TIVAN LIMITED — Capital/Financing Update 2014

Oct 23, 2014

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TNG STRENGTHENS CASH POSITION WITH $5M CAPITAL RAISING

ASX ANNOUNCEMENT 24 October 2014

Fully subscribed placement to institutional and sophisticated investors to fund Mount Peake Feasibility Study

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

TNG Limited (ASX: TNG) is pleased to advise that it has received firm commitments from institutional and sophisticated investors to raise $5 million (before costs) through a placement to progress completion of the Feasibility Study of its flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory. This enables the trading halt that the company entered into on 22 October 2014 to be lifted.

W www.tngltd.com.au E corporate@tngltd.com.au

ABN 12 000 817 023

The placement has been arranged and managed by Hong Kongbased REORIENT Financial Markets Ltd. and Melbourne-based CALIBRE Investments, for the offshore offering and the Australian offering respectively.

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

Commitments comprises 50,000,000 fully paid ordinary shares, to be issued at a price of $0.10 each. As part of the placement, investors will also be issued with 1 free-attaching listed option exercisable at $0.08 on or before 31 July 2015 (ASX: TNGO) for every 4 shares subscribed for in the placement, which will result in the issue of a total of 12,500,000 options.

TNG’s Managing Director, Mr Paul Burton, said the Company was delighted with the strong level of investor support received in the placement, which had resulted in the introduction of a number of new institutional and sophisticated investors to the Company.

The proceeds of the capital raising, together with TNG’s existing cash reserves of approximately $3 million (with a further $1.2 million expected in November from R&D refund claims), puts the Company in a solid position to execute its growth strategy as an emerging strategic metals company.

CONTACT DETAILS

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

The funds will be used to progress the completion of the Definitive Feasibility Study (DFS) on the flagship Mount Peake VanadiumTitanium-Iron Project in the Northern Territory. This will include the final stage of pilot plant test work for the TIVAN® metallurgical process.

The Company will also aim to finalise binding agreements with all of its key strategic partners over the coming months, including ferrovanadium giant WOOJIN, POSCO E&C, Global Pacific Partners and Hyundai Steel Co. Ltd.

These strategic partnerships provide a clear framework for financing, development and long-term off-take for the Mount Peake Project.

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“Given the exciting outlook for the vanadium market fundamentals, we couldn’t be developing this project at a better time,” Mr Burton said.

“We already have a strong portfolio of potential alliance partners in place, and this placement provides additional funding to further progress the Mount Peake DFS and forge ahead with our development plans,” Mr Burton added.

“As outlined recently, all of our resources moving forward will be focused on the Mount Peake Project, with no further significant expenditure planned on our base metal assets which are proposed to be spun-off into a new company, Todd River Resources, next year,” he continued.

“With this structure in place, TNG’s aim is to become a substantial Australian strategic metals house with a world-class asset in Mount Peake, while retaining a significant shareholding in Todd River Resources, which will become one of the largest base metal companies operating in the Northern Territory.”

The shares and options will be issued pursuant to a prospectus which is expected to be lodged with ASIC and released to ASX early next week. The prospectus will cover offers of up to 55,000,000 shares and 13,750,000 options, so as to accommodate any additional commitments received up to a total raising of $5 million (before costs).

The placement of shares and options is made pursuant to TNG’s ASX Listing Rule 7.1 capacity to issue up to 15% of its existing share capital in any 12 month period. The placement is not subject to shareholder approval (and will not fall within the terms of the Future Placement Facility referred to in the Notice of AGM for TNG’s upcoming annual general meeting to be held on 27 November 2014). TNG may seek to have the placement ratified by shareholders at some point in the future, so as to reinstate its ASX Listing Rule 7.1 capacity.

Paul E Burton

Managing Director

24 October 2014

Enquiries:

Paul E Burton,

Managing Director + 61 (0) 8 9327 0900

Nicholas Read

Read Corporate + 61 (0) 8 9388 1474

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

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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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