TIVAN LIMITED — Investor Presentation 2021

Oct 27, 2021

28 October 2021

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ASX ANNOUNCEMENT
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MANAGING DIRECTOR TO PRESENT AT THE NT RESOURCES WEEK

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) ("TNG" or the “Company”) is pleased to advise that its Managing Director & CEO, Paul Burton, will be presenting at the “NT Resources Week, Mining the Territory Conference".

Event: NT Resources Week, Mining the Territory Conference – Darwin Convention Centre Presenter: Mr Paul Burton, Managing Director & CEO of TNG Limited Time: 28 October 2021 at 11.40am (ACST)

A copy of the presentation is attached.

Authorised by:

Paul E Burton Managing Director & CEO

28 October 2021

Inquiries:

Paul E Burton Managing Director & CEO + 61 (0) 8 9327 0900

Paula Raffo Company Secretary & IR + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 8 9388 1474

Follow TNG on

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About TNG

TNG is a Perth based resource and mineral processing technology company focussing on building a world-scale strategic metals business based on its flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory. Located 235km north of Alice Springs, Mount Peake will be a long-life project producing a suite of high-quality, high-purity strategic products for global markets including vanadium pentoxide, titanium dioxide pigment and iron ore fines. The project, which is expected to be a top-10 global producer, has received Major Project Status from the Northern Territory and Federal Governments.

TNG is also advancing a green energy strategy with the dual objective of offsetting carbon emissions from its planned future operations and generating new business opportunities in the alternative energy market to create additional shareholder value, with a focus on green hydrogen and vanadium redox flow batteries.

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

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DEVELOPING A MULTI-COMMODITY RESOURCE IN NORTHERN AUSTRALIA

NT Resources Week – Mining the Territory Conference PAUL BURTON – MANAGING DIRECTOR & CEO 28 October 2021

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 presentation 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 presentation 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.

Investment Highlights

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Advanced development of the Mount Peake Project; A large critical minerals and multi-commodity project Critical minerals will play an important role in the future of Australian resources Exposure to value-add Green Hydrogen and VRFB energy business focused on environmentally sustainable resources Green Hydrogen expected to be important in future Australian resources Disconnect between TNG’s Market Cap value and its Project Value creates significant investor opportunity.

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Corporate Snapshot

BOARD & MANAGEMENT	BOARD & MANAGEMENT		TOP SHAREHOLDERS	TOP SHAREHOLDERS	TOP SHAREHOLDERS
JOHN ELKINGTON Non-Executive Chairman	Mining Professional; Development Experience		DEUTSCHE BALATON & ASSOCIATES* German Investment Fund		12.28%
			VIMSON GROUP Indian Iron Ore Mining Conglomerate		8.86%
PAUL BURTON Managing Director and CEO	Experienced Mining Executive; Project Developer, Geologist
			WWB INVESTMENTS P/L Private Investor		7.47%
SIMON MORTEN Non-Executive Director	Titanium Industry Expert; Pigment Manufacture and Processing
			AOSU INVESTMENT & DEVELOPMENT CO Chinese Private Company		4.84%
JONATHAN FISHER Chief Financial Officer	Corporate Finance Executive; Debt and Equity Capital Raising
			SMS INVESTMENTS SA Mount Peake Development Partner		1.18%
JASON GILTAY GM Commercial & Corporate Development	Commercial and Corporate Executive; Commercial and Business Strategy
			CORPORATE DATA
DAN FOO Project Director	Experienced Project Executive; Engineering and Project Development
			ASX code	TNG
PAUL KREPPOLD Infrastructure Project Manager	Project Management Expert; Scoping, Design and Construction		Shares on issue	1.25 billion
			Market capitalisation (at 13c)	A$162.4 million

• It includes DELPHI, the major shareholder of Deutsche Balaton, and Sparta AG, a subsidiary of Deutsche Balaton.

Executive Summary

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An ASX-listed resource and mineral processing technology company Building a global strategic metals company through the development of the worldclass Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory of Australia

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Vertically integrated operation producing three high-purity products – Vanadium Pentoxide, Titanium Dioxide and Iron Oxide from Mount Peake deposit Innovative TIVAN® processing technology 100% owned by TNG Partnerships with Tier-1 development companies and off-take agreements with global groups in place

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Green energy focused on environmentally sustainable resources with the potential launch of a green hydrogen product and Vanadium Redox Battery business

Mount Peake Project Key Facts

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Production of V205, TiO2 Pigment, Fe203 at Single Site from single resource

New Consolidated and integrated mining and advanced processing operation at the Mount Peake Mine Site TNGs TIVAN® technology enables production of three high-purity products at commercial grade Major Project Status awarded by the Australian Federal Government and the Northern Territory Government One of the largest flat-lying, shallow vanadium-titanium deposits in Australia Off-take agreements in place with global groups for all commodities

Vertically Integrated Business Plan

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Future Vanadium Electrolyte Plant
V O
2 5
Ore
Beneficiation
TIVAN® Process Fe O
Plant 2 3
TiO
2 Feed
Green
Hydrogen
Business Pigment Plant
TiO
2
Pigment
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TIVAN® Processing Technology Advantage

CONVENTIONAL PROCESS = 1 PRODUCT

TIVAN® PROCESS = 3 PRODUCTS

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V O
2 5 Flake
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TIVAN®
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Pyrometallurgical
Process
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V O
2 5 Flake
or FeV
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Mount Peake
Titano-magnetite
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Titano-magnetite
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Iron Oxide
Fines
Fe O
2 3
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1 tonne 8.53kg V2O5 = US$164 Titano-magnetite 128kg TiO2 = US$461 Concentrate 708kg Fe2O3 = US$100

US$725 Pre-OPEX Estimate REVENUE

1 tonne

Titano-magnetite 6.93kg V2O5 = US$133 US$133 Concentrate Pre-OPEX Estimate

REVENUE

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TIVAN REALISES 5X THE REVENUE FROM
THE SAME ORE AS TRADITIONAL
PROCESSING ROUTE
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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 assumptions as at 30 Sep 2021: US$19,224/tonne for V2O5 (US$8.72/lb), US$3,600/t TiO2 pigment and US$142/tonne for high grade Fe2O3

Commodity Pricing and Outlook

VANADIUM PENTOXIDE - V O 2 5

Expected USD2.0/lb V2O5 premium on market price for TNG product at 99.6%*

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FeV 78% minimum

Expected 3-5% premium on market price for TNG product at more than 80% FeV

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TITANIUM DIOXIDE PIGMENT - TiO 2

Expected 3% to 5% premium on market price as TNG product

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IRON OXIDE - Fe O 2 3

Expected USD5.90/t premium on market price for TNG product above 64.4%*

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Oct an Apr ul Oct an Apr ul Oct an Apr ul
S t
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Past and current average prices: ICIS and Fastmarkets Estimated prices: undisclosed consultants * Roskill – September 2020

Key Project Metrics

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

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	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
	A$2.8 billion
	33%
	2.8 years
	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 and not final.

see ASX Announcement – September , “Optimised Delivery Strategy for Mount Peake”

Optimised Integrated Operation at Mount Peake

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Large existing Mining Lease area to hold a single site operation Unconstrained area allows future development of value add products e.g. , VE, FeV Optimised processing layout and simplified commissioning Significant reduction in construction requirements Consolidation of common non-process infrastructure Lower-risk final permitting process Significant increased opportunities for indigenous people and local businesses

Project Readiness

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REGULATORY

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✓ Federal & NT Environmental approval received for the Mine Site

✓ Mining Management Plan Review submitted

TENURE & SOCIAL LICENCE TO OPERATE

✓ Native Title Agreement executed with Traditional Owners

✓ Mineral Leases granted

✓ Federal and NT Major Project Status

TECHNICAL

✓ FEED study for the Beneficiation Plant and TIVAN® Processing Facility completed by SMS group

✓ Appointment of Clough to support development of integrated single site

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✓ Non-process Infrastructure pre-qualification tender process and short-listing of proponents completed COMMERCIAL

✓ Off-take agreements in place for 100% of all TNG products

✓ Project financiers mandated

Development

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Australian-based engineering and construction company, Clough, appointed for optimised layout at Mount Peake Mine Site Clough working with TNG’s Project Development team and the SMS group:

• Capitalise on improved constructability, operability and maintenance for the Project

• Significant cost optimisations from integrated infrastructure

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TIVAN® BENEFICIATION MINING PROCESSING PLANT FACILITY

Next Steps

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PERMITTING & APPROVALS

• ➢ Revise environmental assessment for the Mine Site

• ➢ Review mining management plan

• ➢ Liaise with the CLC on the Native Title Agreement

CONCLUDE ENGINEERING

& PRE-DEVELOPMENT ACTIVITIES

• ➢ Complete review of the Mount Peake Project Execution Model

• ➢ Complete optimised layout for integrated operation

• ➢ Appointment of EPC contractors

• ➢ Establish full Project Development Team

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PROJECT FINANCING ➢ Finalise debt & equity finance structure

• ➢ TNG Board Final Investment Decision

DEVELOPMENT

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TNG ADVANCING OTHER OPPORTUNITIES:

ENVIRONMENTALLY SUSTAINABLE BUSINESS AND RESOURCES

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Green Hydrogen

• ➢JV formed with Malaysian energy company AGV Energy to progress green hydrogen project in Darwin using the HySustain™ green hydrogen technology

• ➢HySustain technology can be used in other site locations

• ➢AGV has offtake arrangements in place

• ➢Green hydrogen significantly reduces carbon emissions and is a sustainable solution for global decarbonisation

• ➢The V forms part of TNG’s strategy for reducing net carbon emissions, including from the Mount Peake Project

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AGV Energy and its global partners are developing HySustain[™] to produce green hydrogen using electrolysis of water powered by 100% renewable energy with TNG

Vanadium Redox Flow Batteries - VRFB

• ➢Heads of Agreement joint venture with leading Singaporean-based battery technology development company, V- Flow Tech

• ➢Technology and process design study for a Vanadium Electrolyte production facility underway

• ➢Large scale Energy Storage Business plan completed

• ➢Suitable sites in WA and NT are under investigation

• ➢Support from government agencies

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Investment Highlights

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Advanced development of the Mount Peake Project; A large critical minerals and multi-commodity project Critical minerals will play an important role in the future of Australian resources Exposure to value-add Green Hydrogen and VRFB energy business focused on environmentally sustainable resources Green Hydrogen expected to be important in future Australian resources Disconnect between TNG’s Market Cap value and its Project Value creates significant investor opportunity.

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THANK YOU

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ASX : TNG
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