TIVAN LIMITED — Investor Presentation 2015

Aug 26, 2015

Highlights:

• DFS completed: A$4.9 billion NPV, 41% IRR

• Binding off-take agreements under negotiation

• Financing discussions underway

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 Statements

The information in this report that relates to the Mount Peake Mineral Resource estimates is extracted from an ASX Announcement dated 26 March 2013, (see ASX Announcement – 26 March 2013, “Additional Information on the Mount Peake Resource”, www.tngltd.com.au and www.asx.com.au ), and was completed in accordance with the guidelines of the JORC Code (2012). Initial mining and financial assessment work, based on the Mineral Resource,

followed (see ASX Announcement – 15 July 2013, “TNG Considers Two-Stage Development Option for Mount Peake Project, NT ”, www.tngltd.com.au and www.asx.com.au).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

The information in this report that relates to the Mount Peake Ore Reserve estimates is extracted from an ASX Announcement dated 31 July 2015, (see ASX Announcement – 31 July 2015, “Mount Peake Feasibility Study Confirms a World-Class Project”, www.tngltd.com.au and www.asc.com.au) and was completed in accordance with the guidelines of the JORC Code (2012). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

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.

Production Targets and Financial Information

Information in relation to the Mount Peake Definitive Feasibility, including production targets and financial information, included in this report is extracted from an ASX Announcement dated 31 July 2015, (see ASX Announcement – 31 July 2015, “Mount Peake Feasibility Study Confirms a World-Class Project”, www.tngltd.com.au and www.asx.com.au). The Company confirms that all material assumptions underpinning the production target and financial information set out in the announcement released on 31 July 2015 continue to apply and have not materially changed.

TNG Corporate Overview

	Key Corporate and Financial Data
	ASX code:	TNG
	Market capitalisation(at 19c):	$135M
	Shares on issue: Cash:	712M $8.2M
	Auditors: KPMG
	Lawyers: Clifford Chance

Major Shareholders	Major Shareholders
WWB Investments P/L	11.15%
Ao-Zhong International Mineral Resources	8.74%
Aosu Investment & Development Co	7.91%
(Directors and their related companies hold approximately 13% of issued capital)

12-month share price

	Board of Directors
	Michael Evans	ActingChairman
	Paul Burton	ManagingDirector
	Stuart Crow	Non-executive Director
	Rex Turkington	Non-executive Director
	JianrongXu	Non-executive Director
	ZhigangWang	Non-executive Director

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TNG Projects, Northern Territory, Australia

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DFS completed July 2015 – Technically and Financially Robust

17-year project life

Annual Production : 560t V2O5, 236,000t TiO2 pigment, 637,000t pig iron

Key Features of Mount Peake

Close to infrastructure – Road, Rail, Gas

Downstream TIVAN® hydrometallurgical refinery to be located in Darwin Diversified product mix – vanadium pentoxide, titanium dioxide, pig iron Strategic development and off-take partnerships already in place Binding off-take agreements expected to be confirmed this Quarter Awarded Major Project Status by NT Government – likely to be next major resource project after INPEX Government and Traditional Owners support development A long-life strategic metals project with a diversified product mix and outstanding returns

• Mineral Resources as at March 2013

Category	Tonnes (Mt)	**V2O5% **	**TiO2% **	Fe%	**Al2O3% **	**SiO2% **
Measured	118	0.29	5.48	23.64	8.18	32.81
Indicated	19.5	0.28	5.33	22.05	9.09	33.98
Inferred	22	0.22	4.41	19.06	10.38	37.79
Total	160	0.28	5.31	22.81	8.60	33.64

• Maiden Ore Reserve as at July 2015

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Category Tonnes (Mt) Cut-off V2O5 TiO2 Fe
Probable 41.1 0.42% 7.99% 28.0%
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Refer ASX announcement 31 July 2015.

Key Consultants

Feasibility Study leaders Snowden Mining Group Advisors: Feasibility; metallurgical; plant design SMS Siemag Metallurgical testwork and flowsheet design: BureauVeritas, Outotec Environmental, hydrology and Environmental Impact Statement: GHD Engineering, mine plant design: Como Engineers Mine and Infrastructure: McMahon Services

Snowden Mining Group SMS Siemag CSIRO (Perth), METS, ALS Ammtec, BureauVeritas, Outotec

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Technically and Financially Robust project
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Project life	17 years
Mining rate	3Mtpa (Stage 1) expanding to 6Mtpa (Stage 2) after 4 years
Pre-production capital estimate(including all infrastructure)	A$970 million (stage 2 expected to be covered from revenue )
Total operating costs(including mining, processing, transport & royalties)	A$167 per tonne
Total revenue (life-of-mine)	A$27.3 billion
Operating cash flow (life-of-mine)	A$13.6 billion
Net cash flow (life-of-mine)	A$11.6 billion
Payback period	4 years
Net annual operating cash flow	A$780M
IRR pre-tax	41%
NPV (at 8% discounted)	A$4.9 billion

Refer ASX announcement 31 July 2015.

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Project Overview

Magnetite concentrate to be produced on site at Mount Peake

Concentrate to be trucked and then railed north to a TIVAN® Refinery facility to be located in Darwin, ~10km from Darwin Port

TIVAN ® facility will produce high-purity vanadium pentoxide, titanium dioxide concentrate and iron oxide Associated downstream plants will produce high-grade titanium pigment and pig iron for export

Mount Peake Project

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TIVAN® PROCESS 100%-owned by TNG Allows maximum recovery of value from resource Optimised magnetic concentrate passes through TIVAN® refinery Bulk leaching for three product separation Leaching and SX process well understood, good recoveries, high purity products: V 0 Vanadium Pentoxide 2 5 TiO Titanium Dioxide concentrate 2 Fe 0 Iron Oxide 2 3 Then Further refine TiO2 to pigment grade and Fe203 to Pig Iron

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Vanadium Pentoxide (V2O5) World’s demand: 140,000tpa TNG’s nameplate production: 17,560tpa (12.5% of world’s demand) Main usage: Steel, non-ferrous alloys, chemicals, catalysts and energy storage (VRB) Cost of production approx. US$2.5/lb V205 (red line below)

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Titanium dioxide pigment (TiO2) World’s demand: 6,600,000tpa TNG’s nameplate production: 236,000tpa (3.5% of world’s demand) Main usage: Paint, plastics, paper and inks Cost of production approx US$1,380/t (red line below)

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Pig Iron

World’s demand: 1.2 billion tpa TNG’s nameplate production: 637,000tpa (0.05% of world’s demand) Main usage: Steel making Cost of production approx US$137/t (red line below)

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Mount Peake Development Pathway

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• HYUNDAI STEEL – MoU Cornerstone Investment

• POSCO E&C – MoU EPMC

• • Hyundai EC – EPMC

Development Agreements

• SMS SEIMAG – Refinery Build

• WOOJIN METALS (Korea) – V205

Off-take Agreements

• Gunvor (Singapore) – Fe203 / Pig-iron

• • Global Pacific Partners – TiO2 / Pigment

• Snowden Mining Consultants – Mine design

Mine Development

• McMahon Services – Mine and infrastructure

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NT Government – Pro-Resource development

• Major Project Status awarded to Mount Peake in 2012

• Excellent geological and infrastructure support

• Darwin – North Australia’s development hub

• Rapidly developing region

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Corporate aim to be a leader in indigenous involvement

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• Demonstrated commitment to working with employing Traditional Owners

• Long-standing relationships developed from decades of successful exploration on indigenous land

• Positive support for Mount Peake

• Clearance obtained for mine and infrastructure

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ANOTHER PIC
HERE?
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Extensive ground work completed over past 12 months

1. Project Finance : - Expect consortium mix for project based equity finance

• Cornerstone investor / partner – eg: Hyundai Steel, MoU in place, potential funding may include Korean Exim Bank

• Major partner / offtake partner finance arrangements : eg: SMS Seimag ; Refinery –finance via German Export Credit bank

• Equity / Debt finance : Discussions in place with major funds in New York, Hong Kong and London

• TNG embarking on extensive overseas visit commencing next week.

• Federal Government : $5 billion development fund for Northern Australia

2. Submission of Environmental Impact Statement

3. Mining agreement and Mining Permit approvals

4. EPCM and Contractor award

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Building a premier Australian mining group

• Developing the next major resource project in the Northern Territory

• Large Resource

• Key Infrastructure in place

• Exceptional project economics

• 3-product stream

• Production planned for 2018

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• Tier 1 development partners

• Mineral-asset rich project portfolio

• Quality projects

• Experienced management

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ASX: TNG www.tngltd.com.au

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