TIVAN LIMITED — Investor Presentation 2016

Aug 1, 2016

==> picture [253 x 41] intentionally omitted <==

----- Start of picture text -----

ASX: TNG
----- End of picture text -----

Mount Peake Vanadium Project:

• A world-class strategic metals project

• A$4.9 billion NPV, 41% IRR (2015 DFS)

==> picture [539 x 279] intentionally omitted <==

• Binding off-take agreements in place

• Financing discussions underway

Developing Mount Peake: The right partners, the right metals, the right time Diggers & Dealers, August 2016 – Paul Burton, Managing Director

==> picture [87 x 75] intentionally omitted <==

1

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 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 WorldClass 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 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.

2

TNG Limited Corporate Structure

==> picture [194 x 102] intentionally omitted <==

TNG Limited

TIVAN Todd River Tennant Creek Enigma TNG Gold Technology Pty Resources Limited Gold Pty Ltd Mining Limited Pty Ltd Ltd Todd River TNG Energy Metals Pty Ltd Pty Ltd

3

TNG: Corporate Overview

Key Corporate and Financial Data
ASX code:	TNG
Market capitalisation (at 15c):	$107M
Shares on issue:	714M
Cash (at 30 June 2016):	$7.1M
Auditors: KPMG
Lawyers: Clifford Chance

Board of Directors
Paul Burton	Managing Director
Stuart Crow	Non-executive Director
Rex Turkington	Non-executive Director

Major Shareholders
WWB Investments P/L	11.11%
Aosu Investment & Development Co	7.88%
Ao-Zhong International Mineral Resources	5.73%
SMS Investments SA	1.86%
(Directors and their related companies hold approximately 4% of issued capital)
12-month share price– as at 26 July 2016

4

TNG: A Global Network for Funding, Development and Off-take

==> picture [885 x 388] intentionally omitted <==

----- Start of picture text -----

Binding agreement for refinery construction – SMS Group (Germany)
MOU Potential Partner – Hyundai Steel (Korea) MOU EPMC – POSCO E&C (Korea)
Binding vanadium off-take agreement with WOOJIN (Korea)
Paul Vollant, TNG’s General Manager, Business Development (Shanghai)
Binding term sheet for iron off-take with Gunvor (Singapore)
MOUNT PEAKE
Project
TNG HEAD OFFICE
PERTH
MOU for titanium off-take with Global Pacific Partners (Australia)
----- End of picture text -----

5

Mount Peake: Located in Australia’s Fast-Growing North

==> picture [269 x 428] intentionally omitted <==

• Located 235km north-west of Alice Springs

• Close to key transport and power infrastructure:

• Alice Springs-Darwin Railway, Stuart Highway, gas pipeline

• One of the largest undeveloped vanadium projects in the world

• Awarded Major Project status by the NT Government

► Highly successful DFS completed in 2015

• World-scale project with 17-year mine life

• Total forecast life-of-mine revenue: A$27.3 billion

► Forecast annual production: 17,560t V2O5, 236,000t TiO2 pigment, 637,000t pig iron

• Robust economics: A$4.9 billion NPV, 41% IRR

• Pre-production capital estimate: A$970 million

• Ready for development: final environmental approvals expected 2H2016

6

Mount Peake: Project Layout

==> picture [764 x 423] intentionally omitted <==

7

Mount Peake: Concept Mine Layout

==> picture [768 x 433] intentionally omitted <==

8

Mount Peake: Definitive Feasibility Study – July 2015

Key Consultants

Feasibility Study Leaders:

Snowden Mining Group

Advisors: Feasibility; metallurgical; plant design: Metallurgical testwork and flowsheet design:

SMS Group

CSIRO (Perth), METS, ALS Ammtec, SMS

Environmental, hydrology, Environmental Impact Statement: GHD Engineering, mine plant design: Como Engineers

Mine and Infrastructure: Snowden, McMahon Services

==> picture [230 x 64] intentionally omitted <==

==> picture [151 x 81] intentionally omitted <==

==> picture [68 x 67] intentionally omitted <==

==> picture [196 x 67] intentionally omitted <==

==> picture [161 x 52] intentionally omitted <==

==> picture [68 x 68] intentionally omitted <==

==> picture [707 x 34] intentionally omitted <==

9

Mount Peake Feasibility Study: Key Metrics

Project life 17 years Mining rate 3Mtpa (Stage 1) expanding to 6Mtpa (Stage 2) after 4 years Pre-production capital estimate (including all infrastructure)(including all infrastructure) A$970 million (Stage 2 expected to be covered from revenue)

Pre-production capital estimate (including all infrastructure)(including all infrastructure)

Total operating costs (including mining, processing, transport & royalties)(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

Total operating costs (including mining, processing, transport & royalties)(including mining, processing, transport & royalties)

Refer ASX announcement 31 July 2015.

10

Definitive Feasibility Study: CAPEX Breakdown

CAPEX – Stage 1 – Total $970M AUD

11

Definitive Feasibility Study: Revenue per Commodity

DFS pre-tax Annual Revenue $780M AUD

12

Project Finance: Finance Model Scenario and Conceptual Breakdown

• Project assumed 70:30 debt / equity

• Debt

• German ECA’s/SMS Group – $450M

• Caterpillar Finance – $40M

• NAIF – $50M

• Syndicated Debt (BNP, Soc. Gen)

• Equity

• Institutional Placement / (CEF Holdings HK) – $110M

• Downer Group – $50M

==> picture [446 x 364] intentionally omitted <==

13

Mount Peake: Binding Off-take Agreements

• Vanadium Products:

• Binding Life-of-Mine (LOM) Off-take Agreement and Technology Transfer agreement with WOOJIN Metals

Binding LOM Off-take Agreements

• WOOJIN’s proprietary technology currently has the world’s highest vanadium recovery rate and is expected to significantly enhance the Mount Peake Project’s profitability

• Iron Products:

• Binding Term Sheet for LOM Off-take Agreement with major global commodity trader Gunvor (Singapore) for iron products

==> picture [225 x 233] intentionally omitted <==

14

Mount Peake: Project Development Agreements

• European-based global engineering giant

Project development agreements

• Binding agreement for engineering, design and construction of the TIVAN™ refinery in Darwin

• MOU for joint commercial exploitation of TIVAN™ technology

• Assisting TNG to obtain funding for refinery construction through Export Credit Agencies or other structured finance

• SMS is one of the most significant writers of new business for Germany’s Export Credit Agencies, which provide finance on competitive terms to new projects or industries which could benefit German industry

• Global engineering and services provider

• Pre-Mine development, operations and investment agreement for total project delivery

• Downer is a leading service provider in markets including mining, minerals and metals processing, transport services, technology and communication services, utilities services, engineering, construction and maintenance (EC&M) and rail, employing around 20,000 people worldwide

==> picture [171 x 48] intentionally omitted <==

==> picture [181 x 70] intentionally omitted <==

15

TIVAN’S Products: Vanadium Pentoxide

Vanadium Pentoxide (V2O5)

World demand: 140,000tpa TNG’s Phase 1 production: 17,560tpa (12.5% of world demand) Main usage: Steel, non-ferrous alloys, chemicals, catalysts and energy storage (VRB) TNG’s cost of production: Approx US$2.50/lb (shaded line below)

20 18 16 14 12

US$2.50/lb V2O5 US$/lb

10

8 6 4 2 0

==> picture [272 x 436] intentionally omitted <==

16

Vanadium Pentoxide: Market Overview

Vanadium production, consumption and price

Specific Vanadium Consumption Rates 2015

==> picture [476 x 303] intentionally omitted <==

“Roskill expects demand to increase to about 131,000tpa of vanadium by 2025, a CAGR of 3.1% from 2014.”

Source: TTP Squared, Inc and Roskill

17

Vanadium Redox Flow Batteries : The future concept for energy storage

Market Forecast – Development of Power on the Energy Storage Market

• Industry CAGR 2015-2020: 30.8%

• Stronger growth in utility scale from 2018 onwards

• US$6 billion market opportunity in 2020

==> picture [268 x 228] intentionally omitted <==

==> picture [329 x 224] intentionally omitted <==

==> picture [210 x 407] intentionally omitted <==

Sources: Gildemeister, Pike Research, Navigant Research, Lux Research, Roland Berger, IHS, SNL Power

18

TIVAN’S Products: Titanium Dioxide

Titanium dioxide pigment (TiO2)

• World demand: 6,600,000tpa

• TNG’s Phase 1 production: 236,000tpa (3.5% of world demand)

• Main usage: Paint, plastics, paper and inks

• TNG’s cost of production: Approx US$1,380/tonne (shaded line below)

==> picture [650 x 204] intentionally omitted <==

==> picture [172 x 178] intentionally omitted <==

==> picture [172 x 133] intentionally omitted <==

==> picture [172 x 114] intentionally omitted <==

19

Titanium Dioxide: Market Overview

Demand Closely Correlated to Global GDP Growth

==> picture [423 x 394] intentionally omitted <==

2010 TiO2 Per Capita

==> picture [453 x 196] intentionally omitted <==

----- Start of picture text -----

Titanium Pigment Consumption by End-use Sector
----- End of picture text -----

Source: TiPMC Solutions

20

TIVAN’S Products: Pig Iron

Pig Iron

World demand: 1.2 billion tpa TNG’s Phase 1 production: 637,000tpa (0.05% of world demand) Main usage: Steel making TNG’s cost of production: Approx US$137/t (shaded line below)

==> picture [642 x 256] intentionally omitted <==

----- Start of picture text -----

1,200
US$137/t Pig Iron US$/t
1,000
800
600
400
200
0
Jul'06 Oct'06 Jan'07 Apr'07 Jul'07 Oct'07 Jan'08 Apr'08 Jul'08 Oct'08 Jan'09 Apr'09 Jul'09 Oct'09 Jan'10 Apr'10 Jul'10 Oct'10 Jan'11 Apr'11 Jul'11 Oct'11 Jan'12 Apr'12 Jul'12 Oct'12 Jan'13 Apr'13 Jul'13 Oct'13 Jan'14 Apr'14 Jul'14 Oct'14 Jan'15 Apr'15 Jul'15 Oct'15 Jan'16 Apr'16
----- End of picture text -----

==> picture [213 x 410] intentionally omitted <==

21

TNG and the Northern Territory

- NT Government is 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

TNG’s Corporate aim is to be a leader in indigenous involvement in NT

• 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 project development

• Clearance obtained for mine and infrastructure

==> picture [318 x 208] intentionally omitted <==

==> picture [318 x 230] intentionally omitted <==

22

Mount Peake: Development Pathway

TIVAN pilot study completion Discovery of LOM water aquifer 2015 Definitive Feasibility Study completion Vanadium off-take agreement – Woojin Metal co. ltd EIS completion Project Delivery Agreement – Downer Mining Agreement – Traditional Owners 2016 Iron offtake agreement – Gunvor (Singapore Development Agreement – SMS Group Mining Licence Approval – NT Government FID Financing completion 2017 Development + Construction 2018 Production 2019 2020

23

TNG Corporate: Non-Core Projects Demerger Proposal

==> picture [382 x 29] intentionally omitted <==

----- Start of picture text -----

TNG pre-demerger
----- End of picture text -----

==> picture [386 x 402] intentionally omitted <==

TNG post-demerger

100% Mount Peake, TIVAN®

==> picture [377 x 388] intentionally omitted <==

24

TNG Corporate: Post-Demerger of Non-Core Projects

► Todd River Resources Limited

• Largest base metal coverage in NT

• Advanced to grassroots projects:

• Timetable to be advised

► Manbarrum

• 45Mt of combined Zn-Pb-Ag in 2 JORC resources

• Mount Hardy

• 2 large intersections of Cu (5%) and Au (7g/t)

• McArthur

• 9km Cu-Zn zone; Surface grades up to 20% Cu

• Walabanba

Sn / W / Au

==> picture [415 x 440] intentionally omitted <==

25

TNG / SMS group: Frequently Asked Questions

==> picture [759 x 105] intentionally omitted <==

26

TNG / SMS group: Frequently Asked Questions

==> picture [235 x 33] intentionally omitted <==

Disclaimer. The following slides, bearing the SMS group logo, have been provided by SMS group. SMS group is a minority shareholder in TNG. SMS does not control or represent TNG and/or its management. Any information provided by SMS group and/or its representative(s) in this presentation represents the sole present opinion of SMS group which is not necessarily in line with TNG’s own assessments and communications.

This presentation utilizes information which has not been independently verified (including opinion, anecdote and speculation) and which has been sourced from one or more third parties. Further, this presentation contains statements, estimates, forecasts and projections that: may be affected by inaccurate assumptions, expectations and estimates and by known or unknown risks and uncertainties; are predictive in character and inherently speculative; and may or may not be achieved or prove to be correct.

SMS group makes no representations nor provides any warranty (express or implied), except to the extent required by law, in relation to the content of this presentation or the accuracy of the information on which it is based. SMS group has no obligation to update this presentation and has no responsibility to advise of any changes to its views expressed in this presentation or any new information bearing upon it.

27

FAQ: Who is SMS Group?

==> picture [201 x 414] intentionally omitted <==

----- Start of picture text -----

leading, global supplier of
1
metallurgical plants
12 turn over: 5B AUD p.a.
13 13.000 employees
14 150 years old
15 family owned
one of Germany’s leading
16
users of ECA -finance
----- End of picture text -----

==> picture [235 x 33] intentionally omitted <==

==> picture [487 x 241] intentionally omitted <==

----- Start of picture text -----

technical services
plant and equipment supply
plant engineering financial engineering
process development project development
SMS value chain
----- End of picture text -----

28

FAQ: What is TIVAN all about?

==> picture [235 x 33] intentionally omitted <==

1

processing polymetallic ores

• use of abundant and low cost raw material : titanomagnetite

• extraction of three target metals : Fe, V and Ti

12

utilization of well proven technology

• TIVAN is based on an innovative reconfiguration of proven components

• individual process steps have been successfully demonstrated at industrial scale

13 small environmental footprint

• hydrometallurgical process

• no smelters involved

14

highly economic process

• multiple revenue streams from products, which sequentially drop out of one common processing train

• low operating cost

29

FAQ: Why Titanomagnetite?

==> picture [235 x 33] intentionally omitted <==

1	abundant	many known, accessible and easy to mine deposits
1 2	Ilmenite shortage	high grade Ilmenites, suitable forsynthetic rutileproduction are
		gettingscarce
1 3	Growing Vanadium	urbanization in fast growing emerging markets calls for the construction ofhigh risers, requiring large quantities ofV-
	demand	reinforced rebar
1 4	Potential for additional products	The hydrometallurgical processing of Titanomagnetite also allows the extraction of other valuable fractions

30

==> picture [880 x 470] intentionally omitted <==

----- Start of picture text -----

FAQ: What about beneficiation efficiency?
Material
Ore Tailings Concentrate
Mt. Peake material 95% of non-payables 72% payable metal
amendable to effective
mechanical beneficiation can be removed recovery
V2O5
TiO2 3.8kg
70kg Other TiO2 V2O5
48kg 3.56kg
Al2O3
Fe3O4
320kg
1000kg 700kg 300kg
92% payable metals
44% payable metals
Fe3O4
221kg
SiO2
TiO2 (Pigment) 249 USD -78 USD 171 USD
Pig Iron 61 USD -17 USD 44 USD
V2O5 51 USD -4 USD 47 USD
Value per ton ROM 361 USD/t -99 USD/t 262 USD/t
----- End of picture text -----

Assumption: Pig Iron: 400 USD/d, TiO2 Pigment: 3.570 USD/t, V2O5: 13.500 USD/t

31

FAQ: How does TIVAN work? (Mt Peake phase 1 case)

==> picture [924 x 444] intentionally omitted <==

----- Start of picture text -----

3 Mtpa
Titanomagnetite TIVAN TIVAN
Ore Process Tailings
0.9 Mtpa
150 ktpa
11 ktpa
Beneficiation
Plant
Synthetic TiO2
500 ktpa Rutile Pigment Plant Pigment
V2O5 FeV
Mine
Ferrovanadium Plant
Tailings
Fe2O3 Pig Iron
Iron Making Plant
or HBI
Feedstock Products Refined Products
Mine Site
Processing Plant Site
----- End of picture text -----

32

FAQ: How are SMS and TNG collaborating?

==> picture [235 x 33] intentionally omitted <==

==> picture [700 x 282] intentionally omitted <==

----- Start of picture text -----

1 IP sharing / Licensing SMS IP TNG IP
joint TIVAN IP
Mt. Peake
12 Process Plant
Engineering/Supply
Mt. Peake
13 Project Optimization ECA Application
Financial Engineering
----- End of picture text -----

33

TNG: Investment Summary

• Developing a Tier-1 strategic metals project

• Outstanding location and infrastructure

• Robust Feasibility Study completed

• Further optimization underway

• Diversified, high-quality range of products

• Strong long-term demand outlook

• Binding off-take agreements in place

• Strong global network of development, off-take partners

• Financing discussions well advanced

• Spin-off of non-core base metal assets underway

THANK YOU! Visit us at Booth #103

==> picture [184 x 172] intentionally omitted <==

==> picture [180 x 165] intentionally omitted <==

==> picture [87 x 75] intentionally omitted <==

34