TIVAN LIMITED — Capital/Financing Update 2015

Feb 15, 2015

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ASX ANNOUNCEMENT 16 February 2015

SIGNIFICANT HIGH-GRADE COPPER DISCOVERY EXPANDS POTENTIAL OF McARTHUR RIVER ZINC PROJECT

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 Michael Evans Jianrong Xu Paul Burton 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 Tomkinson : Cu-Zn-Pb-Ag

CONTACT DETAILS

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

Outstanding copper grades of 47% and 48% Cu and 68gpt silver from reconnaissance rock chip sampling

HIGHLIGHTS

• Rock chip sampling results of 48% Cu, 47% Cu and 68gpt Ag have been returned to the west of previously reported drill-hole 14MCDDH002 at the McArthur River Zinc-Copper Project, in the NT.

• Outcrop shows a mixed supergene sulphide and carbonate/oxide copper-bearing formation.

• This new zone extends over an area of 300m x 600m within a large 700m x 1400m area of soil anomalism.

• These results further enhance the prospectivity of the McArthur River Project, which is proposed for inclusion in the spin-off of TNG’s non-core base metal assets via Todd River Resources.

TNG Limited (ASX: TNG) is pleased to advise that it has significantly expanded the exploration potential of its 100%-owned McArthur River Project in the Northern Territory (Figure 1), following the discovery of a significant zone of high-grade copper mineralisation at surface.

The Company has received analytical results from a recent reconnaissance program of surface rock chip sampling at McArthur River including exceptional high copper grades of 47% Cu and 48% Cu . The results define an immediate priority zone for follow-up drilling.

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Figure 1. Specimen sample MC15001, showing the breccia texture and copper minerals (green malachite and sooty black chalcocite and tenorite)

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The McArthur River Project is located 60km south-west of the world-class McArthur River Zinc Mine (Figure 2) operated by Glencore, and within the Batten Fault Zone, which hosts several other base metal resources, including the recently outlined Teena deposit (Rox/Teck).

The Project is part of a portfolio of non-core base metal assets held by TNG in the Northern Territory which are intended to be included in the demerger of Todd River Resources, planned for later this year. This is consistent with TNG’s focus on advancing its world-class Mount Peake Vanadium-Titanium-Iron Project to development.

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Figure 2. TNG’s 100%-owned McArthur River Project location

Previous exploration has focused mainly on the zinc prospectivity of the area but this recent work by TNG indicates a new area of potentially significant copper prospectivity.

Recent work by TNG at McArthur River highlighted the zinc and copper potential of the tenements ( see ASX Announcements – 16 September 2013, 20 August 2014, and 14 October 2014 ), with reconnaissance drilling to test the geological model completed at two target zones based on anomalous surface soil geochemistry and coincident geophysical (IP) conductors.

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Sampling of this drill core proved an intersection of the prospective lithology, the Wollogorang Formation with numerous sulphides and returned results of over 0.2% for both zinc and copper ( see ASX Announcement – 18 December 2014 ).

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Figure 3. Location of rock chip sample MC15001, in relation to regional geochemical anomalism and drilling, McArthur River Project, NT.

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As part of a follow-up exercise, rock samples were collected during routine cross-section traversing related to the drilling that was undertaken in September/October 2014.

During this process, a significant area of surface outcropping rocks containing malachite and chalcocite (copper-bearing minerals) were noted and collected in a large zone of brecciated shale near the base of the prospective Wollogorang Formation to the west of previously reported hole 14MCDDH002 (see Figure 4 below showing an enlarged view of the location of the copper rock chip sample and extent of the copper soil anomaly area, McArthur River Project).

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Figure 4. Location of rock chip sample MC15001, stratigraphic units, other visual copper minerals noted and soil geochemistry. Copper soil anomalies cover an 1100 by 1400 metre area within an overall anomalous zone extending for 9km with distinct structural and stratigraphic control.

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Analytical results for the sample are shown in Table 1 below, while sampling details are outlined in Appendix 1. Copper returned >40% (above the upper detection limit of the technique) in the four acid digest analysis (ME-ICP61a/Cu-OG62), and so two new samples taken from the original pulp powder were analysed by XRF method (ME-XRF15c) resulting in grades of 48.3% and 47.9% copper.

**Sample Number **	Analysis	Cu (ppm)	Au (ppm)	Ag (ppm)	Bi(ppm)	S (%)
MC15001	ICP	>100000	0.031	68	1050	1.76

Table 1: Rock sample analytical results by ICP, conducted at ALS laboratories, Perth.

**Sample Number **	Analysis	Cu (%)
		48.3
MC15001	XRF	47.9

Table 2: Rock sample analytical results by XRF, conducted at ALS laboratories, Perth

The sample also contains highly anomalous silver, grading 68ppm Ag, with background zinc and lead. The sample has tenorite (high grade and dark/black “earthy” copper oxide mineral) present and chalcocite, indicative of hydrothermal alteration.

During 2013/2014, TNG focused on the zinc potential within the central Wollogorang Formation – which is similar in many ways to the mineralization seen at the world-class McArthur River Zinc Mine, located 60km to the north ( see ASX Announcement – 20 August 2014 ).

This high-grade copper sample provides significant encouragement that economic grade copper mineralization may also be found within the tenement package. A program of rock sampling, geological mapping, and geophysics covering this significantly anomalous area has been designed and may be conducted early in the coming dry season.

TNG’s Managing Director, Mr Paul Burton, said the discovery of an extensive zone of high-grade surface copper mineralisation was a significant development for the McArthur River Project.

“This further demonstrates the substantial untapped exploration potential within our portfolio. We have so far been focusing on the potential for McArthur River to host a world-scale zinc system, which we believe remains a very credible and realistic exploration opportunity. This latest discovery shows the potential for high-grade copper in the near-surface environment, which is an exciting development which adds substantial value to the project.”

Paul E Burton Managing Director

16 February 2015

Inquiries:

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

Nicholas Read Read Corporate + 61 (0) 8 9388 1474

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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.

Appendix One

Analytical results: Rock sample by ICP method ME-ICP61a/Cu-OG62 and by XRF method ME-XRF15c

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APPENDIX TWO – 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	The reported sample was selectively
	specific specialised industry standard measurement tools appropriate to	taken from an outcrop covering 5m by
	the minerals under investigation, such as down hole gamma sondes, or	10m where malachite was common.
	handheld XRF instruments, etc). These examples should not be taken
	as limiting the broad meaning of 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 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, by what 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 and percentage of the relevant intersections logged.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	Rock grab sample.
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
	being sampled.
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. Au, Pt
	For geophysical tools, spectrometers, handheld XRF instruments, etc,	and Pd by PGM-ICP24 a 50g Fire Assay
	the parameters used in determining the analysis including instrument	for precious metals. High grade copper
	make and model, reading times, calibrations factors applied and their	was reanalysed by OG62 (upper DL of
	derivation, etc.	40% Cu) and then by ME-XRF15c – a
	Nature of quality control procedures adopted (eg standards, blanks,	Lithium metaborate fusion decomposition
	duplicates, external laboratory checks) and whether acceptable levels of	with XRF determination.
	accuracy (ie lack of bias) and precision have been established.	Two duplicate samples, taken from the
		original pulp, were determined by XRF
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 any adjustment to assay data.
Locations of data points	Accuracy and quality of surveys used to locate drill holes (collar and	The sample was 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.

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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 compositing has been applied to the
	Whethersample compositinghas beenapplied.	exploration results.
Orientation of data in	Whether the orientation of sampling achieves unbiased sampling of	The sample comes from the lowermost
relation to geological	possible structures and the extent to which this is known, considering	subunit in the Wollogorang Formation –
structure	the deposit type.	and so there is good control on its
	If the relationship between the drilling orientation and the orientation of	geological position.
	key mineralised structures is considered to have introduced a sampling
	bias, this should be assessed and reported 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 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
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 EL 27711 and EL 30085, held by
	ventures, partnerships, overriding royalties, native title interests,	Enigma Mining Ltd, a wholly owned subsidiary
	historical sites, wilderness or national park and environmental	of TNG Limited.
	settings.	The sample comes from EL 30085.
	The security of the tenure held at the time of reporting along with	The tenements are in good standing with no
	any known impediments to obtaining a licence to operate in the	know impediments
	area.
Exploration done by	Acknowledgment and appraisal of exploration by other parties.	The most significant previous work looking for
other parties		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 stratabound copper mineralisation
		with a suggestion of structural control
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 clearly stated.
Relationship between	These relationships are particularly important in the reporting of	The sample is from a known unit but there is
mineralisation widths	Exploration Results.	no information about the thickness nor extent
and intercept lengths	If the geometry of the mineralisation with respect to the drill hole	of this mineralisation
	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 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.

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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	Information relating to this area appeared in
exploration data	reported including (but not limited to): geological observations;	the ASX releases on 16 September 2013, 27
	geophysical survey results; geochemical survey results; bulk	June 2014, 20th August 2014, 14thOctober
	samples – size and method of treatment; metallurgical test results;	2014, and 18 December 2014.
	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	Geological mapping and soil (pXRF and lab
	extensions or depth extensions or large-scale step-out drilling).	ICP) sampling will be conducted once the wet
	Diagrams clearly highlighting the areas of possible extensions,	season is over.
	including the main geological interpretations and future drilling
	areas, provided thisinformation isnot commercially sensitive.

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