TIVAN LIMITED — Capital/Financing Update 2007

Apr 3, 2007

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 177/96. Origin: Appendix 5. Amended 177/98, 179/99, 177/2000, 30/9/2001, 11/3/2002, 171/2003.

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).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Unlisted Employee and Consultant Options

• $\overline{2}$ Number of ⁺securities issued or to 5,100,000 be issued (if known) or maximum number which may be issued
• 3 Principal terms of the ⁺securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment; if securities, *convertible the conversion price and dates for conversion)

5,100,000 Unlisted Employee and Consultant Options December expiring 31 2011. exercisable @ \$0.38

⁺ 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?	$No$ – New issue of unlisted options
	If the additional securities do not rank equally, please state: the date from which they do which the extent to they ۰ participate for the next dividend, of (in the case trust. a distribution) or interest payment the extent to which they do not $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment	to be exercised. totalling 3,600,000.	The Unlisted Employee and Consultant Options vest over time from date of issue to the expiry date. Until these options vest they are not able 500,000 vest on each of 31 May 2007, 31 May 2008 and 31 May 2009 totalling 1,500,000 and 1,200,000 vest on each of 31 December 2007, 31 December 2008 and 31 December 2009
5	Issue price or consideration	December 31 consideration.	5,100,000 Unlisted Incentive options expiring 2011 \$0.38 for nil $\left(\widehat{a}\right)$
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	$5,100,000$ options are The issued as a performance incentive and for the Company to continue to retain employees and consultants of high caliber.
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	4 April 2007
8	Number *class οf all and	Number 124,233,187	+ Class Ordinary shares
	*securities quoted ASX on (including the securities in clause 2 if applicable)	48,259,218	Options expiring 31 May 2007 (TNGO) @ \$0.15

⁺ See chapter 19 for defined terms.

$\overline{9}$ Number and ⁺class of all *securities not quoted on ASX (including the securities in clause
2 if applicable)

Number		+ Class
2,000,000	Options	Exercise price
		\$0.15, expiring 31
		May 2007
7,000,000	Options	Exercise price
		\$0.12, expiring 30
		April 2007
2,100,000	Options	Exercise price
		\$0.23, expiring 30
		November 2007
5,100,000	Options	Exercise price
		\$0.38, expiring 31
		December 2007

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

No policy.
------------	--

Part 2 - Bonus issue or pro rata issue

$\mathbf{11}$	holder approval security Is required?
12	Is the issue renounceable or non- renounceable?
13	Ratio in which the *securities will be offered
14	Class of securities to which the offer relates
15	$+$ Record date to determine entitlements
16	Will holdings on different registers for calculating aggregated be entitlements?
17	Policy for deciding entitlements in 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. Cross reference: rule 7.7.
19	Closing date for receipt οf acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
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.

• 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?
• How do "security holders sell part 31 of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date

Part 3 - Ouotation of securities

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

34 Type of securities $(iick one)$

$(a)$

Securities described in Part 1

⁺ 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

35

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

If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ $100.001$ and over

37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

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

$+$ 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

Ouotation 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 ۰ 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 ۰ 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.
• $\mathbf{3}$ 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.
• We give ASX the information and documents required by this form. If any $\overline{4}$ 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.

Company Secretary

Sign here:

Date: 04 April 2007

Print name: DAMIAN DELANEY

—— —— —— —— ——

$+$ See chapter 19 for defined terms.