TIVAN LIMITED — Investor Presentation 2020

Feb 3, 2020

4 February 2020

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ASX ANNOUNCEMENT
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MD PRESENTATION, 121 CONFERENCE CAPE TOWN

Australian strategic metals company TNG Limited (ASX: TNG) (“TNG” or the “Company”) hereby releases the enclosed document “MD Presentation, 121 Conference Cape Town”.

Authorised for release by:

Paul E Burton

Managing Director & CEO

TNG Limited 4 February 2020

Inquiries:

Paul E Burton Managing Director & CEO + 61 (0) 8 9327 0900 Paula Raffo Investor Relations + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 8 9388 1474

W www.tngltd.com.au E corporate@tngltd.com.au

ASX CODE: TNG ABN 12 000 817 023

REGISTERED OFFICE T +61 8 9327 0900 Suite 20, 22 Railway Road F +61 8 9327 0901 Subiaco, Western Australia 6008

1

CORPORATE PRESENTATION Paul Burton Managing Director & CEO

Simple Concept : One Mine THREE HIGH VALUE, HIGH PURITY PRODUCTS

Today, our advancing and fast developing world relies on modern materials

• Titanium Dioxide Pigments

• Vanadium Pentoxide

 Iron Oxide

Vertical Integration Plan FROM PRODUCTION TO MARKET

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Mount Peake Beneficiation DEFINITIVE FEASIBILITY STUDY LAYOUT

Beneficiation plant Magnetite concentrate

Power plant

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Operational Metrics	Operational Metrics
Mine life	37 years
Ore feed	2 Mtpa
Operating cost per tonne processed	A$210
Magnetite concentrate produced	700,000 tpa

Open pit mine Primary crusher ROM feeder

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Refer ASX Announcement dated 11 September 2019

Logistics Mapping OPTIMISED RAIL HAULAGE STRATEGY

Mine Fleet Haulage of the Magnetite Concentrate Three high quality Three products are transport the Magnetite is railed to Darwin high purity shipped to customers Ore to the Concentrate to Rail using existing rail products are via Darwin East Arm ROM Pad Siding infrastructure produced Wharf Mount Darwin TiO2 Pigment Peake Adnera Rail TIVAN® Beneficiation Siding Processing V2O5 Flake Customers Plant Facility Fe2O3 Product

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Downstream Processing in Darwin, NT EXCELLENT FACILITIES

• Middle Arm Peninsula of Darwin Harbour

• Close to railway line from Mount Peake

Power generation and grid network capacity

• Gas supply available

Concentrate storage & transport logistics

• Raw water supply and Infrastructure

• Port capacity and configuration

• Supportive NT government

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Refer ASX Announcement dated 11 September 2019

Processing Technology TIVAN® GERMAN TECHNOLOGY

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Magnetite Concentrate Vanadium Pentoxide
Plant
Plant
Iron Plant
Acid Leach Plant
HCl Recovery Plant
Titanium Pigment
Plant
Product Packaging
Plant
Vanadium
Production Plant Power Plant
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Processing Technology TIVAN®

AUSTRALIAN /GERMAN TECHNOLOGY

CONVENTIONAL PROCESS = 1 PRODUCT

TIVAN® PROCESS = 3 PRODUCTS

V O Pyrometallurgical 2 5 Flake Titanomagnetite or FeV Process

1 tonne Titanomagnetite 6.93kg V2O5 = US$176 US$176 Concentrate Pre-OPEX Estimate

V O 2 5 Flake Mount Peake TIVAN® TiO 2 Pigment Titanomagnetite Iron Oxide Fines Fe O 2 3 1 tonne 8.53kg V2O5 = US$217 Titanomagnetite 128kg TiO2 = US$461 Concentrate 708kg Fe2O3 = US$72

Notes:

The TNG numbers are based on the most recently information provided by SMS. The pyrometallurgy number relies on the feed concentrate having the same composition as the TNG concentrate. This is required for this kind of comparison.

Product price assumptions of US$25,400/tonne for V2O5 (US$11.50/lb), US$3,600.00/t TiO2 pigment and US$102.00/tonne for high grade Fe2O3

Titanium Dioxide Pigment - TiO2 TNG PRODUCTION AND OFFTAKE

• TNG to produce of 100,000 tpa of pigment

• Only 1.5% of world demand

• Technology by Ti-Cons (Germany), a leader in TiO 2 technology

• Low iron titanium feedstock

• Sustainable and environmentally friendly

T N G

• Off-take Agreement with global leader DKSH (Switzerland)

Vanadium Pentoxide - V O 2 5 TNG PRODUCTION AND OFFTAKE

• TNG’s production of an average of 6,000 tpa of V2O5

• Represent 3.8% of the world’s demand

• Very high purity V2O5

• Niche markets such as Vanadium Redox Flow Batteries

• Off-take Agreement with Woojin (Korea) for a minimum of 60% of TNG’s production

T N G

• Binding Term Sheet signed with Gunvor (Singapore) for the remaining 40% of TNG’s production

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Vanadium Redox Flow Batteries - VRFB THE FUTURE OF ENERGY STORAGE

Advantages of VRFB compared to Li-Ion batteries

• Better for large scale storage and for longduration applications (>6 h)

• More cost effective

• Longer life cycle – 20 yrs vs 5-8 yrs (LIB)

• Lower degradation

• Simpler maintenance, safer

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Source: Wattjoule

Iron Oxide - Fe O 2 3 TNG PRODUCTION AND OFFTAKE

• TNG production of 500,000 tpa iron oxide fines

• 0.04% of current seaborne demand for iron oxide fines

• Fe content over 64.4%, strong premium over the benchmark 62% grade

• Malaysia and Indonesia easily absorb TNG’s production

• Reduce logistical costs

T N G

• Binding Term Sheet executed with Vimson Group

• for 100% of TNG’s iron ore products

FS Project Economics A SINGLE-STAGE 2 MTPA DEVELOPMENT

Operational Metrics	Operational Metrics
Mine life	37 years
Ore feed	2 Mtpa
Operating cost per tonne processed	A$210
Magnetite concentrate produced	700,000 tpa
V2O5 produced	6,000 tpa
Titanium pigment produced	100,000 tpa
Fe2O3 produced	500,000 tpa

Financial Metrics	Financial Metrics
Pre-tax NPV8%	A$2.8 billion
IRR pre-tax	33%
Payback period	2.8 years
Pre-tax net annual operating cash flow	A$359 million
Pre-production CAPEX	A$824 million

Notes:

Updated FEED Model assumptions include long-term A$:US$ exchange rate of 0.70; updated long-term price assumptions of US$25,400/tonne for V2O5 (US$11.50/lb), US$3,600.00/t TiO2 pigment and US$102.00/tonne for high grade Fe2O3. Includes lease repayments

ALL prices and outcomes are indicative only while FEED is progressing and is an interim study, not final.

(see ASX Announcement – 11 September 2019, “Optimised Delivery Strategy for Mount Peake”)

Processing Technology TIVAN® GERMAN TECHNOLOGY

• SMS Group (Germany) has developed TIVAN[®] technology with TNG

• SMS will be the EPC contractor

• Fixed price, turn key delivery

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• Throughput, process, product guarantee

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Refer ASX Announcement dated 11 September 2019

Project Funding GERMAN BANK MANDATED

• Debt funding mandate awarded

• KfW IPEX-BANK to raise up to US$600m (AU$850m)

• Export credit finance

• Specialist Financier

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• Extensive expertise in Metals & Mining

Refer ASX Announcement dated 11 September 2019

Corporate Snapshot

TOP SHAREHOLDERS DEUTSCHE BALATON & ASSOCIATES* 12.28% German Investment Fund VIMSON GROUP 9.84% Indian iron ore mining conglomerate WWB INVESTMENTS P/L 7.47% Private investor AOSU INVESTMENT & DEVELOPMENT CO 5.38% Chinese Private Company SMS INVESTMENTS SA 1.31% Mount Peake development partner CORPORATE DATA ASX code TNG Cash as at 31 Dec 19 $16.4 million Shares on issue 1.12 billion Market capitalisation (at 9c) $101.2 million

TOP 50 SHAREHOLDERS BY LOCATION

Top 50 = 50% of TNG Total Issued Capital

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Europe (ex UK)
29%
North America
1%
Australia
39%
Asia
31%
Rest of World
0%
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• It includes DELPHI, the major shareholder of Deutsche Balaton, and Sparta AG, a subsidiary of Deutsche Balaton.

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 Results”, 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 11 September 2019 called “Optimised Delivery Strategy for Mount Peake” available on the Company’s website on www.tngltd.com.au. The Company confirms that all material assumptions underpinning the production target and financial information set out in the announcement released on 11 September 2019 continue to apply and have not materially changed.

BUILDING A GLOBAL STRATEGIC METALS COMPANY PAUL BURTON – MANAGING DIRECTOR & CEO

TNG Limited Suite 20, 22 Railway Road Subiaco, Western Australia 6008 www.tngltd.com.au corporate@tngltd.com.au