TIVAN LIMITED — Interim / Quarterly Report 2011

Jul 24, 2011

TNG[limited]

BUILDING A WORLD CLASS FERROUS METALS BUSINESS

QuarterLY

june 2011

highlights

Old Park Lane initiates research coverage on TNG with a BUY recommendation and a short-term share price target of A$0.27c.

mineralisation – the widest intersections seen at the project to date

• Optimisation and pilot test programme underway

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acquired McArthur River Copper Project in Northern Territory, comprising mapping, rock chip sampling and soil sampling – results awaited

• 2,700m RC drilling program underway

Mount Peake Iron-VanadIuM Project

• Production of high-value ferrovanadium (FeV) from Mount Peake confirmed by supplementary Scoping Study

• Potential to significantly enhance overall project economics with addition al $78M Nett Annual Cashflow

• Total forecast Nett Annual Cashflow increased to A$226M

Pre-FeaSIBILItY StudY

• Metallurgical diamond drilling program completed at Mount Peake for key pilot plant testwork

• Up to 144m of continuous magnetite

• Pre-Feasibility Study progressing on schedule with engineering, process design, hydrology, Native Title and environmental studies underway

• International patent application filed for TIVAN[™] hydrometallurgical process and trade mark application submitted

regIonaL coPPer exPLoratIon

Northern Territory copper exploration portfolio further expanded after TNG secured new Exploration Licences covering both a small historic copper mine and numerous known occurrences of copper mineralisation including grades from surface sampling of up to 30% Cu

Initial reconnaissance exploration programme completed at recently-

corPorate

TNG is in discussions with other potential funding/development partners, and is advancing negotiations with all interested parties

Non-binding MOU with major Chinese engineering and development company extended following positive review of Mount Peake Scoping Study

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

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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SUMMARY

TNG has made further significant progress during the June 2011 Quarter, with exploration and development activities at its flagship 100%-owned Mount Peake Iron-Vanadium Project in the Northern Territory gathering momentum, Pre-Feasibility Study commenced and important milestones achieved with its proprietary hydrometallurgical process, and regional exploration activities commencing at the Company’s newly acquired copper exploration project.

During the Quarter, the Company also completed a positive supplementary Scoping Study investigating the potential to produce high-value ferro-vanadium (FeV) from Mount Peake – which sells for more than double the price of the calcined vanadium pentoxide (V2O5) product contemplated in the February 2011 Scoping Study.

This supplementary study confirmed significant potential to enhance the Mount Peake project economics through the production of FeV, increasing the forecast Nett Cash Flow by 50% to A$226M per annum.

A Pre-Feasibility Study (PFS) on the Mount Peake Project is proceeding well, with numerous studies underway

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and a major metallurgical diamond drilling program completed during the Quarter. This drilling campaign was undertaken to provide representative samples for metallurgical and pilot plant testwork using the Company’s patent pending TIVAN[™] hydrometallurgical process.

schedule and within budget.

As announced last Quarter, TNG is in discussions with a major Chinese engineering and development company in relation to establishing a strategic development partnership for Mount Peake. These discussions are proceeding well following the Chinese group’s positive review of the Mount Peake Scoping Study, and TNG is also progressing negotiations with a number of other interested parties.

Assay results returned continuous magnetite mineralisation over widths of up to 144 metres, with all drill holes returning consistent vanadium grades of up to 0.6% V2O5 in magnetite – the highest grades achieved to date from Mount Peake, with titanium and iron grades consistent with previous results.

At the Company’s newly-acquired McArthur River Copper Project in the Northern Territory, an initial reconnaissance exploration program was completed during the Quarter which identified a number of copper targets. These prospects will be further investigated in the forthcoming quarter.

A 2,700 metre Reverse Circulation (RC) drilling campaign has commenced and the PFS remains on

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TNG LIMITED QUARTERLY REPORT JUNE 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.

The project currently has a JORC inferred resource estimate of 139Mt @ 0.29% vanadium (V205), 5.3% titanium (TiO2) and 23.7% iron (Fe), with an Exploration Target[1] of 500 -

700Mt with a grade range of 0.2% - 0.4% V205 and 25% - 35% Fe.

Following the positive Scoping Study results the project has been progressed to pre-feasibility stage.

¹The 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.

Pre-Feasibility Study

Work relating to the Pre-Feasibility Study (PFS) for the Mount Peake development is proceeding on schedule, with engineering, process

design, hydrology, Native Title and environmental studies underway.

Progress update on this work will be provided on completion of relevant milestones.

Ferro-Vanadium Scoping Study

As announced in the March 2011 Quarterly Report, in April 2011 TNG completed a supplementary Scoping Study evaluating the potential for further downstream processing of its V2O5 product into higher value ferrovanadium (FeV).

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Figure 1: Project Location

TNG LIMITED QUARTERLY REPORT JUNE 2011

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MOUNT PEAKE PROJECT

The Study confirmed the potential to significantly enhance the Mount Peake project economics through additional downstream processing. The capital cost for constructing the ferro-vanadium plant is estimated at A$43.8 million with an annual Nett Cashflow of $178M[2] .

2Nett Cashflow is defined as the average undiscounted cashflow per annum after all CAPEX (pre-strip CAPEX, initial CAPEX, and expansion CAPEX has been deducted, but ignores cost or source of capital, hedging, tax, depreciation, rehabilitation and salvage.

Mou for Mount Peake Finance and development

During the Quarter, the MOU previously announced with a Major Chinese Company was extended following the Chinese company’s positive review of the Mount Peake Scoping Study.

The group has further agreed that following its satisfactory review of the pilot plant test work, discussion on potential agreements for EPC/EPCM (engineering, procurement and construction / engineering, procurement, construction and management), offtake, equipment manufacturing and potential funding from Chinese Banks could occur.

To provide some assistance and collaboration for TNG’s construction of a pilot plant in Australia and the pilot plant phase, the Chinese company has invited TNG’s technical team to visit an existing major Vanadium mine to view the operation and the metal-

lurgical process at this operation, which TNG has accepted.

In addition to these ongoing negotiations, TNG has also been approached by a number of other interested Asian parties in relation to potential funding and development participation for the Mount Peake Project.

TNG will advance discussions with all interested parties with a view to a final decision on a binding agreement for development of the Mount Peake project on completion of the pilot plant and pre-feasibility.

Metallurgical drilling Programme

TNG commenced a diamond drilling programme at Mount Peake in May 2011 aimed to extract samples for the metallurgical pilot plant test work programme.

This programme was completed in late June, and comprised of eight diamond drill holes for a total of 912m through the central part of the resource.

Logging of the core indicates the presence of continuous magnetite mineralisation over down-hole widths of up to 144 metres. The intersections are representative of true width and reflect homogeneous magnetite mineralisation. The drilling has also demonstrated the shallow nature of the overburden, which has positive implications for the future mine plan.

All drill holes returned consistent vanadium grades of up to 0.6% V2O5

in magnetite, which are the highest grades achieved to date from the Project, with titanium and iron grades maintaining consistency with previous results.

The core has been shipped to the laboratory to provide representative samples for metallurgical and pilot plant testwork using the Company’s patent pending TIVAN™ hydrometallurgical process. The test work will provide final optimisation parameters, scalability and commercialisation of the process.

A 2,700m Reverse Circulation (RC) resource definition drilling programme commenced in July, representing the final round of drilling ahead of the Mount Peake resource update.

International Patent application for tIVan™ Hydrometallurgical Process

On 9 June an International Patent was filed for the new hydrometallurgical process developed for Mount Peake.

The process was jointly developed in conjunction with TNG’s metallurgical consultants, Mineral Engineering Technical Services Pty Ltd (“METS”), using hydrometallurgy successfully extracts commercial grades of vanadium, titanium and iron from titanomagnetite which make up most known vanadium deposits.

TNG LIMITED QUARTERLY REPORT JUNE 2011

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COPPER PROJECTS

nIckeL, coPPer, PgM

Mcarthur river copper Project tng 100%

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 satura-

tion 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 JUNE 2011

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JOINT VENTURE PROJECTS

ZInc-Lead-SILVer, Iron-ore

ManBarruM Project joInt Venture

Manbarrum Project tng 100%

Sorby Hills joint Venture (SHjV), a joint venture with kimberly Metals Ltd (kBL) earning 51%

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.

coPPer-goLd

weStern deSert reSourceS Ltd. (wdr) joInt Venture

tng 100%,

wdr earning 51% with scope to earn up to 80%

No work undertaken.

roVer Project

wdr earning up to 80% from tng and wdr 100%

The Rover Project covers three granted exploration licences in

the lucrative Tennant Creek goldfields, two of which (EL24471 and EL25581) are in joint venture with TNG Ltd and one (EL28128) is 100% held by WDR.

The project has taken an exciting turn this quarter, with a field visit to view historical drill core on EL25581 revealing similarities with the adjacent 1 million ounce Rover 1 deposit discovered by Westgold Resources Limited. Samples have been selected for assay and will be submitted next quarter.

To aid future drill targeting, an aerial EM survey has been completed and a ground gravity survey commenced. Results of the surveys will be interpreted next quarter with a view to generating Rover-style analogue targets for testing later in the year.

MuSgraVeS Project

wdr earning up to 80% from tng and wdr 100%

The Musgraves Project consists of six exploration licence applications covering almost 5,700 km[2] on Aboriginal Freehold land which is practically unexplored, yet highly prospective ground for gold, base metals, rare earths and nickel sulphides. Negotiations are continuing with the Central Land Council for an Exploration Agreement.

MctaVISH Project joInt Venture

tng 30%, Barminco 70%

No work undertaken.

kIntore eaSt joInt Venture

tng 20%, La Mancha 80%

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

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 LIMITED QUARTERLY REPORT JUNE 2011

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CORPORATE

aPPoIntMent oF uk Broker

In April TNG appointed UK-based institutional stockbroker Old Park Lane Capital Plc to provide corporate advisory, fundraising, research consultancy services and strategic investor relations assistance in the London and European markets.

Launched in 2008, Old Park Lane Capital (OPL) is an institutional and invitation-only stockbroker headquartered in Berkeley Square, London, focused on providing corporate broking services to a select group of natural resources companies listed on UK and overseas exchanges. OPL’s core expertise centres on natural resource-focused AIM and international dual listings, fundraisings and equities trading.

The Scope of Engagement includes assistance with fundraising activities and general broking and investor relations advice in the UK market. Subject to certain conditions, Old Park Lane Capital will automatically be appointed as TNG’s sole UK broker should it decide to undertake a listing on the AIM market of the London Stock Exchange.

InItIatIon oF Broker reSearcH

Old Park Lane initiated research coverage on TNG during the Quarter, and issued its first research report on 7 July 2011 with a buy recommendation and a short-term share price target of A$0.27 (at the time the report was issued, TNG’s share price was A$0.075). The report states that Old Park Lane believes there is material upside if TNG is successful in developing the Mount Peake project according to current plans, and that it has been highly conservative in its valuation.

The report is available to download from TNG’s website www.tngltd. com.au under the Investor Centre.

generaL MeetIng

During the Quarter, a General Meeting of the Company’s shareholders was held.

All resolutions were passed by shareholders.

caSH and InVeStMentS

At Quarter end, the Company had cash and current investments totalling in excess of $3,743,327.

daVIS SaMueL

TNG is a party to proceedings instituted by the Commonwealth of Australia in the Supreme Court of the Australian Capital Territory. No firm timetable for the decision has been advised to date.

TNG LIMITED

Paul E Burton Managing Director 25[st] July 2011

TNG LIMITED QUARTERLY REPORT JUNE 2011

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LEGAL STATEMENTS

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 Michael Andrew who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Michael Andrew 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’. Michael Andrew 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 JUNE 2011

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TENEMENT SCHEDULE

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Project Tenement ID Holder Operator Date Applied Status Area Km²
Manbarrum (NT) A 24518 TNG100% TNG (NT) 15/12/04 Granted 16.85
Manbarrum (NT) A 26581 TNG100% TNG (NT) 14/01/08 Granted 14.65
Manbarrum (NT) EL 24395 TNG100% TNG (NT) 8/09/04 Granted 200.5
Manbarrum (NT) EL 25470 TNG100% TNG (NT) 13/07/06 Granted 199.3
Manbarrum (NT) EL 25646 TNG100% TNG (NT) 16/10/06 Granted 129.3
Manbarrum (NT) ML(A)27357 TNG100% TNG (NT) 15/05/09 Pending 2.04
Manbarrum (WA) EL 80/3772 TNG100% TNG (NT) 16/10/06 Granted 402
Manbarrum (WA) EL 80/3816 TNG100% TNG (NT) 30/11/06 Granted 224
Mount Peake (NT) EL 23271 Enigma100% TNG (NT) 20/07/01 Granted 95.9
Mount Peake (NT) EL 23074 Enigma100% TNG (NT) 2/03/01 Granted 169.2
Mount Peake (NT) EL 27069 Enigma100% TNG (NT) 1/12/08 Granted 245.9
Mount Peake (NT) EL 27070 Enigma100% TNG (NT) 1/12/08 Granted 89.46
Mount Peake (NT) EL 27706 Enigma100% TNG (NT) 7/10/09 Granted 579.58
Mount Peake (NT) EL 27787 Enigma100% TNG (NT) 16/11/09 Granted 139.19
Mount Peake (NT) EL 27941 Enigma100% TNG (NT) 15/02/10 Granted 660.82
Mount Peake (NT) ELA 28491 Enigma 100% TNG (NT) 29/11/10 Pending 17 SBKS
Mount Peake (NT) MLA 28341 Enigma 100% TNG (NT) 14/10/10 Pending 358 HECT
McArthur River (NT) ELA 27711 Enigma100% Enigma 14/10/09 Granted 170.77
McArthur River (NT) ELA 28503 Enigma100% Enigma 09/12/10 Pending 229.62
McArthur River (NT) ELA 28509 Enigma100% Enigma 13/12/10 Pending 29.55
East Arnhem Land (NT) EL 28218 Enigma100% Enigma 16/08/10 Granted 6 SBKS
East Arnhem Land (NT) EL 28219 Enigma100% Enigma 16/08/10 Granted 9 SBKS
Warramunga (NT) MLC 647 TNG100% WDR 23/03/70 Granted 0.08
Warramunga (NT) EL 24471 TNG100% WDR 23/11/04 Granted 454.95
Warramunga (NT) EL 25581 TNG100% WDR 6/09/06 Granted 1170
Warramunga (NT) ELA 25582 TNG100% WDR 6/09/06 Moratorium 1207
Warramunga (NT) ELA 25587 TNG100% WDR 11/09/06 Pending 248.2
Tanami East (NT) ELA 24260 TNG100% WDR 15/04/04 Pending 462.3
Petermans (NT) ELA 25562 TNG100% WDR 23/08/06 Pending 942.15
Petermans (NT) ELA 25564 TNG100% WDR 23/08/06 Pending 1546.49
Petermans (NT) ELA 26382 TNG100% WDR 16/08/07 Pending 406.4
Petermans (NT) ELA 26383 TNG100% WDR 16/08/07 Pending 1300
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TNG LIMITED QUARTERLY REPORT JUNE 2011

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TENEMENT SCHEDULE

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Project Tenement ID Holder Operator Date Applied Status Area Km²
Petermans (NT) ELA 26384 TNG100% WDR 16/08/07 Pending 909.51
Cawse Ext. (WA) M 24/547 TNG20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/548 TNG20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/549 TNG20% Norilsk 2/02/96 Granted 8.6
Cawse Ext. (WA) M 24/550 TNG20% Norilsk 2/02/96 Granted 8.6
McTavish JV (WA) M 40/119 Enigma10.1% FMR 31/12/93 Granted 1.5
McTavish JV (WA) M 40/157 Enigma10.1% FMR 18/01/95 Granted 0.3
McTavish JV (WA) M 40/77 Enigma10.1% Nex Metals 13/06/88 Granted 1.2
McTavish JV (WA) P 40/1193 Enigma10.1% FMR 2/02/07 Granted 1.71
McTavish JV (WA) P 40/1194 Enigma10.1% FMR 2/02/07 Granted 1.82
Kintore East JV (WA) P 16/2370 TNG17.55% LMRA 20/12/06 Granted 1.83
Kintore East JV (WA) P 16/2371 TNG17.55% LMRA 20/12/06 Granted 1.2
Kintore East JV (WA) P 16/2372 TNG17.55% LMRA 20/12/06 Granted 1.5
Kintore East JV (WA) P 16/2373 TNG17.55% LMRA 20/12/06 Granted 1.21
Kintore East JV (WA) P 16/2374 TNG17.55% LMRA 20/12/06 Granted 2
Kintore East JV (WA) P 16/2459 TNG17.55% LMRA 20/12/06 Granted 2
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TNG LIMITED QUARTERLY REPORT JUNE 2011

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CONTACT INFORMATION

dIrectorS

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

coMPanY SecretarY

Simon Robertson

SHare regIStrY

computer Share Investor Services Pty Ltd

SHareHoLder enQuIrIeS

Paul Burton Simon Robertson

auStraLIan Stock excHange LIStIng Shares | TNG

FrankFurt Stock excHange LIStIng

Shares | A0B60K

Major SHareHoLderS

WWB Investments P/L	8.21%
CBH Resources Limited	4.98%
Colbern Fiduciary
Nominees Pty Ltd	3.30%
JP Morgan Nominees
Australia Ltd	3.23%
Kensington
Consulting Pty Ltd	2.81%
total directors Holdings	2.87%

Level 2, 45 St Georges Terrace

Perth WA 6000

Telephone: 08 9323 2000 Facsimile: 08 9323 2033

contact

PO Box 1126 Subiaco WA 6904

caPItaL Structure - june 2011

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type of exercise class number exercise
Security date Price
Shares fully paid ordinary 258,055,076
options 31.08.11 (unlisted) 500,000 $0.15
options 31.12.11 (unlisted) 1,800,000 $0.32
options 15.12.12 (unlisted) 15,600,000 $0.15
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Telephone: 08 9327 0900 Facsimile: 08 9327 0901 Email: corporate@tngltd.com.au Web: www.tngltd.com.au

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TNG LIMITED QUARTERLY REPORT JUNE 2011

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