullet$ applications received by us in relation to any 'securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the $\bullet$ Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation of the "securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Date: 09 March 2006

Print name:

ananan antara antara panana antara

⁺ See chapter 19 for defined terms.