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ASX ANNOUNCEMENT

15 February 2011

INVESTOR PRESENTATION RESOURCES RISING STARS CONFERENCE

ASX CODE : TNG

REGISTERED OFFICE

TNG Limited Level 1, 282 Rokeby Road Subiaco, Western Australia 6008

T +61 8 9327 0900 F +61 8 9327 0901

TNG Limited wishes to advise that the Managing Director, Paul Burton is currently attending the Resources Rising Stars Conference held on the Gold Coast. At the Forum the Company has a booth and a corporate presentation will be made:

Forum 27[th] -28[th] September 2011 Presentation – Wednesday 28[th] September at 10.10am Resources Rising Stars, RACV Royal Pines Resort, Gold Coast TNG Booth # 24.

W www.tngltd.com.au E [email protected]

ABN 12 000 817 023

A copy of the presentation is attached for your reference.

DIRECTORS

Neil Biddle Paul Burton Stuart Crow

TNG LIMITED

28[th] September 2011

COMPANY SECRETARY Simon Robertson

PROJECTS

Mount Peake: Fe-V-Ti Manbarrum: Zn-Pb-Ag East Rover: Cu-Au McArthur: Cu

Enquiries:

Paul E Burton, Managing Director

+ 61 (0) 8 9327 0900

CONTACT DETAILS

Paul Burton | +61 8 9327 0900 Nicholas Read | +61 419 929 046 Simon Robertson | +61 8 9327 0900

Nicholas Read, Read Corporate

+ 61 (0) 419 929 046

Presentation September 2011 ASX Code: TNG

Disclaimer

Forward-Looking Statements

This presentation has been prepared by TNG Ltd. This document contains background information about TNG Ltd current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of TNG Ltd shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, TNG Ltd, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

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.

Mr Damian Connelly, MAAusIMM, Chartered Processional (MET), MMICA, MSME, MSAIMM was responsible for the preparation of the metallurgical test work results reported herein. Mr Connelly has sufficient experience 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 the Exploration Results, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which is appears.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of TNG Ltd. Actual values, results or events may be materially different to those expressed or implied in this presentation.

Overview:

on track…. . to Producer Explorer building a world class ferrous metals business

Cornerstone Investor - strategic partnership with Jiangsu Eastern China Non-Ferrous Metal Investment Holding Co., Ltd ( ECE ).
$13.4m investment to underpin development of Mount Peake Project.
Scoping Study Forecasts Nett Annual Cashflow of up to A$226M over 24 year Mine life.
Patented new Hydrometallurgical process TIVAN[TM] provides ability to recover 3 products, Iron-Vanadium and Titanium at lower CAPEX & OPEX.
Pre-Feasibility Study progressing on schedule and on budget

Location & Infrastructure

Project located close to existing infrastructure
Darwin to Alice Gas Pipeline
Stuart Highway
Adelaide to Darwin Railway
Darwin Port and Rail access with available capacity.
cheap gas power to site potentially one of the lowest-cost ferrous projects in Australia.

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Exploration Targets

Mount Peake Tenements

Exploration licence > 2000Km[2 ]
[100% owned by TNG ]
New targets give potential for
over 500-700Mt[1 ]

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

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STRATEGIC METALS

Vanadium-Titanium-Iron:

• JORC inferred resource:

140Mt @ 0.3% V205, 5% Ti02, 24% Fe

:
Exploration Target[1]

500 – 700Mt

• Commercial grade concentrate produced by coarse crush and LIMS

:
Concentrate upgrading >1.2% V205, 18% Ti02, 55% Fe
(0.2% - 0.4% V205, 5%-9% TiO2, 25% - 35% Fe)
¹ 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

Why STRATEGIC METALS? Vanadium + Titanium

Primary use in high tech-metals & steel production, batteries and motor vehicles, aircraft

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• FUNDAMENTALS :

Demand - Vanadium + Titanium forecast to outstrip supply -significant increase with hi- technology advances including (battery cells), and alloy steels / metals production.
Price - Vanadium & Titanium prices on the rise

V205 - US$8 / llb and Ferro-vanadium – US$30 / lb

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….and set to increase further

Forecast vanadium prices, 2003 to 2015

Source: Roskill

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Forecast vanadium consumption, 2009 to 2015 (tV) Source: Roskill

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70,000
60,000
50,000
40,000
30,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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Titanium: Comparison of world sponge production with forecast to 2015 Source: Roskill

Growth in consumption of advanced highstrength steels in automobiles, 1995 – 2005 Source: Roskill

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Mild steels
10%
Advanced high-
strength steels
High-strength
50%
steels
40%
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THE TNG ADVANTAGE TIVAN[TM] Process

Hydrometallurgy - successfully extracts vanadium, titanium and iron
International patent application lodged
acid leaching and solvent extraction enables +90% recovery of V2O5, Fe, TiO2
Cheaper OPEX and CAPEX

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The TIVAN[TM] Process

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Product Specification: preliminary data:

Vanadium
V205 purity 96.7% V
96% Recovery
Titanium
Ti02 purity >50% in leach
78% recovery
Iron
Fe 0 99.9% 2 3
98% recovery

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2011 Scoping Study – Key Findings

Mine Life: 24 years

Processing rate (life-of-mine):

5 Mt /annum

Life-of-mine production:

107.1 million tonnes

Process head grade:

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 estimate: $370.3M (for Stage 1 – 2Mtpa) Se $307.6M (for Stage 2 – 5Mtpa) Nett Cash Flow[2] $148.37M / annum

Key assumptions of the Scoping Study included:

Operating costs and pit slope angles related to mining estimated to a Scoping Study level (±50%) Commodity pricing based on a previous 4 year average V2O5 price of US$8.00/lb TiO2 price of US$155.60/tonne Fe2O3 price of US$200/tonne Royalty rate of 2.5% per tonne of plant feed A$/US$ exchange rate of 0.85 US$ = 1A$

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

FeV Scoping study – a value add product

Mine Life:

24 years

Processing rate (life-of-mine): 2 Mt/annum

Total FeV metal production:

105,000 tonnes

Total operating costs (excluding royalties): $5.36/tonne

Primary Capital Estimate[3] : $43.8M (for Stage 1-2Mtpa)

Nett Cash Flow[4] : $78M/annum

New Total Nett Cashflow[4] :

$226M/annum

Key assumptions of the Scoping Study included:

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.

Quality & Quantity

Australian Vanadium Deposits (Relative size in contained V2O5)

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in Magnetite Concentrate
5
O
2
Tenor (% V
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65
140
177
Reed Resources Barrambie
502
Atlantic Windimurra TNG
Aurox Balla Balla Expl Target
Speewah
TNG
Mount Peake Speewah
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Million Tonnes

¹ 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

Corporate Comparison

Company Market Capitalisation (m) comparison

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ET = Exploration Target
Reed Resources
Atlantic
Speewah
50
ET 500-700mt
TNG
22
Market Capital (Sm)
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Jorc resources
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Cornerstone Investor

Platform for growth of company and projects
Strategic partnership with Jiangsu Eastern China Non-Ferrous Metal Investment Holding Co., Ltd ( ECE ).
30% investment for $13.4M
Due Dilligence completed
Jiangsu Government Approvals received
FIRB and Shareholder approval – Completion expected by November

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Corporate Summary

POST TRANSACTION

Shares on Issue 285m 387m Cash Investments Receivables $4.51m

$4.51m 17.9m (15.9m)

Major Shareholders 8.50% WWB Investments CBH 4.98% JP Morgan 3.25% TNG ASX Code:

ECE 30%

Top 20 Shareholders hold 35.9% of Issued Capital

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ASX Code:
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Board and Management

Chairman/Non–Executive Director – Mr Neil Biddle

A geologist with over 25 years experience in precious metal, base metal and iron ore exploration throughout Australia and overseas, as well as in the establishment, development and management of listed mining and exploration companies.

Managing Director – Mr Paul Burton

With over 20 years experience in exploration and mining throughout Australia and overseas, Mr Burton has managed successful mineral exploration and feasibility study programs for a range of different commodities including base-metals, precious-metals, diamonds and ferrous metals.

Non–Executive Director – Mr Stuart Crow

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.

Company Secretary - Mr Simon Robertson

Mr Robertson currently holds the position of Company Secretary for a number of publically listed companies and has experience in corporate finance, accounting and administration, capital raisings and ASX compliance and regulatory requirements.

Future Milestones:

 JORC Resource Upgrade – Indicated / Measured Pre-Feasibility Study completion Presentation  FIRB approval July 2011 Completion of ECE transaction ASX Code: TNG Completion of metallurgical optimisation Completion of Pilot Plant test work Commercialisation of TIVAN