TIVAN LIMITED — Interim / Quarterly Report 2006

Apr 27, 2006

OUARTERLY REPORT MARCH 2006 . . . . . . . . . . . . . . . . . . .

◆ Highlights ◆

• RAB Increases Shareholding to 19.9%
• Option Issue to Shareholders completed raising \$1million.
• Placement completed raising \$1million
• Spring Hill Sale Agreement executed
• Sale of Red Rock Shares completed
• 25% owned Thor Mining completed Scoping Study on its Molyhil Tungsten-Molybdenum project
• 16% owned Batavia Mining completed pre-Feasibility Study on its Deflector Deposit

EXPLORATION REPORT

MANBARRUM LEAD-ZINC PROJECT

Manbarrum is located 70 kilometres north-east of Kununurra in the Northern Territory. The granted tenements consist of an Exploration Licence and an Authority to Prospect under Section 178 covering a combined area of over 200 square kilometres.

The formal grant of title over the Project in 2005 represented a key milestone. Commencement of field exploration is now planned after the recent issue of an anthropological clearance certificate.

Unfortunately, the extended wet season in the north of Australia has delayed the commencement of field activities. Activities were also delayed as a mark of respect for an important traditional owner who unfortunately passed away during the quarter.

Previously explored by major mining companies including BHP Billiton and Aquataine, the Manbarrum Project area is prospective for the discovery of Mississippi Valley Type (MVT) lead-zinc deposits. Previous exploration activities outlined both strata-bound and structurally-hosted base metal mineralisation during the 1970s.

Potential exists for large tonnage, high-grade open pittable lead-zinc deposits within the Main Zone deposit at Manbarrum, as well as significant regional potential for multiple MVT deposits within a 23 kilometre long structural corridor trending to the north east from the Main Zone deposit.

Previous resource estimates predate the JORC Code. TNG's exploration activities will be initially targeting these historical resource areas with the goal of rapidly defining JORC Code compliant resources.

SPRING HILL PROJECT

Spring Hill is located approximately 200 kilometres south of Darwin in the historic Pine Creek gold field in the Northern Territory.

On 7 April (just after the quarter end) TNG completed the disposal of the Spring Hill tenements to Pan Resources Ltd for \$2,850,000. This sale is conditional upon Pan Resources Ltd gaining admission to the London Stock Exchange before 30 September 2006. The consideration is for \$600,000 in cash and the balance in shares in Pan Resources Ltd upon listing.

TENNANT CREEK GOLD-COPPER-BISMUTH PROSPECTS

TNG has an interest in several granted mining and exploration tenements in the immediate vicinity of the town of Tennant Creek. These tenements contain first order Tennant Creek-style magnetic ironstone targets with the potential to host gold, and gold-copper-bismuth deposits.

An offer for these tenements is currently under consideration.

EXPLORER GOLD-COPPER-BISMUTH PROSPECTS

TNG has an interest in a granted exploration licence south of the Tennant Creek Township in Central Australia. The exploration licence covers an area of in excess of 1.354 square kilometres and contains first order Tennant Creek-style magnetic ironstone targets with the potential to host gold, and gold-copper-bismuth deposits.

Prospects are hosted within the Warramunga Formation and have the same magnetic trend and magnitude as some of the world-class gold and gold-copper-bismuth deposits in the Tennant Creek Inlier (eg, Rover 1, Marathon, Troy). Several first order magnetic anomalies remain untested and represent excellent drill targets.

No exploration has been conducted during the Quarter.

MOUNT PEAKE

Mount Peake is located in the Arunta Province 80 kilometres north east of Alice Springs. Subject to a farm-in agreement, Falconbridge may earn a 60% interest in this project.

Known ultramafic intrusions area may be the source of more than one discrete magnetic anomaly Airborne magnetic surveys have indicated possible ultramafic nickel targets.

No exploration was carried out in the quarter.

TANAMI EAST

Tanami East, also known as Goddard's Prospect, hosts significant malachite mineralisation outcropping over a strike length of 1,200 metres. Numerous values over 1% Cu and 100 ppb Au were obtained from rock chip samples carried out during the 1970s and the area is considered to have exploration potential for copper-gold deposits.

No exploration was carried out in the quarter.

OTHER NORTHERN TERRITORY TENEMENTS

TNG owns an interest in several other prospects in the Northern Territory. These prospects are in various stages of exploration and have not been specifically mentioned as only minor work was completed during the quarter.

CAWSE EXTENDED

The OM Group Inc. (OMG) owns and manages the Cawse Nickel-Cobalt Operation with OMG and TNG jointly owning the adjacent Cawse Extended Project. TNG's interest in the Cawse Extended Project is 20% free-carried to production, convertible at TNG's election to a 2% net smelter return.

TNG has also entered into a separate agreement with OMG for a wet tonne royalty payment, which replaces the current agreement only for ore mined from the Unicorn Pit and transported to the Cawse ROM pad. The Agreement has been structured to allow for variations in the nickel price and the AUD/USD exchange rate such that the wet tonne payment is variable within the range AU\$0.50/wt and AU\$0.90/wt.

TNG has been advised by OMG that mining at the Unicorn Pit had been severely disrupted due to a shortage of tyres for the mining equipment. TNG has since been informed that it is likely there will be no mining at Cawse extended for the reminder of 2006.

The royalty payment for the March quarter was \$615.

OTHER WESTERN AUSTRALIAN TENEMENTS

TNG holds an interest in other tenement groups, however, in each case, the Company does not contribute towards exploration expenditure as the projects are subject to joint venture or options for sale. These projects include Kintore East and McTavish.

After the end of the quarter the Duplex Hill tenements, which were subject to an option were sold for \$80,000.

CORPORATE

RAB Capital Increases Holding

In March RAB Capital, the international hedge fund manager, and a significant shareholder in TNG increased its holding in the Company to 19.9% by the exercise of 6,500,000 unlisted options at 12 cents.

This raised \$780,000 and leaves RAB capital with a balance of 7,000,000 unlisted options exercisable on or before 30 April 2007 at 12 cents.

Pro Rata Offer

In January 2006 TNG announced the fully underwritten pro rata offer of 1 new listed option on the basis of 1 new option, exercisable on or before 31 May 2007 at 15 cents. for every 2 ordinary shares held on the record date. This offer has now closed successfully raising just over \$1million.

The response by shareholders to take up the offer was very positive with over 80% taking up the new listed options (TNGO - ASX). The balance was taken up as part of the underwriting agreement with Kirke Securities.

Placement

In March 2006 TNG successfully placed 4,000,000 new ordinary shares at 25 cents per share with sophisticated investors raising \$1million.

Sale of Red Rock Resources

In October 2005 TNG sold tenements that were considered non core to the strategy of the Company, to Red Rock Resources plc (Red Rock) an AIM listed company. In consideration TNG received 19 million shares in Red Rock.

These shares were sold on 24 January 2006 realising \$665,000.

INVESTMENTS

TNG holds investments in Thor Mining PLC (Thor - listed on the Aim market of the London Stock Exchange) and Batavia Mining Limited (Batavia - listed on the ASX). TNG continues to focus on these two investments.

THOR MINING PLC (AIM CODE "THR")

TNG holds 45 million shares in Thor, representing approximately 25%, that are restricted from sale until July 2006. The value of this investment at the quarter end was approximately \$3.4 million.

During the quarter Thor made a significant announcement regarding an increase in its JORC resource at its Molyhil Project to 2.4 million tonnes with grades increasing by over 50%.

During the quarter Thor also completed a scoping study on the Molyhil Project which predicts a capital cost of \$20million and cash flow generated over four years of in excess of \$120 million.

The Definitive Feasibility Study is scheduled for completion in the fourth quarter of 2006.

The Thor web page is:

BATAVIA MINING LIMITED (ASX CODE "BTV")

TNG holds 57.5 million shares in Batavia representing approximately 14%. The value of this investment at the quarter end is approximately \$4 million.

Batavia is currently in the process of finalising an offer to its 15 June 2006 optionholders, of which TNG hold 14.6 million, of one free new 2007 option for each 15 June 2006 option exercised.

TNG is seeking shareholder approval, on 5 May 2006, to exercise the 14.6 million Batavia options and maintain its holding at the current level.

During the quarter Batavia completed a Scoping Study on the Gullewa Project confirming the viability of a low capital cost development, indicating a positive pre-tax cash flow of \$64 million, based on current gold and copper prices and a 6.5 year mine life.

The accredited Bankable Feasibility Study is targeted for completion in the September quarter of 2006 that will target annual production in excess of 55,000 ozs (Au Equivalent). Batavia also announced further infill and extensional drilling targeting 1M oz Au Eq at the Deflector Deposit.

The Batavia web page is:

Yours faithfully TENNANT CREEK GOLD LTD

Neil Biddle Managing Director

Directors		Australian Stock Exchange Listing
John W Barr	Chairman	Shares:		TNG
Neil Biddle	Managing Director	Options		TNGO
Michael Bowen	Non-Executive Director	European Stock Exchange Listings
Terry Smith	Non-Executive Director	Frankfurt		A0B60K
		Berlin		A0B60K
Chief Financial Officer		Munich		A0B60K
Damian Delaney		Stuttgart		A0B60K
Shareholder Enquiries Damian Delaney
Contact		Major Shareholders
Telephone:	(08) 9327 0900	Westpac Custodian Nominees Limited		20.01%
Facsimile:	$(08)$ 9327 0901	ANZ Nominees Limited		19.54%
Email:	corporate@tennantcreekgold.com.au	Biddle Partners Pty Limited		5.36%
Website:	www.tennantcreekgold.com.au	Kensington Consulting Pty Limited		5.00%
Share Registry		Capital Structure
Computershare Investor Services Pty Ltd		Ordinary Shares	TNG.	100,128,270
Level 2, 45 St George's Terrace		Options: 30/4/07	(Unlisted)	7,000,000
PERTH WA 6000		Options: 31/5/07	TNGO	60,014,135
Telephone:	$(08)$ 9323 2000	Options: 31/5/07	Unlisted	2,000,000
Facsimile:	$(08)$ 9323 2033