TIVAN LIMITED — Investor Presentation 2019

Feb 4, 2019

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Company Update Presentation February 2019

Building a major strategic metals company: the Mount Peake Vanadium-Titanium-Iron Project Paul Burton Managing Director

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 Project A WORLD CLASS STRATEGIC METALS DEPOSIT

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

• Close proximity to existing transport and power infrastructure

• Extensive development studies completed; feed (front-end engineering & design) underway

• Global network of strategic partners

• Project funding underway

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3
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**One Mine three high value, high purity products ***

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$US40,000/t
$US3,175/t $US90/t
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* Current pricing for high purity V2O5, TiO2 pigment & iron fines
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TNG Limited Corporate Overview

TNG is an Australian resources company that is progressing towards development of its 100% owned world class Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, Australia.

Board of Directors John Elkington Non-Executive Chairman Experienced Chairman; Mining professional with development experience Paul Burton Managing Director Exploration and Mining Executive; Project Developer, Geologist Rex Turkington Non-Executive Director Mining Financier & Corporate Advisor; Economist 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	9.98%
WWB Investments P/L- private investor	8.30%
Aosu Investment & Development Co- strategic Chinese investor	5.83%
TNG Directors’ holdings	2.34%
JP Morgan Nominees Australia Limited- institution	1.56%
SMS Investments SA- Mount Peake development partner	1.45%
Corporate Data
ASX code	TNG
Cash (31-Dec-18)	$16.8 million
Shares on issue	963m
Market capitalisation	$106m

Mount Peake Project WELL LOCATED IN THE NORTHERN TERRITORY NEAR ALL KEY INFRASTRUCTURE

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Mount Peake Deposit GEOLOGICALLY ADVANTAGEOUS – FLAT LYING, HOMOGENEOUS, AND SHALLOW

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Titano-Magnetite Ore Bodies 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 fastgrowing 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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A Financially Robust Project LIFE OF MINE OPERATIONAL AND FINANCIAL METRICS

Operational Metrics Annualized	Operational Metrics Annualized
Mine life	19 years
Mining Rate (ROM)	3Mtpa (Stage 1) expanding to 6Mtpa (Stage 2) after 4 years
Financial Metrics
Pre-production CAPEX	A$853m
Payback period	3 years
IRR %	44%
Total Revenue	A$29.2b
Operating Cash Flow	A$13.5b
Net Cash Flow	A$11.7b
Net Annual Operating Cash Flow	A$738m
NPV (at 8% discounted)	A$4.7b

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

TNG: Key Progress in 2018

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• EIS mine site - Federal approval

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• Strategic investment from Indian mining group - Completed

• • Titanium Pigment Technology Provider “Ti-Cons” - Agreement Executed

• • Mount Peake Native Title Agreement - Executed

• • Mining Licenses granted by NT Government

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• Binding Offtake terms for Titanium Pigment with DKSH - Executed

• • FEED: Process and Product Guarantee - Commenced with SMS group

• • $600M USD mandate for debt finance with KfW IPEX-BANK

Mount Peake Mine Site PLANNING FOR THE 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

Magnetite 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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Mount Peake Downstream Processing

TIVAN[®] Chemical Process

TNG DEVELOPED AND PATENTED PROCESSING TECHNOLOGY

• Conventional means of extracting vanadium from titano-magnetite 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 to extract vanadium as V2O5, and commercially recover titanium dioxide and iron

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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	FILED - IN PROGRESS		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

V O 2 5 TNG PRODUCT & OFFTAKE AGREEMENT

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• TNG’s strategy is to be a fully integrated vanadium producer from mine to finished product

• 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 very strong, with high prices backed by structural changes pushing demand

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OFFTAKE AGREEMENT :

• 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 Ferro-Vanadium exporter in Asia with a V2O5 processing capacity of 22,000tpa and has a market share of 80%+ in its home market Korea

• Technology Transfer agreement with Woojin for V2O5 to FeV conversion plant

• Further negotiations for up to 40% offtake underway with leading vanadium buyers and distributors

• See ASX Announcement - 7 September 2015, “TNG Signs Life-of-Mine offtake and technology agreements”

TiO2 Pigment TNG PRODUCT & OFFTAKE AGREEMENT:

TNG 360 Versatile and high-durable white pigment

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PRELIMINARY TECHNICAL DATASHEET

The titanium dioxide white pigment TNG 360 meets the highest demands on weather resistance in the Coatings industry with excellent optical properties.

Product Description and Applications

TNG 360 is a rutile titanium dioxide pigment manufactured from the Tivan™ process by TNG Limited, giving a high purity TiO2, which combines excellent optical properties as opacity, whiteness and high durability for the Coatings industry like architectural (indoor and outdoor) and industrial paints (water-bone and solvent), coil coating and powder coatings.

Product Properties

Easy to disperse with good lightening power and opacity, TNG 360:

• gives outstanding weather resistance to coatings

• gives high hiding power and tinting strength

• TNG’s strategy is to be a fully integrated TiO2 pigment producer from mine to finished product

• Global demand is estimated at 6.5mtpa

• Technology proposed to be provided by Ti-Cons (Germany), a leader in TiO2 technology

• A sustainable and environmentally friendly process using TNG’s own feedstock and patented TIVAN® process

• First TiO2 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

• shows maximum brightness and neutral tone in white coatings

• Produces brilliant tints in colored coatings

Product Characteristics

Treated rutile TiO2 pigment produced from the Tivan™ process:

● Surface treatment aluminium, zirconium and organic compounds ● TiO2 content (ISO 591) ≥ 94.0 % ● Standard classification (ISO 591) R2

• Rutile content (R %) ≥ 99.0 %

• ● Density (ISO 787, Part 10) 4.1 ● Oil absorption (ISO 787, Part 5) 17 - 21 g/100g

• OFFTAKE:

• Binding Terms Agreed

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Product Specifications (excerpt)

Compliance with the hereafter product specifications is checked and is the prerequisite for a release of the finished product:

• Brightness (DFC L*)[1] 97.1 - 97.7

• ● Tone, white (DFC b*)[2] 0.9 – 1.7 ● Relative scattering power (MAB HTS)[3 ] 100.0 - 106.0 ● Tone, grey (MAB HSC)[4] 5.30 – 6.0

Method of determination:

• 123 DFC L DFC b MAB HTS Dry Film Color test - brightness in white air-drying paint (CIELAB L) Dry Film Color test - tone in white air-drying paint (CIELAB L) Modified Alkyd Black test - relative scattering power according to DIN 53 165 (grey paste method)

• 4 MAB HSC Modified Alkyd Black test - tone in grey tints (absolute value of CIELAB B*)

• Binding Term Sheet for Life-of-Mine (LOM) Off-take Agreement with global leader DKSH (Switzerland)*

• Relationships with global leading end-users already established

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• See ASX Announcement - 30 October 2018, “TNG Executes Binding Offtake Terms for its Titanium Pigment”

Fe O 2 3 TNG PRODUCT & OFFTAKE AGREEMENT

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• TNG’s strategy is to be a fully integrated Fe2O3 fines producer from mine to finished product

• 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 improve the margin for its iron product (current premium of US$50+/t)

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► OFFTAKE

• Binding Terms Agreed :

• 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 companies worldwide with a turnover of US$63bn in 2017

• Further negotiations for offtake underway with leading iron ore buyers and distributors

• See ASX Announcement - 23 March 2016, “TNG Signs Binding Term Sheet for Iron Offtake”

Mount Peake Project 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 being finalised (submission expected Q1 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

Mount Peake FEED

• Encompassing total plant equipment - mine and downstream processing underway

Mount Peake Project EPC STRATEGY IN PREPARATION

TNG Project Management

EPC Awarded FEED: * Beneficiation Plant * Process Plant Mining Operations Non Processing Infrastructure TNG Approval: * Fixed Price * Lump Sum * Plant Design EPC provides Tender Packages Construction and Document “As Builts” Commissioning and Handover

• Operational Readiness : * Projects * External Affairs * Marketing * Finance * Commercial * Processing / Rail * Logistics / Port

• Human Resources * Information Technology * HSES

Operational Readiness : * Major Event Milestones * Milestone Dates and Progress * Milestone Activities and Requirements

• Milestone Activities and Requirements: * Planning * Execution * Support and Maintain * Information Systems * People and Assets

Mount Peake: Project Financing

DEBT FUNDING

KfW IPEX-Bank mandated to raise up to US$600 million as part of the total finance package for the Mount Peake Project*

EQUITY FUNDING

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

• Strategic investors

• ASX investors & institutions

• International institutions

• Off-take partners

• Development partners

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

Mount Peake: The Path Ahead EXPECTED NEXT STEPS

• Full permitting for TIVAN® processing site

• Appointment of equity advisors and providers

• 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, including appointment of experienced Project Director

• Project financial structure and facilities package completed

• TNG Board FID

• Commencement of development

• Community engagement and local procurement strategy

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. The Company is well positioned to achieve these in 2019

Mount Peake Project ESTIMATED DEVELOPMENT SCHEDULE AND MILESTONES

Mount Peake Development Pathway

Project Milestone	2014	2015	2016	2017	2018	2018	2019	2019	2020- 2021
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 (Singapore)
Project delivery agreement - Downer
Titanium Off-take and Marketing
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
Construction

• Project milestone schedules for 2019 & beyond are estimates only based on stated assumptions

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Paul Burton Managing Director

Suite 20, 22 Railway Road Subiaco 6008 Western Australia

www.tngltd.com.au

ASX : TNG