TIVAN LIMITED — Capital/Financing Update 2011

Jul 25, 2011

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ASX ANNOUNCEMENT

ASX CODE: TNG

PRELIMINARY INFRASTRUCTURE NEGOTIATIONS POSITIVE FOR MOUNT PEAKE DEVELOPMENT

PROJECT SET TO BENEFIT FROM EXCELLENT INFRASTRUCTURE ACCESS

REGISTERED OFFICE TNG Limited Level 1, 282 Rokeby Road Subiaco, Western Australia 6008

T +61 8 9327 0900 F +61 8 9327 0901 W www.tngltd.com.au E corporate@tngltd.com.au ABN 12 000 817 023

DIRECTORS Neil Biddle Paul Burton Stuart Crow

COMPANY SECRETARY Simon Robertson

PROJECTS

Mount Peake: Fe-V-Ti Manbarrum: Zn-Pb-Ag East Rover: Cu-Au McArthur: Cu

CONTACT DETAILS Paul Burton | +61 8 9327 0900 Nicholas Read | +61 419 929 046 Simon Robertson | +61 8 9327 0900

Highlights:

• Initial infrastructure negotiations progressing well as part of Mount Peake Pre-Feasibility Study.

• Discussions relating to port and rail access confirm available capacity.

• Ability to supply cheap gas power to project site has the potential to make Mount Peake one of the lowest-cost ferrous projects in Australia.

• Pre-Feasibility Study progressing on schedule and on budget.

TNG Limited (ASX: TNG ) is pleased to advise that it has commenced preliminary discussions with a number of parties regarding key infrastructure requirements for its flagship 100%-owned Mount Peake Iron-Vanadium Project in the Northern Territory.

Infrastructure negotiations have commenced as part of the ongoing PreFeasibility Study (PFS) for the development of Mount Peake.

Early-stage discussions have been held in relation to gas supply, rail and port infrastructure, with all initial indications confirming that TNG will have ready and available access to required services.

Rail

Preliminary discussions with Genesee & Wyoming Australia Pty Ltd, the operator of the Adelaide-to-Darwin rail line, have indicated that the line can accommodate the transportation of product from the Mount Peake Project to the Port of Darwin.

Genesee & Wyoming has indicated its willingness to work with TNG to negotiate commercial arrangements for access to the rail line once TNG‟s needs have been better defined in the current PFS.

Port

Preliminary discussions with the Darwin Port Corporation for access to Darwin Port have indicated that the container loading facility is underutilised and will be able to accommodate TNG‟s proposed container shipments from 2014.

The Darwin Port Corporation is currently reviewing its future development plans, and has confirmed that the Mount Peake Project is considered to be a desirable future customer, and that the Port Corporation has a strong desire to work with the Mount Peake Project.

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Gas Supply

Preliminary discussions have been held with NT Gas and Power and Water Corporation (“PWC”) for gas provision to the Mount Peake operation.

PWC has indicated that it would be able to supply gas to the Mount Peake Project and could assist in packaging a gas and pipeline solution. TNG and PWC have entered into a Confidentiality Agreement to progress commercial discussions on the potential supply of gas to the Project.

NT Gas operates the gas pipeline between the Amadeus Basin and Darwin, and has indicated that the pipeline has available capacity to supply gas to Mount Peake. NT Gas can provide a package to supply gas from the pipeline to the Project site, and TNG and NT Gas have entered into a Confidentiality Agreement to progress commercial discussions.

The availability of potentially cheap gas power is a major advantage for the Mount Peake Project development. TNG‟s aim is that the Project will be entirely gas powered, giving the potential to become one of the lowest-cost ferrous projects in Australia.

Diesel Fuel

Initial discussions have been held with Ausfuel Gull regarding the supply of diesel to the site. Based on preliminary estimates, Ausfuel Gull has indicated that it would be able to supply diesel to the Project and could assist in packaging a solution for on-site storage facilities.

Department of Resources

Discussions have been held with the Department of Resources (“DoR”) and the NT Major Projects group. The DoR is the lead agency at this stage of the development, and is supportive of the Project.

Involvement by the DoR and other NT Government agencies generally increases after the Project has demonstrated feasibility.

PRE-FEASIBILITY STUDY PROGRESS

TNG is pleased to confirm that the Mount Peake Pre-Feasibility Study is progressing on schedule and on budget with engineering, process design, hydrology, Native Title and environmental studies underway.

A progress update on this work will be provided as relevant milestones are achieved.

Engineering progress

Mineral Engineering Technical Services Pty Ltd (“METS”) is progressing with work on the process design criteria, process flow sheets, process description and mass balance for the Mount Peake process flow sheet. Completion of specific milestones is shown:

	Bruno simulation	90%
	Mass balance	90%
	Process equipment list	90%
	Design criteria	85%
	Process flow sheets	95%
	Process description	85%
	OPEX	90%

TNG Limited | ASX Announcement

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Detailed infrastructure costing and full CAPEX is in development.

Resource Drilling

Reverse circulation resource drilling is progressing ahead of schedule and should be completed prior to August. A summary of the resource intersections will be provided on completion.

TNG LIMITED Paul E Burton Managing Director 26 July 2011

Enquiries:

Paul E Burton, Managing Director

Managing Director + 61 (0) 8 9327 0900 Nicholas Read, Read Corporate + 61 (0) 419 929 046

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy , an employee and Director of TNG Limited. Paul Burton has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the „Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Paul Burton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Financial and Mining analysis is based on information compiled by Jeremy Peters who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Jeremy Peters has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the „Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Jeremy Peters consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mr Damian Connelly, MAAusIMM, Chartered Processional (MET), MMICA, MSME, MSAIMM was responsible for the preparation of the metallurgical test work results reported herein. Mr Connelly has sufficient experience to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of the Exploration Results, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which is appears.

TNG Limited | ASX Announcement