TIVAN LIMITED — Capital/Financing Update 2021

Jan 21, 2021

22 January 2021

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ASX ANNOUNCEMENT
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TNG RECEIVES $5.14M RESEARCH & DEVELOPMENT REBATE

Further strengthens TNG’s cash balance following the successful $3.7m placement of the entitlement issue shortfall, putting it in a very strong position to progress Mount Peake towards funding and development

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) ("TNG" or the “Company”) is pleased to announce that it has received an amount of $5.14 million as a refundable tax offset under the Federal Government’s Research and Development (“R&D”) tax incentive scheme for eligible R&D activities undertaken during the 2019/2020 financial year.

TNG’s R&D activities relate to its 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory and TIVAN® processing technology.

The TIVAN® Process is an innovative mineral processing technology developed by TNG and its technical advisers to commercially extract vanadium pentoxide, titanium dioxide and iron oxide from titanomagnetite ore bodies, and overcome the limitations of conventional processing.

The patented TIVAN® Process is a high-value asset for the Company and will underpin the planned development of the world-scale Mount Peake Project. TNG believes that the TIVAN® Process has the opportunity to become the preferred processing technology for the exploitation of titanomagnetite ore bodies.

Under the R&D tax incentive scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent. The scheme provides direct assistance for companies like TNG to continue their R&D initiatives and drive technological innovation with the aim of boosting competitiveness and improving productivity across the Australian economy.

The receipt of the R&D rebate further strengthens the Company’s cash balance as it progresses towards completion of pre-development engineering, approvals and planning for the Mount Peake Project.

It follows the successful placement (announced yesterday) of the entire $3.73 million shortfall from its recent entitlement issue, amounting to an $8.87 million boost to its cash balance (which stood at $9.34 million at the end of the December Quarter) before costs.

Management Comment

TNG’s Managing Director and CEO, Paul Burton, said: “This is a great result for the Company and our shareholders and caps off a very positive start to 2021. The R&D tax incentive scheme provides direct assistance to companies like TNG that are seeking to drive technological innovation, boost competitiveness and improve productivity in the Australian economy. This is further strong recognition of the potential of our TIVAN® Process, which we believe will be a game-changer for multi-commodity titanomagnetite deposits like Mount Peake.

“This further strengthens our balance sheet and puts TNG in an enviable position as we complete the final stages of pre-development engineering, approvals and planning at Mount Peake.”

Authorised by:

Paul E Burton Managing Director & CEO

22 January 2021

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

ASX CODE: TNG ABN 12 000 817 023

REGISTERED OFFICE Suite 20, 22 Railway Road Subiaco, Western Australia 6008

T +61 8 9327 0900 F +61 8 9327 0901

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Inquiries:

Paul E Burton Managing Director & CEO + 61 (0) 8 9327 0900 Paula Raffo Investor Relations + 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.

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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