TIVAN LIMITED — Interim / Quarterly Report 2011

Apr 28, 2011

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity TNG LIMITED ACN or ARBN Quarter ended (“current quarter”) 000 817 023 31 March 2011 Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Royalties received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes (paid)/refunded net 1.7 Other – due diligence Net Operating Cash Flows	Current quarter $A’000	Year to date $A’000
	106 (228) – – (898) – 32 – – –	285 (850) – – (1,926) – 92 – 572 –
	(989)	(1,827)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) tenements (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) tenements (b) equity investments (c) controlled entity (d) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows	– – (2) 500 – – – – –	– – (23) 500 – – – – –
	(498)	(477)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(490)	(1,350)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. (net of expenses) 1.15 Payment for shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	2,826 – – – – –	2,826 – – – – –
	2,826	2,826
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	2,335 2,171 –	1,476 3,031 –
	4,507	4,507
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to these parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		393
		–
1.25	Explanation necessary for an understanding of the transactions
	1.1 – Receipts from Administrative shared services agreement are offset against administrative costs (1.2)

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated assets
	and liabilities but did not involve cash flows

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

$500,000 was received from Kimberley Metals Ltd as part of the farmin agreement relating to TNG’s Manbarrum project. (1.9)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	–	–
	–	–

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.3 Aministration	$A’000
	1,206
	–
	–
	420
Total	1,626

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other – security deposits	4,370	2,047
	–	–
	–	–
	137	124
Total: cash at end of quarter	4,507	2,171

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Increase through exercise of options (c) Decreases through returns of capital, buy-backs	284,803,062	284,803,062
	25,247,785 1,500,000	25,247,785 1,500,000
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options A – Director, Consultant and Employee Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000 1,800,000 19,100,000	- - -	Exercise Price $0.15 $0.32 $0.15	Expiry Date 31 August 2011 31 December 2011 15 December 2012
	5,000,000	-	$0.15	15 December 2012
	1,500,000	-	$0.15	15 December 2012
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here: Managing Director Print name: Paul E Burton

Date: 29 April 2011

• See chapter 19 for defined terms.

Appendix 5B Page 5