TIVAN LIMITED — Investor Presentation 2014

Sep 29, 2014

DELIVERING SHAREHOLDER GROWTH Paul Burton Managing Director

Resource Rising Stars Conference, 30 October 2014

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

JORC 2004

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 included in the 2012 PFS and is based is based on information compiled by Lynn Olssen who is a Member

of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Lynn Olssen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’. Lynn Olssen 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 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.

Mr Damian Connelly, FAAusIMM, 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.

JORC 2012

The information in this report that relates to 2013 Mineral Resource Upgrade for the Mount Peake project is based on and fairly represents, information and supporting documentation

compiled by Lynn Olssen who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Lynn Olssen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Olssen 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 Exploration Results and Exploration Targets for Mount Peake and Mt Hardy projects are based on information compiled by Exploration Manager Mr Kim Grey B.Sc. and M. Econ. Geol. Mr Grey is also a member of the Australian Institute of Geoscientists and a full time employee of TNG Limited. Mr Grey 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grey consents to the inclusion in the report of the matters based on his information in the form and context in which it appear.

Mount Peake

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Graphite

5km from Mount Peake resource

40m intercept of continuous graphite mineralisation Potential for an extensive resource of graphite mineralisation

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• Very large coincident EM target

• Analytical and Met test work commenced

• ( Refer ASX release 21 July 2014, 21 October 2010

20 August 2014, 17 September 2014)

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Landmark Agreements with:

HYUNDAI STEEL - Investment POSCO E&C - Construction WOOJIN METALS - Vanadium GUNVOR - Iron Ore GLOBAL PACIFIC - TiO2

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Discussions continue Other agreements expected to follow

IMPROVED AND UPGRADED  >99% V 0 >96% 2 5 recovery  99.9% Fe203 (69.2% Fe) >85% recovery  Up to 70% Ti02 >75% recovery Reduction in CAPEX and OPEX achieved Patent Now Registered in over 20 countries CSIRO Pilot Plant on track (Refer ASX release 24 October 2014)

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TIVAN:

be the worlds lowest cost and highest grade producer of vanadium pentoxide and vanadium electrolyte

• TIVAN expected to produce 1 tonne of high purity V205 for approximately $5000 USD

• Equivalent to <$2.5USD / llb

• V2O5 with over 99% purity is the key raw material to Vanadium Redox Flow Batteries (VRB).

• Combining VRB energy storage with renewable energy will enable the green energy industry to transform.

Increasing use in batteries and high technology metals

Batteries and storage cells could add exponential demand and growth!

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HISTORICAL V205 PRICE AND TNG’s FORECAST PRODUCTION COST

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$35.00
$30.00
US$5.60/lb. V2O5
Source: Roskill
$25.00
$20.00
$15.00
$10.00
$5.00
TNG expected TIVAN OPEX Price
<$2.5/lb V2O5
$0.00
01/01/05 01/01/06 01/01/07 01/01/08 01/01/09 01/01/10 01/01/11 01/01/12 01/01/13 01/01/14
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Current Price of V2O5 approx. US$6/lb V2O5 (approx. USD $14,000 / Tonne)

Forecast to double by 2017 to US$ > 25-30,000 / Tonne

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Global Vanadium consumption 90,000 tonnes (source: Roskill)

Forecast to increase by 30% in 2017 to >120,000 tonnes

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 6% increase forecast in Vanadium for Steel, year on year.

 Current producers:

S Africa – depleting / 2 years mine life China – 15% export tarrif on V205 Russsia – politically unstable S America – Largo Resources

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Vanadium Pricing NOT linked to Iron Ore
120.00
Indexed - Iron Ore Vs V2O5 over past 12 months
110.00
100.00
90.00
80.00
70.00
60.00
50.00
Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14
Indexed - Iron Ore spot prices delivered to China (Qingdao port) 62% Fe US$ per tonne
Indexed - Vanadium Pentoxide Min 98% Europe US$ per lb V2O5
160.00
Iron Ore Vs V2O5 over past 12 months
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14
Iron Ore spot prices delivered to China (Qingdao port) 62% Fe US$ per tonne
Vanadium Pentoxide Min 98% Europe US$ per lb V2O5
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Mine life: 20 years Total revenue (LOM): A$13.6 billion NPV: A$2.6 billion Net annual cash flow: A$339M IRR Pre-tax: 38%

Annual Production (at 5Mt / annum ) 11,000T V205 290,000T TiO2 900,000T Fe203.

Supporting data in Appendix. Refer ASX announcements 12/7/2012;13/02/2013 Source: Refer ASX announcements 09/092013 ;19/09/13

Exchange rate: USD$1:AUD$1

Metal Purit y V O 99% 2 5 TiO 55% 2 Fe O 99.9% 2 3 Total Metal Tonnes Productio V2O5 236,000 TiO2 5,822,000 Fe2O3 17,400,000

2015/16

Potential

Potential

Complete: TIVAN commercialisation BFS EIS

Secure : Project finance terms Binding sales contracts Commence : Construction Mining

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Expanded Iron exploration portfolio with strategic acquisitions in 2013/2014

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Other Assets 100% Owned: Iron

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Expanded copper exploration portfolio with strategic acquisitions in 2013

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Mt Hardy: Copper

Expanded base metals exploration portfolio with strategic acquisitions in 2013

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McArthur River Copper / base metals Project

60Km SW of Major mines Extensive high-grade surface Cu, Zn, Pb Rock chips up to 3% Cu, 10km zone Large IP targets Drill programme underway

Location TNG licences

Extensive 10km anomalous zone

No value in share price for non- ferrous projects

• Spin off non-core assets

 Will create largest Base-Metal Company in NT  New company: “TODD RIVER RESOURCES”  Add significant value for TNG shareholders by in-specie distribution  Allow projects to be fully funded and explored

Key features:

 Advanced projects Mt Hardy, Manbarrum, McArthur, into New Co.

 Mount Peake, TIVAN and Iron assets remain with TNG

• TNG remain major shareholder in TRR

• Provide pathway for development of Mount Peake

• Time-table for IPO to be announced

Major Shareholders	Major Shareholders
Ao-Zhong International Mineral Resources	10.23%
Aosu Investment & Development Co	10.16%
WWB Investments P/L	10.31%
(Directors along with their related companies hold approximately 14% of issued capital)

Board of Directors	Board of Directors
Michael Evans	Acting Chairman
Paul Burton	Managing Director
Stuart Crow	Non-executive Director
Rex Turkington	Non-executive Director
Jianrong Xu	Non-executive Director
Zhigang Wang	Non-executive Director

Key Corporate and Financial Data	Key Corporate and Financial Data
ASX code:	TNG
Market capitalization (at 22c):	$125M
Shares on issue:	554M
Cash: (End June Qtr)	$4.3M

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Mineral-asset rich project portfolio in NT Developing a world-class Vanadium-Titanium-Iron Project High-quality and purity products Robust Project: LOM revenue of $13B Experienced management team TIVAN[®] process: competitive advance Outlook for strategic metals strong Huge upside to resource potential Quality base metal projects IPO

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ASX: TNG

THANK YOU Paul Burton – Managing Director

Mineral Resources and Exploration Targets:

The Pre-Feasibility Study (PFS) is based on the updated Indicated and Inferred Resource for Mount Peake published on 12 October 2011 of 160Mt @ 0.3% V2O5, 5% TiO2 and 23% Fe (Indicated 110Mt @ 0.29% V2O5, 5.3% TiO2 and 23% Fe; Inferred 48Mt @ 0.24% V2O5, 4.5% TiO2 and 21% Fe). The Pre-Feasibility assumptions the financial model is based on mining 75.9 Mt of the 160 Mt Mineral Resource Of this amount 20.4% is from the Inferred Mineral Resource category. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

In addition to this resource, TNG has published an Exploration Target of 500-700Mt grading 0.2-0.4% V2O5 and 25-35% Fe. 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 Resource.

Pre-Feasibility Study:

Reference to the PFS is to the ASX announcement 9 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. Full details of the Mount Peake Pre-Feasibility Study are available in the Company’s ASX Announcements 9 July 2012 and 19 September 2013. Mining is based on the PFS financial analysis which includes 20.4% of Inferred Resource material (there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised).

Key assumptions of 2012 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 (> 90% grade)

• TiO2 price of US$400/tonne (> 55% grade)

• Fe2O3 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.