TIVAN LIMITED — Capital/Financing Update 2013

Feb 5, 2013

TECHNICAL REVIEW RESULTS IN 40% JUMP IN NPV TO A$2.65 BILLION

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ASX ANASX ANNOUNCEMENT OUNCEMENT

MAJOR BOOST TO MOUNT PEAKE PROJECT ECONOMICS

6 FEBRUARY 2012

ASX CODE: TNG

ASX CODE: TNG

REGISTERED OFFICE

REGISTERED OFFICE TNG Limited TNG Limited Level 1, 282 Rokeby Road Level 1, 282 Rokeby Road Subiaco, Western Australia 6008 Subiaco, Western Australia 6008 T +61 8 9327 0900

T +61 8 9327 0900 F +61 8 9327 0901 F +61 8 9327 0901

W www.tngltd.com.au W www.tngltd.com.au E corporate@tngltd.com.au E corporate@tngltd.com.au ABN 12 000 817 023 ABN 12 000 817 023

DIRECTORS

DIRECTORS Neil Biddle Jianrong Xu - Chairman Paul Burton Paul Burton – Managing Director Stuart Crow Neil Biddle Stuart Crow COMPANY SECRETARY Rex Turkington Simon Robertson Wang Zhigang PROJECTS

COMPANY SECRETARY Mount Peake: Fe-V-Ti Simon Robertson Manbarrum: Zn-Pb-Ag East Rover: Cu-Au

PROJECTS McArthur: Cu Mount Peake: Fe-V-Ti Mount Hardy: Cu-Au CONTACT DETAILS Sandover : Cu-Au Paul Burton | +61 8 9327 0900 McArthur : Cu Nicholas Read | +61 419 929 046 Manbarrum: Zn-Pb-Ag Simon Robertson | +61 8 9327 0900 East Rover: Cu-Au

CONTACT DETAILS

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

HIGHLIGHTS

• Internal technical review of July 2012 Mount Peake Pre-Feasibility Study identifies a significant underestimation of the value of iron ore mineralisation.

• Corresponding revision to Mount Peake financial model leads to:

• 15% increase in life-of-mine (LOM) revenues from A$11.8 billion to A$13.6 billion;

• 40% increase in Net Present Value (NPV8%) from A$1.884 billion to A$2.646 billion; and

• 22% increase in pre-tax IRR from 31.8% to 38.7%.

• Definitive Feasibility Study expected to commence later this year.

Australian resources company TNG Limited (ASX: TNG ) is pleased to advise that an internal technical review of the July 2012 Pre-Feasibility Study (PFS) for its flagship Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, has led to a significant enhancement of the Project’s economics following the identification of a miscalculation of the value of the iron component of the resource.

The technical review of the July 2012 PFS was conducted ahead of the planned commencement of a Definitive Feasibility Study (DFS) for the Mount Peake development later this year. It identified that the price for the hematite product at Mount Peake had incorrectly been applied to contained iron (Fe) as opposed to contained iron oxide (Fe2O3).

As a result of this finding, the original financial model for the Mount Peake PFS has been verified and updated by Snowden Mining Industry Consultants Pty Ltd leading to:

• an increase in life-of-mine (LOM) revenues from A$11.8 billion to A$13.6 billion;

• an increase in Net Present Value (NPV8%) from A$1.884 billion to A$2.646 billion; and

• an increase in pre-tax IRR from 31.8% to 38.7%.

Full details of the Mount Peake Pre-Feasibility Study are available in the Company’s ASX Announcement – 9[th] July 2012.

The results dramatically enhance the financial strength of the proposed Mount Peake mining operation and provide strong momentum for the upcoming DFS. TNG is aiming to commence construction of the project in 2014, with production and exports proposed to commence in 2015.

Commenting on the result, TNG’s Managing Director, Mr Paul Burton, said it was an exciting, if somewhat unexpected, boost for the Project.

“Based on the revised economic model, the Mount Peake development is even more robust than initially thought and is shaping up as an outstanding growth asset for TNG shareholders,” he said.

TNG has recently announced several key agreements to progress the Mount Peake DFS, including:

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• Appointing leading global engineering and environmental consulting group, GHD, to complete the Environmental Impact Study (EIS);

• Signing a Memorandum of Understanding (MoU) with a leading Austrian/German-based international engineering, metallurgical, development, and technology company and plant supplier for discussions regarding the commercial development of the TIVAN® hydrometallurgical process;

• Signing a formal agreement with the Commonwealth Scientific & Industrial Research Organisation (CSIRO) for the completion of a definitive pilot plant trial, representing the next phase in the Company’s metallurgical testwork program;

• Signing a Heads of Agreement (HoA) with the Darwin Port Corporation (DPC) to negotiate the use of Darwin’s East Arm Wharf port facilities for the export of vanadium, iron and titanium products from the Mount Peake operation.

The Company expects to announce the award of the contract to complete the Mount Peake DFS later this month.

TNG LIMITED

Paul E Burton Managing Director 6 February 2013

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results and Targets are based on information compiled by Mr Paul Burton, B.Sc, M.Sc, is also a Member of The Australasian Institute of Mining and Metallurgy , and an employee and Director of TNG Limited. Mr 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’. Mr Burton 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, MAusIMM, Chartered Professional (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.

The information in this report that relates to Mineral Resources is based on information compiled by Lynn Olssen who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Lynn Olssen 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’. Lynn Olssen 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 Mr Jeremy Peters BSc, BEng, who is a Fellow and Chartered Professional Mining Engineer and Geologist 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.

Enquiries:

Paul E Burton, Managing Director + 61 (0) 8 9327 0900

Nicholas Read, Read Corporate + 61 (0) 419 929 046

TNG Limited | ASX Announcement