TIVAN LIMITED — Interim / Quarterly Report 2011

Apr 20, 2011

TNG[limited]

BUILDING A WOLD CLASS FERROUS METALS BUSINESS

QUARTERLY

MARCH 2011

highlights

Mount Peake - indicates potential to deliver substantial additional value through downstream processing.

Successful scoping study completed on Mount Peake IronVanadium Project by Snowden Mining Industry Consultants:

• Production commencing at 2Mtpa and ramping up after three years to 5Mtpa over a 24 year mine life

Memorandum of Understanding signed with major Chinese engineering and development company to establish strategic development partnership for Mount Peake.

• Forecast robust economics - average Nett Cash Flow after CAPEX exceeding $148M per annum

Joint international patent lodged to protect revolutionary hydrometallurgical process for extraction of vanadium, titanium and iron from titanomagnetite ores by TNG and METS.

• Pre-Feasibility Study now underway - Sinclair Knight Mertz appointed to manage PFS, major RC drilling program scheduled to commence in coming weeks

Successful completion of $2.8M share placement to sophisticated investors to accelerate Mount Peake development.

Second Scoping Study completed investigating potential to produce high-value ferro-vanadium from

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Joint Venture agreement signed for Manbarrum Zinc Project – TNG to receive cash payment of $2.5M and retain 49% interest. First cash payment already received.

Expansion of Northern Territory copper portfolio with two new exploration licences – with historical rock chip samples containing up to 30% Cu.

Appointment of experienced mining executive, Mr Paul Burton, who has held the position of CEO since September 2009, as the Company’s Managing Director.

Changes to the Board of Directors, with the appointment of Mr Stuart Crow, and Mr John Barr and Mr Edward Fry stepping down.

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 had an exceptionally busy period over the March 2011 Quarter, with the bulk of the Company’s activities focused on the ongoing development of its 100% owned Mount Peake Iron-Vanadium Project in the Northern Territory.

The Company delivered a positive Scoping Study for the Project in February 2011, which confirmed its financial and technical strength and significantly improved on the results of the July 2009 Scoping Study through the introduction of a revolutionary new patented hydrometallurgical process for the recovery of all three valuable metals – vanadium pentoxide (V2O5), titanium dioxide (TiO2) and iron oxide (Fe2O3).

Preliminary optimisations and financial modelling from the Scoping Study indicated average Nett Cash Flow after CAPEX of over A$148M per annum over a 24 year mine life, based on production commencing at 2 million tonnes per annum (Mtpa) and ramping up to 5Mtpa after three years.

highly valuable ferro-vanadium (FeV), which sells for more than double the price of V2O5.

Results of this second Scoping Study investigating the potential for FeV production confirmed significant potential to enhance the Mount Peake project economics, increasing the forecast Nett Cash Flow to A$226M per annum.

TNG is now proceeding with a Pre-Feasibility Study (PFS) on the Mount Peake Project and has appointed leading global engineering firm Sinclair Knights Mertz (SKM) to manage the Study. It is expected that the PFS will be completed by October 2011.

In addition, in late February TNG signed a Memorandum of Understanding (MOU) with a major Chinese

engineering and development company to establish a strategic partnership for financing and development of the Mount Peake Project.

TNG has granted exclusivity to the group for a period of 45 business days to assess the Scoping Study and other project information.

Outside of the Mount Peake Project, during the Quarter the Company also announced it has signed a definitive Joint Venture agreement with the Sorby Hills Joint Venture enabling it to acquire up to an 80% interest in TNG’s Manbarrum Zinc Project in the Northern Territory. The agreement will enable TNG to focus on the continued evaluation and development of the flagship Mount Peake Project, while retaining an interest in Manbarrum.

In light of the outstanding results of the Scoping Study, TNG decided to evaluate the potential for further processing of its V2O5 product into

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TNG LIMITED QUARTERLY REPORT MARCH 2011

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MOUNT PEAKE PROJECT

IRON–VANADIUM–TITANIUM

driven by the development of the new patented hydrometallurgical process. This hydrometallurgical process recovers calcined vanadium pentoxide (V2O5), titanium dioxide (TiO2) and iron oxide (Fe2O3) concentrate.

Mount Peake Project TNG 100%

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

Preliminary optimisations and financial modelling indicates robust economics and returns with an average Nett Cash Flow after CAPEX[2] exceeding $148 million per annum over a 24 year mine life.

The project currently has a JORC inferred resource estimate of 139Mt @ 0.29% vanadium (V2O5), 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% V2O5 and 25% - 35% Fe.

The financial modelling is based on a production rate of 2Mtpa ramping up after three years to 5Mtpa.

The initial plant total CAPEX included in the modelling has been estimated by METS to be $370M, with a ±35% accuracy. This would be expanded to 5Mtpa capacity at an additional estimated total CAPEX of $307M after three years, partially funded by cash flow.

Project Scoping Study

A positive Scoping Study on the Mount Peake Vanadium Project was completed by Snowden Mining Industry Consultants in February 2011. The Study confirmed the Project’s technical and financial strength

Concentrate product would be trucked to a conceptual railhead near

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Barrow Creek on the Alice Springsto-Darwin railway line (approximately 70km) and then railed to Darwin (approximately 1,180km) for shipping.

KEY FINDINGS IN THE SCOPING STUDY

Mine Life	23.63 years
Processing Rate (life-of-mine)	5 Mt /annum
Life-of-mine Production	107.1M tonnes
Process Head Grade	0.33% V2O5, 25.39% Fe, 6.04% TiO2
Total Metal Production	349kt V2O5, 27,182kt Fe, 6,463kt TiO2
Total Operating Costs (excluding royalties)	$46.6/tonne
Preliminary Capital Estimate2	$370.3M (Stage 1 – 2Mtpa)
	$307.6M (Stage 2 – 5Mtpa)
Nett Cash Flow4	$148.37M / annum

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.

2Estimate of capital costs supplied by METS includes both direct and Indirect costs (at a Scoping Level Study of ±35%).

3 FeV plant capacity capital cost estimate supplied by Snowden and METS includes both direct and Indirect costs (at a Scoping Level Study of ±35%).

4Nett 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.

Figure 1: Project Location

TNG LIMITED QUARTERLY REPORT MARCH 2011

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MOUNT PEAKE PROJECT

FERRO-VANADIUM SCOPING STUDY

In light of the outstanding results of the Project Scoping Study completed in February, TNG commissioned Snowdens and METS to undertake a second Scoping Study to evaluate the potential for further processing its V2O5 product into highly valuable ferro-vanadium (FeV).

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.

Results of this Scoping work indicated FeV production could add an additional $78M per Annum, Nett Cash Flow. Increasing the project’s overall Nett Cash flow to $226M/annum over a 24 year mine life.

KEY FINDINGS IN THE FERROVANADIUM SCOPING STUDY

Mine Life	23.63 years
Ferro-vanadium Processing Rate (life-of-mine)	2Mt/annum
Total FeV metal production	105,000 tonnes
Total Operating Costs (excluding royalties)	%5.36/tonne
Primary Capital Estimate3	$43.8M (for Stage 1-2Mtpa)
Nett Cashfow4	$78M/annum
New Total Nett Cashfow4	$226M/annum

ENVIRONMENTAL & HYDROGEOLOGICAL STUDIES

TNG has commissioned the Pre-Feasibility Study (PFS) managers, Sinclair Knight Mertz, to undertake a Scoping

Study on the preliminary environmental approvals process and baseline ecological survey for the Mount Peake Project, as well as development of a Notice of Intent (NOI) and formal referral of the Project.

TNG has also commissioned SKM to undertake preliminary hydro-geological studies on the Mount Peake Project.

RESOURCE EXPANSION AND METALLURGICAL TESTWORK DRILLING

The Company is currently finalising planning for a 4,000m RC drilling program, scheduled to commence in May 2011. This program has two key objectives:

• to upgrade part of the current Inferred Resource of 139Mt @ 0.29% V2O5, 5.34% TiO2 and 23.66% Fe to Indicated and or Measured status; and

• to extract approximately one tonne of representative ore samples for use in the upcoming metallurgical pilot plant studies to be undertaken on the Company’s hydrometallurgical process.

The next phase of metallurgical testwork, including Solvent Extraction (SX) plant studies, will commence in early May and will take approximately 26 weeks to complete, providing a definitive test of the commercial potential of the process, scaling up from the bench-scale testwork undertaken to date.

MOU FOR MOUNT PEAKE FINANCE AND DEVELOPMENT

TNG has signed a non-binding Memorandum of Understanding (MOU) with a leading Chinese Stateowned engineering, development and construction enterprise as part of the company’s strategy to obtain a strategic partner to finance and develop the Mount Peake Project.

TNG has granted exclusivity to the group for a period of 45 business days to as sess the Scoping Study and other project information. Subject to a satisfactory review, the parties agreed to then consider future participation in the Mount Peake project.

The Chinese company has advised TNG that it has completed its findings on the scoping study and considers the reviews satisfactory. It now wishes to progress with assessment of the Pilot Plant study test work in order to fully evaluate the project’s process and economics to satisfy the pre-requisites of the MOU. They have further agreed that following satisfactory outcome of this next evaluation, discussion on potential agreements for EPC/EPCM, off-take, equipment manufacturing and potential funding from Chinese Banks could occur.

In addition, to provide assistance for TNG’s Pilot plant phase and collaboration to build a Pilot Plant in Australia, the Chinese company has invited TNG’s techni cal team to visit its existing major Vanadium mine to view the operation and the metallurgical process at this operation, which TNG has accepted but has advised the exclusivity period cannot be extended.

TNG also advises it has been approached during the quarter by other interested Asian parties and plans to advance discussions over the next quarter with all interested parties, with a view to reaching a final decision on a binding agreement for development of the Mount Peake project on completion of the pilot plant and pre-feasibility phases.

3 FeV plant capacity capital cost estimate supplied by Snowden and METS includes both direct and Indirect costs (at a Scoping Level Study of ±35%).

4 Nett 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.

TNG LIMITED QUARTERLY REPORT MARCH 2011

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OTHER PROJECTS

COPPER

McArthur River Copper Project TNG 100%

During the Quarter, TNG further expanded its Northern Territory copper exploration portfolio after securing new Exploration Licences (EL) covering both a small historic copper mine and numerous known occurrences of copper mineralisation including grades from historic surface rock chip samples of up to 30% Cu.

The new ELs, which cover a total area over 650km[2] were explored for base metals in the 1970s by companies Mt Isa Mines, BHP Minerals Pty Ltd and CRA Exploration Pty Ltd, returning numerous anomalous results over a widespread area. No modern exploration for copper has been undertaken since the 1970s.

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.

The tenement includes numerous other prospective copper targets identified from previous stream sampling results and prospective geology.

Black Springs – EL 28503

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

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 hand-picked, highgrade 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.

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. Field work is planned to commence in May.

ZINC-LEAD-SILVER, IRON-ORE

MANBARRUM PROJECT JOINT VENTURE

Manbarrum Project TNG 100%

In February, TNG signed a Joint Venture Agreement on its Manbarrum Zinc-Lead-Silver Project in the Northern Territory with the Sorby Hills Joint Venture (“SHJV”), a joint venture between ASX-listed Kimberley Metals Limited (ASX: KBL) and Yuguang (Australia) Pty Ltd, a subsidiary of China’s largest lead producer, Hunan Yuguang Gold & Lead Co.

Under the terms of the agreement, TNG will receive a cash payment of $2.5 million, comprising an initial payment of $0.5 million upon the signing of a definitive sales agreement (this payment was received on 17 February 2011) with a final payment of $2 million due by December 2013.

In addition, the SHJV must spend a further $2 million on exploration at Manbarrum over the next three field seasons.

On completion of SHJV’s total earn-in expenditure of $4.5 million, a formal Joint Venture will be formed between TNG and SHJV for the ongoing development of the Manbarrum Project, with TNG retaining a 49% stake.

The SHJV can elect to increase its stake in the Manbarrum Project to 80% by sole funding all exploration and development activities through to a Decision to Mine, and will have first right

to purchase a further 10% stake in the Manbarrum Joint Venture from TNG by making a further payment of $3 million.

The transaction is consistent with TNG’s focus on the continued evaluation and development of its flagship Mount Peake Project.

It has been structured so that TNG can retain a 49% interest in the Manbarrum Project, giving it continued exposure to the substantial exploration upside of the Project and the potential for significant synergies to be unlocked by the SHJV through a coordinated exploration and development effort focused on the two 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 VENURE

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 MARCH 2011

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CORPORATE

BOARD CHANGES

TNG has appointed experienced mining executive, Mr Paul Burton, who has held the position of CEO since September 2009, as the Company’s Managing Director.

Mr Burton, who was appointed to the TNG Board as a Director on 11 August 2008, has over 20 years’ experience in exploration and mining throughout Australia and overseas. He has been involved with the development of all of the Company’s projects, in particular the flagship Mount Peake Project.

In addition, Mr John W Barr and Mr Edward Fry resigned as Directors of the Company with effect from 24 February.

Mr Barr tendered his resignation for personal reasons while Mr Fry has decided to step down from the Board due to his growing workload in his consulting business.

Following the changes, Mr Stuart Crow was appointed to the Board as a non-executive Director.

Mr Crow has more than 25 years’ experience in all aspects of corporate finance and investor relations in Australia and international markets, and has owned and operated his own businesses in these areas for the last twelve years. He brings extensive working knowledge of capital markets to the Board.

SHARE PLACEMENT & EXERCISE OF OPTIONS

During the Quarter, TNG completed a $2.8 million capital raising to accelerate development of the Mount Peake Project.

The share placement, which was made to sophisticated investors, comprised the issue of 25,247,985 shares at an issue price of $0.11 per share to raise a total of $2,777,278, before costs. The placement was undertaken within TNG’s existing 15% placement capacity.

In addition, 1,500,000 Options were exercised during the Quarter raising a further $225,000.

Following completion of the share placement and option exercise, TNG has a total of 284,803,062 shares on issue.

MARKETING - INVESTOR ROADSHOW

TNG is pleased to advise that it has recently completed an extensive two-week investor roadshow through London and Europe, including presentations at several investor forums in Germany.

As a result of this trip, proposals for support and research coverage of the Company are being considered from leading UK broking firms.

The Company will keep the market informed as this broker research becomes available.

CASH AND INVESTMENTS

At Quarter end, the Company had cash and current investments totalling in excess of $5,210,379.

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.

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TNG LIMITED

Paul E Burton Managing Director 21[st] April 2011

TNG LIMITED QUARTERLY REPORT MARCH 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 MARCH 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 MARCH 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 MARCH 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

Mr Warren William
Brown & Mrs Marilyn
Helena Brown	8.13%
CBH Resources Limited	4.98%
JW Barr	3.07%
Colbern Fiduciary
Nominees Pty Ltd	3.25%
JP Morgan Nominees
Australia Ltd	3.23%
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

CAPITAL STRUCTURE - MARCH 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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Subiaco WA 6904

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 MARCH 2011

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