TIVAN LIMITED — Capital/Financing Update 2015

Jun 8, 2015

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ASX ANNOUNCEMENT
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9 June 2015

EXTENSIVE ZONE OF SEDIMENT HOSTED HIGH-GRADE COPPER OUTLINED AT McARTHUR RIVER PROJECT, NT

Sampling outlines large continuous stratiform zone with assays up to 47.8% Cu, 68g/t Ag, 2220 Bi

HIGHLIGHTS

• Extensive copper-silver-bismuth anomalous area outlined by mapping and sampling

• A minimum of 600 x 400m area delineated with average of >10% Cu in rock samples plus high Ag and Bi

• Maximum assay results of 47.8% Cu, 68 g/t Ag and 2220 ppm Bi

• 25% of samples analysed returned values of greater than 10% Cu and 10 g/t Ag, with seven samples grading over 40% Cu and 40 g/t Ag

• Area remains open down-dip to the east and to the south and represents an outstanding drill target

• These results confirm the prospectivity of the McArthur River Project, which has been included in the spin-off of TNG’s non-core base metal assets via Todd River Resources

• TNG continues to focus on its flagship Mount Peake Vanadium Project, where the Feasibility Study is in its final stages and progressing according to plan

Australian strategic metals company TNG Limited (ASX: TNG) is pleased to announce that it has delineated an extensive zone of high-grade surface copper mineralisation from mapping and rock chip sampling undertaken at its 100%-owned McArthur River Project in the Northern Territory (Figure 1).

The work was carried out while TNG continues its primary focus on the completion of the Feasibility Study on its flagship Mount Peake Vanadium Project, which is continuing to progress on schedule and according to plan. Updates on this work, including the TIVAN® pilot testwork, are expected with the completion of each phase and after assessment and review of results.

A program of field mapping, soil sampling and rock chip sampling was conducted at the McArthur River Project to follow up the high grade 48% copper analysis located during earlier reconnaissance sampling (see ASX Announcement – 16 February 2015). This work was conducted as part of the ongoing background assessment of the assets, which have been included in the recently approved demerger of Todd River Resources.

The field work has confirmed the very high prospectivity of the McArthur River Project, with these results indicating a newly discovered zone of sedimentary-hosted stratiform copper-silver mineralisation which represents a significant exploration target and potential new mineralisation style for this area.

Sediment-hosted stratiform copper deposits are an important and economically attractive, world-class mineral deposit style. Examples of these are demonstrated by the super-giants of the Kupfershiefer in north-central Europe and the Copper Belt of Central Africa.

The McArthur River Project is located 60km south-west of the world-class 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 deposit (Rox/Teck).

REGISTERED OFFICE T +61 8 9327 0900 W www.tngltd.com.au Level 1, 282 Rokeby Road F +61 8 9327 0901 E corporate@tngltd.com.au Subiaco, Western Australia 6008

ASX CODE: TNG ABN 12 000 817 023

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The tenements are highly prospective and are being explored for both McArthur River-style zinc mineralization as well as stratiform and/or structurally-controlled copper mineralization within the Wollogorang Formation sequence, which is exposed over 17km of strike within the tenement package.

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Figure 1. McArthur River Project location plan.

McArthur River Sampling Program

Detailed geological mapping at 1:2500 scale was completed by TNG geologists year over an area of approximately 3 square kilometres (as shown in Figure 1). Systematic Portable XRF (pXRF) and -80# soil sampling and rock chip sampling was also undertaken with details outlined in Appendix 2.

48 rock samples were collected with all samples analysed for a 33-element suite. Results of greater than 1% copper are shown in Table 1 and results of all significant elements and sample coordinates are listed in Appendix 1. Significant copper results >40% Cu are shown in Table 2. Laboratory analysis of the rock samples returned a total of seven samples with >40% Cu, 12 samples greater than 10% Cu and 19 samples above 1% Cu. These results enhance and confirm the extent of the potential copper horizon.

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Table 1. Significant rock chip sample results (>1% Cu.

SAMPLE	EASTING	NORTHING	Au	Ag	Bi	Cu	Mo	S
NUMBER	MGAZ53	MGAZ53	ppm	ppm	ppm	%	ppm	%
MC15001	593373	8109079	0.031	68	1050	48.3	30	1.76
MC15001D	593373	8109079				47.9
MC15501	593375	8109090	0.089	41	1120	47.8	30	0.21
MC15502	593372	8109088	N.D.	57	1220	45.6	50	0.92
MC15503	593372	8109090	0.006	4	160	5.01	10	0.27
MC15504	593370	8109085	N.D.	1	30	1.54	<10	0.26
MC15505	593373	8109086	0.074	57	1290	47.7	30	0.91
MC15506	593376	8109081	0.037	46	1050	44.3	30	0.83
MC15507	593375	8109080	N.D.	46	1000	35.9	30	1.17
MC15508	593380	8109093	0.039	45	970	37.2	30	0.47
MC15509	593376	8109106	N.D.	18	420	15.25	10	0.18
MC15510	593372	8109098	0.009	9	180	6.02	10	0.23
MC15511	593498	8109393	N.D.	39	240	17.95	20	0.7
MC15526	593354	8109078	<0.005	3	120	4.15	<10	0.21
MC15536	593268	8109518	0.076	48	2220	45.1	<10	1.53
MC15537	593273	8109512	0.068	48	2140	45.8	<10	1.61
MC15538	593273	8109508	0.099	47	2220	44.6	<10	1.57
MC15539	593286	8109531	N.D.	2	150	2.51	<10	0.28
MC15540	593276	8109535	N.D.	12	840	10.95	<10	0.61
MC15541	593281	8109544	0.011	3	170	1.99	<10	0.26
MC15542	593291	8109543	N.D.	5	230	4.10	<10	0.27

Table 2. Multi-element anomalism for the two sampling areas.

		Copper Results	Copper Results		Silver	Gold	Bismuth	Molybdenum
		>40%	>10%	>1%	>10g/t	>0.05g/t	>250ppm	>=30ppm
Original Site	No. Samples(23)	4	7	11	8	2	8	7
	Maximum Value	47.80%			68	0.09	1220	50
Northern Breakaway	No. Samples(18)	3	5	8	5	3	4	0
	Maximum Value	45.80%			48	0.10	2220

All anomalous samples came from a shale band in the lowermost Wollogorang Formation (Figure 2). This shale (Pto1) is approximately ten metres thick and bound below by the Settlement Creek Dolerite and above by a dolomite subunit within the Wollogorang Formation (Pto2).

The dolomite exposures are prominent, forming low (2-10m) breakaways with the shale poorly exposed on the scree slope below the breakaway (Plate 1). Stratigraphy in the area displays variable but shallow dips (0-20 degrees), mostly dipping towards the east.

Copper anomalism was found in two main areas (see Figure 2). A total of 23 samples were taken in the vicinity of the original sample at approximately 593,373mE 8,109,079mN. These samples were spread over an area of 150m by 120m and returned four (five including the original sample) assays of greater than 40% Cu. Seven samples returned values of greater than 10% Cu, while the eight samples showing more than 1% Cu were spread over an area of 30m by 50 metres.

An exposure of the shale along a NNE facing breakaway some 300-500m to the north returned three rock samples with >40% Cu results. The anomalous samples were all taken from the same stratigraphic shale unit and were spread over 250m of strike exposure along the breakaway.

The copper is present as malachite (green hydrated copper carbonate) and chalcocite (black supergene copper sulphide) in all samples with more than 1% Cu (see Plate 2). Significant tenorite (black high-grade copper oxide) and/or native copper may also be present (as there is insufficient sulphur present to generate the high copper grades as sulphide).

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Figure 2. Portion of the mapped area showing the locations of the rock chip samples in Table 1.

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Plate1. Photograph showing the some of the rock chip sampling (MC15535-15538) in the basal shale unit exposed below the dolomite breakaway. Note the poorly exposed outcropping and subcropping shale, the coarse dolomite scree, and the kapok trees growing on the dolomite.

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Plate 2. Detailed photograph showing the some of the shale material sampled (MC15541). Note the rubbly nature of the outcrop and the green (malachite) and black (chalcocite) fragments of copper mineralisation.

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There is a distinct multi-element association which is displayed by these samples in Cu-Bi-Ag-Au-Mo. The multielement anomalism for the two areas is outlined in Table 2.

Silver correlates well with copper and is highly anomalous with ten samples returning over 40 g/t Ag and 13 above 10g/t, with a maximum value of 68 g/t. Gold was analysed only in 18 samples and, of those, five results exceeded 0.05 g/t, with a maximum value of 0.10 g/t Au. All anomalous gold results came from samples with >40% copper.

Bismuth is also highly anomalous, with results to 2220 ppm Bi , while the background is <20ppm. Molybdenum (Mo) is elevated in the copper anomalous samples with a maximum value of 50ppm in sample MC15502 which has 45.6% Cu (Table 1).

TNG has been active in this area since 2011, although most work to date has been directed towards the zinc potential higher in the stratigraphy (see ASX Announcements – 16 September 2013, 20 August 2014, and 14 October 2014). Late in 2014, NTGS-sponsored diamond drilling was completed on two combined geochemical and geophysical zinc targets.

Sampling of this drill core provided numerous sulphides in an organic and sulphide rich portion of the Ovoid Beds subunit of the Wollogorang Formation (Pto3) and returned results of over 0.2% for both zinc and copper ( see ASX Announcement – 18 December 2014 ). The zinc was associated with pyrite and sphalerite fine sulphides in the most organic rich portion of the stratigraphy. Very high (to 7% TOC) organic content is seen in this interval of core.

The extreme high copper grades seen (10-48% Cu) are a result of supergene enrichment in the weathered profile and likely persist to around 100m below surface. The likely original chalcopyrite hypogene copper has been upgraded to supergene sulphide species (chalcocite, bornite, native copper) which were then replaced by carbonate/oxide species (malachite, tenorite) resulting in the extreme grades seen.

These results indicate a new sedimentary hosted stratiform layer of copper mineralisation has been outlined over an area in excess of 600m by 400m. It is several metres thick and persistent under very thin dolomite cover covering an area of at least 0.5 square kilometres. The horizon dips to the east and would be present over a couple of square kilometres at less than 100m depth below surface and reappears to the south of the area mapped. Soil sampling ( see ASX Announcement – 16 September 2013 ) also highlights the copper potential in the south.

It would be unusual if the mineralised zone was not continuous as is normal with sedimentary hosted stratiform layers but further work is required to establish this.

The McArthur River Project is part of a portfolio of non-core base metal assets held by TNG in the Northern Territory which have been included in the demerger of Todd River Resources. This is consistent with TNG’s focus on advancing its world-class Mount Peake Vanadium-Titanium-Iron Project to development.

The further evaluation of this prospect will be determined by Todd River Resources once the demerger has been completed, and future work programs would be likely to include trenching and geophysics to determine the full extent of copper anomalism before undertaking drill testing.

TNG’s Managing Director, Mr Paul Burton, said the copper results from McArthur River were encouraging and demonstrated the prospectivity of the project.

“This has the early indications of very large and potentially significant copper exploration target,” Mr Burton said. “In many respects this vindicates our decision to include this asset with our other significant Northern Territory mineral exploration assets with the demerger into Todd River Resources – which will be able to pursue an appropriate exploration strategy to unlock their full value for shareholders.

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“TNG shareholders will continue to have significant exposure to these assets through the proposed in-specie distribution of shares once the demerger has taken place. A timetable for this is anticipated soon and I expect to be able to provide an update on this following our Feasibility Study results from Mount Peake,” he said.

Paul E Burton Managing Director

9 June 2015

Inquiries:

Paul E Burton Nicholas Read Managing Director + 61 (0) 8 9327 0900 Read Corporate + 61 (0) 8 9388 1474

About TNG

TNG is building a world-scale strategic metals business based on its flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory. Located 235km north of Alice Springs, Mount Peake will be a 20-year plus project producing a suite of high-quality, high-purity strategic metals products for global markets including vanadium pentoxide, iron oxide and titanium dioxide. The project, which will be a top-10 global producer, has received Major Project Facilitation status from the NT Government.

The Mount Peake Feasibility Study is well advanced and due for completion by mid-2015, paving the way for project financing and development to proceed. An integral part of TNG’s emerging strategic metals business its 100% ownership of the unique and patented TIVAN® hydrometallurgical process, which offers significantly lower capital and operating costs, lowers risk and successfully extracts two other valuable metals from the resource in addition to vanadium – titanium dioxide and high-purity iron oxide.

Vanadium is a highly strategic metal which is used as an alloy in steel. It is also in strong demand for use in energy storage, with vanadium redox batteries used to store electricity generated by solar and wind power, and lithiumvanadium ion batteries used to power hybrid cars.

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.

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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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APPENDIX 1 - Rock Chip Sampling Results

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Zn ppm <20 <20 <20 20 <20 <20 <20 <20 <20 <20 <20 30 30 20 <20 20 <20 20 <20 70 80 20 <20 <20 30 1120 20 20 <20 20 <20 30 70 20 20 20 <20 <20 <20 <20 <20 <20 <20 20 <20 20 <20 <20 <20 90 16150 1120
ME-ICP61a
U ppm 100 110 140 <50 <50 150 160 130 110 50 50 70 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 130 110 120 <50 60 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50
Sb ppm <50 <50 50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50
S % 1.76 0.21 0.92 0.27 0.26 0.91 0.83 1.17 0.47 0.18 0.23 0.7 <0.05 0.13 0.28 0.21 0.25 <0.05 0.27 0.08 <0.05 0.24 0.17 0.09 <0.05 0.39 0.21 0.18 0.22 0.1 <0.05 0.08 0.07 0.23 0.07 0.1 1.53 1.61 1.57 0.28 0.61 0.26 0.27 0.24 <0.05 0.11 0.06 <0.05 0.25 <0.05 7.5 0.38
Pb ppm 40 40 40 30 <20 40 40 50 20 <20 20 50 <20 20 <20 <20 <20 20 <20 20 <20 20 <20 <20 20 2010 <20 <20 <20 <20 20 20 20 <20 20 20 30 30 30 <20 20 30 30 <20 <20 20 <20 30 20 30 29600 2020
P ppm 180 220 200 670 450 210 170 280 260 410 840 360 530 610 250 350 350 630 420 1430 1400 560 340 390 610 980 640 530 380 440 420 600 520 1320 380 370 150 130 170 360 180 270 290 420 180 700 170 360 370 620 100 990
Mo ppm 30 30 50 10 <10 30 30 30 30 10 10 20 <10 10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 60 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 <10 10 <10 60
Mn ppm 210 210 350 4760 5510 380 500 960 1850 5230 5970 2260 4080 3970 4540 1850 4140 4620 4340 910 950 3530 1780 1480 520 830 3680 6550 4470 2180 2080 5590 2340 6430 2910 560 100 120 130 970 930 2450 920 3760 200 3000 680 4150 3390 3730 800 830
Mg % 0.15 0.24 0.43 3.71 4.27 0.29 0.48 1.3 0.76 3.98 3.36 2.5 4.49 3.18 5.01 2.03 4.82 4.71 3.64 2.64 2.62 2.2 3.45 3.24 2.2 1.64 2.59 3.59 2.4 0.41 0.43 2.73 1.84 2.55 3.26 1.35 0.38 0.4 0.45 1.9 1.2 2.14 2.14 4.4 2.53 3.56 1.69 7.69 4.78 5.91 1.21 1.67
Fe % 5.72 3.63 5.07 2.71 1.8 5.59 7.15 5.4 3.96 2.85 2.76 5.53 1.65 3.44 1.79 1.42 1.84 2.26 2.11 5.95 5.24 2.02 1.63 1.37 4.83 5.43 2.36 3.31 1.94 0.48 0.46 1.47 1.04 2.16 1.11 1.65 3.77 4.02 3.6 1.95 1.62 1.37 2.37 2.49 0.88 1.83 0.92 0.74 1.18 1.46 11.1 5.43
ME-ICP61a
Cu % 48.3 47.9 47.8 45.6 5.01 1.54 47.7 44.3 35.9 37.2 15.25 6.02 17.95 0.208 0.080 0.043 0.051 0.015 0.017 0.012 0.019 0.012 0.010 0.005 0.005 0.001 0.357 4.15 0.019 0.009 0.027 0.003 0.069 0.014 0.012 0.035 0.003 45.1 45.8 44.6 2.51 10.95 1.99 4.10 0.261 0.147 0.022 0.017 0.017 0.035 0.171 2.45 0.355
Consolidated
Cu % 48.3 47.9 47.8 45.6 47.7 44.3 45.1 45.8 44.6
ME-XRF15c
Cu % >40 >40 >40 >40 >40 35.9 37.2 15.25 17.95 >40 >40 >40 10.95
Cu-OG62
Cu ppm 50100 15400 60200 2080 800 430 510 150 170 120 190 120 100 50 50 10 3570 41500 190 90 270 30 690 140 120 350 30 25100 19900 41000 2610 1470 220 170 170 350 1710 24500 3550
>100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000 >100000
ME-ICP61a
ME-ICP61a Ca % 0.12 0.43 0.26 7.39 8.02 0.29 1.19 1.49 2.38 7.85 8.3 3 11.95 6.21 8.67 2.44 18.55 11.1 15.6 1.49 0.9 11.9 22.4 18.6 0.33 3.97 4.02 4.69 4.88 33.3 31.9 15.3 11.55 5.17 16.4 26.3 0.28 0.96 2.01 19.4 22 22.9 21.3 11.75 28.6 15.8 1.67 21.5 22 15.65 0.31 3.95
Bi ppm 1050 1120 1220 160 30 1290 1050 1000 970 420 180 240 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 120 <20 <20 <20 <20 <20 <20 <20 <20 <20 2220 2140 2220 150 840 170 230 20 <20 <20 <20 <20 <20 <20 30 <20
Ba ppm 1860 5270 5710 11800 10200 7360 6200 11250 6030 6270 7990 10050 3340 5700 11750 9120 10600 2220 11400 2540 2520 10750 7530 4490 2180 1070 9020 8850 9510 4150 590 2710 3160 10850 3440 4700 14150 16100 14950 7610 6380 7440 6380 10300 1480 5660 2330 150 10250 270 70 1080
As ppm <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 60 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 <50 60 60
Al % 0.2 0.39 0.49 2.88 3.02 0.3 0.38 1.09 0.8 1.26 2.03 2 4.15 3.57 2.32 3.64 1.59 2.43 2.03 6.94 7.09 2.91 1.67 2.82 7.84 6.16 3.46 3.7 2.82 0.76 0.89 1.6 1.82 2.6 2.45 2.55 0.89 0.75 0.73 2.68 1.49 1.79 1.99 2.97 1.46 2.27 3.47 0.98 1.15 1.66 2.32 6.26
Ag ppm 68 41 57 4 1 57 46 46 45 18 9 39 <1 <1 <1 <1 <1 <1 <1 <1 <1 <1 <1 <1 <1 3 3 <1 <1 <1 1 <1 <1 <1 <1 <1 48 48 47 2 12 3 5 <1 1 <1 <1 <1 <1 <1 15 2
ME-ICP61a
Au ppm 0.031 0.089 N.D. 0.006 N.D. 0.074 0.037 N.D. 0.039 N.D. 0.009 N.D. <0.005 N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. <0.005 N.D. N.D. N.D. N.D. <0.005 N.D. N.D. <0.005 <0.005 N.D. N.D. N.D. N.D. N.D. 0.076 0.068 0.099 N.D. N.D. 0.011 N.D. N.D. N.D. N.D. N.D. N.D. <0.005 0.005 N.D. N.D.
Au-AA24
LAB
BATCH
AS15012084 AS15012084 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369 AD15061369
NORTHING MGAZ53 8109079 8109079 8109090 8109088 8109090 8109085 8109086 8109081 8109080 8109093 8109106 8109098 8109393 8109397 8109385 8109397 8109409 8109821 8109760 8109838 8109691 8109654 8109070 8109081 8109100 8109129 8109078 8109055 8109023 8109026 8109044 8109072 8109107 8109112 8109143 8109516 8109518 8109512 8109508 8109531 8109535 8109544 8109543 8109532 8109517 8109501 8109423 8109277 8109151 8109146
STD STD STD
LOCATION EASTING MGAZ53 593373 593373 593375 593372 593372 593370 593373 593376 593375 593380 593376 593372 593498 593508 593520 593494 593468 593751 593670 593637 593623 593693 593345 593340 593325 593311 593354 593358 593374 593411 593415 593409 593412 593375 593369 593256 593268 593273 593273 593286 593276 593281 593291 593308 593372 593365 593398 593499 593744 593702
SAMPLE NUMBER MC15001 MC15001D MC15501 MC15502 MC15503 MC15504 MC15505 MC15506 MC15507 MC15508 MC15509 MC15510 MC15511 MC15512 MC15513 MC15514 MC15515 MC15516 MC15517 MC15518 MC15519 MC15520 MC15521 MC15522 MC15523 MC15524 MC15525 MC15526 MC15527 MC15528 MC15529 MC15530 MC15531 MC15532 MC15533 MC15534 MC15535 MC15536 MC15537 MC15538 MC15539 MC15540 MC15541 MC15542 MC15543 MC15544 MC15545 MC15546 MC15547 MC15548 MC15549 MC15550 MC15551
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APPENDIX 2 - MCARTHUR RIVER PROJECT

JORC TABLE - Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or	The samples reported here were collected
	specific specialised industry standard measurement tools appropriate to	from outcrop and subcrop of shale and
	the minerals under investigation, such as down hole gamma sondes, or	dolomite in the lower Wollogorang
	handheld XRF instruments, etc). These examples should not be taken	Formation. Sampling was selective, with
	as limiting the broad meaning of sampling.	copper colours (green malachite, black
	Include reference to measures taken to ensure sample representivity	chacocite) collected in many samples,
	and the appropriate calibration of any measurement tools or systems	and hence are not representative of the
	used.	full stratigraphy.
	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	Not relevant
	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,bywhat method,etc).
Drill sample recovery	Method of recording and assessing core and chip sample recoveries	Not relevant
	and results assessed.
	Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	Whether a relationship exists between sample recovery and grade and
	whether sample bias may have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	Whether core and chip samples have been geologically and	The rock samples reported here is
	geotechnically logged to a level of detail to support appropriate Mineral	geologically described in the report
	Resource estimation, mining studies and metallurgical studies.
	Whether logging is qualitative or quantitative in nature. Core (or costean,
	channel, etc) photography.
	The total length andpercentage of the relevant intersections logged.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	Rock chip samples from insitu material.
techniques and sample	If non-core, whether riffled, tube sampled, rotary split, etc and whether	Sample preparation by ALS using PUL23
preparation	sampled wet or dry.	method to crush and pulverize the entire
	For all sample types, the nature, quality and appropriateness of the	sample – industry standard and
	sample preparation technique.	appropriate.
	Quality control procedures adopted for all sub-sampling stages to	No field duplicates taken.
	maximise representivity of samples.	Sample size (>1kg) appropriate for the
	Measures taken to ensure that the sampling is representative of the in	grainsize of ore minerals.
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain size of the material
	beingsampled.
Quality of assay data	The nature, quality and appropriateness of the assaying and laboratory	Sample analysed at ALS in Perth by
and laboratory tests	procedures used and whether the technique is considered partial or	techniques ME-ICP61a - a four acid “total”
	total.	digest for a suite of 33 elements. Selected
	For geophysical tools, spectrometers, handheld XRF instruments, etc,	samples for Au by Au-AA24 a 50g Fire
	the parameters used in determining the analysis including instrument	Assay. High grade copper (>10% Cu) was
	make and model, reading times, calibrations factors applied and their	reanalysed by OG62 (upper DL of 40%
	derivation, etc.	Cu) and then as required (if >40% Cu) by
	Nature of quality control procedures adopted (eg standards, blanks,	ME-XRF15c – a Lithium metaborate
	duplicates, external laboratory checks) and whether acceptable levels of	fusion decomposition with XRF
	accuracy (ie lack of bias)andprecision have been established.	determination.
Verification of sampling	The verification of significant intersections by either independent or	Sampling was conducted by the
and assaying	alternative company personnel.	Exploration Manager
	The use of twinned holes.	No adjustments have been made to the
	Documentation of primary data, data entry procedures, data verification,	primary assay data
	data storage (physical and electronic) protocols.
	Discuss anyadjustment to assaydata.
Locations of data points	Accuracy and quality of surveys used to locate drill holes (collar and	The samples were picked up using a
	down-hole surveys), trenches, mine workings and other locations used	standard GPS device, with accuracy of
	in Mineral Resource estimation.	better than 3 metres for Northing and
	Specification of the grid system used.	Easting, and around 5 metres for RL.
	Quality and adequacy of topographic control.	All coordinates data for the project are in
		MGA_GDA94 Zone 53.
Data spacing and	Data spacing for reporting of Exploration Results.	Sampling was of an exploratory and
distribution	Whether the data spacing and distribution is sufficient to establish the	reconnaissance nature and spacings are
	degree of geological and grade continuity appropriate for the Mineral	insufficient to establish continuity or
	Resource and Ore Reserve estimation procedure(s) and classifications	define Resources.
	applied.	No compositinghas been applied to the

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	Whether sample compositinghas been applied.	exploration results.
Orientation of data in	Whether the orientation of sampling achieves unbiased sampling of	The samples come from the lower portion
relation to geological	possible structures and the extent to which this is known, considering	of the Wollogorang Formation, subunits
structure	the deposit type.	PTO1 and PTO2. These units were
	If the relationship between the drilling orientation and the orientation of	mapped at a scale of 1:2500, and so
	key mineralised structures is considered to have introduced a sampling	there is excellent geological control on
	bias,this should be assessed and reported if material.	positions.
Sample security	The measures taken to ensure sample security.	All 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 Project

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
land tenure status	agreements or material issues with third parties such as joint ventures,	two tenements EL 27711 and EL 30085,
	partnerships, overriding royalties, native title interests, historical sites,	held by Enigma Mining Ltd, a wholly
	wilderness or national park and environmental settings.	owned subsidiary of TNG Limited.
	The security of the tenure held at the time of reporting along with any	The samples reported here come from
	known impediments to obtaining a licence to operate in the area.	both EL 27711 and EL 30085.
		The tenements are in good standing with
		no know impediments
Exploration done by	Acknowledgment and appraisal of exploration by other parties.	The most significant previous work
other parties		looking 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 main target for this project 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.
		This sample displays strong stratabound
		copper mineralisation
Drill hole Information	A summary of all information material to the understanding of the	Not relevant
	exploration results including a tabulation of the following 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	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 clearlystated.
Relationship between	These relationships are particularly important in the reporting of	The strongly copper anomalous samples
mineralisation widths	Exploration Results.	are from a known stratigraphic subunit,
and intercept lengths	If the geometry of the mineralisation with respect to the drill hole angle is	which has been mapped in detail, but the
	known, its nature should be reported.	extent of this mineralisation under cover
	If it is not known and only the down hole lengths are reported, there	and down dip is not known
	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
	intercepts should be included for any significant discovery being	the 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 are presented.
	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 reported	Information relatingto this area appeared

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Criteria	JORC Code explanation	Commentary
exploration data	including (but not limited to): geological observations; geophysical	in the ASX releases on 16 September
	survey results; geochemical survey results; bulk samples – size and	2013, 27 June 2014, 20th August 2014,
	method of treatment; metallurgical test results; bulk density,	14thOctober 2014, 18 December 2014,
	groundwater, geotechnical and rock characteristics; potential deleterious	and 16 February 2015.
	or contaminatingsubstances.
Further work	The nature and scale of planned further work (eg tests for lateral	Further step out geological mapping, rock
	extensions or depth extensions or large-scale step-out drilling).	sampling and soil (pXRF and lab ICP)
	Diagrams clearly highlighting the areas of possible extensions, including	sampling will be required, and trenching is
	the main geological interpretations and future drilling areas, provided	being considered. Drilling would follow
	this information is not commerciallysensitive.	thereafter.

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