TIVAN LIMITED — Capital/Financing Update 2021

Jul 25, 2021

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ASX ANNOUNCEMENT
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26 July 2021

TNG ANNOUNCES COMPLETION OF FRONT-END ENGINEERING AND DESIGN STUDY FOR MOUNT PEAKE PROJECT

Key milestone for finalisation of project delivery strategy

Key Points

• Completion of Front-End Engineering and Design study by SMS Group (“SMS”).

• Front-End Loading-3 report delivered by SMS group and now being reviewed by TNG’s in-house Project Engineering Team.

• In parallel, TNG and SMS are now working to finalise the pathway for project delivery.

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) (“TNG” or the “Company”) is pleased to advise that the Front-End Engineering and Design (“FEED”) study for its 100%-owned Mount Peake Vanadium-Titanium-Iron Project (“Mount Peake Project” or “Project”) in the Northern Territory has now been completed and a Front-End Loading (FEL)-3 report has been delivered by German-based leading engineering group, SMS group (“SMS”).

TNG’s in-house Project Engineering Team is currently reviewing the FEL-3 report, which includes the following deliverables focused on the Company’s proprietary TIVAN® Processing Facility and associated plants:

• Plant Design Basis

• Ti-Cons FEL-3 Report (Ti-Cons GmbH is providing the design for the Company’s Titanium Pigment Plant operation)

• Como FEL-3 Report (Como Engineers focused on the Mine-site Beneficiation Plant)

• Testwork program, including confirmatory testwork for all process stages

• Process Description

• Process Flow Diagrams (PFD) and Block Flow Diagrams

• Preliminary Piping & Instrumentation Diagrams (PID)

• Major Equipment Lists

• Major Equipment Specifications

• Detailed Scopes

• Plant Layout

• Plots and Arrangement Drawings

• Utility Requirements

• Logistics Concept

• Critical Flaw Analysis

• Mechanical & Electrical Plumbing

• Local Content Providers

• Potential Package Units

The FEL-3 report currently excludes the outcome of some remaining validation testwork that is currently being finalised, which has taken longer than anticipated due the global COVID-19 restrictions affecting SMS.

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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In parallel to the completion of the FEED study and subject to the satisfactory conclusion of the remaining testwork, TNG and SMS will continue working to finalise the optimal way forward for the Project delivery and development on a commercial proposal basis.

As part of this next stage, any value-add work identified in the FEED study will be included in updated capital expenditures for the delivery of the Mount Peake Project together with an optimised Project Execution Model and delivery strategy that addresses challenges caused by the ongoing global COVID-19 pandemic and the continued restrictions on travel between Europe and Australia.

Full details are expected to be finalised during this quarter.

Management Comment

TNG’s Managing Director, Paul Burton, said: “This is another significant milestone in the development of this major Project and represents the culmination of a vast amount of work by a significant number of people in Australia and Germany. The FEED Study has been done during a challenging and unprecedented global environment by SMS group working in close collaboration with our in-house Project Engineering Team.

“The outcomes of the FEL-3 report and the FEED Study will now be dovetailed into the most appropriate project delivery strategy as we move onto finalising permitting and project finance.”

Authorised by the TNG Board.

Paul E Burton Managing Director & CEO

26 July 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 Facilitation status from the Northern Territory Government.

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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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