TIVAN LIMITED — Interim / Quarterly Report 2011

Oct 26, 2011

TNG[limited]

BUILDING A WORLD CLASS FERROUS METALS BUSINESS

QUARTERLY

SEPTEMBER 2011

highlights

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TNG forges a landmark Strategic Partnership, including a proposed $13.4M funding injection, with the leading Chinese group ECE to underpin the development of the flagship Mount Peake Iron-Vanadium Project in the Northern Territory. Signing ceremony scheduled for 7[th] November in Beijing.

MOUNT PEAKE IRON-VANADIUM PROJECT

now in the Indicated category and available for conversion to Ore Reserves.

• Successful resource in-fill and extension drilling completed including 23-hole RC drilling program and 8–hole diamond drilling program.

• High–grade zone identified along entire strike length of the deposit – grades >0.7% V2O5, 38% Fe, 12% TiO2.

• Diamond drilling confirms extensive commercial grade vanadium, iron and titanium in large magnetite zone.

• Deposit remains open to the east – with new targets to be drilled before year-end.

• Significant Exploration Target[[1]] of 500–700Mt with a grade range of 0.2–0.4% V2O5.2O5.O5.5..

• Updated Indicated and Inferred Significant Exploration Target[[1]] of Resource of 160Mt grading 0.3% 500–700Mt with a grade range of V2O5, 5.0% TiO2 and 23.0% Fe 0.2–0.4% V2O5.2O5.O5.5.. completed subsequent to end of the Quarter. • Potential new vanadium-bearing magnetite zone identified 3km east

• • 70% of the resource, or 112Mt, of Mount Peake deposit.

PRE-FEASIBILITY STUDY & DEVELOPMENT

• Optimisation work proceeding well for commencement of pilot plant test work for commercialisation of the TIVAN[TM] hydrometallurgical process – expected to commence late in the current Quarter or early next year.

• Interim results from the PreFeasibility Study scheduled to be reported in November 2011, with final results to follow in early 2012 following completion of the pilot plant test work program.

• Positive infrastructure discussions held as part of the Pre–Feasibility Study confirm Port and Rail access.

1The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.

TNG LIMITED PO Box 1126 Subiaco Western Australia 6904 | T +61 8 9327 0900 | F +61 8 9327 0901 TNG LIMITED QUARTERLY REPORT MARCH 2011 www.tngltd.com.au | corporate@tngltd.com.au | Contact: Paul Burton, Managing Director

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HIGHLIGHTS CONTINUED

• Initial payment of $2M received under the Strategic Alliance with ECE.

• Positive outcome from initial meeting with Central Land Council regarding future mining agreement at Mount Peake.

• Transaction approvals on schedule for completion before end of December 2011. Approval received from Jiangsu Provincial Reform and Development Committee during this quarter.

• ECE to be offered two non-executive positions on the TNG Board following completion of the Agreement.

CORPORATE

• Strategic partnership established with the leading Chinese group ECE to underpin development of the Mount Peake Project.

• Transaction now subject to FIRB and shareholder approval.

• Agreement encompasses technical collaboration between TNG and ECE via ECE’s wholly owned subsidiary in Darwin.

• Appointment of institutional broker, Old Park Lane Capital Plc, provides TNG with corporate advisory services and strategic investor relations assistance in the London and European markets.

• Agreement scheduled to be formally signed on 7[th] November in Beijing.

• ECE to enter into separate Joint Venture on TNG’s 100% owned McArthur copper project.

• Transaction includes a proposed $13.4M investment in TNG for a 30 per cent stake @ 11 cents per share plus a $2M loan facility to underpin ongoing Pre-Feasibility work.

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• Funding will also support the key pilot plant test work program to commercialise the TIVAN™ hydrometallurgical process.

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TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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SUMMARY

The September 2011 Quarter marked one of the most significant periods in TNG’s history, with the Company making substantial progress towards the development of a world-class strategic metals business based on its flagship 100%-owned Mount Peake Iron-Vanadium Project in the Northern Territory.

The key highlight of the Quarter was the signing of a binding Letter Of Intent to form a strategic partnership with Jiangsu Eastern China NonFerrous Metals Investment Holding Company Ltd., (ECE), a leading Chinese State-owned enterprise which is part of the East China Mineral Exploration & Development Bureau.

This agreement – which includes a proposed $13.4M funding injection at 11 cents per share which will result in ECE acquiring a 30 per cent stake in TNG – will underpin the ongoing Pre-Feasibility Study and pilot plant test work program for Mount Peake. In addition, ECE has provided a $2M loan facility to deliver interim funding to support the Company’s ongoing activities.

ECE is a major Chinese mineral exploration, development and mining group, based in Nanjing, which has been set up since 1955. It has over

4,000 employees and is one of the few organisations authorised by the Chinese Government to carry out geological exploration and scientific research in major State classified projects. ECE has discovered more than 160 ore deposits in China with a potential value of in excess of $10 billion.

This landmark agreement, which also encompasses technical collaboration between TNG and ECE through their wholly-owned subsidiary in Darwin, represents a major milestone for TNG – securing a quality partner and the required funding capacity to effectively progress the Mount Peake Project through to completion of a Bankable Feasibility Study and commencement of development.

During the Quarter, TNG made excellent progress with the Pre-Feasibility Study for the Mount Peake Project, which commenced last Quarter following the appointment of the leading global engineering firm Sinclair Knights Mertz (SKM) as Study Manager. It is expected that results from the PFS will be reported in November, with final results of the upcoming program of pilot plant testwork to underpin the commercialisation of the TIVAN[™] process in early 2012.

Optimisation work of all the key components required to commence this pilot plant testwork program progressed during the Quarter, with the testwork expected to commence either late in the current Quarter or early next Quarter.

Programs of Reverse Circulation (RC) and diamond drilling were completed at Mount Peake during the Quarter to in-fill and extend the resource, as well as to extract diamond core for the pilot testwork program. The drilling was highly successful, intersecting broad widths of continuous magnetite mineralisation and confirming the scale and quality of the Mount Peake deposit.

The results of this drilling were incorporated in a new JORC compliant resource estimate which was reported to the market subsequent to the end of the Quarter.

The new resource estimate has resulted in 70 per cent of the Mount Peake resource, or 112 million tonnes, being upgraded to the Indicated category, available for conversion to Ore Reserves. This provides a strong platform for development of a long-life strategic metals business for TNG.

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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MOUNT PEAKE PROJECT

IRON–VANADIUM–TITANIUM

MOUNT PEAKE PROJECT TNG 100%

The Mount Peake project is located in the Northern Territory close to existing key power and transport infrastructure. The area under licence covers a highly prospective, but poorly explored area of the Western Arunta geological province.

PRE-FEASIBILITY STUDY

The Mount Peake Pre-Feasibility Study is progressing on schedule and on budget with engineering, process design, hydrology, Native Title and environmental studies underway.

Over the course of the Quarter, TNG commenced preliminary discussions with a number of parties regarding the key infrastructure requirements for the Project, including issues relating to gas supply, rail and port infrastructure, with all initial indications confirming that TNG will have ready and available access to required services.

The operator of the Adelaide-toDarwin rail line, Genesee & Wyoming Australia Pty Ltd, has indicated that the line can accommodate the transportation of product from the Mount

Peake Project to the Port of Darwin. The port hosts a container loading facility which is under-utilised and will be able to accommodate the Company’s proposed container shipments from 2014.

Preliminary discussions have also been held with NT Gas and Power and Water Corporation (PWC) for gas provision to the Mount Peake operation.

PWC has indicated that it would be able to supply gas to the Mount Peake Project and could assist in packaging a gas and pipeline solution. TNG and PWC have entered into a Confidentiality Agreement to progress commercial discussions on the potential supply of gas to the Project.

Further support has been given to the Project by the Northern Territory Department of Resources, which is the lead agency at this stage of the development, and is supportive of TNG’s proposal.

The PFS results should be available to be reported in early November.

RESOURCE DRILLING PROGRAM

During the Quarter, the Company successfully completed key programs of resource in-fill extension drilling at Mount Peake. This included

a 23-hole Reverse Circulation (RC) drilling program for 2,748m and an 8-hole diamond drilling program.

This diamond drilling program produced results of up to 0.6% V2O5, 10% TiO2 and 36% Fe, which is the highest grade intersected at the Project to date. Using X-ray Fluorescence analysis of core at 1m intervals, the Company confirmed the presence of continuous and remarkably homogenous mineralisation within the magnetite zone.

The diamond core has also confirmed the widest mineralised intersections received to date of up to 145m, confirming the shallow nature of the overburden – in places to just 12 metres thickness – which has positive implications for any future mine plan (see Table 1 for assay results).

The RC drilling was designed to provide further information for a revised resource estimate (see below). A total of 2,243 samples were dispatched to the laboratory for analysis.

The drilling indicated the presence of continuous magnetite mineralisation over significant widths. The drilling also demonstrated the shallow nature of the overburden, which has positive implications for the future mine plan at Mount Peake.

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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MOUNT PEAKE PROJECT

JORC RESOURCE UPDATE

The latest results provide strong support for the previously published Exploration Target[1] of 500-700Mt with a grade range of 0.2-0.4% V2O5 for the Mount Peake Project.

Subsequent to the end of the Quarter on 12 October, TNG announced substantial upgrade in the Mineral Resource estimate for the Mount Peake deposits incorporating the results of the 2011 drilling programs.

This confirms Mount Peake as one of the largest vanadium deposits in Australia, with significant potential to increase further with ongoing exploration.

The 2011 updated Indicated and Inferred Resource comprises:

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Category Tonnes V2O5% TiO2% Fe% Al2O3% SiO2%
Indicated 112,339,868 0.45 5.3 23 8.1 34
Inferred 48,497,254 0.24 4.5 21 8.8 35
Total 160,837,123 0.27 5.0 22 8.3 34
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This updated resource represents a significant increase from the previous Inferred Resource estimate of 139Mt grading 0.29% V2O5, 5.3% TiO2, 23.6% Fe. Significantly, approximately 70 per cent of the resource, or 112 million tonnes, is now confirmed in the Indicated category, and available for conversion to Ore

POTENTIAL NEW REGIONAL TITANIUM-VANADIUM DISCOVERY

During the Quarter, the Company identified two potential new vanadium-bearing magnetite zones at the Mount Peake Project.

A surface grab sample of magnetic material from a large magnetic anomaly located 3km east of the Mount Peake deposit and extending over an area of 5km x 1km, was collected and assayed using the Company’s portable NITON XRF[2] analyzer. Results from the NITON recorded anomalously high readings of 22% for titanium, 0.4% for vanadium and 56% for iron.

The estimate has been completed by Snowden Mining Industry Consultants Pty Ltd (Snowden) and is reported in accordance with the JORC Code (2004), using a V2O5 cut-off of 0.1%.

Table 1 provides the breakdown of the Mineral Resource by oxidation state.

A second large magnetic body with a similar geophysical response and signature was also identified 10km to the south-east of the Mount Peake deposit, which provides further support for the Company’s Exploration Target[1] of 500-700Mt with a grade range of 0.2-0.4% V2O5.

Snowden also notes that the deposit is horizontally zoned with a higher grade zone running through the length of the deposit, which includes the highest grades seen to date of 0.7% V2O5, 38% Fe and 12% TiO2 as shown in Table 2.

In addition, the drilling has revealed that the deposit remains open to the east, with a number of new targets identified in this area.

METALLURGICAL PROGRESS

International Patent Application for TIVAN[™] Hydrometallurgical Process has been lodged.

This is a very positive development, as TNG previously believed that the resource was closed off in this direction.

Optimisation work required prior to the commencement of a key pilot plant metallurgical test work

program is progressing well, with the test work program expected to commence late this Quarter.

Updated metallurgical results will be reported when available following completion of the definitive pilot test work program on the TIVAN[™] hydrometallurgical process.

MINERAL LEASE APPLICATION AND COMMUNITY ENGAGEMENT

Following on from TNG’s submission of a Mineral Lease Application over the Mount Peake resource, the Company also held an initial meeting during the Quarter with the Central Land Council (CLC) to discuss development plans.

As a representative Aboriginal body, the CLC has a council comprising some 90 Aboriginal people elected from communities in the southern half of the Northern Territory. The CLC region covers 771,747km[2] of remote, rugged and often inaccessible areas with 15 different Aboriginal language groups.

TNG already has an Exploration Agreement in place with the CLC and the positive sentiment arising from the meeting resulted in the development of a team comprising TNG Directors and senior staff, legal representative Kevin Stephens and industry recognised Land Access consultant Eddie Fry to represent TNG on a proposed Development Review Committee (DRC).

The DRC is another positive step forward in the progression of the proposed mining agreement.

1The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.

2Niton is a field portable hand held X-ray Fluorescence Analytical instrument. Values recorded may not be equivalent to laboratory generated assays but are a guide.

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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Table 1: 2011 Mount Peake Deposit Mineral Resource, Compiled by Snowden Mining Industry Consultants[3]

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Category Oxidation Volume Tonnes V2O5% TIO2% Fe% AL2O3% SIO2%
State
Indicated Oxide 880,000 2,100,000 0.28 5.7 21 8.4 36
Transitional 3,600,000 12,000,000 0.32 6.2 23 7.8 33
Fresh 29,000,000 98,000,000 0.28 5.2 23 8.2 34
Sub-total 33,000,000 110,000,000 0.29 5.3 23 8.1 34
Inferred Oxide 310,000 730,000 0.25 4.9 18 9.6 39
Transitional 1,500,000 5,100,000 0.28 5.2 20 9.2 36
Fresh 13,000,0 43,000,000 0.23 4.4 21 8.7 35
Sub-total 14,000,000 48,000,000 0.24 4.5 21 8.8 35
Total 48,000,000 160,000,000 0.27 5.0 22 8.3 34
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3Note all numbers in this table are reported to two significant figures which may result in apparent discrepancies in the table

Table 2: Mount Peake Deposit Summary Maximum Results by Zone, Compiled by Snowden Mining Industry Consultants

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Zone Results V2O5% TiO2% Fe% Al2O3% SiO2%
Zone 1 (0.1% - 0.3% V2O5) Maximum 0.289 6.91 23.00 14.4 5.5
Zone 2 (>=0.3% V2O5) Maximum 0.707 12.11 38.00 16.3 54.7
Zone 3 (0.1% - 0.3% V2O5) Maximum 0.373 6.41 30.10 26.1 50.4
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TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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COPPER PROJECTS

NICKEL, COPPER, PGM

McArthur River Copper Project TNG 100%

McArthur – EL 27711

The McArthur River tenement, which is located approximately 50km south of McArthur township along the Tablelands Highway, covers part of the prospective McArthur Basin geology, 65km south-west of the McArthur Zinc mine. The licence has two major copper targets – Kilgour Crossing and Donkey Yard, both of which have been explored intermittently over the past 50 years.

TNG completed an initial reconnaissance exploration programme across the EL27711 tenement during the June Quarter focusing on historic prospects and geophysical targets.

Image processing and image-based interpretation of “QuickBird” high resolution satellite data was completed and used as the basis for field geological mapping. This confirmed and refined the major structural components defined by earlier exploration work in the Mallapunyah area.

Geological mapping of approximately 50 square kilometres was completed at a scale of 1:10,000 to cover a copper-anomalous corridor within the stromatolitic Proterozoic Wollagorang Formation and a second zone of copper mineralised occurrences within the overlying Mallapunyah Formation.

A total of 68 rock samples were collected as part of this survey. Copper mineralisation was noted confirming historical locations. These findings

imply a level of copper metal saturation at Kilgour, with the concomitant potential to develop significant concentrations of copper under the right geological circumstances. The main copper mineralising type is chalcocite-chalcopyrite mineralised stratigraphic evaporitic sedimentary zones.

An interpretation of the results of the geological mapping has been merged with the satellite data to produce a preliminary geological map.

In addition to the high priority Kilgour Crossing and Donkey Yard prospects, the reconnaissance program also covered six previously-identified geophysical targets and two copper occurrences identified by the Northern Territory Geological Survey (NTGS), as well as numerous other prospective copper targets identified from previous stream sampling results and prospective geology.

TNG’s exploration program at McArthur River is aimed at discovering large-scale sedimentary-hosted copper deposits similar to Mount Isa and Gunpowder in Queensland and the large copper deposits of Zambia and the Democratic Republic of Congo.

Mineralisation at McArthur River is hosted by the Mallapunyah Formation, in two dolomitic and variably bituminous intervals informally termed the ‘upper’ and ‘lower’ copper beds, which are 1m to 150mm thick, respectively. Chalcocite and chalcopyrite are present in the ‘lower copper bed’ along its strike length of 500m. Copper mineralisation in the lower copper bed 5km north of the Kilgour Crossing prospect comprised

approximately equal quantities of chalcocite and bornite.

Previous exploration in the area was conducted by companies including Carpentaria Exploration, Australian Geophysicals, Aberfoyle and Mount Isa Mines.

Black Springs – EL 28503

The Black Springs tenement is located 4km south of McArthur EL 27711 covering southern extensions of the prospective McArthur stratigraphy.

During the Quarter, negotiations with Traditional Owners regarding access to Black Springs were progressed.

Yah Yah – EL 28509

The Yah Yah tenement, located approximately 50km south-west of the McArthur township, contains the historical Yah Yah copper mine, which produced some 40 tonnes of handpicked, high-grade copper (20-30% Cu) ore prior to 1912. A grab sample collected from a Yah Yah waste dump by CRA Exploration assayed 30.4% Cu. In addition, BHP completed a soil survey which returned best results of up to 562ppm Cu from a 300m wide zone over the old structure.

During the Quarter, negotiations with Traditional Owners regarding access to Yah Yah were progressed.

TNG plans to complete a thorough rock chip sampling program over the region in order to confirm the scope and tenor of mineralisation, and will potentially also conduct a VTEM survey to map the host rock.

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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JOINT VENTURE PROJECTS

COPPER–GOLD

WESTERN DESERT RESOURCES LTD (WDR) JOINT VENTURE

TNG 100%, WDR earning 51% with scope to earn up to 80%

No work undertaken.

MCTAVISH PROJECT JOINT VENTURE

TNG 30%, Barminco 70%

No work undertaken.

KINTORE EAST JOINT VENTURE

ZINC–LEAD–SILVER, IRON–ORE

MANBARRUM PROJECT JOINT VENTURE

Manbarrum Project Joint Venture TNG 100%

Sorby Hills Joint Venture earning 51 with scope to earn up to 80%

During the quarter KBL have completed negotiations with the traditional owners and plan to commence a data review and field work during the next quarter.

NICKEL

MINING PROJECTS NICKEL CAWSE EXTENDED JOINT VENTURE

TNG 20%, Norilsk 80%

The Cawse laterite nickel operation has been placed on indefinite care and maintenance by Norilsk Nickel Australia.

OTHER OPPORTUNITIES

TNG has continued its assessment and review of other potential project opportunities both in Australia and overseas.

TNG 20%, La Mancha 80%

TNG retains a 2% gold royalty in these prospective tenements.

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TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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CORPORATE

STRATEGIC ALLIANCE WITH LEADING CHINESE MINERALS GROUP

On 3 August, TNG announced that it had entered into a binding Letter Of Intent (LOI) to form a strategic partnership with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company Ltd., (ECE), a leading Chinese State-owned enterprise part of the East China Mineral Exploration & Development Bureau.

The landmark LOI, which includes a proposed $13.4M funding injection at 11 cents per share, (representing a 19% premium to the previous closing price) will underpin the ongoing Pre-Feasibility Study and upcoming pilot plant metallurgical test work program for TNG’s flagship Mount Peake Iron-Vanadium Project in the Northern Territory.

ECE is a major Chinese mineral exploration, development and mining group, based in Nanjing, which has been set up since 1955. It has over 4,000 employees and is one of the few organisations authorised by the Chinese Government to carry out geological exploration and scientific research in major State classified projects.

ECE has discovered more than 160 ore deposits in China with a potential value of in excess of $10 billion.

Under the terms of a binding letter of intent between TNG and ECE’s wholly-owned subsidiary, Jiangsu Eastern China Non-Ferrous Metals Investment Holding Co., Ltd (ECE):

• ECE’s affiliate will subscribe for 122.058 million TNG shares at an

issue price of 11 cents per share to raise a total of $13.4 million, giving it a 30% stake following completion of the transaction;

• ECE will be offered two nonexecutive board positions on the TNG Board;

• A$2M loan facility to TNG to provide interim working capital prior to the end of August to underpin the ongoing Pre-Feasibility Study and metallurgical test work program on the Mount Peake Project; provided by a private company introduced by ECE, and

• ECE also agree to enter into a separate Joint Venture Agreement in relation to TNG’s McArthur Copper Project in the Northern Territory by funding the project.

The transaction is subject to TNG shareholder approval and other regulatory approvals including the Australian Foreign Investment Review Board.

Approval for the transaction was received during the Quarter from the Jiangsu Provincial Reform and Development Committee and due diligence completed.

The agreement with ECE is due to be formally signed on 7[th] November in the presence of N.T. Minister of Resources, Hon. Konstantine Vatskalis MLA.

TNG’s Managing Director, Mr Paul Burton, said the establishment of a strategic partnership with ECE delivered a number of substantial benefits to the Company and represented a major turning point in

its corporate development providing security for the long term development of the company and opening up new opportunities.

“This agreement provides us with immediate funding to conclude the Pre-Feasibility Studies at Mount Peake, including the metallurgical pilot plant test work program to commercialise our proprietary TIVAN™ hydrometallurgical process,” Mr Burton said.

“ECE has recently opened up an office and established an exploration team in Darwin, and there are excellent synergies between the two companies long term objectives,” Mr Burton said. “The signing of this agreement follows a lengthy period of negotiation and extensive exchange of information, particularly on Mount Peake and on the Company’s other projects.

“We are very much looking forward to working with ECE towards the completion of the Mount Peake PreFeasibility Study and the commercialisation of the TIVAN™ process. In addition, we are pleased that ECE have recognised the exploration potential of our newly acquired copper project in the Northern Territory and have agreed to negotiate a separate Joint Venture to earn up to 80% of the McArthur Copper Project.

“This has laid the foundations for a strong working relationship which we believe will give us access in the longer term to a range of attractive development and financing options for the Mount Peake Project and other new projects” Mr Burton added.

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TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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LEGAL STATEMENTS

ANNUAL GENERAL MEETING

The Company’s AGM has been set for 28th November 2011 at Subiaco Arts Centre, 180 Hamersley Road, Subi aco.

Due to unexpected approval delays and FIRB application, the transaction with ECE will not be included in this AGM for sharehold er approval, but will be addressed at a separate General Meeting.

CASH AND INVESTMENTS

At Quarter end, the Company had cash and current investments totalling in excess of $3.4M.

TNG LIMITED

Paul E Burton Managing Director 27 September 2011

Competent Person’s Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy and a Director of TNG Limited. Paul Burton 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Paul Burton consents to the inclusion in the

report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Jeremy Peters who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Jeremy Peters 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jeremy Peters consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This report contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, and currency exchange rates. Generally, this forward-looking information can be identified by the use

of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’ and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company’s Annual Information Form.

This list is not exhaustive of the factors that may affect our forwardlooking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

Exploration Target

The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resources.

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

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TENEMENT SCHEDULE

	Project	Tenement ID	Holder	Operator	Date Applied	Status	Area Km²
	Manbarrum (NT)	A 24518	TNG 100%	TNG (NT)	15/12/04	Granted	16.85
	Manbarrum (NT)	A 26581	TNG 100%	TNG (NT)	14/01/08	Granted	14.65
	Manbarrum (NT)	EL 24395	TNG 100%	TNG (NT)	8/09/04	Granted	200.5
	Manbarrum (NT)	EL 25470	TNG 100%	TNG (NT)	13/07/06	Granted	199.3
	Manbarrum (NT)	EL 25646	TNG 100%	TNG (NT)	16/10/06	Granted	129.3
	Manbarrum (NT)	ML(A)27357	TNG 100%	TNG (NT)	15/05/09	Pending	2.04
	Manbarrum (WA)	EL 80/3772	TNG 100%	TNG (NT)	16/10/06	Granted	402
	Manbarrum (WA)	EL 80/3816	TNG 100%	TNG (NT)	30/11/06	Granted	224
	Mount Peake (NT)	EL 23271	Enigma 100%	TNG (NT)	20/07/01	Granted	95.9
	Mount Peake (NT)	EL 23074	Enigma 100%	TNG (NT)	2/03/01	Granted	169.2
	Mount Peake (NT)	EL 27069	Enigma 100%	TNG (NT)	1/12/08	Granted	245.9
	Mount Peake (NT)	EL 27070	Enigma 100%	TNG (NT)	1/12/08	Granted	89.46
	Mount Peake (NT)	EL 27706	Enigma 100%	TNG (NT)	7/10/09	Granted	579.58
	Mount Peake (NT)	EL 27787	Enigma 100%	TNG (NT)	16/11/09	Granted	139.19
	Mount Peake (NT)	EL 27941	Enigma 100%	TNG (NT)	15/02/10	Granted	660.82
	Mount Peake (NT)	EL 28491	Enigma 100%	TNG (NT)	29/11/10	Granted	17 SBKS
	Mount Peake (NT)	MLA 28341	Enigma 100%	TNG (NT)	14/10/10	Pending	358 HECT
	McArthur River (NT)	EL 27711	Enigma 100%	Enigma	14/10/09	Granted	170.77
	McArthur River (NT)	EL 28503	Enigma 100%	Enigma	09/12/10	Granted	229.62
	McArthur River (NT)	ELA 28509	Enigma 100%	Enigma	13/12/10	Pending	29.55
	Melville Island	ELA 28617	TNG 100%	TNG	14/02/11	Pending	1,387.69
	East Arnhem Land (NT)	EL 28218	Enigma 100%	Enigma	16/08/10	Granted	6 SBKS
	East Arnhem Land (NT)	EL 28219	Enigma 100%	Enigma	16/08/10	Granted	9 SBKS
	Warramunga (NT)	MLC 647	TNG 100%	WDR	23/03/70	Granted	0.08
	Warramunga (NT)	EL 24471	TNG 100%	WDR	23/11/04	Granted	307.26
	Warramunga (NT)	EL 25581	TNG 100%	WDR	6/09/06	Granted	566.63
	Warramunga (NT)	ELA 25582	TNG 100%	WDR	6/09/06	Moratorium	1207
	Warramunga (NT)	ELA 25587	TNG 100%	WDR	11/09/06	Pending	248.2
	Tanami East (NT)	ELA 24260	TNG 100%	WDR	15/04/04	Pending	462.3
	Petermans (NT)	ELA 25562	TNG 100%	WDR	23/08/06	Pending	942.15
	Petermans (NT)	ELA 25564	TNG 100%	WDR	23/08/06	Pending	1546.49
	Petermans (NT)	ELA 26382	TNG 100%	WDR	16/08/07	Pending	406.4
	Petermans (NT)	ELA 26383	TNG 100%	WDR	16/08/07	Pending	1300
	Petermans (NT)	ELA 26384	TNG 100%	WDR	16/08/07	Pending	909.51

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

PAGE 11

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TENEMENT SCHEDULE

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Project Tenement ID Holder Operator Date Applied Status Area Km²
Cawse Ext. (WA) M 24/547 TNG 20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/548 TNG 20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/549 TNG 20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/550 TNG 20% Norilsk 2/02/96 Granted 8.6
McTavish JV (WA) M 40/119 Enigma 2% Royalty FMR 31/12/93 Granted 1.5
McTavish JV (WA) M 40/157 Enigma 2% Royalty FMR 18/01/95 Granted 0.3
McTavish JV (WA) M 40/77 Enigma 2% Royalty Nex Metals 13/06/88 Granted 1.2
McTavish JV (WA) P 40/1193 Enigma 2% Royalty FMR 2/02/07 Granted 1.71
McTavish JV (WA) P 40/1194 Enigma 2% Royalty FMR 2/02/07 Granted 1.82
Kintore East JV (WA) P 16/2370 TNG 2% Royalty LMRA 20/12/06 Granted 1.83
Kintore East JV (WA) P 16/2371 TNG 2% Royalty LMRA 20/12/06 Granted 1.2
Kintore East JV (WA) P 16/2372 TNG 2% Royalty LMRA 20/12/06 Granted 1.5
Kintore East JV (WA) P 16/2373 TNG 2% Royalty LMRA 20/12/06 Granted 1.21
Kintore East JV (WA) P 16/2374 TNG 2% Royalty LMRA 20/12/06 Granted 2
Kintore East JV (WA) P 16/2459 TNG 2% Royalty LMRA 20/12/06 Granted 2
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TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

PAGE 12

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CONTACT INFORMATION

DIRECTORS

Paul Burton | Managing Director Neil Biddle | Non-Executive Director Stuart Crow | Non-Executive Director

COMPANY SECRETARY

CAPITAL STRUCTURE - SEPTEMBER 2011

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Type of Exercise Class Number Exercise
Security Date Price
Shares fully paid ordinary 284,803,062
Options 31.12.11 (unlisted) 1,800,000 $0.32
Options 15.12.12 (unlisted) 21,100,000 $0.15
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Simon Robertson

SHARE REGISTRY

Computer Share Investor Services Pty Ltd

Level 2, 45 St Georges Terrace Perth WA 6000

Telephone: 08 9323 2000 Facsimile: 08 9323 2033

CONTACT

PO Box 1126 Subiaco WA 6904

SHAREHOLDER ENQUIRIES	MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
Paul Burton	WWB Investments P/L
Simon Robertson	& Mr & Mrs Brown	9.07%
	CBH Resources Limited	4.98%
AUSTRALIAN STOCK EXCHANGE LISTING	JP Morgan Nominees
	Australia Ltd	3.26%
Shares	TNG
	Kensington
	Consulting Pty Ltd	2.54%
FRANKFURT
STOCK EXCHANGE LISTING	Total Directors Holdings	2.78%

Shares | A0B60K

Telephone: 08 9327 0900 Facsimile: 08 9327 0901

Email: corporate@tngltd.com.au Web: www.tngltd.com.au

TNG LIMITED QUARTERLY REPORT SEPTEMBER 2011

PAGE 13