TIVAN LIMITED — Capital/Financing Update 2014

Dec 17, 2014

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ASX ANNOUNCEMENT 18 December 2014 ASX CODE: TNG

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 Jianrong Xu Paul Burton Michael Evans Stuart Crow Rex Turkington Wang Zhigang

COMPANY SECRETARY Simon Robertson

PROJECTS

Mount Peake: Fe-V-Ti Black Range Iron Manbarrum: Zn-Pb-Ag East Rover: Cu-Au McArthur: Cu-Zn-Pb-Ag Mount Hardy Cu-Au-Zn-Pb Sandover Cu-Au Walabanba Fe-V-Ti-Cu-Au

CONTACT DETAILS

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

EXPLORATION RESULTS UPDATE: McARTHUR RIVER ZINC PROJECT AND LEGUNE IRON PROJECT

Assay results received from 2014 drill programs confirm extensive mineralisation; Spectral Hylogging of core awaited

Key Points

• Results from reconnaissance drilling at McArthur River Zinc Project in the NT confirms the potential for the area to host McArthur River-style zinc mineralisation:

• Highly anomalous geochemistry identified over a 9km continuous zone supports the genetic model developed for the area; and

• Zinc results up to 0.2% and copper results up to 0.2% returned within broad sulphide intersections over 20m, confirming a metal-enriched system within prospective lithologies.

• High-grade iron ore of up to 64.0% Fe intersected in two holes drilled at the Legune Iron Prospect at the Manbarrum Project.

• Significant intersections returned adjacent to and down-dip of the Legune ochre pit hematite outcrop include: 14LHDDH001 4.3m @ 59.1% Fe from 4.9m 14LHDDH002 3.9m @ 59.4% Fe from 13.1m

• Mineralisation is open down-dip to the west and north.

TNG Limited (ASX: TNG) is pleased to advise that it has received final assay results from the 2014 reconnaissance diamond drilling programs undertaken at its 100%-owned McArthur River Zinc Project (see Figure 1) and Legune Iron Prospect , part of its 100%-owned Manbarrum Zinc Project .

The programmes were undertaken to test the geological models for each project and to provide further information for future programmes. The programmes intersected mineralisation in all holes and will provide information for future exploration planning.

McArthur River Zinc Project

The McArthur River Project is located 60km south-west of the worldclass McArthur River Zinc Mine operated by Glencore, and within the Batten Fault Zone, which hosts several other base metal resources, including the recently outlined Teena discovery (Rox/Teck).

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Two reconnaissance scout holes (Figure 1) were drilled targeting the prospective Wollogorang Formation, which has significant anomalous base metal surface geochemistry extending over 9km ( see ASX Announcement – 20 August 2014 ).

The mineralisation noted in these two holes has many similarities with that seen at the McArthur River Zinc Mine 60km to the north, including:

• Fine grained pyrite-dominated sulphides within layering of host bituminous black shales;

• Zn-Pb-Ag elemental association with low copper;

• Strong IP geophysical anomalies; and

• Stacked mineralisation lenses.

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Figure 1: Location of the McArthur River tenements, 2014 drill holes, and positions of the cross-sections.

Work completed by TNG on this project over the last three years has confirmed the potential of the central portion of the Wollogorang Formation to host zinc-lead-silver-copper mineralisation of a similar style to that found at McArthur River ( see ASX Announcement – 16 September 2013 ).

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Drilling was co-funded by the Northern Territory Department of Mines and Energy (NTDME) ( see ASX Announcement – 27 June 2014 ).

Drill-hole location information is shown in Table 1, with details of drilling and sampling outlined in Appendix 1. Samples were analysed by ALS in Perth by ICP method ME-ICP41a, with results presented in Table 2.

Table 1 – Hole collar summary details

Hole_ID	Easting	Northing	Depth	Dip	Azimuth	Tenement
14MCDDH001	597,347	8,112,564	151.2	-75	270	EL 27711
14MCDDH002	594,411	8,108,504	200.6	-75	270	EL30085

The best intersections are listed below, with all mineralisation found in the central “Ovoid Beds portion” of the Wollogorang Formation. Zinc in fine sphalerite is associated with very fine grained stratiform sulphides (pyrite and galena) in highly bituminous black shales.

Hole No.	Interval	Thickness	Grade (%)
14MCDDH001	60.0 to 69.0m	9.0m @	0.08% Zn
14MCDDH001	80.0 to 84.0m	4.0m @	0.08% Zn, including
	82.0 to 83.0m	1.0m @	0.14% Zn
14MCDDH002	19.0 to 20.0m	1.0m @	0.21% Cu
14MCDDH002	79.0 to 92.0m	13.0m @	0.09% Zn, including
	80.0 to 81.0m	1.0m @	0.20% Zn
14MCDDH002	94.0 to 102.0m	8.0m @	0.08% Zn

Maximum assay values were 2,020ppm zinc, 380ppm Pb, and 2,140ppm Cu, with nine values of zinc over 0.1%. There was a strong correlation between zinc, lead and silver, but copper values are low within the higher grade Zn-Pb stratiform mineralisation. Sulphide contents to 6% are indicated by the S% analyses (Table 2).

Analyses of copper in hole 14MCDDH002 from 19.0 to 20.0m returned 0.21% Cu in a core sample displaying both malachite and azurite (copper carbonate minerals). This mineralisation is supergene in nature and unrelated to the stratiform zinc mineralisation, showing that there is copper elsewhere in the system. TNG’s exploration is also targeting structurally controlled and/or Redbank-style breccia pipe copper mineralisation.

While both holes have over twenty metres of very encouraging fine grained sulphidic shales (6085m in hole 14MCDDH001 and 81-104m in hole 14MCDDH002), only part is significantly sphalerite-rich. With the very extensive geochemical anomalous zone there is potential for higher zinc, copper, lead and silver grades within this unit elsewhere on TNG’s 100% owned ground in this highly prospective area..

Figure 2 shows geological cross sections through each hole. Each has anomalous surface geochemistry associated with the outcropping position of the central part of the Wollogorang Formation (Ovoid Beds) and an IP anomaly corresponding with the down dip (0-100m below surface) position of this horizon. Assay results in each hole correspond closely with the surface geochemistry values (250-2500ppm Zn), despite being found in primary sulphides and up to 500m down-dip.

The mineralisation noted here on the Mallapunyah Dome is of a similar genesis to the McArthur mine, and, is worthy of further investigation. These two holes are separated by 5km, are centrally positioned within a 12km zone of surface geochemical anomalism (see Figure 3 and ASX Announcement –16 September 2013), and the prospective Wollogorang Formation is exposed over 17km within TNG’s tenements.

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There is potential for further targets to be outlined by planned geophysics across the project area. The entire tenement package lies within the Batten Fault Zone, host to all of the significant resources outlined to date in the McArthur Basin including the recent Teena discovery.

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Figure 2: WNW-ESE cross sections through holes 14MCDDH001 and 14MCDDH002 showing the stratigraphy dipping gently to the east, anomalous surface geochemistry, geophysical (IP) anomalism, and the assay results on the drill-hole trace.

Full assessment of these analytical results will await the completion of down-hole geophysics (also co-funded by the NTDME) and assessment of the mineralogical information obtained from

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the Hylogging of both holes being conducted by the Northern Territory Geological Survey (NTGS). Down-hole electromagnetic (DHEM) and downhole magnetometric resistivity (MMR) geophysical surveying has been completed with results and interpretation expected prior to year end.

Hylogging involves scanning the core in the Shortwave Infrared (SWIR) and Thermal Infrared (TIR) portions of the electromagnetic spectrum to allow minerals to be identified, with the raw Hylogger data obtained in October currently being processed and interpreted by the NTGS team.

Legune Iron Prospect

The Legune Iron Prospect lies within TNG’s 100%-owned Manbarrum Project, which is located 80km north-northeast of Kununurra, just east of the WA/NT border, and less than 40km from the Joseph Bonaparte Gulf coast (Figure 3).

The project comprises five tenements (ELs 24395, 25470, 25646, and Authorities A24518 and 26581) held by TNG’s 100%-owned subsidiary Tennant Creek Gold (NT) Pty Ltd.

The Legune Iron Prospect falls on EL 24395, together with the Djibitgun Zn-Pb-Ag Mississippi Valley Type (MVT) resource and the Browns and Landandi MVT Prospects. TNG has conducted extensive exploration programs for MVT style Zn-Pb-Ag mineralisation along the south-eastern margin of the Bonaparte Basin since 2007, resulting in the delineation of the Djibitgun and Sandy Creek Zn/Pb/Ag resources ( see ASX Announcement – 11 March 2010 ).

The Legune Iron Prospect was discovered by TNG in 2008 ( see ASX Announcement – 2 July 2008 ), with outcropping hematite grading up to 67.1% Fe. From 2009 through early 2014 the area was optioned to Teng Fei Mining Limited ( see ASX Announcements – 25 November 2009 and 22 January 2014 ).

As Teng Fei was unable to progress work on the area, the ground was returned to TNG in January 2014, with TNG retaining 100% ownership while Teng Fei maintains a 3% royalty on any future iron ore production from the tenement.

Drilling of the iron prospect was completed in early-mid October 2014, following clearance from Aboriginal Areas Protection Authority (AAPA) and the Traditional Owners ( see ASX Announcement – 2 October 2014 ). Drill hole location details are provided in Table 3 below, while drilling and sampling details are outlined in Appendix 2. Analytical results are listed in Table 4.

Table 3. Hole collar summary details.

HOLE_ID	EASTING GDA94 Zone53	NORTHING GDA94 Zone53	DEPTH	DIP	AZIM.
14LHDDH001	529827	8307027	75.0	-90	90
14LHDDH002	529698	8307113	48.0	-90	90
14LHDDH003	529613	8306985	35.0	-90	90

Three holes were completed for a total of 158m (outlined in Table 3 and Figure 2). All holes were collared on Legune Hill (Figure 4) and above the exposures seen in the breakaway on the south side of the hill (Figure 5). A local Northern Territory contractor with a small track-mounted rig was used to minimise ground disturbance and it generated HQ diamond core samples.

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Figure 3. Location diagram showing the Manbarrum Project tenure in the Northern Territory and the drill hole positions on Legune Hill.

Geological logging and analysis indicated the iron mineralisation was hosted in ferruginous sandstone sediment belonging to the Devonian Cockatoo Formation.

A consistent layer of ochrous hematite can be mapped through all three holes dipping very gently away from the exposures on the south-eastern side of the hill. The mineralisation extends to only minimal depth, with all high grade hematite less than 20 metres from surface. The hematite layer is open down dip, both to the west and to the north.

The significant hematitic iron ore intersections (at 50% and 40% Fe cut-offs) are listed below:

Hole No.	Interval	Thickness		Grade Fe (%)
14LHDDH001	4.9 to 9.2m	4.3m	@	59.1% Fe, including
	6.0 to 7.0m	1.0m	@	63.5% Fe
14LHDDH002	13.1 to 17.0m	3.9m	@	59.4% Fe, including
	15.0 to 16.0m	1.0m	@	64.0% Fe
14LHDDH003	17.0 to 17.6m	0.6m	@	43.8% Fe

The >50% Fe intersections have low silica, phosphorus and alumina, as shown in Table 2, and the higher grade material would appear to be acceptable as commercial grade IODEX 62% Fe feedstock (in the event that future mining takes place).

The Legune Hill covers a 900 x 500m area, and with a thickness of 4-6m there is potential for several million tonnes of hematite material of this grade. Additional tonnage potential exists further to the west and north. Note: Drilling to date is of a very preliminary nature and insufficient to outline a Mineral Resource.

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Figure 4. Legune Hill, viewed from the south, with hematitic exposures visible (red/brown) along the 20 metre high breakaway, Manbarrum Project, NT.

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Figure 5. Outcrop of over six metres of massive earthy (ochrous) hematite on the breakaway to the east of hole 14LHDDH003 at the Legune Iron Prospect, Manbarrum Project, NT.

TNG’s Managing Director Mr Paul Burton said the 2014 drilling programmes had been successful in defining the potential for substantial mineralised systems at depth at the McArthur River project, while also outlining an attractive high-grade DSO project at Legune.

“McArthur River is an exciting project with a huge geochemical expression which we have now established continues at depth. We drilled two scout holes into a 9km zone. We can now refine our techniques to establish suitable traps or accumulation sites of mineralisation with follow-up exploration programs,” he said.

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“At Legune, we have established that the highly anomalous iron ore outcrop continues at depth with DSO tenor grades, although shallower than expected. This information will now be included into our broader understanding of all mineralisation at the Manbarrum Project,” Mr Burton added.

Paul E Burton Managing Director

18 December 2014

Enquiries:

Paul E Burton,

Managing Director + 61 (0) 8 9327 0900

Nicholas Read

Read Corporate + 61 (0) 8 9388 1474

Competent Person Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on, and fairly represents, information and supporting documentation compiled by Exploration Manager Mr Kim Grey B.Sc. and M. Econ. Geol. Mr Grey is a member of the Australian Institute of Geoscientists, and a full time employee of TNG Limited. Mr Grey 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grey consents to the inclusion in the report of the matters based on his information in the form and context in which it appear.

Forward-Looking Statements

This announcement has been prepared by TNG Ltd. This announcement is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained.

This is for information purposes only. Neither this nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of TNG Ltd shares in any jurisdiction.

This does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, TNG Ltd, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted.

This may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of TNG Ltd. Actual values, results or events may be materially different to those expressed or implied.

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Table 2. Laboratory assay results (ME-ICP41a) holes 14MCDDH001 and 14MCDDH002, McArthur River Project.

HOLE_ID	FROM	TO	INTERVAL	SAMPLE_NO	Zn_ppm	Pb_ppm	Cu_ppm	Ag_ppm	S_%
14MCDDH001	46.00	47.00	1.00	MC140011	<20	10	35	1	0.19
14MCDDH001	47.00	48.00	1.00	MC140012	<20	-5	87	<1	0.22
14MCDDH001	48.00	49.00	1.00	MC140013	<20	10	105	<1	0.19
14MCDDH001	49.00	50.00	1.00	MC140014	<20	10	70	<1	0.29
14MCDDH001	50.00	51.00	1.00	MC140015	<20	20	72	1	0.39
14MCDDH001	51.00	52.00	1.00	MC140016	<20	10	149	<1	0.43
14MCDDH001	52.00	53.00	1.00	MC140017	<20	10	125	1	0.57
14MCDDH001	53.00	54.00	1.00	MC140018	<20	20	175	<1	0.61
14MCDDH001	54.00	55.00	1.00	MC140019	<20	10	237	1	0.67
14MCDDH001	55.00	56.00	1.00	MC140021	20	20	311	1	0.83
14MCDDH001	56.00	57.00	1.00	MC140022	20	20	317	<1	0.99
14MCDDH001	57.00	58.00	1.00	MC140023	20	20	263	<1	0.79
14MCDDH001	58.00	59.00	1.00	MC140024	<20	20	174	1	0.87
14MCDDH001	59.00	60.00	1.00	MC140025	50	30	160	1	1.01
14MCDDH001	60.00	61.00	1.00	MC140026	600	130	72	1	1.17
14MCDDH001	61.00	62.00	1.00	MC140027	1090	380	55	1	1.32
14MCDDH001	62.00	63.00	1.00	MC140028	850	80	48	1	2.04
14MCDDH001	63.00	64.52	1.52	MC140029	800	70	49	1	1.58
14MCDDH001	64.52	64.75	0.23	MC140030	470	170	50	1	0.66
14MCDDH001	64.75	66.00	1.25	MC140031	670	50	33	1	2.14
14MCDDH001	66.00	67.00	1.00	MC140032	630	50	32	1	2.43
14MCDDH001	67.00	68.00	1.00	MC140033	750	60	63	2	1.84
14MCDDH001	68.00	69.00	1.00	MC140034	830	140	175	1	0.91
14MCDDH001	69.00	70.00	1.00	MC140035	50	40	111	<1	0.47
14MCDDH001	70.00	71.00	1.00	MC140036	450	40	109	2	2.38
14MCDDH001	71.00	72.00	1.00	MC140037	550	60	69	2	3.36
14MCDDH001	72.00	73.00	1.00	MC140038	120	40	164	1	1.54
14MCDDH001	73.00	74.00	1.00	MC140039	<20	20	127	1	0.61
14MCDDH001	74.00	75.00	1.00	MC140041	100	20	76	1	1.33
14MCDDH001	75.00	76.00	1.00	MC140042	390	20	70	1	2.51
14MCDDH001	76.00	77.00	1.00	MC140043	60	20	40	<1	1.68
14MCDDH001	77.00	78.00	1.00	MC140044	230	20	25	<1	1.62
14MCDDH001	78.00	79.00	1.00	MC140045	220	30	42	1	1.66
14MCDDH001	79.00	80.00	1.00	MC140046	450	40	39	<1	1.2
14MCDDH001	80.00	81.00	1.00	MC140047	780	60	50	<1	1.33
14MCDDH001	81.00	82.00	1.00	MC140048	170	50	54	<1	1.07
14MCDDH001	82.00	83.00	1.00	MC140049	1410	60	56	1	1.24
14MCDDH001	83.00	84.00	1.00	MC140050	710	40	41	1	1.25
14MCDDH001	84.00	85.20	1.20	MC140051	30	30	135	1	1.51
14MCDDH001	85.20	86.00	0.80	MC140052	<20	40	138	<1	0.96
14MCDDH001	86.00	87.00	1.00	MC140053	100	10	69	1	0.29
14MCDDH001	87.00	88.00	1.00	MC140054	240	20	70	1	0.47
14MCDDH001	88.00	89.50	1.50	MC140055	<20	10	130	<1	0.27

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HOLE_ID	FROM	TO	INTERVAL	SAMPLE_NO	Zn_ppm	Pb_ppm	Cu_ppm	Ag_ppm	S_%
14MCDDH002	15.00	16.00	1.00	MC140095	30	<20	20	<1	<0.05
14MCDDH002	19.00	20.00	1.00	MC140096	20	<20	2140	1	<0.05
14MCDDH002	24.00	25.00	1.00	MC140097	<20	<20	30	<1	<0.05
14MCDDH002	25.95	26.20	0.25	MC140098	30	<20	50	<1	<0.05
14MCDDH002	26.20	27.00	0.80	MC140099	<20	<20	20	<1	0.31
14MCDDH002	30.00	31.00	1.00	MC140101	30	<20	100	<1	0.11
14MCDDH002	31.00	32.00	1.00	MC140102	40	20	30	<1	<0.05
14MCDDH002	32.00	33.00	1.00	MC140103	30	<20	120	<1	<0.05
14MCDDH002	35.00	36.00	1.00	MC140104	30	<20	20	<1	<0.05
14MCDDH002	38.00	39.10	1.10	MC140105	20	<20	30	<1	0.08
14MCDDH002	67.00	68.00	1.00	MC140132	<20	10	102	<1	0.12
14MCDDH002	68.00	69.00	1.00	MC140133	<20	10	14	1	0.22
14MCDDH002	69.00	70.00	1.00	MC140134	20	10	80	1	0.32
14MCDDH002	70.00	71.00	1.00	MC140135	20	10	344	1	0.47
14MCDDH002	71.00	72.00	1.00	MC140136	20	10	105	<1	0.47
14MCDDH002	72.00	73.00	1.00	MC140137	20	10	203	<1	0.41
14MCDDH002	73.00	74.00	1.00	MC140138	20	20	199	1	0.56
14MCDDH002	74.00	75.00	1.00	MC140139	20	20	303	1	0.8
14MCDDH002	75.00	76.00	1.00	MC140141	50	40	180	1	1.33
14MCDDH002	76.00	77.00	1.00	MC140142	<20	20	213	<1	0.68
14MCDDH002	77.00	78.00	1.00	MC140143	20	10	143	1	0.6
14MCDDH002	78.00	79.00	1.00	MC140144	20	20	200	1	1.08
14MCDDH002	79.00	80.00	1.00	MC140145	500	80	101	1	1.2
14MCDDH002	80.00	81.00	1.00	MC140146	2020	180	44	1	1.24
14MCDDH002	81.00	82.00	1.00	MC140147	430	110	57	1	2.02
14MCDDH002	82.00	83.00	1.00	MC140148	950	80	42	1	2.02
14MCDDH002	83.00	84.20	1.20	MC140149	1170	90	57	1	1.42
14MCDDH002	84.20	84.46	0.26	MC140150	20	10	61	1	0.11
14MCDDH002	84.46	86.00	1.54	MC140151	1010	100	30	1	2.32
14MCDDH002	86.00	87.05	1.05	MC140152	890	60	26	1	2.58
14MCDDH002	87.05	87.18	0.13	MC140153	20	10	162	1	0.15
14MCDDH002	87.18	88.00	0.82	MC140154	1140	120	84	1	1.86
14MCDDH002	88.00	89.00	1.00	MC140155	50	80	224	1	0.58
14MCDDH002	89.00	90.00	1.00	MC140156	240	90	131	1	1.09
14MCDDH002	90.00	91.00	1.00	MC140157	1520	110	38	2	3.32
14MCDDH002	91.00	92.00	1.00	MC140158	730	130	132	2	2.69
14MCDDH002	92.00	93.00	1.00	MC140159	20	80	181	3	0.59
14MCDDH002	93.00	94.00	1.00	MC140161	<20	70	116	2	0.66
14MCDDH002	94.00	95.00	1.00	MC140162	520	60	17	1	2.48
14MCDDH002	95.00	96.00	1.00	MC140163	400	100	28	2	1.62
14MCDDH002	96.00	97.00	1.00	MC140164	1050	200	28	1	1.78
14MCDDH002	97.00	98.00	1.00	MC140165	180	90	40	1	1.41
14MCDDH002	98.00	99.00	1.00	MC140166	1250	250	53	2	1.35
14MCDDH002	99.00	100.00	1.00	MC140167	1060	120	41	1	1.34
14MCDDH002	100.00	101.00	1.00	MC140168	650	100	51	1	1.4
14MCDDH002	101.00	102.00	1.00	MC140169	1090	110	37	2	0.98
14MCDDH002	102.00	103.00	1.00	MC140170	100	60	41	2	1.15
14MCDDH002	103.00	104.00	1.00	MC140171	370	70	231	3	1.54
14MCDDH002	104.00	105.00	1.00	MC140172	40	30	287	2	0.54
14MCDDH002	105.00	106.00	1.00	MC140173	<20	10	74	1	0.06
14MCDDH002	106.00	107.00	1.00	MC140174	30	20	90	<1	0.09
14MCDDH002	107.00	108.00	1.00	MC140175	20	20	160	<1	0.18

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Table 4. Laboratory XRF results (XRF21n) for holes 14LHDDH001, 14LHDDH002, and LHDDH003,

Legune Prospect, Manbarrum Project.

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APPENDIX ONE – MCARTHUR RIVER PROJECT

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or	Sampling of half core submitted to ALS
	specific specialised industry standard measurement tools appropriate to	laboratory for industry standard
	the minerals under investigation, such as down hole gamma sondes, or	preparation (whole sample crushed
	handheld XRF instruments, etc). These examples should not be taken	and pulverised to >85% <75micron)
	as limiting the broad meaning of sampling.	and analysis by ME-ICP41a.
	Include reference to measures taken to ensure sample representivity
	and the appropriate calibration of any measurement tools or systems
	used.
	Aspects of the determination of mineralisation that are Material to the
	Public Report.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Diamond drilling, HQ core
	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or	Most core oriented using a Reflex ACT
	standard tube, depth of diamond tails, face-sampling bit or other type,	system
	whether core is oriented and if so, by what method, etc).
Drill sample recovery	Method of recording and assessing core and chip sample recoveries	Average of >90% recovery in all
	and results assessed.	intervals.
	Measures taken to maximise sample recovery and ensure	Diamond core with high recovery
	representative nature of the samples.	provides the best possible and most
	Whether a relationship exists between sample recovery and grade and	representative sample medium. No
	whether sample bias may have occurred due to preferential loss/gain of	issues of fines loss were observed. No
	fine/coarse material.	issues relating to preferential loss/gain
		of grade material have been noted.
Logging	Whether core and chip samples have been geologically and	All core was geologically logged for
	geotechnically logged to a level of detail to support appropriate Mineral	lithology, mineralogy, colour,
	Resource estimation, mining studies and metallurgical studies.	weathering, alteration, structure and
	Whether logging is qualitative or quantitative in nature. Core (or costean,	mineralisation. Geotechnical logging
	channel, etc) photography.	included recovery and RQD, while
	The total length and percentage of the relevant intersections logged.	significant structures were logged with
		alpha and beta angles measured on
		oriented core or alpha angles on un-
		oriented core.
		All core has been photographed both
		dry andwet.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	All core was sampled by a core saw
techniques and sample	If non-core, whether riffled, tube sampled, rotary split, etc and whether	with half core sampling
preparation	sampled wet or dry.	The sample preparation for core
	For all sample types, the nature, quality and appropriateness of the	samples follows industry best practice,
	sample preparation technique.	with oven drying of samples prior to
	Quality control procedures adopted for all sub-sampling stages to	coarse crushing and pulverization (to
	maximise representivity of samples.	>85% passing 75 microns) of the
	Measures taken to ensure that the sampling is representative of the in	entire sample
	situ material collected, including for instance results for field	No field duplicates have been taken.
	duplicate/second-half sampling.	Further sampling (second half, lab
	Whether sample sizes are appropriate to the grain size of the material	umpire assay) will be conducted if it is
	being sampled.	considered necessary
		The sample size (2-5 kg) is considered
		to be adequate for the material and
		grainsize being sampled and the style
		of mineralisation being drilled
Quality of assay data	The nature, quality and appropriateness of the assaying and laboratory	Core samples have been analysed at
and laboratory tests	procedures used and whether the technique is considered partial or	ALS in Perth by technique ME-ICP41a,
	total.	considered a “total” result.
	For geophysical tools, spectrometers, handheld XRF instruments, etc,	Base metal standards were inserted
	the parameters used in determining the analysis including instrument	into the laboratory batch and returned
	make and model, reading times, calibrations factors applied and their	satisfactory results within acceptable
	derivation, etc.	ranges.
	Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels of
	accuracy (ie lack of bias) and precision have been established.
Verification of sampling	The verification of significant intersections by either independent or	Sampling was conducted by contract
and assaying	alternative company personnel.	geologist and verified by the
	The use of twinned holes.	Exploration Manager on site prior to

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	Documentation of primary data, data entry procedures, data verification,	cutting
	data storage (physical and electronic) protocols.	Primary geological logging was onto
	Discuss any adjustment to assay data.	A3 diamond log sheets using standard
		coding lists, while numeric data was
		entered into standardized
		spreadsheets on field laptops and
		uploaded into the company database.
		No adjustments have been made to
		the primary assay data
Locations of data points	Accuracy and quality of surveys used to locate drill holes (collar and	Drill holes were picked up using a
	down-hole surveys), trenches, mine workings and other locations used	standard GPS device using multiple
	in Mineral Resource estimation.	point averaging, with accuracy of
	Specification of the grid system used.	better than 2 metres for Northing and
	Quality and adequacy of topographic control.	Easting, and around 3 metres for RL.
		All coordinates data for the project are
		in MGA_GDA94 Zone 53.
Data spacing and	Data spacing for reporting of Exploration Results.	At this early stage of exploration hole
distribution	Whether the data spacing and distribution is sufficient to establish the	spacings vary as dictated by target
	degree of geological and grade continuity appropriate for the Mineral	size and position.
	Resource and Ore Reserve estimation procedure(s) and classifications	No compositing has been applied to
	applied.	the exploration results.
	Whether sample compositing has been applied.	Sampling was of an exploratory and
		reconnaissance nature and spacings
		are insufficient to establish continuity
		or define Resources.
Orientation of data in	Whether the orientation of sampling achieves unbiased sampling of	Both holes were angled down to the
relation to geological	possible structures and the extent to which this is known, considering	west at 75 degrees and so are very
structure	the deposit type.	close to perpendicular to the
	If the relationship between the drilling orientation and the orientation of	bedding/mineralisation direction, and
	key mineralised structures is considered to have introduced a sampling	approximate true thicknesses
	bias, this should be assessed andreportedif material.
Sample security	The measures taken to ensure sample security.	All core and samples were under
		company supervision at all times prior
		to freighting to ALS laboratories in
		Alice Springs
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No sampling audits have been
		completed to date at the McArthur
		River Prospect

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and	Type, reference name/number, location and ownership including	The McArthur River Project comprises two
land tenure status	agreements or material issues with third parties such as joint	tenements. Drilling was conducted on both
	ventures, partnerships, overriding royalties, native title interests,	EL 27711 and EL 30085, held by Enigma
	historical sites, wilderness or national park and environmental	Mining Ltd, a wholly owned subsidiary of
	settings.	TNG Limited.
	The security of the tenure held at the time of reporting along with	The tenements are in good standing with
	any known impediments to obtaining a licence to operate in the	no know impediments
	area.
Exploration done by	Acknowledgment and appraisal of exploration by other parties.	The most significant previous work looking
other parties		for base metals in the area was completed
		in the late 1960’s by AGPL and is available
		on NTGS open file
Geology	Deposit type, geological setting and style of mineralisation.	The target is Zn-Pb-Cu-Ag mineralisation
		of a similar style to that found at the
		McArthur River Mine, some 60km NNE of
		the project location. The stratiform fine
		grained and high grade Zn-Pb sulphides
		are of a SEDEX style.
Drill hole Information	A summary of all information material to the understanding of the	See Table 1
	exploration results including a tabulation of the following information
	for all Material drill holes:
	o Easting and northing of the drill collar

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	o Elevation of RL (Reduced Level – elevation above sea
	level in metres) of the drill collar
	o Dip and azimuth of the hole
	o Down hole length and interception depth
	o Hole length
Data aggregation	In reporting Exploration Results, weighting averaging techniques,	No data aggregation has been applied.
methods	maximum and/or minimum grade truncations (eg cutting of high
	grades) and cut-off grades are usually Material and should be
	stated.
	Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship between	These relationships are particularly important in the reporting of	Each hole is near perpendicular to the
mineralisation widths	Exploration Results.	mineralisation noted the drill intersections
and intercept lengths	If the geometry of the mineralisation with respect to the drill hole	and so drill intercepts are near to true
	angle is known, its nature should be reported.	widths.
	If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations of	Refer to Figures 1 and 2 in the body of the
	intercepts should be included for any significant discovery being	report
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not	All laboratory results from with the target
	practicable, representative reporting of both low and high grades	unit are presented.
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other substantive	Other exploration data, if meaningful and material, should be	Information relating to the drill targets
exploration data	reported including (but not limited to): geological observations;	appeared in the ASX releases on 20th
	geophysical survey results; geochemical survey results; bulk	August 2014 and 14thOctober 2014
	samples – size and method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (eg tests for lateral	Further assessment and testwork planning
	extensions or depth extensions or large-scale step-out drilling).	will await the down-hole geophysics
	Diagrams clearly highlighting the areas of possible extensions,	program that is in progress now and the
	including the main geological interpretations and future drilling	assessment of the Hylogger data obtained
	areas, provided this information is not commercially sensitive.	in October. It is likely a program of
		geophysics and further drilling will be
		conducted in 2015

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APPENDIX TWO – LEGUNE PROSPECT

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or	Sampling is of cut half core submitted to
	specific specialised industry standard measurement tools	ALS laboratory for industry standard
	appropriate to the minerals under investigation, such as down	preparation (all crushed and pulverized to
	hole gamma sondes, or handheld XRF instruments, etc). These	>85% <75 um) and analysis by XRF21n
	examples should not be taken as limiting the broad meaning of	technique (the Iron Ore industry standard)
	sampling.
	Include reference to measures taken to ensure sample
	representivity and the appropriate calibration of any measurement
	tools or systems used.
	Aspects of the determination of mineralisation that are Material to
	the Public Report.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary	Diamond drilling, HQ core
	air blast, auger, Bangka, sonic, etc) and details (eg core diameter,
	triple or standard tube, depth of diamond tails, face-sampling bit
	or other type, whether core is oriented and if so, by what method,
	etc).
Drill sample recovery	Method of recording and assessing core and chip sample	Average of >90% recovery in all intervals.
	recoveries and results assessed.	Diamond core was reconstructed into
	Measures taken to maximise sample recovery and ensure	continuous runs on an angle iron cradle for
	representative nature of the samples.	orientation marking. Core metreages were
	Whether a relationship exists between sample recovery and	checked against core blocks and drillers
	grade and whether sample bias may have occurred due to	records.
	preferential loss/gain of fine/coarse material.	Diamond core with high recovery provides
		the best possible and most representative
		sample medium. No issues of fines loss
		were observed. No issues relating to
		preferential loss/gain of grade material
		have been noted.
Logging	Whether core and chip samples have been geologically and	Core was geologically logged for lithology,
	geotechnically logged to a level of detail to support appropriate	mineralogy, colour, weathering, alteration,
	Mineral Resource estimation, mining studies and metallurgical	structure and mineralisation. Geotechnical
	studies.	logging included recovery and RQD, while
	Whether logging is qualitative or quantitative in nature. Core (or	significant structures were logged with
	costean, channel, etc) photography.	alpha and beta angles measured on
	The total length and percentage of the relevant intersections	oriented core or alpha angles on un-
	logged.	oriented core.
		All core has been photographed both dry
		and wet.
		All holes were logged in full.
Sub-sampling techniques	If core, whether cut or sawn and whether quarter, half or all core	All core was sampled by a core saw with
and sample preparation	taken.	half core sampling
	If non-core, whether riffled, tube sampled, rotary split, etc and	The sample preparation for core samples
	whether sampled wet or dry.	follows industry best practice, with oven
	For all sample types, the nature, quality and appropriateness of	drying of samples prior to coarse crushing
	the sample preparation technique.	and pulverization (to >85% passing 75
	Quality control procedures adopted for all sub-sampling stages to	microns) of the entire sample
	maximise representivity of samples.	No field duplicates have been taken.
	Measures taken to ensure that the sampling is representative of	Further sampling (second half, lab umpire
	the in situ material collected, including for instance results for field	assay) will be conducted if it is considered
	duplicate/second-half sampling.	necessary
	Whether sample sizes are appropriate to the grain size of the	The sample size (2-5 kg) is considered to
	material being sampled.	be adequate for the material and grainsize
		being sampled and the style of
		mineralisation being drilled
Quality of assay data and	The nature, quality and appropriateness of the assaying and	Core samples have been analysed at ALS
laboratory tests	laboratory procedures used and whether the technique is	in Perth by technique XRF21n, which is the
	considered partial or total.	industry standard for iron ores and
	For geophysical tools, spectrometers, handheld XRF instruments,	considered a “total” result.
	etc, the parameters used in determining the analysis including	Iron Ore standards were inserted into the
	instrument make and model, reading times, calibrations factors	laboratory batch and returned satisfactory
	applied and their derivation, etc.	results within acceptable ranges.

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	Nature of quality control procedures adopted (eg standards,
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of bias) and precision have
	been established.
Verification of sampling	The verification of significant intersections by either independent	Sampling was conducted by contract
and assaying	or alternative company personnel.	geologist and verified by the Operations
	The use of twinned holes.	manager on site prior to cutting
	Documentation of primary data, data entry procedures, data	Primary geological logging was onto A3
	verification, data storage (physical and electronic) protocols.	diamond log sheets using standard coding
	Discuss any adjustment to assay data.	lists, while numeric data was entered into
		standardized spreadsheets on field laptops
		and uploaded into the company database.
		No adjustments have been made to the
		primary assay data
Locations of data points	Accuracy and quality of surveys used to locate drill holes (collar	Drill holes were picked up using a standard
	and down-hole surveys), trenches, mine workings and other	GPS device using multiple point averaging,
	locations used in Mineral Resource estimation.	with accuracy of better than 3 metres for
	Specification of the grid system used.	Northing and Easting, and around 5 metres
	Quality and adequacy of topographic control.	for RL.
		All coordinates data for the project are in
		MGA_GDA94 Zone 52.
Data spacing and	Data spacing for reporting of Exploration Results.	At this early stage of exploration hole
distribution	Whether the data spacing and distribution is sufficient to establish	spacings vary as dictated by target size
	the degree of geological and grade continuity appropriate for the	and position and holes were approximately
	Mineral Resource and Ore Reserve estimation procedure(s) and	150 metres apart.
	classifications applied.	No compositing has been applied to the
	Whether sample compositing has been applied.	exploration results
		Sampling was of an exploratory and
		reconnaissance nature and spacings are
		insufficient to establish continuity or define
		Resources.
Orientation of data in	Whether the orientation of sampling achieves unbiased sampling	Holes were drilled vertically while the
relation to geological	of possible structures and the extent to which this is known,	stratigraphy dips at less than 10 degrees
structure	considering the deposit type.	towards the N/NW and so drilled
	If the relationship between the drilling orientation and the	intersections are close to perpendicular to
	orientation of key mineralised structures is considered to have	the bedding/mineralisation direction and
	introduced a sampling bias, this should be assessed and reported	approximate “true“ thicknesses.
	if material.
Sample security	The measures taken to ensure sample security.	All core and samples were under company
		supervision at all times prior to freighting to
		ALSlaboratoriesin Alice Springs
Audits or reviews	The results of any audits or reviews of sampling techniques and	No sampling audits have been completed
	data.	to date at the Legune Prospect

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land	Type, reference name/number, location and ownership	The Manbarrum Project comprises five
tenure status	including agreements or material issues with third parties	tenements (ELs 24395, 25470, 25646,
	such as joint ventures, partnerships, overriding royalties,	A24518, and A26581). Drilling was
	native title interests, historical sites, wilderness or national	conducted on EL 24395 held by Tennant
	park and environmental settings.	Creek Gold (NT) Pty Ltd, a wholly owned
	The security of the tenure held at the time of reporting along	subsidiary of TNG Limited.
	with any known impediments to obtaining a licence to operate	The tenements are in good standing with no
	in the area.	know impediments
Exploration done by other	Acknowledgment and appraisal of exploration by other	No previous drill testing of the Legune
parties	parties.	prospect has been documented
Geology	Deposit type, geological setting and style of mineralisation.	The target a sediment hosted hematitic iron
		ore accumulation.
Drill hole Information	A summary of all information material to the understanding of	See Table 1
	the exploration results including a tabulation of the following

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	information for all Material drill holes:
	o Easting and northing of the drill collar
	o Elevation of RL (Reduced Level – elevation above
	sea level in metres) of the drill collar
	o Dip and azimuth of the hole
	o Down hole length and interception depth
	o Hole length
Data aggregation methods	In reporting Exploration Results, weighting averaging	No data aggregation has been applied.
	techniques, maximum and/or minimum grade truncations (eg
	cutting of high grades) and cut-off grades are usually Material
	and should be stated.
	Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the
	procedure used for such aggregation should be stated and
	some typical examples of such aggregations should be shown
	in detail.
	The assumptions used for any reporting of metal equivalent
	values should be clearly stated.
Relationship between	These relationships are particularly important in the reporting	Each hole is near perpendicular to the
mineralisation widths and	of Exploration Results.	mineralisation noted in the drill intersections
intercept lengths	If the geometry of the mineralisation with respect to the drill	and so drill intercepts are near to true widths.
	hole angle is known, its nature should be reported.
	If it is not known and only the down hole lengths are reported,
	there should be a clear statement to this effect (eg ‘down hole
	length, true width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations	Refer to Figure 3 in the body of the report
	of intercepts should be included for any significant discovery
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	sectional views.
Balanced reporting	Where comprehensive reporting of all Exploration Results is	All laboratory results are presented.
	not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other substantive	Other exploration data, if meaningful and material, should be	There are no previous drill results. The
exploration data	reported including (but not limited to): geological	progress of the Legune Iron Prospect has
	observations; geophysical survey results; geochemical survey	been documented in the ASX releases of 2
	results; bulk samples – size and method of treatment;	July 2008, 22 January 2014 and 2 October
	metallurgical test results; bulk density, groundwater,	2014.
	geotechnical and rock characteristics; potential deleterious or
	contaminating substances.
Further work	The nature and scale of planned further work (eg tests for	The mineralisation is open to the north and
	lateral extensions or depth extensions or large-scale step-out	west and will be fully assessed over the
	drilling).	coming months prior to the planning of any
	Diagrams clearly highlighting the areas of possible	further drill testing
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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