TIVAN LIMITED — Investor Presentation 2018

May 28, 2018

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Mount Peake Project:
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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 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.

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 20 November 2017 , (see ASX Announcement – 20 November 2017, “Updated Feasibility Study Results”, 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 20 November 2017 continue to apply and have not materially changed.

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TNG Limited: Corporate Overview

Key Corporate and Financial Data
ASX code:	TNG
Market capitalisation (at 16c):	$133M
Shares on issue:	831.5M
Cash:	$8M
Auditors: KPMG

Major Shareholders	Major Shareholders
WWB Investments P/L	9.94%
Aosu Investment & Development Co	6.99%
Ao-Zhong International Mineral Resources	2.62%
SMS Investments SA	1.74%
(Directors and their related companies hold approximately 4% of issued capital)

12-month share price – as at 23 May 2018

Board of Directors

Paul Burton	Managing Director
Stuart Crow	Non-executive Director
Rex Turkington	Non-executive Director
John Davidson	Non-executive Director

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Mount Peake: Project cleared; awaiting permitting

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TNG: Mount Peake JORC Resource and Reserve

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

Category	Tonnes (Mt)	Cut-off	V2O5	TiO2	Fe
Probable	41.1		0.42%	7.99%	28.0%

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Refer ASX announcements 31 July 2015.

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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 a variety of imports and exports

• 24hr pilot service and port management

• Landbridge Group (Chinese-owned company operators) have committed >$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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win 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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Mount Peake Mine: Tivan Processing and Final Product Flow Sheet

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Mount Peake Updated DFS: Key Metrics 2017

Project life	19 years +
Mining rate	3 Mtpa (Stage 1)_expanding to 6 Mtpa (Stage 2)_after 4 years
Pre-production capital estimate_(including all infrastructure)_	A$853 million(Stage 2 expected to be covered from revenue)
Total operating costs_(including mining, processing, transport & royalties)_	A$185per tonne of ore
Total revenue (life-of-mine)	A$29.2 billion
Operating cash flow (life-of-mine)	A$13.5 billion
Net cash flow (life-of-mine)	A$11.7 billion
Payback period	3 years
Net annual operating cash flow	A$738 million
IRR pre-tax	44%
NPV (at 8% discounted)	A$4.7 billion

Refer ASX announcement 20 November 2017

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Development Partner : German based SMS group

► SMS group

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• Leading global supplier of metallurgical plants

• US$5 billion per annum turnover

• 13,000 employees

• 150 years old

• Family-owned

• One of Germany’s leading users of ECA finance

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SMS value chain
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technical services
plant and equipment supply
plant engineering financial engineering
process development project development
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Mount Peake’s Key Products: Vanadium and Titanium Dioxide

Future demand drivers for strategic metals

► Global requirement for higher quality steel – Recent regulations, mainly in China, are significantly pushing consumption and restricting supply leading to a structural deficit ► Vanadium Redox Flow Batteries (VRB) are gaining momentum with strong growth and worldwide commercial deployment

► TiO 2 pigment consumption is growing closely linked with global urbanization. Demand for quality pigment is expected to double by 2025. ► Advances in titanium metal production and 3D printing are expected to drive considerable demand for TiO 2

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Vanadium Redox Flow Batteries : The Future of 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

• TNG has successfully produced high purity, commercial-grade, Vanadium Electrolyte from Mount Peake’s V2O5 and is ideally placed to supply global VRB manufacturers

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

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Vanadium Pentoxide

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Vanadium Pentoxide (V2O5): +400% price increase over the past 2 years
TNG’s cost of production: Approx. US$2.50/lb (shaded line below) will be in the lowest 15% globally
US$2.50/lb V2O5 US$/lb
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Source: Metal Bulletin

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TIVAN’S Estimated cost of production : Titanium Dioxide

Titanium dioxide pigment (TiO2) : +22% price increase over the past 2 years

• TNG’s cost of production: Approx. US$1,380/tonne (shaded line below) will be in the lowest 15% globally

US$1,380/t TiO2 pigment US$/t

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Source: Artikol

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Iron

Pig Iron: +60% price increase over the past 2 years

TNG’s cost of production: Approx. US$137/t (shaded line below)

US$137/mt Pig Iron US$/mt

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Source: Metal Bulletin
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Mount Peake: Binding off-take Agreements in place

Life of Mine Off-take Agreements

Vanadium Products - Korea

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

• Titanium Products – Hong Kong

• MoU with global TiO2 trader Wogen for LOM sales and marketing of titanium products. TNG continues to discuss opportunities with pigment producers and end users of pigment products

Iron Products - Singapore

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

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TNG: The year ahead - 2018

Next Steps

• Permitting

• Binding TiO2 offtake agreement

• Mine site equipment tender process

• Appointment of EPC

• TNG Board FID

• Commencement of development

• Community engagement and local procurement strategy

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Thank You

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