TIVAN LIMITED — Investor Presentation 2017

Oct 4, 2017

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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 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 dated31 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) 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.

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Mount Peake: Project Layout

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TNG: Engagement with Northern Territory Government and the Traditional Owners

• NT Government is pro-resource development

• Major Project Status awarded to Mount Peake in 2012

• Project Facilitation Agreement in 2016

• Excellent support geological and infrastructure support

• Clearance from the Traditional Owners Group for the Mount Peak mining operation (Sacred Site Clearance Certificate 2015-169)

• Field, water aquifer and ecological work completed by TNG with the assistance of several local Aboriginal Rangers sourced from Ti-Tree township through the Central Land Council

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Darwin Port: Australia’s Strategic Gateway to Asia

• Northern Australia’s only major multimodal port

• 750m of quay line designed to handle variety of imports and exports

• 24hr pilot service and port management

• Landbridge Group (Chinese-owned company operators) have committed >US$200m for infrastructure development over 25 years

• To support minerals export stakeholders the Port is considering the following over 10yrs:

• A cross land conveyor system

• Dedicated enclosed storage sheds

• Additional bulk loading systems

• Additional rail dump facilities

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Mount Peake: Mining and Processing

Proven mining strategies and innovative processing

Proven mining strategies and innovative processing	Proven mining strategies and innovative processing
ROM	3Mtpa, increasing to 6Mtpa by year 5 (stage 2)
Process route	TIVAN®hydrometallurgical process
Waste mined	72Mt
Ore production	76Mt
Average head grade	0.38% V2O5, 27.1% Fe, 7.04% TiO2
Average recoveries	>90% V2O5, 80% Fe, 75% TiO2
Annual metal production (Ave LOM)	17.5kt V2O5, 236kt pigment Ti, 637kt Pig Iron
Total mining inventory	78Mt @ 0.38% V2O5, 7.04% TiO2and 27.1% Fe
Project life	17+ years (TNG process is amenable to other similar deposits in Australia)
Strip ratio	0.9
Mine type	Open pit
Water	Discovery of LOM Water aquifer
Extraction techniques	Conventional drill, blast, load and haul
Transport	Ore and waste hauled by truck up a one-in-ten gradient haul road. Concentrate hauled 80km by truck to rail siding for rail freight to Darwin

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Mine Plan View

Refer ASX announcements 31 July 2015.

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Mount Peake: Project Development Agreements

► European-based global engineering group

Project

Development Agreements

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

ü MOU for joint commercial exploitation of TIVAN™ technology

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

► Global engineering and services provider

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

ü 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

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Mount Peake: Planned Mining

• Total mining inventory of 78Mt @ 0.38%

• V2O5, 7.04% TiO2 and 27.1% Fe

• Strip Ratio: 0.9

• Open pit with conventional drill and blast and load and haul with excavators and large mining equipment

• Ore and waste hauled by truck up a one-inten gradient haul road

• Concentrate hauled 80km by truck to rail siding for freight to Darwin

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Refer ASX announcements 31 July 2015.

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Mount Peake: Key Metrics - Feasibility Study

Project life	17+ years (TNG process is amenable to other similar deposits in Australia)
Mining rate	3Mtpa (Stage 1)_expanding to 6Mtpa (Stage 2)_after 5 years
Pre-production capital estimate_(including all infrastructure)_	AU$970 million_(Stage 2 expected to be covered from debt re-finance)_
Total operating costs_(including mining, processing, transport & royalties)_	AU$167 per tonne
Total revenue (life-of-mine)	AU$27.3 billion
Operating cash flow (life-of-mine)	AU$13.6 billion
Net cash flow (life-of-mine)	AU$11.6 billion
Payback period	4 years
Net annual operating cash flow	AU$780M
IRR pre-tax	41%
NPV (at 8% discounted)	AU$4.9 billion

Refer ASX announcement 31 July 2015. AU$1 = US$0.8005 (Financial Times, 2017/9/15)

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Mount Peake: Concept Mine Layout Plan

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TIVAN™ Processing Plant: Land Allocation for TIVAN™ from NT Government

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Legend
Railway line
Amadeus Gas Pipeline
Darwin Process Plant Site
Darwin City Centre
East Arm Port Facilities
Darwin LNG INPEX Ichthys
Refinery Site LNG Refinery Site
Darwin Process
Channel Island Plant Site
Power Station See inset
Power Station
Gas Terminus
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TIVAN™ Processing Plant: Concept and Footprint by SMS

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TIVAN™ Process: Optimized Flowsheet

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Titano-magnetite Ores: Key Strategic Advantages

• Conventional processes by pyro-metallurgical method with high energy and single product output : inefficiency

• TIVAN[TM] hydrometallurgical process allows

• maximum recovery of full value from magnetite ore

• Magnetic concentrate passes through a wet chemical refinery

• Bulk leaching separation for 3 products

• Leaching and SX process well understood, good recoveries, high-purity products:

• V2O5 Vanadium Pentoxide

• TiO2 Titanium Dioxide Concentrate

• Fe2O3 Iron Oxide

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• Process developed in Australia tested at CSIRO

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Titano-magnetite Ores: Key Strategic Advantages

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• Abundant: many known, accessible and easy-tomine deposits

• Ilmenite Shortage: high-grade ilmenites, suitable for synthetic rutile production are becoming scarce

• Growing Vanadium Demand: urbanisation in fast-growing emerging markets calls for the construction of high rises, requiring large quantities of vanadium-reinforced rebar

• Potential For Additional Products: the

hydrometallurgical processing of titano-magnetite also allows for the extraction of other valuable fractions, such as scandium, high-purity silicon and MgO

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TIVAN™ Process: Products – Polymetallic Mix from Single Resource

Titanium Dioxide Pigment (TiO2)

• ü World demand: 6,500,000tpa

• ü TNG’s Phase 2 production: 240,000tpa (3.7% of world demand)

• ü Main usage: Coatings, Plastics, Paper and Inks

Vanadium Pentoxide (V2O5)

ü World demand: 140,000tpa

• ü TNG’s Phase 2 production: 17,500tpa (12.5% of world demand)

• ü Main usage: Steel, non-ferrous alloys, chemicals, catalysts and energy storage (VRB)

• ü Life of a vanadium flow battery is up to 20yrs versus 5 to 8yr for a commercial lithium-ion battery

Pig Iron

• ü World demand: 1.2 billion tpa

• ü TNG’s Phase 2 production: 640,000tpa (0.05% of world demand)

• ü Main usage: Steel making

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TIVAN™ Process: Binding Off-take Agreements

• Vanadium Products:

Binding LOM Off-take

Agreements

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

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

• Iron Products:

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

• Titanium Products:

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• ü Off-take under discussions

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TIVAN™ Process: Key Takeaways

Processing polymetallic ores

• Use of abundant and low-cost raw material : titanomagnetite

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

Uses well-proven technology

• Based on an innovative reconfiguration of proven components

• Individual process steps successfully demonstrated at industrial scale

Small environmental footprint

• Hydrometallurgical process

• No smelters involved

Highly economic process

• Multiple revenue streams from products with one common processing train

• TNG an integrated producer with a Low operating cost

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