TIVAN LIMITED — Investor Presentation 2013

Mar 18, 2013

ASX Code: TNG

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Strategic metals for global growth Investor Update - March 2013

Paul Burton - Managing Director

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 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.

Corporate Overview

On Track: To build a diversified Australian resources company focused on supplying key strategic metals to world markets from an extensive portfolio of quality mineral projects.

Major Shareholders	Major Shareholders
Ao-Zhong International Mineral Resources	14.59%
Aosu Investment & Development Co	14.02%
WWB Investments P/L	6.51%
(Directors hold approximately 17% of issued capital)

Board of Directors	Board of Directors
Jianrong Xu	Chairman
Paul Burton	Managing Director
Neil Biddle	Non-executive Director
Stuart Crow	Non-executive Director
Rex Turkington	Non-executive Director
Zhigang Wang	Non-executive Director

Key Corporate and Financial Data	Key Corporate and Financial Data
ASX code:	TNG
Market capitalisation: (at 10c)	$42M
Shares on issue:	426M
Cash: (as at 31 Dec 2012)	$7.2M

Snapshot

The right assets…

• World-scale strategic metals resource:

 Innovative, patented TIVAN™ hydrometallurgical process

• Major copper exploration assets

 Diversified exploration: Au-Cu-Zn-Pb-Ag-Al

The right commodities…

 Vanadium and Titanium – high-technology supply materials

• Strong growth outlook

• Copper demand increasing with global growth

The right partners…

• Cornerstone Chinese investors: ECE and Wanlong groups

 Competitive advantage for finance, EPCM from China

 Commodities experts engaged for marketing and product sales

Snapshot Comparison: 2011 – 2012

Nov 2011 Nov 2012 Cash $3M $9M Share Price 10c 19c Market $25M $80M Capitalisation Flagship Project – Mount Peake, NT Project Value $10.5B $13B Resource 120Mt 160Mt Business Development New Projects NIL 3 New investment NIL $13.4M in TNG

Partners for Growth

• China’s ECE and Wanlong Groups

• Secures key cooperation to de-risk and accelerate Mount Peake Strategic Metals development

• Access to Chinese finance, EPCM, off-take

• Strategic partnership

• Maintains strategic flexibility

ECE:

• Major Chinese mineral exploration, development and mining group

• Over 5,000 employees, has discovered +160 deposits in China worth more than $10 billion

WANLONG GROUP:

• High technology electronics

• Potential final product end-user

Flagship Project

 Focus on accelerating Mount Peake Strategic Metals development

Mount Peake: Project Upside

• additional large magnetitegabbro zones

• Potential for new vanadium- and titanium-bearing zones confirmed

Supports Exploration Target of 500-700Mt * within 2,000 sq km tenement holding

* Detail and Competent Person’s Statement in Appendix

Mount Peake Resource Increasing

Shallow large-scale resource underpins long-life project 100% owned by TNG Exploration Target up to 700Mt

	JORC Category	Tonnes	V2O5%	TiO2%	Fe%	Al2O3%	SiO2%
	Measured	118,000,000	0.29	5.5	24	8.18	32.8
	Indicated	20,000,000	0.28	5.3	22	9.1	34
	Inferred	22,000,000	0.22	4.5	19	10.3	38
	Total	160,000,000	0.28	5.3	23	8.6	34

* Exploration Target of 500-700Mt with a grade range of 0.2-0.4% V205, 5-8% TiO2, and 25-35% Fe. 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.

Vanadium: The Critical Element

Steel

• Rebar & structured beams

• High speed tools and surgical steels

Aerospace and Defence

• Titanium vanadium alloys for all high-technology metals aircraft, missiles, personnel transports, etc

Chemicals and Pollution Control

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Roland IJdema / Shutterstock.com
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• Production of synthetic rubber, polyester, fibreglass, sulfuric acid, etc

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

Energy Store – THE SLEEPING GIANT

• The grid scale Vanadium Flow Battery

• Lithium Vanadium Batteries for electric vehicles

Strategic Metals set for Growth

Vanadium Price Forecast

The outlook for vanadium and titanium prices remains strong

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Titanium Production & Price Forecasts
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Source: Roskill

TIVAN[TM] : Revolutionary Process

• Pilot plant test work gave high recoveries and purities of commercial products:

• >99% V 0 2 5 (+80% recovery)

• 99.9% Fe 0 2 3 (69.2% Fe) (80% recovery) • Up to 55% Ti02 (+75% recovery)  Reduced OPEX and CAPEX by 50%

Pre-Feasibility: Key Outcomes

	Key Physicals	Key Physicals	Key Physicals
• •	Total material mined: Total waste movement:		176Mt 83Mt
•	Total ore mined:		93Mt
•	Strip ratio:		0.95
•	Mine life:		20 years
•	Processing rate:		2.5Mtpa, increasing
			to 5Mtpa in year 4
	Key Financial		Outcomes
•	Total revenue (LOM):	3	A$13.6 billion
• •	Operating cash flow (LOM): Net cash flow (LOM):		A$7.4 billion A$6.6 billion
•	Pre-production capital:		A$563M*
•	Total operating costs:		A$75.50/tonne of plant
•	NPV		feed** $2.6B
•	IRR pre-tax:		38.7%

Total Metal Production	Tonnes	Tonnes
V2O5	236,000
TiO2	5,822,000
Fe2O3	17,400,000
Average Concentrate Grade
V2O5		1.2%
TiO2		18%
Fe		55%
Metal Purity
V2O5	99%
TiO2	55%
Fe2O3	99.9%

• including all infrastructure ** including mining, processing, transport & royalties

NEXT PHASE: Project Realisation

TNG has outlined a clear development pathway, leveraging off its key relationships and alliances in China

Expanded Copper Portfolio

Systematically expanded copper exploration portfolio with further strategic acquisitions

Copper Exploration Ramping Up in 2013

• Mount Hardy Copper Project (TNG: 100%)

• Extensive high-grade surface Cu with anomalous Au, Ag and Pb

• Rock chip grades of up to 35% Cu, 18% Pb, 10% Zn, 7g/t Au, 400g/t Ag

• Drilling confirmed extensive mineralisation

• Walabanba Hills (JV with Toro Energy – earning up to 80%)

• Numerous magnetic targets anomalous in Ni, Cu and PGM

• Historical results up to 3,581ppm Ni and 2,410ppm Cu over 20-50m

Copper : Mount Hardy Progress

• Since acquisition in July 2012 TNG has completed:  900 line kilometre

• HELITEM survey

• Outlined 23 EM

• conductor targets (6 followed up)

• Ground EM over six

• areas

• Mapping and sampling

• at eight locations

• First pass RC drilling –

• targeting EM conductors

• High grade surface copper mineralization at four areas

Copper : Mount Hardy Results and Plans

• Drilling confirms copper grades below supergene oxide material

• DHEM on 2012 RC holes outlines targets warranting further drill testing

• Mount Hardy and Browns prospects with existing workings, high grades and “drill ready” targets

• 2013 program including:

• IP and gravity geophysical

• surveys

• Further EM target checking

• Geological mapping and

• sampling

• Drill testing

• Field activities commenced

Mount Hardy Project – IP Imagery

 IP survey has defined a strong conductor, coincident with surface anomalism

 Over 500 metres long, shallow west plunging and open at depth and to the west

 Drill testing in progress!

Mount Hardy project: Visible Copper

* Cautionary Statement: All chemical analyses results quoted in this announcement are from a Niton XRF portable analyser model XLt. As such they may not be representative of the whole sample, nor should they be seen as a substitute for laboratory-based chemical analysis.

Mount Hardy project: Extensive Copper

TNG Assets Value Increase

Australian mineral exploration portfolio continues to increase in value...

• Mount Peake a $13B project

• Highly prospective copper exploration tenements

• Manbarrum Zinc Project ( JV with KBL Mining – moving to production )

• Melville Island ( JV with Rio Tinto )

• Rover Project (JV with WDR)

• Cawse (JV with Norilsk)

Outlook for 2013

• Completion of Feasibility Study on MOUNT PEAKE

• Completion of TIVAN™ International Patent

Finalise commercial testwork

• Upgrade of JORC resource to Measured

• Advance copper exploration:

Potential maiden resource at Mount Hardy

• Continue to expand mineral-asset portfolio

• On-time delivery on projects by experienced management team

• Outlook for strategic metals and TNG’s projects remains strong

* Exploration Target of 500-700Mt with a grade range of 0.2-0.4% V205, 5-8% TiO2, and 25-35% Fe. 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.

THANK YOU

ASX Code: TNG

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Appendix – Background Data

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 it is uncertain if further exploration will result in the determination of a Mineral Resource.

Pre-Feasibility Study:

Reference to the PFS is to the ASX announcement of July 2012, which was prepared based on the Company’s presently delineated mineral resource estimate. 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%)

• V O 2 5 price of US$20,305/tonne (> 90% grade)

• TiO 2 price of US$400/tonne (> 55% grade)

• Fe O 2 3 price of US$200/tonne (> 69% grade)

• Royalty rate of 2.5% per tonne of plant feed

• Discount rate of 8%

• AUD$/US$ exchange rate of 1 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.