TIVAN LIMITED — Interim / Quarterly Report 2012

Oct 21, 2012

==> picture [596 x 124] intentionally omitted <==

==> picture [195 x 32] intentionally omitted <==

sePteMber 2012 Quarterly rePort

Major Projects

Mount Peake VanadiuM-titaniuM-iron Project (nt)

• Pre-Feasibility Study confirmed a very robust mining operation capable of generating revenues of A$12 billion and operating cash flows of over A$5 billion over its initial 20-year life.

• Decision to proceed to a full Definitive Feasibility Study expected in the December 2012 Quarter.

• Discussions with key engineering and infrastructure companies commenced.

• Initial metallurgical testwork completed on graphite mineralisation intersected during 2011, including a 40m graphite intersection. Testwork is continuing to establish the potential to produce an economic product.

other Projects (nt & Wa)

• Major HELITEM® survey completed over key copper tenements reveals a cluster of anomalies at the Mount Hardy Copper Project.

• Rock chip samples from Mount Hardy return outstanding results, with peak grades of 35% copper, 6.85% zinc, 16.15% lead and 7.93g/t gold.

• Drilling at Mount Hardy expected to commence before the end of October 2012.

• Western Desert Resources commences drilling at the Rover JV.

• Formal farm-in and Joint Venture agreement signed with Rio Tinto Exploration for Melville Island bauxite licence.

corPorate

• Experienced Exploration Manager, Kim Grey, appointed to oversee the expansion of the Company’s exploration activities, including the major copper exploration program in the Northern Territory.

• New research reports issued by Hardman & Co, Breakaway Research and Old Park Lane Capital (target price of 45c) – available to download from www.tngltd.com.au.

==> picture [235 x 332] intentionally omitted <==

Figure 1: Tenement Location Map – Northern Territory and WA Projects

www.tngltd.com.au

1

==> picture [179 x 188] intentionally omitted <==

suMMary

the sePteMber 2012 Quarter Was another actiVe and ProductiVe Period for the coMPany folloWing the PositiVe Pre-feasibility study (Pfs) results announced for its flagshiP 100%-oWned Mount Peake VanadiuM-titaniuM-iron Project in the northern territory early in the Quarter, and With the coMPany Progressing toWards Making a decision to Proceed to a definitiVe feasibility study (dfs) during the deceMber 2012 Quarter.

In addition, exploration activities were focused on ramping up significantly across the Company’s extensive portfolio of copper exploration projects in the Northern Territory, where it has one of the largest holdings of copper exploration ground of any company operating in the region.

The Mount Peake PFS confirmed the potential to develop a robust mining operation capable of generating revenues of A$12 billion and operating cash flows of over A$5 billion over its initial 20-year life, based on average annual production of 15,300tpa of vanadium pentoxide (V2O5), 375,000tpa of titanium dioxide (TiO2) concentrate and 1.13Mtpa of iron oxide (Fe2O3).

Any DFS will consider all commercial options for product value-add, as well as considering alternative location options for the processing plant – which could achieve lower Capex and Opex, a simpler mining operation where magnetite concentrate is transported from site to the plant, and other strategic benefits.

Exploration initiatives during the Quarter were particularly focussed on the large suite of copper exploration assets in the Northern Territory.

A major HELITEM® survey was completed over key copper tenements, which successfully identified a cluster of electro-magnetic (EM) anomalies at the Mount Hardy Project, many of which are coincident with known copper mineralisation, significantly enhancing the Project’s prospectivity.

A subsequent program of rock chip sampling was completed over these targets, which returned outstanding high- grade results including peak grades of up to 35 per cent copper, 6.85 per cent zinc, 16.15 per cent lead and 7.93gpt gold.

A drilling program to test and further evaluate the priority targets will commence in late October 2012.

New exploration potential is also emerging from the Mount Peake Project area licences, with metallurgical testwork underway on graphite mineralisation intersected in a previous regional diamond drilling program.

The drill hole was targeting base metals mineralisation, but visual inspection indicated that it intersected approximately 40 metres of graphite mineralisation instead. The mineralised intercept is located 100m south of an historic drill hole, drilled by Discovery

Nickel in 2006, which also appears to have intersected more than 80 metres of graphite.

Metallurgical testwork is now underway to assess the ability to upgrade the graphite to an economic grade using simple beneficiation (froth flotation). Further assessment of the economic potential of the graphite mineralisation is also underway.

Corporately, the Company’s recent exploration initiatives combined with a number of investor presentations made during the Quarter and new broker reports on the Company have been reflected in an increase in TNG’s share price. The latest broker report, from Old Park Lane Capital plc, included a 45c price target for TNG shares. You can view these reports on the Company’s website, at www.tngltd.com.au.

The Company’s Managing Director, Paul Burton, presented during the Quarter at the Melbourne Mining Club Cutting Edge Series, the Mining the Territory Conference in the Northern Territory and the Resources Rising Stars Conference in the Gold Coast.

www.tngltd.com.au

2

Projects

VanadiuM–titaniuM-iron

Mount Peake Project: TNG 100%

TNG’s Mount Peake project is located in the Northern Territory close to existing key power and transport infrastructure. The project is rapidly becoming one of the largest Iron-Vanadium-Titanium projects in Australia and the area under licence covers a highly prospective, but poorly explored area of the Western Arunta geological province.

Pre-Feasibility Study

As outlined in detail in the June 2012 Quarterly Report, TNG announced the results of the Pre-Feasibility Study for its Mount Peake Project in early July, outlining a robust project capable of generating revenues of A$12 billion and operating cash flows of over A$5 billion over its initial 20-year life. Please refer to the June Quarterly Report and previous announcements for full details of the PFS outcomes.

During the September Quarter, TNG’s Board commenced a comprehensive review of the PFS results with a view to commencing a Definitive Feasibility Study (DFS) during Q4 of 2012. This is likely to be managed by a major global engineering firm with offices in China, with input from the Company’s Chinese partners.

The PFS highlighted a number of optimisation opportunities for the Mount Peake Project and the upcoming DFS will consider all commercial options for product value-add as well as evaluating location options for a processing plant.

Metallurgical testwork is now underway to assess the ability to upgrade the graphite to an economic grade using simple beneficiation (froth flotation). Further assessment of the economic potential of the graphite mineralisation is also underway.

Graphite is currently in high demand globally, and a successful outcome from this work would add considerable value to the portfolio of strategic metals being developed by TNG in the Mount Peake Project area.

coPPer

Mount Hardy Project: Copper: TNG 100%

Mount Hardy – ELA 29219, EL 27892

The Mount Hardy Copper Project is located within the historical Mount Hardy Copper Field, approximately 300km northwest of Alice Springs. The project area is situated on the Mount Doreen (SF52-12) and Mount Theo (SF52-08) 1:250,000-scale sheets. Access to the Mount Hardy tenement is via the Tanami Highway.

Following discussions with potential Asian Engineering Procurement and Construction (EPC) companies during the Quarter, TNG will give consideration to identifying potentially suitable alternative locations for the plant, which could bring both strategic and financial benefits to the Mount Peake Project. The current PFS results are based on the original scenario of locating the plant adjacent to the mine site.

TNG will consider all options as part of any further evaluation of the Mount Peake Project, including moving to a decision on a DFS.

Evaluation of Graphite Potential

During the Quarter, TNG continued metallurgical testwork on graphite mineralisation intersected in a previous regional diamond drilling program at Mount Peake.

TNG decided to initiate the testwork program after inspecting drill core from a 2011 drilling program targeting a large 500m by 200m electromagnetic (EM) anomaly, BGC1, on the Mount Peake tenements. While this hole failed to intersect base metal mineralisation, subsequent visual inspection indicates that it intersected approximately 40m of graphite mineralisation.

The mineralised intercept is located 100m south of an historic drill hole, ARD01, drilled by Discovery Nickel in 2006. Inspection of the ARD01 drill core has shown that it also intersected >80m of graphite, providing significant support that the EM anomaly is composed of the conductive graphite, not base metals as previously thought.

Figure 2: Location of the Mount Hardy and Walabanba Hills Copper Projects HELITEM Survey Areas.

www.tngltd.com.au

3

TNG signed a binding agreement with public unlisted company, Walla Mines Ltd, to acquire a new tenement, EL 27892, in the Mount Hardy region in the June Quarter (see Figure 2). The acquisition was completed early in the September Quarter, with TNG paying $200,000 cash as consideration for the tenement.

During the September Quarter, TNG completed an extensive airborne geophysical survey over the Mount Hardy Project, using the HELITEM® system flown by Fugro Airborne Surveys Pty Ltd – one of the world’s most sophisticated exploration technologies for identifying targets for copper mineralisation.

A total of 107 rock chip samples were taken from the five prospect areas during the program at the Mount Hardy Project (EL 27892), as summarised in Table 1 below and shown in Figure 3:

Table 1: Summary of rock chip samples

==> picture [170 x 17] intentionally omitted <==

----- Start of picture text -----

ProsPect saMPles
----- End of picture text -----

ProsPect	saMPles
Mount Hardy	51
Browns	21
EM Target #1	24
EM Target #2	9
EM Target #3	2
Total	107

Note: A total of 112 samples were submitted to the laboratory. Of these, five samples were “standard samples” for quality control purposes.

All rock samples were submitted for multi-element determination by inductively coupled plasma (ICP) analyses, with gold, platinum and palladium by fire assay. Results over the upper detection limits of 1% for copper, 10% for lead, and 100ppm for silver were subsequently re-assayed using Ore-Grade analyses with an ICP determination.

Results from the Mount Hardy Project show a cluster of five high-priority Electro-Magnetic (EM) targets identified from the 900 line km HELITEM® survey completed over this project area.

These represent discrete anomalies with a strike length of approximately 250m and indicate the presence of localised bedrock conductors at depths less than 100m from surface. All five are located close to or above existing copper prospects (see Figure 3).

A further eight discrete anomalies and several broader regions were identified within the survey area. These represent medium priority targets which remain of significance and which will be checked in future field programs.

Following receipt of these results, a high-powered ground-EM survey was mobilised for each target and results confirmed and improved the resolution of the HELITEM® anomalies for future drill testing.

A fieldwork program was also subsequently carried out by TNG geologists, comprising soil sampling, mapping and rock chip sampling focusing on priority targets. This program produced outstanding rich sample grades, returning peak rock chip grades of 35.0% copper, 6.85% zinc, 16.15% lead and 7.93g/t gold.

Figure 3: Outline of prospect and target areas over Mount Hardy Project Area showing Target areas over HELITEM® data image

www.tngltd.com.au

4

==> picture [215 x 255] intentionally omitted <==

Table 2 below summarises the multi-element anomalism over the whole project area for a number of elements, while Table 3 outlines the anomalies for each of the five prospect areas sampled:

Table 2: Summary statistics from the rock chip sampling over the whole Mount Hardy Project

==> picture [353 x 201] intentionally omitted <==

----- Start of picture text -----

eleMent no. >1% no. >10% Max. Value
Copper 56 5 35.0% Cu
Zinc 12 0 6.85% Zn
Lead 22 3 16.15% Pb
Gold No. >0.1ppm No. >1ppm
20 1 7.93ppm Au
Silver No. >10ppm No. >100ppm
42 16 477ppm Ag
Bismuth No. >100ppm No. >1000ppm
47 4 3200ppm Bi
PGM No. >5ppb No. >20ppb
Platinum 2 1 34ppb Pt
Palladium 1 1 24ppb Pd
----- End of picture text -----

Note: All samples were crushed and pulverized to >85% <75um. Gold, platinum and palladium results by the Fire Assay technique (lab code PGM-ICP24). Silver, copper, lead, zinc and bismuth results by ICP-AES method (lab code MEICP61a) after a four acid digest. High values for Cu, Ag and Pb were re-analyzed at a higher detection limit (lab code OG62 – ore grade) – 56 samples >1% Cu, 4 samples >100ppm Ag and 3 samples >10% Pb.

Table 3: Summary: Copper, lead, zinc, gold and silver results for the prospect areas rock chip sampled

==> picture [540 x 26] intentionally omitted <==

----- Start of picture text -----

ProsPect samplestotal > 1% cu Max. cu >1% Pb Max. Pb >1% Zn Max. Zn >0.1ppm au Max. au >10ppm ag Max. ag
----- End of picture text -----

ProsPect	total samples	> 1% cu	Max. cu	>1% Pb	Max. Pb	>1% Zn	Max. Zn	>0.1ppm au	Max. au	>10ppm ag	Max. ag
Mount Hardy	51	17	6.84%	0	0.168%	0	0.106%	5	7.93	1	13
Browns	21	12	12.7%	0	0.413%	3	1.615%	7	0.462	11	131
EM Target #1	24	19	12.65%	16	16.15%	8	6.85%	1	0.156	21	477
EM Target #2	9	6	8.82%	6	2.85%	1	2.34%	1	0.123	8	102
EM Target #3	2	2	35.0%	0	0.01%	0	0.03%	1	0.107	1	292

Zinc results were highly anomalous, particularly at EM Target #1 (Figure 3), where a maximum value of 6.85% Zn was returned. Lead also was anomalous at both EM Target #1 and EM Target #2, and three samples returned values over 10% Pb.

At the Mount Hardy prospect, 24 samples were collected from a costean where continuous channel chip samples were taken (mostly over two metre intervals) to provide 51 metres of continuous sampling across strike over two main vein lines. Using a 1.0% Cu cut-off, a single zone returned 6 metres @ 3.39% Cu from 39-45 metres. Using

a 0.5% Cu cut-off, two zones were outlined returning 8.0 metres @ 0.51% Cu from 21-29 metres, and 12.0 metres @ 2.00% Cu from 39-51 metres (open to the south).

The Company considers that the highly anomalous grades of gold, silver, arsenic and bismuth, together with base metals, is indicative of an enriched hydrothermal source fluid, which provides further encouragement for accumulation of mineralisation given the size of the area and the scale of the electro-magnetic (EM) targets selected for drilling.

Formal approval was received for the Company’s Mine Management Plan (MMP) from the Northern Territory Department of Mines & Energy during the Quarter, which paves the way for TNG’s drilling program to commence.

A drilling contractor has been secured and drilling is expected to commence before the end of October 2012.

www.tngltd.com.au

5

Walabanba Hills JV: Copper: TNG earning 51% with potential to increase to 80% (all minerals except uranium)

The Walabanba Joint Venture area lies immediately west of TNG’s flagship Mount Peake Strategic Metals Project in the Northern Territory, and is considered highly prospective for copper and nickel mineralisation based on previous exploration results.

In July 2012 TNG conducted a HELITEM® survey over portions of the Walabanba Hills Project area to identify targets for copper mineralisation. HELITEM® technology has already proved successful in identifying EM anomalies in the Mount Hardy Project area (see above).

Results from the Walabanba Hills survey were being processed and assessed at the time of finalising this report.

The survey was designed to test for conductors, both massive sulphide bodies (gold and base metals) and magnetite bodies (similar to the vanadium-titanium magnetite resource discovered by TNG at Mount Peake, which is located to the east of Walanbanba). Full interpretation of the survey was incomplete at the end of the period and will be reported in the December 2012 Quarter. It is expected targets generated from this survey will be ground checked in October/ November.

McArthur River Project: Copper: TNG 100%

During the Quarter, negotiations with Traditional Owners regarding access to McArthur, Yah Yah and Black Springs exploration licences were progressed, and preparations are underway for a detailed exploration programme.

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 and have recorded rock chip grades up to 2% copper.

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.

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.

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.

TNG plans to complete a thorough rock chip sampling programme 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. Access to the tenement was declined by the Traditional Owners at this time and a second meeting is being sought.

Black Springs – EL 28503

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

Sandover Project: Copper: TNG 100% EL 29252, EL 29253 and EL 29254

The Sandover Copper Project tenements are located approximately 100km north-east of Alice Springs just north of the Plenty Highway. The project area is situated on the Alcoota (SF53-10) 1:250,000 scale map sheet. The area is highly prospective for Volcanogenic Massive Sulphide (VMS) style mineralisation.

During the Quarter, all of the Exploration Licences were granted and an exploration programme is currently in preparation.

www.tngltd.com.au

6

joINt VeNture Projects

Zinc-lead-silVer, iron-ore

Manbarrum Project Joint Venture: 100% (KBL Mining Ltd (KBL) and Sorby Hills Joint Venture (SHJV) earning 51% with scope to earn up to 80%)

Located 82km north-east of the township of Kununurra in the Northern Territory, The Manbarrum Project comprises three Exploration Licenses and two Authority to Prospect licenses (under section 178) covering a combined area of 407 square kilometres. The Manbarrum Project remains a significant asset in a highly prospective region, in which the Company maintains a strategic ground holding. Two deposits totalling in excess of 35Mt of combined zinc-lead-silver mineralisation have been discovered to date, with a number of untested targets, generating a significant Exploration Target of 80-100Mt with a grade range of 1.5%-2% Zn[1] .

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

During the Quarter, KBL Mining advised that the major focus of activity was on the development of the Manbarrum geological model, through the extension and in-fill of regional gravity surveys, geological mapping and compilation of historical data including a drillhole database currently comprising approximately 550 collars, for which assay data has been captured for approximately 400 holes.

In light of the successful application of gravity surveys at the nearby Sorby Hills Project, KBL completed an in-fill and extensional gravity survey over the Manbarrum tenure during the Quarter. Approximately 750 further gravity stations were acquired and results are currently being finalised.

Regional geological mapping was also completed during the Quarter which has allowed the delineation of preferential host lithologies prospective for Mississippi Valley Type (MVT) mineralisation. This has also highlighted the presence of key structures which are likely to influence mineralisation

distribution. Compilation of the data from this mapping is ongoing.

This work will underpin the development of a regional geological model that will be utilised in future exploration targeting within the Manbarrum Project.

KBL also undertook a review of the existing resource at the Sandy Creek resource at different cut-off grades, highlighting the presence of discrete high-grade zinc and lead zones that are spatially separate. Silver was reported, but did not influence cut-off values.

As a result, metal equivalents (Zn, Pb & Ag) are now being assessed in order to outline the potential for shallow economic mineralisation. KBL is currently working to establish metal recoveries to assist with this new interpretation.

coPPer-gold

Western Desert Resources Ltd (WDR) Joint Venture: TNG 100% (WDR earning 51% with scope to earn up to 80%)

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.

During the Quarter, WDR advised that drilling was completed at the Rover JV, comprising four diamond drill holes for a total of 1,542.9m to test the BIF Hill gold-copper prospect.

The BIF Hill prospect comprises an isolated outcrop of Banded Iron Formation (BIF) and sediments. In 1973 Peko and Australian Development Limited (ADL) drilled three relatively shallow diamond holes to a maximum vertical depth of 120m, returning good gold mineralisation near the main geophysical target. Gold intersections reported from two of these holes included:

Table 4: Summary of gold intersections reported from historical drilling at BIF Hill

==> picture [540 x 18] intentionally omitted <==

----- Start of picture text -----

drillhole total length downhole depth from downhole depth to interval au g/t
----- End of picture text -----

drillhole	total length	downhole depth from	downhole depth to	interval	au g/t
DDH426	113	75.0	76.2	1.2	0.60
DDH428	128	3.0	18.2	15.2	1.00
DDH428	128	64.6	65.8	1.2	2.80
SHDH95	73	6.1	15.2	9.1	0.31

www.tngltd.com.au

7

The prospect was briefly explored in the 1980s. No further work has been carried out at BIF Hill for the past 25 years. In respect of the intensity of exploration in the Tennant Creek and Rover fields since that time, the presence of gold at shallow depths and the 1.2m intersection @ 2.8 gram/tonne makes BIF Hill a highly prospective target.

Geological logging of the holes has been completed and, while no visible gold was reported, there are some encouraging signs, including good intersections of ironstone and abundant quartz-carbonate veining with minor sulphides, including pyrite, chalcopyrite and bornite. Sampling of the core is in progress.

East Rover Target

An IP survey was carried out at East Rover in order to pinpoint specific targets highlighted in the gravity and EM data. Eight IP traverses were carried out over three separate areas and three high priority chargeability anomalies were detected.

WDR took advantage of the drill rig being in the area at BIF Hill and immediately commenced drilling of these IP targets. Three diamond holes were drilled, two sited adjacent to the Rover 1 deposit and one on the eastern edge side, where the densest body is modelled.

Figure 4: gravity image showing location of historical and WDR drill holes

A total of 1,429.8m was drilled, including pre-collars. Structural analysis and geochemical sampling of the core is underway.

McTavish Project Joint Venure: TNG 2% Royalty, Barminco 70%

No work undertaken during the Quarter.

Kintore East Joint Venture: TNG 20%, La Mancha 80%

TNG retains a 2% gold royalty in these prospective tenements. No work was reported by La Mancha.

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.

bauXite

Melville Island Licence

During the Quarter, TNG formally signed the farm-in and joint venture agreement on its 100%-owned Melville Island licence ELA 28617 in the Northern Territory with Rio Tinto Exploration Pty Ltd (RTX).

TNG will receive an initial cash payment of $50,000, and RTX will progress negotiations and grant of the licence application for bauxite exploration. Following the grant of the licence RTX must spend $5 million within 4 years to earn 80% equity in the project with TNG retaining 20% equity at which point TNG may elect to contribute, sell or convert its equity to a 2% Net Smelter Royalty (NSR).

The Melville Island Exploration licence application has been a strategic licence for TNG being located in a prospective area for bauxite and other minerals. The licence area covers approximately 1,400km.

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 will retain either a 20% interest or 2% NSR giving it continued exposure to the potential exploration upside of the project.

www.tngltd.com.au

8

corPorate

Appointment of Exploration Manager

During the Quarter, the Company appointed experienced exploration geologist, Mr Kim Grey, as Exploration Manager to oversee the expansion of exploration activities across its portfolio of resource assets in the Northern Territory.

Mr Grey has over 15 years’ experience as an exploration geologist, including senior roles with a number of Australian resource companies including Goldminex Resources, Mincor Resources and Norilsk Nickel Australia.

He has been involved in the discovery and delineation of a variety of ore deposits both in Australia and internationally, including nickel, gold, porphyry and sediment-hosted copper, heavy mineral sands, base metals, and industrial minerals.

Mr Grey’s experience in copper exploration is particularly relevant as TNG prepares to commence a significant new drilling program at its key Northern Territory copper projects.

Davis Samuel

TNG is a party to proceedings instituted by the Commonwealth of Australia in the Supreme Court of the Australian Capital Territory. The Company has made inquiries of the Court through its lawyers and has no further news on when a judgement is likely.

Cash and Investments

At Quarter end, the Company had cash and investments of $7,950,078.

TNG LIMITED

Paul E Burton Managing Director 22 October 2012

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 undertak¬ing 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.

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 forward-looking 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.

Nett Annual Cash Flow

Nett annual Cash Flow is defined as the average discounted cash flow 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.

www.tngltd.com.au

9

TENEMENT SCHEDULE:

==> picture [540 x 651] intentionally omitted <==

----- Start of picture text -----

Project tenement id holder operator date applied status area km²
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 19.94
East Arnhem Land (NT) EL 28219 Enigma 100% Enigma 16/08/10 Granted 29.89
Croker Island ELA 29164 Enigma 100% Enigma 31/10/11 Pending 140.87
Mount Hardy ELA 29219 Enigma 100% Enigma 18/11/11 Pending 215.98
Sandover 1 ELA 29252 Enigma 100% Enigma 05/12/11 Pending 669.54
Sandover 2 ELA 29253 Enigma 100% Enigma 05/12/11 Pending 733.63
Sandover 3 ELA 29254 Enigma 100% Enigma 05/12/11 Pending 333.89
Manbarrum (NT) A 24518 TNG 100% KBL 15/12/04 Granted 16.85
Manbarrum (NT) A 26581 TNG 100% KBL 14/01/08 Granted 14.65
Manbarrum (NT) EL 24395 TNG 100% KBL 8/09/04 Granted 200.5
Manbarrum (NT) EL 25470 TNG 100% KBL 13/07/06 Granted 199.3
Manbarrum (NT) EL 25646 TNG 100% KBL 16/10/06 Granted 129.3
Manbarrum (NT) ML(A)27357 TNG 100% KBL 15/05/09 Pending 2.04
Manbarrum (WA) EL 80/3772 TNG 100% KBL 16/10/06 Granted 402
Manbarrum (WA) EL 80/3816 TNG 100% KBL 30/11/06 Granted 224
----- End of picture text -----

www.tngltd.com.au

10

==> picture [540 x 658] intentionally omitted <==

----- Start of picture text -----

Project tenement id holder operator date applied status area km²
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
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
Enigma 2%
McTavish JV (WA) M 40/119 FMR 31/12/93 Granted 1.5
Royalty
Enigma 2%
McTavish JV (WA) M 40/157 FMR 18/01/95 Granted 0.3
Royalty
Enigma 2%
McTavish JV (WA) M 40/77 Nex Metals 13/06/88 Granted 1.2
Royalty
Enigma 2%
McTavish JV (WA) P 40/1193 FMR 2/02/07 Granted 1.71
Royalty
Enigma 2%
McTavish JV (WA) P 40/1194 FMR 2/02/07 Granted 1.82
Royalty
TNG 2%
Kintore East JV (WA) P 16/2370 LMRA 20/12/06 Granted 1.83
Royalty
TNG 2%
Kintore East JV (WA) P 16/2371 LMRA 20/12/06 Granted 1.2
Royalty
TNG 2%
Kintore East JV (WA) P 16/2372 LMRA 20/12/06 Granted 1.5
Royalty
TNG 2%
Kintore East JV (WA) P 16/2373 LMRA 20/12/06 Granted 1.21
Royalty
TNG 2%
Kintore East JV (WA) P 16/2374 LMRA 20/12/06 Granted 2
Royalty
TNG 2%
Kintore East JV (WA) P 16/2459 LMRA 20/12/06 Granted 2
Royalty
----- End of picture text -----

www.tngltd.com.au

11

coNtact INForMatIoN

directors

Jianrong Xu | Chairman Paul Burton | Managing Director Neil Biddle | Non-Executive Director Stuart Crow | Non-Executive Director Rex Turkington | Non-Executive Director Zhigang Wang | Non-Executive Director

shareholder enQuiries

Paul Burton Simon Robertson

australian stock eXchange listing

Shares | TNG

frankfurt stock eXchange listing

coMPany secretary

Shares | A0B60K

Simon Robertson

caPital structure – 30 sePteMber 2012

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 Telephone: 08 9327 0900 Facsimile: 08 9327 0901 Email: corporate@tngltd.com.au Web: www.tngltd.com.au

type of security	exercise date	class	number	exercise Price
Shares		fully paid ordinary	406,861,516
Options	15.12.12	(unlisted)	21,100,000	$0.15

Major shareholders

Ao-Zhon | 15.30% Aosu Investment and Development Co Pty Ltd | 14.70% WWB Investments P/L & Mr & Mrs Brown | 6.51% CBH Resources Limited | 3.98% JP Morgan Nominees Australia Ltd | 2.30% Total Directors Holdings | 15.02%

TNG LIMITED | ACN 000 817 023 | Contact: Paul Burton, Managing Director PO Box 1126 Subiaco Western Australia 6904 | T +61 8 9327 0900 | F +61 8 9327 0901 www.tngltd.com.au corporate@tngltd.com.au | www.tngltd.com.au

12

6591 jaz .com.au