30 April 2021

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ASX ANNOUNCEMENT
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INVESTOR WEBINAR PRESENTATION

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) (“TNG” or the “Company”) is pleased to announce its participation in the Share Café Webinar - Micro/Small Cap "Hidden Gems" Webinar to be held today, Friday 30 April 2021, from 12:30pm AEST / 10:30am AWST.

The Company’s Chief Financial Officer, Jonathan Fisher, will provide an overview of the Company’s world-class Mount Peake Project.

To access further details of the event and to register at no cost, please copy and paste the following link into your internet browser:

https://us02web.zoom.us/webinar/register/5416151767246/WN_P62Lr1TpTIu 81aVNLc8ng

A recorded copy of the webinar will be made available following the event. A copy of the investor presentation to be delivered during the webinar is attached.

Authorised for release by:

Paul E Burton Managing Director & CEO

30 April 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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T +61 8 9327 0900 F +61 8 9327 0901

W www.tngltd.com.au E [email protected]

ASX CODE: TNG ABN 12 000 817 023

REGISTERED OFFICE Suite 20, 22 Railway Road Subiaco, Western Australia 6008

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BUILDING A GLOBAL STRATEGIC RESOURCES COMPANY

JONATHAN FISHER – CHIEF FINANCIAL OFFICER Share Café, 30 April 2021

Mount Peake Project Highlights

WORLD CLASS, DIVERSIFIED, LATE STAGE PROJECT FOCUSING ON THE CRITICAL MINERALS SECTOR

CRITICAL MINERALS FOCUS AND LONG LIFE, WORLD CLASS GEOLOGY IDEALLY LOCATED FOR INFRASTRUCTURE INNOVATIVE TIVAN® TECHNOLOGY GOVERNMENT SUPPORT PROVIDES REVENUE DIVERSIFICATION

➢ Favourable macro factors for critical / ➢ Mount Peake resource base supports 37 ➢ Existing Darwin to Adelaide railway line ➢ 100% TNG owned strategic minerals year initial life; with potential for ideally located to provide main transport ➢ Enables the separation of the
➢ Significant investor appetite as well as additional resource growth or additional infrastructure between Mount Peake and ferrovanadium titanomagnetite ore body projects to provide future feedstock Darwin
increasing importance of Energy Transition to recover 3 high quality revenue steams thematic ➢ Flat ore body with low strip ratio (1.1 to 1) ➢ Existing gas pipeline available to the
➢ Existing gas pipeline available to the Project
➢ Federal and NT Major Project status ➢ Mining via a conventional open pit granted operation
➢ Darwin Processing Facility to be located at Middle Arm, an area identified by Infrastructure Australia as a priority investment area.
➢ Inclusion in Federal Government Critical Minerals Processing Roadmap

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10-15% 3-5% 10%
premium premium premium
V O TiO Fe
2 5 2
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TIER-1 PROJECT PARTNERS

STRONG ESG CREDENTIALS

GLOBAL OFFTAKE SECURED DEVELOPMENT STATUS

➢ Leading engineering firm SMS group from ➢ Lower carbon intensity than traditional Germany processing technologies
➢ Highly experienced supporting engineering ➢ Vanadium is often known as the “Green partners – Snowden, CSIRO, METS, COMO, Metal” – significant use in renewable Ti-Cons energy applications
➢ KfW and KPMG Corporate Finance both ➢ TNG Energy business model to drive future mandated and progressing financing value add opportunities strategy

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➢ 100% of LOM offtake secured with global ➢ Finalisation of Darwin approvals tenure via partners Crown Lease (underway); EIS Supplement
- ➢ Majority of FEED work streams complete – COVID in Germany causing some minor delays
Woojin and Gunvor (Vanadium)
DKSH (Titanium)
Vimson (Iron Fines)
➢ Finalisation of Commercial Delivery proposal from SMS
➢ FID and finalisation of Funding

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Simple Concept : One Mine, One Upstream Processing Plant THREE HIGH VALUE, HIGH PURITY PRODUCTS

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

➢ Titanium Dioxide Pigments
➢ Vanadium Pentoxide
➢ Iron Oxide

Located in Excellent Jurisdiction NEAR ALL KEY INFRASTRUCTURE

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TIVAN® PROCESSING
FACILITY
MINE &
BENEFICIATION
4
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Earth Resources

ONE OF THE LARGEST VANADIUM DEPOSITS IN AUSTRALIA

➢ Typical titano-magnetite composition
➢ Flat ore body with low strip ratio (1.1 to 1)
➢ Two high grade vanadium pits
➢ Mining via a conventional open pit operation ➢ 37 year mine life

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Mineral Resource 160 million tonnes

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0.3% 5.3% 23.0%
V O TiO Fe
2 5 2
Concentrate Ore Grades
N
1.2% 16.1% 53.2%
V O TiO Fe
2 5 2
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Refer ASX Announcement dated 11 September 2019

Downstream Processing in Darwin, NT VALUE ADDING IN COUNTRY

➢Middle Arm Peninsula of Darwin Harbour
➢Close to railway line from Mount Peake
➢Gas supply available
➢Concentrate storage & transport logistics
➢Raw water supply and Infrastructure
➢Port capacity and configuration
➢Supportive NT government

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TIVAN® Processing Facility SMS DESIGN - SCHEMATIC FROM 3 FLY-THROUGH

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TIVAN® Leach
Acid Regeneration
Pigment Plant
Reduction Kiln Concentrate Storage
Administration
Laboratory
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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$141 Titano-magnetite 128kg TiO2 = US$461 Concentrate 708kg Fe2O3 = US$124

US$726 Pre-OPEX Estimate REVENUE

1 tonne

Titano-magnetite 6.93kg V2O5 = US$115 US$115 Concentrate Pre-OPEX Estimate

REVENUE

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TIVAN REALISES 4X 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 spot price assumptions of US$16,600/tonne for V2O5 (US$7.50/lb), US$3,600.00/t TiO2 pigment and US$175.00/tonne for high grade Fe2O3

Logistics Strategy in Place with One Rail Australia

MINE FLEET HAULAGE OF THE MAGNETITE CONCENTRATE THREE HIGH QUALITY THREE PRODUCTS ARE TRANSPORT MAGNETITE IS RAILED TO DARWIN HIGH PURITY SHIPPED TO CUSTOMERS THE ORE TO CONCENTRATE TO USING EXISTING RAIL PRODUCTS ARE VIA DARWIN EAST ARM THE ROM PAD RAIL SIDING INFRASTRUCTURE PRODUCED WHARF Mount Darwin TiO2 Pigment Peake Adnera Rail TIVAN® Beneficiation Siding Processing V2O5 Flake Plant Facility Fe2O3 Product

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Products Summary

Titanium Dioxide Pigment (TiO2)	Titanium Dioxide Pigment (TiO2)
TNG’s Average Production	100,000tpa(1.5% of world demand)
Main Usage	Paint, plastics, paper and inks
Off-take	LOM Offtake Agreement with DKSH to buyupto 100% of TNG’sproduction
% of TNG’s Estimated Revenue	Approximately60%
TNG Product Price	Expected 3% to 5%premium on marketprice as TNGproduct will be a high durablepigment

Vanadium Pentoxide (V2O5)	Vanadium Pentoxide (V2O5)
TNG’s Average Production	6,000tpa(3.2% of world demand)
Main Usage	Steel,superalloys,chemicals,catalysts and energystorage(VRB)
Off-take	LOM Offtake Agreement with Woojin to buy up to 60% of TNG’s production LOM Offtake Agreement with Gunvor(Singapore)to buyupto 40%of TNG’sproduction
% of TNG’s Estimated Revenue	Approximately30%
TNG Product Price	Expected 10% to 15%premium on marketprice for TNGproduct at 99.6%

Iron Oxide Fines (Fe2O3)	Iron Oxide Fines (Fe2O3)
TNG’s Average Production	500,000tpa(0.5% of world demand of fines)
Main Usage	Steelmaking
Off-take	LOM Offtake Agreement Vimson Groupto buy100% of TNG’sproduction
% of TNG’s Estimated Revenue	Approximately10%
TNG Product Price	Expected 10%premium on marketprice for TNGproduct above 64.4%

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Project Funding Strategy

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➢ KPMG Corporate Finance appointed to provide project finance team to assist TNG in securing total project finance for the development of Mount Peake

BANK FUNDING STRATEGY

EQUITY FUNDING STRATEGY

➢ Bank funding mandate awarded

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

➢ Export credit finance

➢ Specialist Financier
➢ Extensive expertise in Metals & Mining

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➢ Existing ASX shareholders ASX INVESTORS ➢ Australian institutional investors STRATEGIC ➢ Existing strategic shareholders INVESTORS ➢ New strategic investors INTERNATIONAL ➢ Institutional investors INVESTORS ➢ Considering other well-recognised OFFSHORE LISTING markets ➢ Existing off-take partners OFFTAKE PARTNERS ➢ New off-take partners DEVELOPMENT ➢ Project development partners PARTNERS ➢ Mining services groups

Approval Status

MOUNT PEAKE MINE SITE

➢Environmental approval received (State & Federal) ✓
➢Native Title Agreement executed with Traditional Owners ✓
➢Mineral Leases granted ✓
➢Mining Management Plan Review ✓

DARWIN TIVAN® PROCESSING FACILITY

➢Draft Environmental Impact Statement (EIS) ✓
➢EIS Supplement ✓

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➢Environmental Approval UNDERWAY
➢Land acquisition negotiations UNDERWAY
➢Regulatory entities for processing plant environmental and operational approvals UNDERWAY

Key Milestones COMPLETED

LAST 12 MONTHS

➢ Mount Peake Project awarded Federal Major Project Status
➢ Final stages of FEED Study design for the Mount Peake Project by SMS group
➢ LOM Off-take Agreement with Vimson Group for 100% of Hematite product
➢ LOM Off-take and Marketing Agreement with GUNVOR (Singapore) for the remaining 40% Vanadium Pentoxide
➢ Mining Management Plan for the Mount Peake mine site submitted
➢ Environmental Impact Statement for the Darwin TIVAN[®] Processing Facility submitted
➢ Authority Certificate for mining issued by AAPA
➢ Expansion of TIVAN[®] patent and TNG360 trademark
➢ KPMG Corporate Finance appointment
➢ New Facilitation Agreement executed with the Northern Territory Government
➢ Appointment of highly accomplished industry professionals for the finance, mining, processing and project development team
➢ Non-process infrastructure work streams at an advanced stage, with several tender processes already evaluated
➢ TNG & SMS group to develop low carbon hydrogen production technology to minimise TIVAN’s carbon footprint
➢ Heads of Agreement with V-Flow Tech for a joint venture to commercialise Vanadium Redox Flow Battery systems

Looking Ahead

MOUNT PEAKE PROJECT

➢ Completion of FEED
➢ Finalise permitting for TIVAN® Processing Facility site
➢ Project Delivery proposal
➢ TNG Board FID
➢ Finance
➢ Appointment of EPC contractors
➢ Establish full Project Development Team
➢ Commencement of development

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THANK YOU

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ASX : TNG
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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.

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