TIVAN LIMITED — Investor Presentation 2011

Jun 15, 2011

Presentation June 2011

ASX Code: TNG

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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.

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.

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.

The information in this report that relates to Financial and Mining analysis 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.

Our Vision

Developing the Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, one of Australia's largest vanadium projects….

as the foundation for a potentially world-class, vertically integrated ferrous metals business.

Location & Infrastructure

• Project advantageously located close to local infrastructure in the Northern Territory
• Darwin to Alice Gas Pipeline
• Stuart Highway
• Adelaide to Darwin Railway

Regional Magnetic Map

• Exploration Target¹ 500-700Mt

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

Mount Peake Magnetic Ridge

• 9km in strike
• 1.3km drilled to date
• Clearly defined feeder zones

TNG LIMITED

Note that the property

Vanadium-Titanium-Iron

• JORC inferred resource: 140Mt @ 0.3% V20⁵ , 5% Ti0² , 24% Fe
• Exploration Target¹ :

500 – 700Mt (0.2% - 0.4% V205, 5%-9% TiO2, 25% - 35% Fe)

• Commercial grade concentrate produced by coarse crush and LIMS
• Concentrate upgrading: >1.2% V20⁵ , 18% Ti0² , 55% Fe
• Vertically integrated development capability with the ability to recover all three commodities at commercial grades

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

Breakthrough Technology

• New revolutionary technology developed using hydrometallurgy to successfully extract vanadium, titanium and iron from titanomagnetite ores.
• Joint international patent application lodged to protect revolutionary process developed jointly by TNG and METS
• The combined process of acid leaching and solvent extraction enables +90% recovery of V2O⁵ , Fe, TiO²
• Cheaper OPEX and CAPEX compared to conventional pyrometallurgical process
• Successful trials conducted on other titanomagnetite Australian vanadium deposits
• Discussions underway with licencees

TNG LIMITED

Note that the property

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Why Vanadium?

• Primary use in steel production, batteries and motor vehicles

• Demand for Vanadium forecast to significantly increase with hi- technology advances including (battery cells), and steel production.
• Vanadium prices on the rise…

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

….and set to increase further

2011 Scoping Study

• Independent Study by Snowden Mining Industry Consultants
• Production commencing at 2Mtpa and ramping up after three years to 5Mtpa
• Total Resource140Mt
• Process Head Grade @ 0.3% V2O⁵ , 5% TiO² , 24% Fe
• Concentrate Grade: >1.2% V20⁵ , 18% Ti0² , 55% Fe
• Hydrometallurgical plant designed to produce vanadium pentoxide (V2O⁵ ), titanium dioxide (TiO² ) and iron oxide (Fe2O³ )
• Initial plant total CAPEX estimated at \$370M with a +-35% accuracy
• Concentrate to be trucked to railway line (70km) and then railed to Darwin (1,180km) for shipping
• Potential to produce ferro-vanadium as a value-added downstream product currently under investigation

2011 Scoping Study – Key Findings

Mine Life:	23.63 years
Processing rate (life-of-mine):	5 Mt /annum
Life-of-mine production:	107.1 million tonnes
Process head grade:	0.33% V O , 25.39% Fe, 6.04% TiO 2 5 2
Total metal production:	349kt V O , 27,182kt Fe, 6,463kt TiO 2 5 2
Total operating costs (excluding royalties):	\$46.6/tonne
Preliminary capital estimate: See Appendix 1	\$370.3M (for Stage 1 – 2Mtpa) Se \$307.6M (for Stage 2 – 5Mtpa)
Nett Cash Flow2	\$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.

2011 Ferro-vanadium – Scoping Study Findings

Mine Life:	23.63 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 Estimate3 :	\$43.8M (for Stage 1-2Mtpa)
Nett Cash Flow4 :	\$78M/annum
New Total Nett Cashflow4 :	\$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.

Moving Forward

• Appointment of Key Consultants:

• SKM Lead Pre-Feasibility Study
• SNOWDEN MINING CONSULTANTS Mine Plan and Financial Analysis
• METS Metallurgical, Pilot plant design, Process engineering

Mount Peake Pre-Feasibility Study Preliminary Development Schedule

TNG Limited Mt Peake Preliminary Development Schedule
Task	2011 J F M A M J J A S O N D	2012 J F M A M J J A S O N D	2013 J F M A M J J A S O N D	2014 J F M A M J J A S O N D
Resource Drilling & Sampling
Process Trials
Undertake PFS Study
Value Improvement Studies
Feasibility Study
Early Engineering and Design
Early Procurement Activities
Project Financing
Execution
Handover

Quality & Quantity

Australian Vanadium Deposits (Relative size in contained V2O5)

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

Jorc resources

TNG – The Last 12 months…

• Upgraded Mount Peake resource to 140Mt plus 500-700Mt Exploration Target¹
• Developed NEW hydrometallurgical process and submitted patent
• Progressed key NT exploration projects
• Enhanced asset base

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

The Next 12 Months…

• Complete PILOT PLANT studies
• Complete PRE-FEASIBILITY Study
• Strategic Partner to develop project
• Production in 2014

PLUS:

• Drill Copper targets

Corporate Summary

Shares on Issue	285m
Cash Investments
Receivables	\$5.51m
Major Shareholders
Mr & Mrs Brown	8.13%
CBH	4.98%
Colbern Fiduciary Nominees	3.25%
ASX Code:	TNG

Top 20 Shareholders hold 35.9% of Issued Capital

Board and Management

Managing Director - 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 - 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.

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.

Other TNG Projects and Tenements in NT & WA

• Manbarrum (Zn -Pb -Ag)
• McArthur Project (Cu)
• Rover (Cu-Au)
• Petermans (Au-Cu-U)
• Mount Peake (Fe-V-Ti)
• Goddards (Cu)

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ASX Code: TNG

APPENDIX 1

Total cost

Estimate of Capital cost include both Direct and Indirect costs

Area	A\$ Million
Direct cost
Crushing	13.8
Beneficiation	2.3
Leaching and CCD	32.5
Metal extraction and purification	24.1
Vanadium precipitation, drying and packing	12.3
Acid regeneration and precipitation of iron oxide	131.2
Reagent and utilities	26.9
Direct cost sub-total	243.0
Indirect cost
Field indirects	29.2
EPCM	36.4
Vendor reps	1.8
Capital spares	6.0
Commissioning spares	1.8
Insurance	3.7
Indirect cost sub-total	79.0
Total cost
Contingency	48.3
Grand total	370.3
5Mtpa plant capacity capital cost estimate (includes existing 2Mt, ie upgrade is \$307.5M)
Area	A\$ Million
Direct cost
Crushing	25.2
Beneficiation	4.2
Leaching and CCD	59.4
Metal extraction and purification Vanadium precipitation, drying and packing	44.2 22.5
Acid regeneration and precipitation of iron oxide	240.1
Reagent and utilities	49.2
Direct cost sub-total	444.8
Indirect cost
Field indirects	53.4
EPCM	66.7
Vendor reps	3.3
Capital spares	11.2

Commissioning spares 3.3 Insurance 6.7 Indirect cost sub-total 144.6

Contingency 88.4 Grand total 677.8

2Mtpa plant capacity capital cost estimate