TIVAN LIMITED — Interim / Quarterly Report 2012

Apr 26, 2012

QUARTERLY REPORT MARCH 2012

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HIGHLIGHTS

Mount Peake

Iron-Vanadium-Titanium Project (NT)

• PFS to be delivered by end of next quarter following completion of final metallurgical testwork of the TIVAN™ hydrometallurgical process.

• 1100m nine-hole Reverse Circulation (RC) drilling programme commenced to test three new Fe-V-Ti exploration targets, plus a new Cu target.

• Strong potential to add significant value to the project.

TIVAN™ Hydrometallurgical Process

• Solvent Extraction Pilot Plant test run completed during the Quarter, representing the definitive test of the commercial potential of the TIVAN™ process to produce commercial grade vanadium pentoxide. After minor equipment delays, final results are now expected in early Q2 2012.

• All results received to date in line with expectations, providing confidence in the potential to fully commercialise the TIVAN™ process. Laboratory analysis of Pilot Plant products now underway.

Other Projects (NT & WA)

• Agreement signed with Rio Tinto Exploration Pty Ltd to explore for bauxite on TNG’s Melville Island licence. Rio to spend $5M to earn 80% interest.

• HOA signed with Toro Energy to explore tenements west of Mount Peake with nickel/ copper potential. TNG to spend $500,000 over 2 years to earn 51%, with option to earn 80%.

• Australian Trade Mark Registration Certificate received, protecting the use of the name “TIVAN™” for a period of ten years: 100% owned by TNG.

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Corporate

• First stage of $13.4 million capital raising completed in January 2012 with a $6.6 million investment in TNG by Aosu Investment & Development Co. Pty Ltd.

• Agreement with Ao-Zhong International Mineral Resources Pty Ltd (“Ao-Zhong”) to extend the date for completion of the foreign investment approval condition in the subscription agreement relating to Ao-Zhong’s investment in TNG, from 31 March 2012 to 30 April 2012.

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Figure 1: Tenement Location Map

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SUMMARY

The March 2012 Quarter saw continued steady progress towards TNG’s goal of building a world-class strategic metals business, underpinned by the development of its flagship 100%-owned Mount Peake Iron-VanadiumTitanium Project in the Northern Territory.

The Company’s key focus during the Quarter was on progressing the project following the highly positive Interim pre-feasibility results announced last quarter of pre-tax Nett annual cash flows[1] of $151M, an IRR of 25%, and life of mine revenues of $10.4B.

Progress work during the quarter included detailed final phases of the metallurgical testwork programme for the TIVAN™ hydrometallurgical process, with pilot plant testwork designed to provide a definitive test of the potential to produce commercial-grade vanadium pentoxide, titanium dioxide and iron oxide. Some delays were experienced due to equipment and product delivery schedules and a revised completion for assessment and reporting of all results, including completion of the pre-feasibility study (PFS) is now expected by the end of the June quarter.

A continuous run pilot plant test was achieved in late March 2012 at the ALS-AMMTEC laboratory in Perth using modified solvent extraction (SX) equipment, under supervision from TNG’s metallurgical consultants METS Pty Ltd. All results returned from this pilot plant testwork to date have been in line with expectations, confirming the preferred process flow sheet option for the Mount Peake Project and providing confidence in the potential to fully commercialise the TIVAN™ Process.

Final data collection and verification for this first phase of the pilot plant testwork is now being completed, with results expected early in the June Quarter. This will include laboratory assay analysis of material produced by the pilot plant process which will provide definitive product grades and recoveries. Further pilot plant testwork is scheduled to follow to produce high purity iron and titanium grade products.

Following the successful completion of this testwork and reporting of results, TNG will then be in a position to make a definitive conclusion on the commercial potential of the TIVAN™ Process, and complete the Prefeasibility Study (PFS) that will underpin a development decision for the Mount Peake Project.

On the exploration front, fieldwork conducted at Mount Peake identified three large magnetic targets, and an 1100m Reverse Circulation drilling programme commenced in April to test these targets. Each of these targets provides further support for the Company’s Exploration Target[2] of 500-700Mt with a grade range of 0.2-0.4% V2O5, 23-25% Fe, 4-6% Ti02

In March TNG agreed to in-principle terms for a farm-in and Joint Venture agreement with Rio Tinto Exploration Pty Ltd (RTX) covering TNG’s 100%-owned Melville Island licence EL 28617 in the Northern Territory. Under the terms, TNG will receive an initial cash payment of $50,000, and RTX will progress negotiations and grant of the licence application for bauxite exploration. RTX must spend $5m within 4 years to earn 80% equity in the project with TNG retaining 20% equity at which point it may elect to contribute, sell or convert its equity to a 2% Net Smelter Royalty (NSR).

1 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.

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

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During the Quarter TNG also agreed with Ao-Zhong International Mineral Resources Pty Ltd (“Ao-Zhong”) to extend the date for completion of the foreign investment approval condition in the subscription agreement relating to Ao-Zhong’s investment in TNG from 31 March 2012 to 30 April 2012.

Subsequent to the end of the quarter TNG also signed a Heads of Agreement (HOA) with TORO Energy to explore its licences west of the Mount Peake Project that are highly prospective for nickel and copper. Under the terms TNG can earn 51% by spending $500,000 over 2 years with an option to increase to 80% with a further expenditure of $1.5M over 5 years.

PROJECTS

IRON–VANADIUM–TITANIUM

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 and the area under licence covers a highly prospective, but poorly explored area of the Western Arunta geological province.

The project is at the pre-feasibility (PFS) stage with interim PFS results indicating a pre-tax Nett annual cash flow[1] of $151M, pre-tax IRR of 25% and Life of Mine revenues of $10.4B.

Pilot Plant Test Work for TIVAN[TM] Hydrometallurgical Process

Following the completion of detailed and exhaustive bench scale and optimisation testwork, TNG commenced a programme of pilot plant test work in March 2012 to test the proprietary TIVAN™ solvent extraction (SX) process. The pilot plant was assembled at the ALS-AMMTEC laboratory in Perth using existing SX equipment, under supervision by TNG’s metallurgical consultants, METS Pty Ltd. The aim of this testwork was to provide a definitive test of the commercial potential of the TIVAN™ process to produce a high-purity aqueous vanadium solution leading to production of vanadium pentoxide of commercial grade.

The pilot plant operation was able to achieve a continuous operation for 67 hours, out of a planned 72-hour run time during which the plant was able to operate under stable conditions. METS reported they were able to achieve and maintain the operating conditions previously identified and determined from bench scale test work which was a significant goal. METS further advised that the outcomes seen to date from the pilot plant testwork program have met all expectations which establishes that successful completion of this SX Pilot test run has confirmed the preferred process flow sheet option for the Mount Peake Project, providing confidence in the potential to fully commercialise the TIVAN™ process. Data collation and verification of all test assaying is now continuing, in parallel with testwork to produce a final vanadium product from the stripped solution.

Subject to verification of the results and receipt of final assays, this should enable TNG to reach definitive conclusions on the commercial potential of the TIVAN™ process that will underpin a development decision of the Mount Peake Project following completion of the PFS during the next quarter.

1 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.

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The ability of the TIVAN™ process to extract commercial high-grade quantities of vanadium, titanium and iron from the Mount Peake mineralisation underpins TNG’s development proposition for this world-scale project. It also has the potential to be applied to other vanadium deposits globally.

Importantly, the results will also enable the Company to fully consider in more detail commercial options for value-add downstream processing to produce a high-value ferro-vanadium product, (which indicated the potential to add a further $80 million to the Nett Annual Cash[1] in the supplementary Scoping Study completed in 2011), and to produce upgraded higher value titanium products which could also significantly enhance forecast cash flows, with >78% purity TiO2 currently priced >USD $2000T (cf: TNG’s PFS uses 55% purity at USD$400/T).

Australian Trade Mark Issued for “TIVAN[TM] ” Hydrometallurgical Process

The Australian Trade Mark Registration Certificate has now been received for the name “TIVAN™”. The Trade Mark registration protects the use of the name “TIVAN™” for a period of ten years (to 9 June 2021) and may be renewed for successive periods of ten years thereafter. The trade mark name is owned 100% by TNG.

Reverse Circulation Drilling Programme

During the Quarter TNG identified three new large magnetic targets at Mount Peake. The targets were refined following recent fieldwork combined with a greater understanding of the geological setting of the Mount Peake deposit as a “sill” (horizontal intrusive layer).

Each new target has been inspected in the field and vanadium and titanium-bearing magnetite noted on the surface.

Accordingly, TNG anticipates that the magnetic anomalies represent highly magnetic portions of additional “sills” which may be highly mineralised adding to the potential size of the Mount Peake Project.

The other targets include a large magnetic body measuring 10km x 5km which lies 25km to the south-east of the Mount Peake deposit; and a 5km x 2km magnetic body 10km north of the Mount Peake deposit. Both targets have a similar geophysical response and signature to Mount Peake and are close to surface.

These large targets provide further support for the Company’s Exploration Target[2] for the Mount Peake project area of 500-700Mt with a grade range of 0.2-0.4% V2O5, 23-25% Fe, 4-6% Ti02. A program of Reverse Circulation (RC) drilling commenced in April 2012 to test the targets.

In addition a geophysical target considered to be prospective for copper mineralisation will also be targeted. This discrete magnetic bullseye anomaly, 15km east of the Mount Peake resource, was identified during a recent reassessment of geophysical data and could contribute to TNG’s broader copper exploration strategy in the Northern Territory.

1 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.

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

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COPPER

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 for a detailed exploration programme are in planned.

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 hand-picked, 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.

Black Springs – EL 28503

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

Mount Hardy Project: Copper: TNG 100%

Mount Hardy – ELA 29219

The Mount Hardy Copper Project is located within the historical Mount Hardy Copper Field, approximately 300km north-west 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.

The Mount Hardy target area is approximately 3km north of the historic Mount Hardy Copper Field, which is located within the Ngadarunga Hills, 30km northwest of the Yuendumu community.

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The historical copper workings are hosted within the Lander Group comprising Lander Group schists and Reynolds Range Group quartzites which occur in the licence area and extend under unexplored areas covered by transported sand and gravels, which have not been explored with modern exploration techniques.

Preparations for a detailed assessment and exploration programme are in progress and the licence is expected to be granted during the next Quarter.

Sandover Project: Copper: TNG 100%

ELA 29252, ELA 29253 and ELA 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 sulphides, and the licences are expected to be granted during the next quarter.

JOINT VENTURE PROJECTS

ZINC-LEAD-SILVER, IRON-ORE

Manbarrum Project Joint Venture: TNG 100%

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

During the quarter KBL Mining Limited advised that work on the Manbarrum project under the SHJV has focused on the Sandy Creek Deposit evaluation. KBL see excellent potential for a shallow high grade Pb-Zn-Ag resource within the larger lower grade deposit. Work has commenced on a 3D geological model in preparation for a new high grade resource model due to be completed by Hellman & Schofield in late May/early June. The new resource would be high on the agenda for processing at the nearby Sorby Hill plant.

COPPER-GOLD

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

No work undertaken during the Quarter but further geophysics and drilling are expected.

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 .

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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

Letter of Agreement Signed with Rio Tinto Exploration for Bauxite on TNG’s Melville Island Licence

During the Quarter, TNG agreed in-principle terms for a 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). Under the inprinciple terms, 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 $5M 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 1400km.

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.

COPPER/GOLD

Heads of Agreement Signed with Toro Energy for Exploration Joint Venture

Subsequent to the end of the Quarter, TNG signed a Heads of Agreement (HOA) with Australian uranium exploration and project development company, Toro Energy Limited (ASX: TOE), providing TNG with the right to explore for all minerals except uranium within Toro Energy’s EL 27115, EL 26848 and EL 27876 tenements.

The tenements lie immediately west of TNG’s flagship Mount Peake Strategic Metals Project in the Northern Territory, and are considered to be highly prospective for copper and nickel mineralisation based on previous exploration results. The HOA will be known as the Walabanba Hills Project.

Under the terms of the HOA, TNG must spend a total of A$500,000 on exploration activities within the first two years to earn a 51% interest in each of granted Exploration Licences (EL’s) 27115, 26848 and 27876, at which point a formal Joint Venture agreement between TNG and Toro will be signed, subject to meeting conditions precedent. TNG then has the right to increase its stake to 80% by spending a further A$1.5 million over the next five years. Toro can then elect to retain, assign or convert its remaining 20% interest to a 2% Net Smelter Royalty (NSR).

The EL’s 27115, 26848 and 27876 tenements were previously held by Western Mining Corporation (WMC) in the mid-1990s and Anglo American Corporation between 2003 – 2004, who conducted aeromagnetic surveys over the region and focused on magnetic and Electro-Magnetic (EM) anomalies. These surveys identified numerous

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targets anomalous in nickel, copper and Platinum Group Elements (PGM), suggesting the presence of sulphidebearing intrusive rocks.

Based on available data, six areas have been identified as highly prospective for immediate follow up using a combination of soil geochemistry, magnetic and electro-magnetic geophysics to rapidly advance targets for drilling.

CORPORATE

Completion of first phase of capital raising

TNG signed a Variation Deed on 18th January 2012 in relation to the $13.4M subscription agreement with AoZhong International Mineral Resources Pty Ltd, a subsidiary of the East China Mineral Exploration & Development Bureau (“ECE”), and Aosu Investment and Development Co Pty. The transaction was approved by shareholders at the EGM on 21st December 2011 and all other approvals have been received.

The Variation Deed allowed Aosu, which is an Australian subsidiary of a private Chinese investment group introduced by ECE, to complete its part of the transaction ($6,578,950 at 11c per share) in January while Australian foreign investment approval is awaited for Ao-Zhong’s investment.

Extension of date for completion of foreign investment approval for second phase of capital raising

On 30 March 2012 TNG agreed with Ao-Zhong to extend the date for completion of the foreign investment approval condition in the subscription agreement relating to Ao-Zhong’s investment in TNG from 31 March 2012 to 30 April 2012. The extension allows Ao-Zhong further time to complete the foreign investment approval process.

Once foreign investment approval is received, Ao-Zhong will complete the second stage of the investment into TNG of $6,847,479 (before costs) at 11 cents per share.

Appointment of Director

Mr Zhigang WANG was appointed as a non-executive Director, following completion of the investment in TNG by Aosu Investment and Development Pty Ltd., (Aosu).

Mr. Wang is Chairman of Aosu which is part of the Wanlong group of companies (Wanlong Group) comprising Suzhou Wanlong Electric Group Co. Ltd and Suzhou Beijia Investment Co Ltd.

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 indications from the Court are that the judgment may be delivered around the middle of this calendar year.

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Cash and Investments

At Quarter end, the Company had cash and investments of $4,960,291.

TNG LIMITED Paul E Burton Managing Director 27 April 2012

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Competent Person’s Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy and a Director of TNG Limited. Paul Burton has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Paul Burton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Jeremy Peters who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Jeremy Peters has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jeremy Peters consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This report contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’ and similar expressions. Persons reading this report are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different.

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

This list is not exhaustive of the factors that may affect our 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.

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TENEMENT SCHEDULE:

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

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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
McTavish JV(WA)	M 40/119	Enigma 2% Royalty	FMR	31/12/93	Granted	1.5
McTavish JV(WA)	M 40/157	Enigma 2% Royalty	FMR	18/01/95	Granted	0.3
McTavish JV(WA)	M 40/77	Enigma 2% Royalty	Nex Metals	13/06/88	Granted	1.2
McTavish JV(WA)	P 40/1193	Enigma 2% Royalty	FMR	2/02/07	Granted	1.71
McTavish JV(WA)	P 40/1194	Enigma 2% Royalty	FMR	2/02/07	Granted	1.82
Kintore East JV(WA)	P 16/2370	TNG 2% Royalty	LMRA	20/12/06	Granted	1.83
Kintore East JV(WA)	P 16/2371	TNG 2% Royalty	LMRA	20/12/06	Granted	1.2
Kintore East JV(WA)	P 16/2372	TNG 2% Royalty	LMRA	20/12/06	Granted	1.5
Kintore East JV(WA)	P 16/2373	TNG 2% Royalty	LMRA	20/12/06	Granted	1.21
Kintore East JV(WA)	P 16/2374	TNG 2% Royalty	LMRA	20/12/06	Granted	2
Kintore East JV(WA)	P 16/2459	TNG 2% Royalty	LMRA	20/12/06	Granted	2

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QUARTERLY REPORT MARCH 2012
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CONTACT INFORMATION

DIRECTORS

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

COMPANY SECRETARY

Simon Robertson

SHARE REGISTRY

Computer Share Investor Services Pty Ltd

Level 2, 45 St Georges Terrace Perth WA 6000 Telephone: 08 9323 2000 Facsimile: 08 9323 2033

CONTACT

PO Box 1126 Subiaco WA 6904 Telephone: 08 9327 0900 Facsimile: 08 9327 0901 Email: corporate@tngltd.com.au Web: www.tngltd.com.au

SHAREHOLDER ENQUIRIES

Paul Burton Simon Robertson

AUSTRALIAN STOCK EXCHANGE LISTING

Shares | TNG

FRANKFURT STOCK EXCHANGE LISTING

Shares | A0B60K

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QUARTERLY REPORT MARCH 2012
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CAPITAL STRUCTURE – APRIL 2012

Type of Security	Exercise Date	Class	Number	Exercise Price
Shares		fully paid ordinary	344,611,705
Options	15.12.12	(unlisted)	21,100,000	$0.15

MAJOR SHAREHOLDERS

MAJOR SHAREHOLDERS
Aosu Investment and Development Co Pty Ltd	17.36%
WWB Investments P/L & Mr & Mrs Brown	7.49%
CBH Resources Limited	4.12%
JP Morgan Nominees Australia Ltd	2.74%
Kensington Consulting Pty Ltd	2.18%
Total Directors Holdings	20.02%

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QUARTERLY REPORT MARCH 2012
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