TIVAN LIMITED — Capital/Financing Update 2021

Nov 8, 2021

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ASX ANNOUNCEMENT
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9 November 2021

TNG RAISES A$12.5 MILLION IN OVERSUBSCRIBED SHARE PLACEMENT

Key Points

• TNG has raised A$12.5 million in an oversubscribed share placement at A$0.09 per share (“Share Placement”) to fund the further consolidation planning, engineering and approvals, and project financing work streams for the Company’s flagship Mount Peake Project, as well as to progress the Company’s green energy initiatives.

• TNG’s major shareholder, German-based investment company Deutsche Balaton, also committed to invest A$1.5 million as part of the Placement.

• Firm commitments have been received from a number of new institutional and high net worth investors.

• Leading investment bank Canaccord Genuity (Australia) Limited (“Canaccord”) were appointed as Lead Manager to the Share Placement, with Sydney-based boutique corporate advisory firm EverBlu Capital appointed as Co-Manager.

Australian resource and mineral processing technology company TNG Limited (ASX: TNG ) ("TNG" or “Company”) is pleased to announce that it has received firm commitments for a Share Placement to raise A$12.5 million (before costs).

The Share Placement was strongly supported by a number of new institutional and high net worth investors, as well as by the Company’s German-based major shareholder, Deutsche Balaton and associates.

The introduction of new institutional investors through the Share Placement is consistent with TNG’s objective of increasing the institutional investor presence on its share register ahead of the finalisation and execution of the Company’s equity strategy for project financing. Institutional investors are expected to play a significant role in financing the development of the Company’s flagship Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.

The proceeds of the Share Placement are intended to be used to fund:

• consolidation planning for the Mount Peake Vanadium-Titanium-Iron Project, including required permitting, engineering and execution planning work streams (refer to ASX announcement of 30 September 2021);

• project financing work streams and associated costs (including detailed due diligence requirements);

• progression of TNG’s green energy initiatives including green hydrogen opportunities for Mount Peake and under the joint venture with AGV Energy, and the Company’s vanadium electrolyte production strategy; and

• general working capital requirements.

The issue price of A$0.09 per share represents a 25% discount to the closing share price of A$0.12 on Thursday, 4 November 2021, being the last day the Company’s shares were traded prior to this announcement, and a 24.4% discount to the 15-day volume weighted average price of A$0.119.

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

ASX CODE: TNG ABN 12 000 817 023

REGISTERED OFFICE T +61 8 9327 0900 Suite 20, 22 Railway Road F +61 8 9327 0901 Subiaco, Western Australia 6008

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Approximately 139 million New Shares will be issued under the Share Placement, utilising TNG’s available 15% placement capacity pursuant to ASX Listing Rule 7.1.

The Share Placement is expected to settle on Tuesday 16 November 2021, with the New Shares anticipated to commence trading on the ASX on Wednesday 17 November 2021. The New shares issued under the Share Placement will rank equally with TNG’s existing fully paid ordinary shares on issue.

Management Comment

Commenting on the Share Placement, TNG’s Managing Director and CEO, Mr Paul Burton, said:

“We are very pleased with the strong level of interest received from both institutional and high net worth investors in this capital raising, and we are pleased to be working with the leading investment bank Canaccord Genuity on our equity funding strategy for Mount Peake.”

“I would also like to acknowledge the continued support of our major shareholder, Deutsche Balaton, whose participation in the Placement shows their continued strong support and endorsement of the Company’s strategy.”

“We are now in a strong financial position to move forward with all of the work streams required to support the planned development of a fully-integrated operation at the Mount Peake Mine Site and execute our funding strategy to launch this major new critical metals project, which is of considerable strategic importance to the Northern Territory and Australia.”

Authorised by:

Paul E Burton Managing Director & CEO

9 November 2021

Inquiries:

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

Paula Raffo Company Secretary & IR + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 8 9388 1474

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About TNG

TNG is a Perth based resource and mineral processing technology company focussing on 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 long-life project producing a suite of high-quality, high-purity strategic products for global markets including vanadium pentoxide, titanium dioxide pigment and iron ore fines. The project, which is expected to be a top-10 global producer, has received Major Project Status from the Northern Territory and Federal Governments.

TNG is also advancing a green energy strategy with the dual objective of offsetting carbon emissions from its planned future operations and generating new business opportunities in the alternative energy market to create additional shareholder value, with a focus on green hydrogen and vanadium redox flow batteries.

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Forward-Looking Statements

This announcement has been prepared by TNG Limited. 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 announcement 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 Limited shares in any jurisdiction. This announcement 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 announcement 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 Limited, 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 announcement 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 Limited. Actual values, results or events may be materially different to those expressed or implied.

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