TIVAN LIMITED — Investor Presentation 2012

Mar 20, 2012

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EXPLORER TO PRODUCER

 World-class resource

• Outstanding investment opportunity

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), tMMICA, 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.

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BUILDING A WORLD CLASS
FERROUS METALS BUSINESS
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KEY ASSETS: MINERAL EXPLORATION PORTFOLIO

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FERROUS METALS BUSINESS
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SNAPSHOT

• Australian Exploration Company

• Focus on Northern Territory (Australia)

• Flag-ship Project Mount Peake Iron-Vanadium-Titanium Deposit

• Excellent location with Key Infrastructure

• Robust long-life project with LOM revenues = $10.4B (AUD)

• Huge upside to current 160Mt resource of 500-700Mt*

• Experienced management team delivering on the project

• TIVAN™ hydrometallurgical process a competitive advantage

• Strong market outlook for strategic metals Vanadium and Titanium

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• Strategic Alliance with Major Chinese groups: ECE/Wanlong Group

• Highly prospective copper and gold exploration portfolio in NT

• JV’s for non-core Projects gold, zinc-lead and nickel assets

• Detail and competent person statement in appendix

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BUILDING A WORLD CLASS
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THE PAST 12 MONTHS…

• [][ Mount Peake Scoping Study ]

• MOU with China’s ECE

• TIVAN™ process advanced

• Ferro-vanadium Scoping Study

• TIVAN[TM] international patent application

• Resource drilling and new targets

• Resource upgrade

• $13.4M investment agreement with ECE

• Mount Peake interim PFS results

February 2011 February 2011 March 2011 April 2011 May 2011 June 2011 October 2011 November 2011 November 2011

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BUILDING A WORLD CLASS
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FLAGSHIP PROJECT: MOUNT PEAKE Fe-V-Ti

• 100%-owned Leases

• Close to key infrastructure:

Road, Rail, Gas

• Direct Rail access to Darwin Port

• Huge resource upside

• New Exploration targets potential 500-700Mt*

• Detail and competent person statement in appendix

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MOUNT PEAKE RESOURCE

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MOUNT PEAKE RESOURCE

Category	Category	Tonnes	V2O5%	V2O5%	TiO2%	TiO2%	Fe%	**Al2O3% **	**SiO2% **
Indicated		110,000,000	0.29		5.3		23	8.1	34
Inferred		48,000,000	0.24		4.5		21	8.8	35
Total		160,000,000	0.27		5.0		22	8.3	34
	V2O5% TiO2% Fe% Average Concentrate Grades 1.2 18 55
				V2O5%		TiO2%		Fe%
	Average Concentrate Grades			1.2		18		55

	Total Metal Production
V2O5	245,000T
TiO2	6,495,000T
Fe2O3	20,246,000T

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RAPID PROGRESS OF MOUNT PEAKE PROJECT

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VANADIUM THE CRITICAL ELEMENT

STEEL

• Rebar & structured beams required to meet building codes

• Required for high speed tools and surgical steels

AEROSPACE AND DEFENCE INDUSTRY

• Titanium vanadium alloys required for aircraft, missiles, personnel transports, etc.

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Roland IJdema / Shutterstock.com
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CHEMICALS AND POLLUTION CONTROL

• Required in production of synthetic rubber, polyester, fiberglass, sulfuric acid, etc.

• Critical component of catalytic converters to remove sulfur dioxide and other pollutants

ENERGY STORE

• The grid scale Vanadium Flow Battery

• Lithium Vanadium Batteries for Electric vehicles

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THE MOUNT PEAKE ADVANTAGE TIVAN[™] PROCESS

• Hydrometallurgical Process – extracts vanadium, titanium and iron

• Acid leaching and solvent extraction

• High recoveries and purities

• Cheaper OPEX and CAPEX

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BUILDING A WORLD CLASS
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QUALITY & QUANTITY

Vanadium Deposits (Relative size in contained V2O5)

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¹
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CORPORATE COMPARISON

Company Market Capitalisation (m) comparison

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ET = Exploration Target[1 ]

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

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BUILDING A WORLD CLASS
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KEY INTERIM PRE-FEASIBILITY STUDY OUTCOMES*

 Life-of-mine revenues of $10.4B (AUD)

 Initial 17.2-year mine life

 Pre-tax IRR of 25.7%

 Total pre-production capital cost estimate of $476M (AUD)

 Pre-tax Nett annual cash flow of $151.3M (AUD)  2.5Mtpa operation expanding to 5Mtpa

• TIVAN[TM] Process cheaper than standard process

• Internationally recognized consultants used

* Detail and competent person statement in appendix

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VANADIUM PRICES, FORECAST TO INCREASE SIGNIFICANTLY

TITANIUM PRODUCTION AND PRICES FORECAST TO INCREASE SIGNIFICANTLY

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SOURCE: ROSKILL

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VALUE-ADDING POTENTIAL FERRO-VANADIUM SCOPING STUDY KEY OUTCOMES*

• Processing rate (life-of-mine):

• 2 Mt/annum

• Total FeV metal production:

105k tonnes

• Capital estimate:

• $43.8M (AUD)

• Additional potential Annual Nett Cash Flow:

• $78M (AUD)

• Equaling Total Annual Nett Cash Flow

>$200m (AUD)

• Detail and competent person statement in appendix

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PROGRESSION OF PROJECT:

• Key Consultants on progress Mount Peake:

• Appointment Key Project staff

• Completion of major investment

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BUILDING A WORLD CLASS
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WORLD-CLASS PARTNERS: ECE/WANLONG GROUP

ECE:

• Major Chinese mineral exploration, development and mining group

• Over 5,000 employees, has discovered +160 deposits in China worth

• more than $10 billion

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ECE/WANLONG GROUP:

• $13.4 million investment in TNG

• Cooperation on future development of Mount Peake

• Potential access to Chinese finance, EPCM and final product end-users

• Strategic partnership on other mineral projects

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FUTURE PLANS

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CAPITAL STRUCTURE (as of March 2012)

ASX Code:

TNG

MARKET CAP Shares on Issue Cash and Liquids

344m 5.3m

MAJOR SHAREHOLDERS

Aosu Investment & Development Co Pty Ltd 17.36% WWB Investments P/L 7.49% CBH Resources Limited 4.12%

(DIRECTORS HOLD 20% ISSUED CAPITAL)

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BUILDING A WORLD CLASS
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BOARD AND MANAGEMENT

Managing Director – Mr Paul Burton

• With over 20 years experience in exploration and mining throughout Australia and overseas. Mr Burton has been involved in progressing all projects and the company’s growth.

Non–Executive Director – Mr Neil Biddle

• With over 25 years in the establishment, development and management of listed mining and exploration companies, throughout Australia.

Non–Executive Director – Mr Stuart Crow

• With 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.

Non-Executive Director - Mr Rex Turkington

• Highly experienced corporate advisor and economist who has worked extensively in the financial services and stockbroking industry in Australia, specializing in the exploration and mining sectors.

Non-Executive Director - Mr Zhigang WANG

• Chairman of Aosu, part of the Wanlong Group of companies (Wanlong Group) a major investor in TNG.

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BUILDING A WORLD CLASS
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REASONS TO INVEST IN TNG

• Developing 100% owned world-class Mount Peake Project

 Potential production in 2014

• Robust project, competitive OPEX and CAPEX

• Experienced Management team

• TIVAN™ process = Competitive advantage

• Outlook for strategic metals prices strong

• Huge upside to resource potential – 500-700Mt*

• Emerging copper exploration portfolio – results up to 21% Cu

Other Projects:

• JV’s for Gold, Nickel, Zinc, Lead with leading exploration companies

• TNG well funded for growth in 2012

* Detail and competent person statement in appendix

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…ON TRACK TO PRODUCTION

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APPENDIX

Exploration Targets:

The potential quantity and grade in any reference to exploration targets and resource potential 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

Pre-Feasibility Study:

Reference to the PFS is to the ASX announcement on 23rd November has been prepared based on the Company’s presently delineated mineral resource estimate and any investment decision should be considered based on this information.

Key assumptions of PFS include:

• Operating costs and pit slope angles related to mining estimated to a Pre-Feasibility Study level (±25%)

• V2O5 price of US$20,305/tonne (> 80% grade)

• TiO2 price of US$400/tonne (> 67% grade)

• Fe2O3 price of US$200/tonne (> 66% grade)

• Royalty rate of 2.5% per tonne of plant feed

• Discount rate of 8%

• AUD$/US$ exchange rate of 0.85 US$ = 1AUD$

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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