BUILDING A GLOBAL STRATEGIC METALS COMPANY

PAUL BURTON – MANAGING DIRECTOR & CEO

“Very advanced project … to produce high purity Vanadium Pentoxide, high quality

Titanium Pigment, high grade Iron Oxide pellet…”

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 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.

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.

MOUNT PEAKE TITANO-MAGNETITE PROJECT A WORLD CLASS DEPOSIT

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SIMPLE CONCEPT : One Mine THREE HIGH VALUE, HIGH PURITY PRODUCTS

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(V2O5)
(TiO2) (Fe2O3)
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VERTICAL INTEGRATION

FROM PRODUCTION TO MARKET

▼We own our own feedstock
▼Processing plant in low risk location
▼Game changing TIVAN® technology enabling breakthrough in highpurity product development
▼Partnerships with Tier 1 development partners
▼Uniquely positioned to capitalise on global vanadium demand
▼Off-take agreements in place
▼Alternative opportunity to grow VRFB market
▼Strong management and technical team

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LOCATED IN EXCELLENT JURISDICTION AND NEAR ALL KEY INFRASTRUCTURE

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7
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FINANCIALLY ROBUST

Operational Metrics	Operational Metrics
Mine life	19 years
Stage 1 feed (Y1 to Y4)	3mtpa
Stage 2 feed (Y5 to Y17)	6mtpa
Scheduled mined material (LoM)	81mt
Operating cost per tonne processed	A$185
Magnetite concentrate produced (LoM)	24.3mt
V2O5produced (LoM)	0.24mt
Titanium pigment produced (LoM)	3.5mt
Fe2O3produced (LoM)	10.6mt

Financial Metrics	Financial Metrics
Pre-tax NPV8%	A$4.7 b
IRR pre-tax	44%
Payback period	3 years
Net annual operating cash flow	A$738 million
Stage 1 pre-production capital	A$853 million
Stage 2 capital (funded from cashflow)	A$969 million
Revenue (LoM)	A$29.2 billion
Operating cash flow (LoM)	A$13.5 billion
Net cash flow (LoM)	A$11.7 billion
Pre-tax NPV10%	A$3.8 billion
Pre-tax NPV12%	A$3.1 billion

(see ASX Announcement - 20 November 2017, “Updated Feasibility Study Results”)

CORPORATE STRUCTURE

TNG Limited

An Australian resources company progressing towards development of our 100% owned world class Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, Australia.

BOARD OF DIRECTORS	BOARD OF DIRECTORS
John Elkington	Non-Executive Chairman Experienced Chairman; Mining Professional, development experience
Paul Burton	Managing Director and CEO Exploration and Mining Executive; Project Developer, Geologist
John Davidson	Non-Executive Director Resources, Energy & Tech Executive
Greg Durack	Non-Executive Director Mining Executive; Project Development, Delivery & Operations

TOP SHAREHOLDERS
VIMSON GROUP– Indian iron ore mining conglomerate	10.34%
WWB INVESTMENTS P/L– Private investor	7.47%
SPARTA AG– German Investment Fund	6.07%
AOSU INVESTMENT & DEVELOPMENT CO– Chinese Private Company	5.25%
DELPHI UNTERNEHMENSBERATUNG AG\C– German Investment Fund	3.97%
SMS INVESTMENTS SA– Mount Peake development partner	1.31%

CORPORATE DATA
ASX code	TNG
Cash	$20.0 million
Shares on issue	1.1 billion
Market capitalisation (at 11c)	$117.8 million

TNG Limited

GROWING LIST OF STRATEGIC SHAREHOLDERS

▼ VIMSON Group:

Over 70-year old Indian Mining Conglomerate, family owned, based in Goa, India Integrated business supply chain; exploration, mining, processing, shipping Significant experience in the Iron Ore business with major clients in Japan and China

▼ Deutsche Balaton

German investment company listed at the German Stock Exchange for more than 20 years 250 million EUR of equity (IFRS) and around 500 million EUR of total assets under management Delphi is the major shareholder of Deutsche Balaton and Sparta AG is a subsidiary of Deutsche Balaton

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▼ AOSU:

Subsidiary of Chinese private engineering and supply company, Wanlong Group Listed on Shanghai Exchange

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▼ SMS investments:

Part of the German based SMS group: Leading global supplier of metallurgical plants US$5 billion per annum turnover

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A leading user of ECA finance

TNG Limited

OWNERSHIP

▼TNG owns all Mining, Exploration and ancillary licences 100%

▼TNG owns TIVAN Process and Patents 100%

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TNG Limited
Enigma Mining Limited TIVAN Technology Pty Ltd
TNG DARWIN
(100% TNG Limited) (100% TNG Limited)
Mount Peake Mine Site & Concentrator TIVAN Process Processing Plant
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Key Milestones Completed MOUNT PEAKE PATH TO DEVELOPMENT

Evaluation

Approvals

Planning

Technical

Financing

•Proven Mineral Resources and Reserves
•Definitive Feasibility Study completed
•Robust financial metrics from three business model
•Awarded Major Project Status by Northern Territory Government
•Federal Government Environmental approval
•Native Title Mining Agreement executed
•Mining Licences granted
•Experienced development Partner undertaking FEED - SMS group with Como Engineers, Ti-Cons
•Project Management –TNG plus advisors
•Non-Process Infrastructure (NPI )– McMahon
•Fully-optimised TIVAN® flowsheet
•Concentrator Process Flowsheet Finalised
•Leading Global resources BANK – KfW IPEX
•Discussions underway with other debt and equity providers
•Secondary listing potential

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Experienced Global Development Partner SMS GROUP

▼German company
▼Leading global supplier of metallurgical plants

▼US$5 billion per annum turnover

▼13,000 employees
▼A leading user of ECA finance

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MINING, BENEFICIATION AND DOWNSTREAM PROCESSING

Mine Plan

PLANNED CONVENTIONAL OPEN PIT OPERATION

Mining will be undertaken via a conventional open pit operation (drill and blast, and load and haul with excavators and haul trucks)
Mine schedule includes the Probable Reserve (Y1 to Y8), and Measured Resource (34mt) and Indicated Resource (6mt) Y9 to Y17
LoM plant feed material is estimated to be 81mt at an average grade of 0.37% V2O5, 6.87% TiO2 and 26.38% Fe
The strip ratio is 0.9:1 (waste: ore)
The large size of the orebody (circa 2,000m x 350m x 100m) and gradual grade boundaries allows for a low dilution factor to be applied

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Proposed mining layout including open pit, ROM pad, waste dump and ore stockpiles

Refer ASX Announcement dated 20 November 2017

Beneficiation

MAGNETITE CONCENTRATOR

Ore concentration

BENEFICIATION PLANT FLOWCHART

Mine site concentrator to produce a magnetite concentrate
To utilise equipment that is proven in the application and provides flexibility in design to allow for plant expansion
Extensive metallurgical testwork has been completed to optimise the flowsheet and ensure the magnetite concentrate meets the specifications of the downstream refinery

Concentrate Logistics

900kt of concentrate planned to be produced per annum (Y1 to Y4), eventually expanding to 1,800ktpa (Y5 to Y17) under the stage 2 upgrade
The magnetite concentrate to be trucked on a haul road to a purpose built rail siding and loading facility on the Alice Springs-Darwin Railway
The concentrate then to be sent by rail 1,400km north to the project’s proposed Darwin based refinery
A purpose built rail siding and unloading facility to be used to unload and stockpile concentrate at the refinery, ready for further processing

Downstream Processing: Allows TNG to become lowest cost producer TIVAN[®] PROCESS

TNG developed and patented processing technology.

Conventional means of extracting vanadium from titanomagnetite ore is through a salt roasting, energy intensive, pyrometallurgical process
A combination of pyro and hydrometallurgical processes already in use in mining operations, to extract vanadium as V2O5, and commercially recover titanium dioxide and iron oxide.
SMS group to provide a process and product guarantee following the FEED

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Fe2O3
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Production forecasts (in tpa)

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V2O5 TiO2 Fe2O3
Up to 11,000 Up to 150,000 Up to 500,000
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TIVAN[®]

PATENT AND TRADE MARK STATUS

TIVAN® Patent Status	TIVAN® Patent Status	TIVANTM Trade Mark Status
A Method for Extraction and Recovery of Vanadium		Registered in the following regions:
Australia	REGISTERED	Australia
Russian Federation	REGISTERED	Canada
United States of America	REGISTERED	China
Canada	REGISTERED	European Union
China	FILED - IN PROGRESS	Madrid Protocol
European Patent Federation	FILED - IN PROGRESS	Russian Federation
Vietnam	REGISTERED	South Africa
A Method for Preparing a Leach Feed Material		United States of America
Australia	FILED - IN PROGRESS
Titanium Dioxide Pigment Production Method
Australia	IN PREPARATION

Processing off-site FACILITY LOCATION IN DARWIN, NT

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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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TNG PRODUCTS Markets and Commercial Agreements Overview

Mount Peake TIVAN Products

POLYMETALLIC MIX FROM SINGLE RESOURCE

Titanium dioxide pigment (TiO2)	Titanium dioxide pigment (TiO2)
World demand	6,700,000tpa
TNG’s production	Up to 150,000tpa (2.2% of world demand)
Main usage	Paint, plastics, paper and inks

Vanadium Pentoxide (V2O5)	Vanadium Pentoxide (V2O5)
World demand	160,000tpa (equivalent of 90,000tpa V units)
TNG’s production	Up tp 11,000tpa (6.9% of world demand)
Main usage	Steel, superalloys, chemicals, catalysts and energy storage (VRB)

Iron oxide pellets (Fe2O3)	Iron oxide pellets (Fe2O3)
World demand	104 million tpa (seaborne pellet market)
TNG’s production	Up to 500,000tpa (0.5% of world demand)
Main usage	Steelmaking

Titanium Dioxide Pigment

OVERVIEW

Titanium dioxide (TiO2) is the most used white pigment globally;
The most important properties of TiO2 pigment are optical such as opacity, brightness, gloss, weather resistance and durability;
Historically not much vertical integration within the industry – producers are usually either upstream (feedstock) or downstream (pigment);
TiO 2 pigment is non-toxic and environmentally friendly;
Titanium dioxide market was worth around US$20bn in 2018;
About 60% of the titanium dioxide is used in coatings market (paints, coatings, inks and enamels);
During the 2015-2025 period, global demand is forecast to grow at 4.1% CAGR to 8.825m tones in 2025.

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TNGs Advantage: TiO2 Process and Raw Material TNG’S IS A BEST PRACTICE PROCESS

MINERAL SAND OR HARD ROCK

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Ilmenite Concentrate Natural Rutile
(low cost) (high cost)
40-75% TiO2
35-50% TiO2 55-65% TiO2
Benelite/Becher
Sorel Process 85-98% TiO2
Process
TiO2 Base Material Slag Synthetic Rutile
Sulfate Process >85% TiO2 85-96% TiO2
TiO2 Pigment TiOChloride Process2 Base Material TiO2 Pigment
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Titanomagnetite
TIVAN™
(low cost)
Feedstock for New
Sulfate Route
75% TiO2
TiO2 Base Material
New Sulfate Route
TiO2 Pigment
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TNG produces a TiO2 pigment from Titanomagnetite ore and not from Ilmenite or Rutile through an evolved Sulfate route

TiO2 Feedstocks: TNG’s process allows a NEW Feedstock to TiO2 Industry TNG’S UNIQUE FEEDSTOCK: VERY LOW IRON

Oxide	Ilmenite 44%	TiO2 Slag 80%	Tivan
TiO2	44.0	79.4	74.20
FeTotal	35.5	9.40	2.34
SiO2	3.3	4.30	18.39
Cr2O3	0.09	0.13	0.03
Al2O3	0.7	1.80	2.43
MgO	4.5	5.70	0.42
CaO	0.35	0.66	0.91
V2O5	0.20	0.35	0.24

The TIVAN® feedstock has fewer residual impurities (e.g. FeTotal and Cr2O3) and TNG can expect to produce a TiO2 Base Material from SP similar to CP

(e.g. FeO and Cr2O3 giving a yellowish tone with Sulfate Process)

TNG Product: TiO2 Pigment

TNG WILL BE A FULLY INTEGRATED PRODUCER FROM MINE TO FINISHED PRODUCT

Global demand is estimated at 6.7mtpa. TNG’s production of up to 150,000tpa will represent up to 2.2% of world demand
Technology provided by Ti-Cons (Bergisch-Gladbach, Germany), a leader in TiO2 technology
A sustainable and environmentally friendly process using its own feedstock and patented TIVAN[®] process
First TiO 2 pigment grade targeting the Paint & Coatings industry with a high-
durable grade for outdoor applications and Industrial market will then be followed by a pigment for plastics application

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Binding Life-of-Mine (LOM) Off-take Agreement with global leader DKSH (Switzerland), a leading commodities and FMCG distribution company with a turnover of CHF11bn
Relationship with global leading end-users already established (PPG, BASF, etc.)

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Vanadium Pentoxide

OVERVIEW

Vanadium is mainly mined in China, Russia, South Africa and Brazil;
Over 90% of vanadium is used in the steel industry (strengthening agent). Recent regulations in China have been the main driver for a surge in demand;
Demand in new markets such as supper alloys and flow batteries is still small but set to grow rapidly;
Global demand is estimated to be 90,000tpa V or 160,000tpa V2O5 equivalent. TNG’s production of 11,000tpa V2O5 will represent 6.9% of the world’s demand.

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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 b 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

TNG Product - V O 2 5

TNG WILL BE A FULLY INTEGRATED PRODUCER FROM MINE TO FINISHED PRODUCT

Very high purity V2O5 will enable TNG to supply the steel industry as well as higher value niche markets such as Vanadium Redox Flow Batteries
The vanadium industry is currently at a high point in its cycle and expected to remain very strong for the coming years. TNG’s timing to market is ideal
Binding Life-of-Mine (LOM) Off-take Agreement with Woojin (Korea) for a minimum of 60% of TNG’s production. Woojin is the second largest FerroVanadium exporter in Asia with a V2O5 processing capacity of 22,000tpa and has a market share of 80%+ in its home market Korea. Recent US tariffs imposed on Korea have restricted Woojin’s business in North America which they seek to regain with TNG’s product.
Technology Transfer agreement with Woojin for V2O5 to FeV conversion plant
Negotiations underway for up to 40% offtake with leading vanadium buyers and distributors.

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TNG Product: Fe O 2 3

TNG WILL BE A FULLY INTEGRATED FINES PRODUCER FROM MINE TO FINISHED PRODUCT

Global demand for iron ore is estimated at 2btpa, almost entirely for the steel industry. TNG’s production of 518,000tpa will represent 0.024% of the world’s demand;
High purity hematite with Fe content over 64.4% will command a strong premium over the benchmark 62% grade;
TNG’s ability to pelletise its product also has the potential to further the improve the margin for its iron product (current premium of US$50+/t);
Significant and fast growing demand in neighbouring Malaysia and Indonesia should easily absorb TNG’s production and reduce logistical costs;
Binding Term Sheet for LOM Off-take Agreement with major global commodity trader Gunvor (Singapore) for iron products. Gunvor is one of the largest commodity trading company worldwide with a turnover of US$63bn in 2017;
Further negotiations for offtake underway with leading iron ore buyers and distributors.

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PERMITTING, APPROVALS AND FINANCE

Mount Peake

STATUS OF APPROVALS

MOUNT PEAKE MINE SITE

Environmental approval received (State & Federal) ✓
Native Title Agreement executed with traditional owners ✓
Mineral Leases granted ✓
Mining Management Plan UNDERWAY

MOUNT PEAKE TIVAN PROCESSING PLANT

Regulatory entities for processing plant environmental and operational approvals UNDERWAY
Consultant engaged to progress EIS and approvals process UNDERWAY

MOUNT PEAKE FEED

Encompassing total plant equipment - mine and downstream processing UNDERWAY

Mount Peake: Project Financing DEBT AND EQUITY FUNDING STRATEGY

DEBT FUNDING MANDATE – AWARDED

KfW IPEX-BANK mandated to raise up to US$600m (AU$850m) as part of the total finance package.

Specialist Financier Extensive expertise in Metals & Mining

EQUITY FUNDING

A range of funding options are available to TNG to raise the required project equity.

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See ASX Announcement – 13 December 2018, “TNG Mandates KfW Bank for Debt Finance for Mount Peake”

Equity Funding Strategy A RANGE OF OPTIONS ARE AVAILABLE

ASX INVESTORS	►Existing ASX shareholders ►Australian institutional investors
LONDON LSE/AIM LISTING	►Considering London AIM listing ►Investor engagement program commenced
STRATEGIC INVESTORS	►Existing strategic shareholders ►New strategic investors
INTERNATIONAL INVESTORS	►Institutional investors
OFF-TAKE PARTNERS	►Existing off-take partners ►New off-take partners
DEVELOPMENT PARTNERS	►Project development partners ►Mining services groups

Mount Peake Project KEY DEVELOPMENT MILESTONES AND ESTIMATED SCHEDULE

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2014 2015 2016 2017 2018 2019 2020 2021 2022
MAJOR PROJECT STATUS
TIVAN PILOT STUDY COMPLETION
DISCOVERY OF LOM WATER AQUIFER
DFS COMPLETION
VANADIUM OFF-TAKE AGREEMENT – WOOJIN
METAL
IRON OFF-TAKE AGREEMENT – GUNVOR
PROJECT DELIVERY AGREEMENT – DOWNER
TITANIUM OFF-TAKE AGREEMENT – DKSH
DEVELOPMENT PATHWAY
MINE SITE EIS COMPLETION (AUSTRALIA)
MINE SITE EIS APPROVAL (AUSTRALIA)
MINING AGREEMENT – TRADITIONAL OWNERS
MINING LICENCE APPROVAL
PROCESSING PLANT EIS (UNDERWAY)
FEED - SMS GROUP (UNDERWAY)
EQUITY & DEBT FINANCING, FID
EPC
PRODUCTION
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Project milestone schedules for 2019 & beyond are estimates only based on stated assumptions

Mount Peake: The Path Ahead

EXPECTED NEXT STEPS

▼Full permitting for TIVAN[®] processing site
▼Appointment of equity advisors
▼Completion of final mine design and FEED for all process plants, leading to EPC tender process
▼Equipment tender process
▼Appointment of EPC contractor
▼Establish full Project Development team
▼TNG Board FID
▼Commencement of development

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THANK YOU

ASX : TNG