TIVAN LIMITED — Investor Presentation 2015

May 25, 2015

The Next Major Development in the Northern Territory, Australia

ASX Spotlight Conference May 2015

Paul Burton Managing Director

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.

TNG Projects, Northern Territory, Australia

Major Shareholders	Major Shareholders
WWB Investments P/L	9.87%
Ao-Zhong International Mineral Resources	9.5%
Aosu Investment & Development Co	8.6%
(Directors along with their related companies hold approximately 14% of issued capital)

Board of Directors	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

Key Corporate and Financial Data	Key Corporate and Financial Data
ASX code:	TNG
Market capitalization(at 19c):	$120 M
*Shares on issue:	655M
*Cash: Auditors: KPMG Lawyers: Clifford Chance	$6.2M

*Post capital raise 25 May 2015

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Mount Peake : A low risk high value strategic metals project

• Northern Territory – excellent jurisdiction for resource projects

• After INPEX : Mount Peake the next likely major NT project

• Awarded Major Project status by NT Government

• Close to existing infrastructure – Road, Rail Gas

• Smart Mining : Extract maximum value by producing 3 product streams –V205, Ti02, Fe203

• Pre-Feasibility : 20 year Mine Life; IRR 38% NPV A$13.6B

• Government and Traditional Owners support development

• Water source located; No environmental impediments

• Feasibility Study underway - due for completion in June 2015

• Development decision – July 2015

Mount Peake

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Host Rock – Vanadiferous Titanomagnetite

• Highly amenable to magnetic separation at low intensities

• Ore competency amenable to chemical process

• Capable of producing three product streams through TIVAN hydrometallurgical process

• SMART MINING the key to the future

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Mount Peake Magnetic Concentrate
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Vanadium - increasing demand for structural steel and high tech devices

• Growth forecast to be 4% to 7% pa until 2021.

• Chinese vanadium consumption forecast to increase to 45% of world demand by 2016.

• Mount Peake’s high purity flake expect a premium price

• Electrical storage cell production and high specification alloys.

• Current Price of V2O5 approx. expected to double by 2017

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Vanadium – The future concept for Energy Storage

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Titanium dioxide – increasing demand from China

• Market is currently focussed on China (around 50% of the world market)

• Chinese demand growing at 8% pa,

• White goods, most daily commodities

• Other applications (not currently in the market) include solar energy and water purification.

• Mount Peake to produce good quality TiO2

• Potential to enhance this i ment- ualit TiO owder. p g q y 2 p

High purity iron oxides = high-value markets

• Mount Peake product 99.9% pure

• Product should draw a premium price

• Target market - pigment, high spec steel, coatings,

• Globally, expect average market growth of 3.5% to 4% over the next 5 years.

TIVAN PROCESS

• Bulk magnetic separation > 90% vanadium recovery

• Lower CAPEX

• Bulk TiVAN leaching for 3 product seperation

• Leach and SX Process well understood

• Potential to further refine Ti02 to pigment grade will significantly value add

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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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Proven mining strategies and innovative processing design

ROM	2.5 Mtpa, increasingto 5 Mtpa by year 5
Process route	TIVANTMhydrometallurgicalprocess
Waste mined	72 Mt
Oreproduction	76 Mt
Average head grade	0.39% V2O5, 27.09% Fe, 7.02% TiO2
Average recoveries	>90% V2O5, 80% Fe, 67% TiO2
Total metal production	245 kt V2O5, 20,246 kt Fe, 6,495 kt TiO2
Mine life	17.2years
Stripratio	0.95

Supporting data in Appendix. Refer ASX announcements 12/7/2012, 6/2/2013, 9/9/2013 and 19/9/13.

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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%
•		CAPEX :	$ 560M AUD
•		Production to commence	2017
	•	2012 Exchange rate:USD$1:AUD$1
•		Annual Production (at 5Mt / annum )
		11,000T V205
		290,000T TiO2
		900,000T Fe203.

Total Metal Production Tonnes V2O5 236,000 TiO2 5,822,000 Fe2O3 17,400,000 Metal Purity V2O5 99% TiO2 55% Fe2O3 99.9%	Total Metal Production Tonnes V2O5 236,000 TiO2 5,822,000 Fe2O3 17,400,000 Metal Purity V2O5 99% TiO2 55% Fe2O3 99.9%
Total Metal Production	Tonnes
V2O5	236,000
TiO2	5,822,000
Fe2O3	17,400,000

• Definitive Feasibility Study in progress

Supporting data in Appendix. Refer ASX announcements 12/7/2012, 6/2/2013, 9/9/2013 and 19/9/13.

Development Agreements

• HYUNDAI STEEL - Investment potential post FS

• POSCO E&C – EPMC

• SMS SEIMAG

Offtake Agreements

• WOOJIN METALS (Korea) – V205

• Gunvor (Singapore) – Fe203

• Global Pacific Partners – TiO2

Mine Development

• Snowden Mining Consultants – Mine Design

• McMahon Services – Mine and Infrastructure design and construction

2016/17

• NT Government - Actively pro-Resource Development

• Major Project status awarded to Mount Peake

• 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

• Demonstrated commitment to working with and employment of Traditional Owners

• Long standing relationships developed from decades of successful exploration on Indigenous Land

• • Positive support for Mount Peake

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• New Company “Todd River Resources” for potential IPO

• • Shareholder Approval received

• In specie distribution to TNG shareholders

• • largest base metals footprint in Northern Territory

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Investment Summary

• Developing the next Major Project in NT

• Vanadium and Titanium products poised for growth

• Exceptional project economics

• Production targeted for 2017

• Tier 1 development partners

• Huge upside to resource potential

• Mineral-asset rich project portfolio

• Quality base metal projects to add shareholder value with demerger

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ASX: TNG

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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.(refer ASX announcement 24/9/2013)

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.