Investor Presentation February 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.

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.

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Our Vision

Developing the Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory …. one of Australia’s largest vanadium projects a potentially world-class, vertically integrated ferrous metals business.

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.
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Where…..

• Northern Territory advantageously close to existing infrastructure

Darwin to Alice Gas Pipeline
Stuart Highway
Adelaide to Darwin Railway

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What...

Iron-Vanadium-Titanium RESOURCE

JORC inferred resource: 140Mt @ 0.3% V205, 9% Ti02, 35% Fe
Exploration Target[1] : 500 – 700Mt (0.2% - 0.4% V205 and 25% - 35% Fe)
Commercial grade concentrate by coarse crush and LIMS
>1.2% V205, 18% Ti02, 55% Fe
Vertically integrated development capability
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.. Vanadium?

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Primary use HQ steel production

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Vanadium demand forecast to significantly increase
hi- technology advances; EV battery cells
steel production
rise…
Vanadium prices forecast to
V 0 2 5 - US$15 / llb and Ferro-vanadium – US$75 / lb

….and set to increase further

Breakthrough technology

= 3 commercial products IRON – VANADIUM – TITANIUM

Revolutionary technology - hydrometallurgy Process
Joint international patent application jointly by TNG and METS
Extracts vanadium, titanium and iron from titanomagnetite ores
+90% recovery
+50% Cheaper OPEX and CAPEX
Successful trials conducted on other deposits
Discussions underway with licencees

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2011 Scoping Study

Snowden Mining Industry Consultants
Production 2Mtpa and ramping up after three years to 5Mtpa
High Quality Products: vanadium pentoxide (V2O5), titanium dioxide (TiO2) iron oxide (Fe2O3)
Initial plant CAPEX estimated at $370M ( +-35% accuracy)
Concentrate to be trucked to railhead then railed to Darwin for shipping
Added Potential to produce Ferro-Vanadium under investigation

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Key Scoping Finding…Robust Project

Mine Life: 24 years

Processing rate (life-of-mine):

2 then 5 Mt /annum

Life-of-mine production:

107.1 million tonnes

Total metal production:

349kt V2O5, 27,182kt Fe, 6,463kt TiO2

Total operating costs (excluding royalties): $46.6/tonne

Preliminary capital estimate:

See Appendix 1

$370.3M (for Stage 1 – 2Mtpa) $307.6M (for Stage 2 – 5Mtpa)

Nett Cash Flow: (Ex 0.85)

$148.37M / annum

See Appendix 2 (Ex 1:1)

$ 78M/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$

Australian Vanadium Deposits..Comparison

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in Magnetite Concentrate
5
O
2
Tenor (% V
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Australian Vanadium Deposits (Relative size in contained V2O5)
65 140 177 502 Speewah
Reed Resources Barrambie
Atlantic Windimurra
Aurox Balla Balla Expl Target
TNG
Mt Peake Speewah
Million Tonnes
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Corporate Comparison…Rerating

Company Market Capitalisation (m) comparison

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Reed Resources
Atlantic
Speewah
TNG 30
Market Capital (Sm)
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Jorc resources
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The Next 12 Months …

Complete PILOT PLANT studies
Progress to FEASIBILITY
Strategic Partner to develop project
Business development of Patented Process
Aim for Production in 2014

Plus:

Exciting Copper targets

Corporate Summary

Shares on Issue 258m Cash Investments $2.9m Receivables Major Shareholders 7.7% Directors 4.9% RAB CBH 6.3% ASX Code: TNG

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Top 20 Shareholders hold 42% of Issued Capital

Board and Management

Chairman - John W Barr

A Chartered Accountant with over 25 years experience in the natural resources sector managing companies, dealing with capital restructures, fund raisings, mergers, acquisitions and floats in Australia and internationally.

CEO - 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 Edward Fry

Mr Eddie Fry has extensive experience within the Australian resource sector and is a specialist in Indigenous and Native Title issues.

ASX Code: TNG

APPENDIX 1

Estimate of Capital cost include both Direct and Indirect costs

2Mtpa plant capacity capital cost estimate
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	44.2
Vanadium precipitation, drying and packing	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
Total cost
Contingency	88.4
Grand total	677.8

APPENDIX 2 Nett Cash Flow

Nett Cash Flow is defined as the average undiscounted 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.

Building a World Class Ferrous Metals Business

TNG[limited]

TNG is an Australian resource company focused on the evaluation and development of its Mount Peake Vanadium Project in the Northern Territory and realising value from its extensive minerals portfolio

Mount Peake

Iron-Vanadium-Titanium

Developing the Mount Peake Iron-Vanadium-Titanium-Project advantageously located close to local infrastructure in the Northern Territory
Large-scale inferred resource of 140Mt grading 0.35% V2[0] 5[, 35% Fe, 9% Ti0] 2[, ] with outstanding exploration upside through an additional Exploration Target[1] of 500-700Mt grading 0.2-0.4% V205, 25-35% Fe and 6-9% TiO2
Vertically integrated development capability with the ability to recover all three commodities at commercial grades

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High quality Vanadium hardened Steel.
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Current Scoping Study incorporates the Patented new metallurgical technique enabling commercial recovery of 3 products, Iron-Vanadium-Titanium, which has significantly improved the projects economics
Demand for Vanadium forecast to significantly increase with hi- technology
• advances including (battery cells), and steal production.

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“ one of Australia’s largest vanadium projects with a distinct Competitor advantage ”

Revolutionary New Technology

Breakthrough on Iron and Vanadium Process

Joint international patent application lodged to protect revolutionary process developed jointly by TNG and METS
Hydrometallurgical process for extracting Vanadium, Titanium and Iron from Titanomagnetite ores, with reduced CAPEX and OPEX, giving a distinct competitor advantage.
Successful trials conducted on other Titanomagnetite Australian Vanadium deposits
Discussions underway with potential licencees.

Extensive Mineral Portfolio

Prospective licences for Copper and Gold.

Electric car powered by Vanadium-Lithium cells.

1 The potential quantity and grade is conceptual in nature, 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.

5544 jaz creative.com

TNG[limited]

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TNG LIMITED PO Box 1126 Subiaco Western Australia 6904 T +61 8 9327 0900 | F +61 8 9327 0901 Contact: Paul Burton, Director & CEO

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy, an employee and 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.

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.

Investment update

TNG[limited]

Building a World Class Ferrous Metals Business

TNG is an Australian resource company focused on the evaluation and development of its Mount Peake Vanadium Project in the Northern Territory and realising value from its extensive minerals portfolio.

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Mount Peake
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“ one of Australia’s largest vanadium projects with a distinct Competitor advantage ”

Investment Highlights

Developing the Mount Peake Vanadium- Titanium-Iron Project in the Northern Territory, one of Australia’s largest vanadium projects, to underpin a potentially world-class ferrous metals business.
Large-scale inferred resource of 140Mt
Large-scale inferred resource of 140Mt grading 0.3% V205, 9% Ti02, 35% Fe with outstanding exploration upside through an additional Exploration Target[1] of 500700Mt grading 0.2-0.4% V205 and 25-35% Fe.
Vertically integrated development
Vertically integrated development capability following the development of a revolutionary new hydrometallurgical processing technique with the ability to recover all three commodities (vanadium, iron, titanium) and much lower operating and capital costs than conventional pyrometallurgical processes.
Outstanding results received from a
Outstanding results received from a Scoping Study completed in February 2011, confirming the financial and technical strength of the Mount Peake Project – preliminary optimizations indicate robust economics and returns.

Plus

New Copper exploration licence portfolio
with existing copper prospects. Includes new copper discovery with
Includes new copper discovery with surface sampling results of 4%-6% copper.

TNG[limited]

Content

Content
Investment Highlights	1
Mount Peake	3
Geology and Resources	3
Overview
New Metallurgical Development	3
Hydrometallurgical Processing	4
2011 Scoping Study	4
What is Vanadium?	5
Primary uses of Vanadium	5
Application of Vanadium Redox Batteries	5
COMPETENT PERSON STATEMENT	6
Disclaimers	7

Mount Peake

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Overview

Geology and Resources

The Arunta province has long been considered prospective for NickelCopper and Platinum Group Minerals. However, in 2008 TNG discovered a substantial ferrous metals deposit at Mount Peake which has subsequently emerged as a potentially world-class Vanadium-Titanium-Iron resource. Mineralisation is located in large magnetite rich gabbro-norite.

The discovery diamond drill hole, ARD02, returned an intercept of 80m @ 28.7% Fe, 0.43% V2O5, 7.5% TiO2 from 31m, confirming the presence of a substantial body of magnetite-hosted mineralisation.

In 2009 TNG announced a maiden JORC Inferred Resource Estimate of 107 Mt @ 0.4% V2O5, 9% Ti02, 28% Fe was completed by by Snowden Mining Industry Consultants.

A preliminary Scoping Study also carried out by Snowden showed positive economics based on the Inferred Resource.

In late 2009, TNG completed further drill testing of extensions to the mineralisation at Mount Peake and the extent of mineralisation was increased to at least 3,000m in length and 500m width.

A subsequent new JORC compliant Inferred Resource estimate of 140Mt @ 0.3% V2O5, 9% Ti02 and 35% Fe was completed early in 2010 by Snowden. In addition to the JORC compliant resource, TNG has established an additional Exploration Target[1] for the Mount Peake deposit of of 500-700Mt grading 0.2-0.4% V2O5 and 25-35% Fe, indicating its potential to expand significantly with further drilling.

Analytical and geophysical data collected for the Project indicates that it has the potential to develop as a significant vanadium project, comparable in size with other similar deposits currently at an advanced stage of evaluation and development in Australia.

This has been supported by the outstanding results received from an updated Scoping Study completed by Snowden in February 2011.

TNG’s 100%-owned Mount Peake Project is located in the highly prospective Arunta Geological Province, 80km north-east of the regional centre of Alice Springs in the Northern Territory.

The Project is strategically located close to existing infrastructure, including the Alice Springs-Darwin Railway, the Stuart Highway and the new LPG pipeline, 20km to the east.

New Metallurgical Development

The Mount Peake Vanadium Project received a major boost during 2010 as a result of the successful development of a new metallurgical process suitable for extracting all three key commodities from the ore.

The new hydrometallurgical process, which was jointly developed with TNG’s representative metallurgical consultants, Mineral Engineering Technical Services Pty Ltd (“METS”), represents a major step forward for the Mount Peake Project.

Following this success, TNG and METS have submitted a joint Patent Application to protect the invention and allow commercialisation at a later date.

A new Scoping Study was completed in February 2011 incorporating the new metallurgical techniques and the commercial recovery of three products: iron, vanadium and titanium.

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Hydrometallurgical Processing

Conventionally, vanadium is extracted from titanomagnetite ores by pyrometallurgical process, involving salt roasting followed by water leaching. This method not only may pose an environmental issue but is also capital intensive (which also include high operating cost).

The hydrometallurgical process for the extraction and recovery of vanadium from its ores has been explored in the past. However, selective separation of the vanadium from iron in the leach liquor has yet to be achieved.

Furthermore, minimising the dissolution of iron in leaching without sacrificing the extraction efficiency of vanadium has always been a challenge. These issues limit the potential of hydrometallurgical processing of vanadium for commercial application.

The present technology utilises the combined process of acid leaching, solvent extraction and stripping to selectively recover the valuable metal units of vanadium, titanium and iron from the titanomagnetite type of ore. This process is simple and robust, involving agitated tanks arranged in series. It is believed that the hydrometallurgical process could serve as a cost effective alternative to pyrometallurgical process.

2011 Scoping Study

The February 2011 Scoping Study, which was based on the new hydrometallurgical process, delivered outstanding results, confirming the technical and financial strength of the Mount Peake Project using the new hydrometallurgical process.

The updated Scoping Study was commissioned based on a conventional open pit mining operation processing 5Mtpa, with production commencing at 2Mtpa and ramping up after three years to the long-term processing rate of 5Mtpa. The study was based on a total identified inferred resource of 140Mt @ 0.33% V2O5, 6.04% TiO2 and 25.39% Fe with material processed initially through a 2Mtpa plant designed to produce vanadium pentoxide (V2O5), titanium dioxide (TiO2) and iron oxide (Fe2O3) concentrate.

The initial plant total CAPEX2 included in the modelling has been estimated by METS to be $370M, with a +- 35% accuracy. This would be expanded to 5Mtpa capacity at an additional estimated total CAPEX of $307M after three years, partially funded entirely by cash flow.

Test work carried out by TNG and METS has shown that the magnetic concentrate that would be produced from Mount Peake material is amenable to hydrometallurgical processing, resulting in high recoveries of vanadium (90%) and iron (58%) in the acid leaching. METS advise that recoveries may continue to improve with further optimization work currently underway.

Concentrate product would be trucked to a conceptual railhead near Barrow Creek on the Alice Springs-to-Darwin railway line (approximately 70km) and then railed to Darwin (approximately 1,180km) for shipping.

the key findings of the scoping study are as follows: • Mine life: 23.63 years
ore processing rate (life-of-mine): 5 Mt /annum
life-of-mine ore production: 107.1 million tonnes
Process head grade: 0.33% V2O5, 25.39% Fe, 6.04% TiO2
total metal production: 349kt V2O5, 27,182kt Fe, 6,463kt TiO2
total operating costs (excluding royalties): $46.6/tonne
Preliminary capital estimate 2: $370.3M (for Stage 1 – 2Mtpa)
• $307.6M (for Stage 2 – 5Mtpa)
nett Cash Flow 3 $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
TiO 2[ 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$

TNG[limited]

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What is Vanadium?
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Elemental vanadium is a soft silvery-grey mineral that is classified as a ductile transition metal. It has good resistance to corrosion and it is stable against alkalis, sulfuric and hydrochloric acids.

Vanadium forms stable, concentrated electrolytic solutions in four neighboring oxidation states.

The oxidation state of unreacted Vanadium is zero, whereas its fully reacted state is +5. The different states can be clearly identified by changing colors (+2 (lilac), +3 (green), +4 (blue) and +5 (yellow)).

Vanadium makes up about 0.012% of the earths crust and while metallic vanadium is not found in nature it is known to exist in about 65 different minerals (eg Carnotite, Vanadinite, Francevillite).

Vanadium also occurs in deposits of:

Phosphate rock,
Titaniferous magnetite (Mount Peake),
Uraniferous sandstone and siltstone,
Bauxite, and
Carboniferous deposits of coal, crude oil, oil shale and tar sands.

Vanadium is also produced as a by-product of the iron and steel industry. Iron ores containing amounts of on the order of 1.0%-1.5% are processed in a furnace, creating slags that may contain as much as 25% vanadium pentoxide. World vanadium resources are thought to exceed 63 million tonnes.

Primary uses of Vanadium

Vanadium has one predominant use, as a strengthening additive in steel and some forms of iron. According to the US Geological Survey (USGS) (2007), of the approximate 59,100 tonnes of vanadium produced in 2007, about 85% of this metal is used as a steel additive.

In their 2008 update, the USGS notes that 93% of US consumption of V is metallurgical, including steel, iron and titanium alloys. By adding small amounts of V, no more than 0.25% by weight to high-carbon steel or less than 5% by weight to steel intended for use in high-speed tools, the hardness and strength of the steel is significantly enhanced.

Of the other uses for vanadium, the major nonmetallurgical use was in catalysts for the production of maleic anhydride and sulfuric acid.

Energy (electricity) can be stored in liquid form, at room
temperature, almost indefinitely; and
Customers do not have to buy more capacity than they immediately need, and can easily add energy and power in modular fashion over time.

Energy from wind turbines and solar cells can also be stored in VRBs.

aPPliCation oF VanaDiuM reDox Batteries

The extremely large capacities possible from vanadium redox batteries make them well suited to use in large power storage applications such as helping to average out the production of highly variable generation sources such as wind or solar power, or to help generators cope with large surges in demand.

A new use has been found in Vanadium Redox Batteries (VRB), which are flow batteries designed to store large amounts of energy in a safe manner that can be adjusted to meet variable energy loads.

The VRB can be described in several ways. It is:

An electrochemical system that efficiently converts
• chemical energy to electrical energy, and vice versa A ‘flow battery’ that rapidly charges and discharges
•
A patented process based on the reduction and oxidation of different forms of the element Vanadium

An on-demand energy storage system where:

The electrolyte never wears out and overall
maintenance costs are extremely low;

TNG[limited]

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TNG LIMITED PO Box 1126 Subiaco Western Australia 6904 T +61 8 9327 0900 | F +61 8 9327 0901 Contact: Paul Burton, Director & CEO

CoMPetent Person stateMent

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.

DISClAIMERS:

1 The potential quantity and grade is conceptual in nature, 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.
2 Estimate of Capital cost include both Direct and Indirect costs.

2Mtpa plant capacity capital cost estimate

AREA	A$ MIllION
Direct cost Crushing Benefciation Leaching and CCD Metal extraction and purifcation Vanadium precipitation, drying and packing Acid regeneration and precipitation of iron oxide Reagent and utilities Direct cost sub-total indirect cost Field indirects EPCM Vendor reps Capital spares Commissioning spares Insurance Indirect cost sub-total total cost Contingency Grand total 5Mtpa plant capacity capital cost estimate (includes existing 2Mt, ie upgrade is $307.5M) AREA	13.8 2.3 32.5 24.1 12.3 131.2 26.9 243.0 29.2 36.4 1.8 6.0 1.8 3.7 79.0 48.3 370.3 A$ MIllION
Direct cost
Crushing	25.2
Benefciation	4.2
Leaching and CCD	59.4
Metal extraction and purifcation	44.2
Vanadium precipitation, drying and packing	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
total cost
Contingency	88.4
grand total	677.8

[3 ] Nett Cash Flow is defined as the average undiscounted 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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TNG[limited]

5505 jazcreative.com

AI assistant

TIVAN LIMITED — Investor Presentation 2011

65967_rns_2011-02-13_d87411a2-a5bf-414e-ad31-90ae42c652cf.pdf

Disclaimer

Forward-Looking Statements

Competent Person’s Statement

Our Vision

Where…..

What...

Iron-Vanadium-Titanium RESOURCE

Why.. Vanadium?

Breakthrough technology

= 3 commercial products IRON – VANADIUM – TITANIUM

2011 Scoping Study

Key Scoping Finding…Robust Project

Nett Cash Flow: (Ex 0.85)

$ 78M/annum

Key assumptions of the Scoping Study included:

Australian Vanadium Deposits..Comparison

Corporate Comparison…Rerating

Company Market Capitalisation (m) comparison

The Next 12 Months …

Corporate Summary

Board and Management

Chairman - John W Barr

CEO - Paul Burton

Non–Executive Director - Neil Biddle

Non–Executive Director - Mr Edward Fry

ASX Code: TNG

APPENDIX 1

APPENDIX 2

Nett Cash Flow

Building a World Class Ferrous Metals Business

TNG[limited]

~~Mount Peake~~

Iron-Vanadium-Titanium

~~Revolutionary New Technology~~

~~Extensive Mineral Portfolio~~

TNG[limited]

COMPETENT PERSON STATEMENT

TNG[limited]

Building a World Class Ferrous Metals Business

“ one of Australia’s largest vanadium projects with a distinct Competitor advantage ”

Investment Highlights

Plus

TNG[limited]

Content

Overview

Geology and Resources

New Metallurgical Development

Hydrometallurgical Processing

2011 Scoping Study

key assumptions of the scoping study included:

TNG[limited]

Primary uses of Vanadium

aPPliCation oF VanaDiuM reDox Batteries

TNG[limited]

CoMPetent Person stateMent

DISClAIMERS:

More from TIVAN LIMITED

TIVAN LIMITED Investor Presentation 2011

Mount Peake

Revolutionary New Technology

Extensive Mineral Portfolio