TIVAN LIMITED — Investor Presentation 2019

Jun 3, 2019

THE MOUNT PEAKE VANADIUM-TITANIUM-IRON PROJECT BUILDING A GLOBAL STRATEGIC METALS COMPANY

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 subjectto 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.auand 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.auand 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.auand 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.

CONCEPT : One Mine

THREE HIGH VALUE, HIGH PURITY PRODUCTS

1 - A WORLD CLASS DEPOSIT

▼Large, long-life asset located in a stable and supportive jurisdiction for major resources projects

▼Positive extensive development studies completed; FEED (front-end engineering & design) underway

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2 - WELL LOCATED, NEAR ALL KEY INFRASTRUCTURE

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3 - GEOLOGICALLY ADVANTAGEOUS

▼The Mount Peak deposit is flat lying, homogeneous and shallow.

Mineral Resources[1]

Category	Tonnes (Mt)	V2O5%	TiO2%	Fe%	Al2O3%	SiO2%
Measured	117	0.29	5.5	24	8.2	33
Indicated	20	0.29	5.3	23	8.7	33
Inferred	22	0.25	4.7	21	9.4	36
Total	159	0.28	5.4	23	8.4	33.

Magnetite concentrate

Ore reserve: 41.1 Mt

V2O5	TiO2	Fe		V2O5	TiO2	Fe
1.04%	16.35%	51.42%		0.42%	7.99%	28%

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1. As at March 2013

4 - 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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5 – 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	11.49%
WWB INVESTMENTS P/L- private investor	8.30%
AOSU INVESTMENT & DEVELOPMENT CO- Chinese investor	5.83%
JP MORGAN NOMINEES AUSTRALIA LIMITED- institution	1.36%
SMS INVESTMENTS SA- Mount Peake development partner	1.45%
CORPORATE DATA
ASX code	TNG
Cash (31-Mar-19)	$12M
Shares on issue	963M
Market capitalisation (at 11c)	$106M

TNG Limited

Growing list of Strategic Shareholders

▼ VIMSON Group:

▼ AOSU:

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. 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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Organisational Structure

CORPORATE

Board of Directors

13

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 AND BENEFICIATION

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

• 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

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VALUE ADD PROCESSING

Downstream Processing

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

• Conventional processing unable to commercially extract all three elements

• TNG and its technical advisers, METS, CSIRO and SMS group, have developed the world first TIVAN® process to overcome these limitations

• TIVAN[®] utilises 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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Production forecasts (in tpa)

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V2O5 TiO2 Fe2O3
11,000 150,000 500,000
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Processing off-site FACILITY LOCATION IN DARWIN

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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

Vanadium Pentoxide (V2O5) World demand 160,000tpa (equivalent of 90,000tpa V units) Main usage Steel, superalloys, chemicals, catalysts and energy storage (VRB)

Titanium dioxide pigment (TiO2) World demand 6,500,000tpa Main usage Paint, plastics, paper and inks Iron oxide pellets (Fe2O3) World demand 104 million tpa (seaborne pellet market) Main usage Steelmaking

VANADIUM PENTOXIDE Markets and Commercial Agreements Overview

Vanadium Pentoxide

OVERVIEW

• Vanadium is mainly mined in China, Russia, South Africa and Brazil;

• About 80% of the commercial vanadium is produced through co-production (smelting high V bearing slag), 12% through processing of primary ore and the remaining recovered from secondary production (oil residues, catalysts, stone coal);

• 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;

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• The current low stocks level, rapid demand increase and supply constraints have all contributed to a spectacular price rise (+500%) over the past 2 years;

• Global demand is estimated to be 90,000tpa V or 160,000tpa V2O5 equivalent. TNG’s production of 11,000tpa V2O5 will represent 6.8% of the world’s demand.

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

Vanadium

HISTORIC & FORECAST PRICE (NOMINAL)

High purity V2O5 (US$/lb V2O5)

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20
15
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e 2032e 2033e 2034e 2035e
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Source: TNG
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TNG Product - V O 2 5 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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TITANIUM PIGMENT Markets and Commercial Agreements Overview

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;

• Pure TiO 2 is produced by sulfate (SP) or chloride (CP) process, then milled and surface

• treated to make pigment (containing 80-98% TiO2);

• 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);

• China and APAC markets are the main growth regions;

• 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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OXIDES	ILMENITE	TIO2 SLAG	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

TNGs ADVANTAGE: TiO Process and Raw Material 2 TNG’S IS A BEST PRACTICE PROCESS

MINERAL SAND OR HARD ROCK

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Ilmenite Titanomagnetite
Natural Rutile
Concentrate TIVAN™
(high cost)
(low cost) (low cost)
40-75% TiO2
Feedstock for New
Sulfate Route
35-50% TiO2 55-65% TiO2 85-98% TiO2
75% TiO2
Smelting Process Synthetic Rutile
TiO2 Base Material Slag TiO2 Base Material TiO2 Base Material
Sulfate Process >85% TiO2 85-93% TiO2 Chloride Process New Sulfate Route
TiO2 Pigment TiO2 Pigment TiO2 Pigment
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TNG produces a TiO2 pigment from Titanomagnetite ore and not from Ilmenite or Rutile through a evolved Sulfate route

TiO Feedstocks 2

TNG’S UNIQUE FEEDSTOCK

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)

TiO2 Pigment

HISTORIC AND FORECAST PRICE (US$ OF THE DAY)

TiO2 (US$/mt)

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4500
4000
3500
3000
2500
2000
1500
1000
500
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e
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Source: Independent research by Artikol. Since 1972, Artikol has been researching, writing about and consulting on all aspects of the world TiO2 industry onwards. The company has also participated in the compilation of a number of multi-client reports published by various companies, the first of which was published by Financial Times Books or Roskill Information. It regularly presents papers and conducts seminarsat industry forums; writes commissioned articles for trade journals; and provides consultancy services to mining and chemical companies, investment banks and brokers, etc.

TNG Product: TiO2 Pigment

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A FULLY INTEGRATED PRODUCER FROM MINE TO FINISHED PRODUCT

• Global demand is estimated at 6.5mtpa; TNG’s production of 150,000tpa will represent 2.3% of the world’s 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

• Binding Term Sheet for 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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IRON OXIDE Markets and Commercial Agreements Overview

TNG Product: Fe O 2 3

A FULLY INTEGRATED FINES PRODUCER FROM MINE TO FINISHED PRODUCT

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• Global demand for iron ore is estimated at 2btpa, almost entirely for the steel industry

• High purity hematite with Fe content over 64.4% will command a strong premium over the benchmark 62% grade;

• TNG’s ability to pelletize 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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Fe O 2 3

HISTORIC & FORECAST PRICE (NOMINAL)

Fe2O3 fines (64.4% Fe) (US$/dmt)

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120.0
100.0
80.0
60.0
40.0
20.0
0.0
2017 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e 2032e 2033e 2034e 2035e
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Source: Independent research by CRU. Established in 1969, CRU has consistently invested in primary research and robust methodologies, and developed expert teams in key locationsworldwide, including in hard-to-reach markets such as China. CRU employs over 250 experts and has more than 10 offices around the world, in Europe, the Americas, China, Asia and Australia. CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.

PERMITTING AND APPROVALS

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 (submission expected Q2 2019) UNDERWAY

MOUNT PEAKE TIVAN PROCESSING PLANT

• Regulatory entities for processing plant environmental and operational approvals UNDERWAY

• Consultant engaged to progress EIS and approvals process (submission expected Q2 2019)

MOUNT PEAKE FEED

• Encompassing total plant equipment - mine and downstream processing UNDERWAY

PROJECT FINANCE

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”

KFW IPEX BANK

Specialist Financier

KfW IPEX-Bank in brief

• 100% subsidiary of AAA-rated German promotional bank KfW

• Leading specialist financier for structured export and infrastructure financing with a long-standing and stable business model

• Focus on medium to long-term lending with outstanding commitments of ~ EUR 66.6bn[1)]

• Strong external ratings by Moody’s (Aa2) and S&P (AA+)

Our value proposition

• Decades of experience as specialist financier

• Renowned in the market for its expertise in structuring export financings with the leading ECAs

• Long-term financing approach and appetite for significant take and hold commitments in KfW IPEX-Bank arranged transactions

• Mirroring the bank’s business model, syndications is focused on structured export and project finance transactions

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Sectoral approach Global orientation
Total commitments Europe thereof
by region [1)] (EUR bn) Germany: 12.7
North America
35.9
London Moscow
7.7 3.7 14.3 Maritime IndustriesPower, Renewables and Water 10.5 New York Frankfurt Istanbul
Abu Dhabi
Aviation, Mobility & Transport 5.7 6.3
7.2 Basic Industries Mexico City Mumbai
66.6 MENA Singapore
Infrastructure 4.6 1.5
14.2
9.7 Industries and Services 2.0
Sub-Sahara
9.7 Financial Institutions / Africa
Trade and Commodity Finance Sao Paulo Johannesburg Oceania & Australia
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• See ASX Announcement – 13 December 2018, “TNG Mandates KfW Bank for Debt Finance for Mount Peake”

KfW IPEX BANK : Extensive expertise in Metals & Mining

	Our experience with Metals & Mining projects :
	Specialized financier for exports & investments in Germany, Europe and worldwide
	Global focus and track recordon various projects in development, emerging and high income OECD countries
	KfW IPEX-Bank currently manages anportfolio of ~USD 9bnbasic industries financing including metals & mining
	In-house experienced technical & environmental expertsas part of the deal team supporting compliance with bankability/ECA requirements
	Target customers span from junior miners to big established corporates,
	Our dedicated team provides tailormade loan products from corporate to structured and/or project finance
	KfW IPEX-Bank lead arranged numerous landmark metals & mining transactions, including:
	Construction and operation of an open pit	Non-recourse UFK-covered project financing for a		Construction and operation of an open pit copper mine
	copper mine in Chile with Chile	copper mine underground	USA	in Peru with a significant	Peru
	a significant total	project		total investment volume of
	investment volume of	Proven and long standing		approx. USD 1.8bn
	approx. USD 4.7bn as of Jan 1, 2019 USD 2.5 bn senior debt Copper Mine Project Finance	cooperation between IPEX, offtaker Aurubis and Euler Hermes to strucure the	Copper Mine Project Finance USD 115,000,000	USD 900 million senior debt financing using a well- balanced mix of loan	Project Finance
	financing provided by a USD 2,500,000,000	deal	Mandated Lead Arranger, UFK	instruments such as	USD 900,000,000
	group of ECAs and commercial banks, incl. a USD 300 million UFK 2019 Mandated Lead Arranger, UFK Agent & Senior Lender	Extensive sector expertise secured an efficient and timely coordination of the	2019 Agent, Facility & Collateral Agent	a commercial tranche as well as ECA direct & guaranteed loans, incl. a	Mandated Lead Arranger, UFK Agent, Senior Lender
	facility arranged by KfW IPEX-Bank	entire due diligence process		USD 400 million UFK facility arranged by KfW IPEX-Bank		2018
	Our service proposition – your benefits

 In-house experienced technical & environmental experts as part of the deal team supporting compliance with bankability/ECA requirements

• Advanced and experienced risk culture including but not limited to the structuring of projects with niche commodity products, volatile market risk projects, construction risks and country risks in remote areas

 Experienced team in coordinating efficiently the entire due diligence process with a huge number of stakeholder/parties for meeting target time lines

 See ASX Announcement – 13 DecembeOur philosophy is ‘No st ucturing/arranging without own lending’ and ‘we early promise what we can deliver’ r* 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

DEVELOPMENT PROGRESS

TIVAN[®]

PATENT AND TRADE MARK STATUS

TIVAN® Patent Status	TIVAN® Patent Status		TIVAN® 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

Key Milestones Completed

MOUNT PEAKE PATH TO DEVELOPMENT

• •Proven Mineral Resources and Reserves

Evaluation

• •Definitive Feasibility Study completed

• •Robust financial metrics from 3 business model

• •Awarded Major Project Status by Northern Territory Government

Approvals

• •Federal Government Environmental approval

• •Native Title Mining Agreement executed

• •Mining Licences granted

Planning

• •Experienced development Partner undertaking FEED - SMS group with Como Engineers, Ti-Cons •Project Management –TNG plus advisors

• •Non-Process Infrastructure (NPI )– McMahon

Technical

Financing

• •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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Mount Peake Project

KEY DEVELOPMENT MILESTONES AND ESTIMATED SCHEDULE

 Major project status

 TIVAN pilot study completion  Discovery of LoM water aquifer  DFS completion

 Vanadium Off-take Agreement - Woojin Metal  Iron Off-takeAgreement - Gunvor  Project delivery agreement - Downer

Development Pathway

 Titanium Off-take Agreement - DKSH  Mine Site EIS Completion (Australia)  Mine Site EIS Approval (Australia)

 Mining Agreement - Traditional Owners

 Mining Licence Approval

• 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

Paul Burton Managing Director

Suite 20, 22 Railway Road Subiaco 6008 Western Australia