8 June 2022

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ASX ANNOUNCEMENT
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TNG PRESENTATION AT THE RESOURCES RISING STARS INVESTOR CONFERENCE

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) ("TNG" or the “Company”) is pleased to advise that its Chief Financial Officer, Jonathan Fisher, will be presenting at the “Resources Rising Stars Investor Conference” on the Gold Coast today.

Event: Resources Rising Stars Investor Conference Location: RACV Royal Pines Resort, Gold Coast, QLD Presenter: Mr Jonathan Fisher, Chief Financial Officer of TNG Limited Time: 8 June 2022 at 11.45am (AEST) / 9.45am (AWST)

Investors can watch the conference livestream at no cost by going to www.rrsinvestor.com.

A copy of the presentation is attached.

Authorised by:

Paul E Burton Managing Director & CEO

8 June 2022

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 [email protected]

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 MOUNT PEAKE A CRITICAL MINERALS PROJECT IN NORTHERN AUSTRALIA Resources Rising Stars Conference 2022 Jonathan Fisher – Chief Financial Officer June 2022

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 Critical Minerals Sector

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The Critical Minerals sector is getting an extraordinary level of support from government and interest from financiers and investors due to the long term energy transition thematic

Vanadium and Titanium have been identified by the Australian Government as critical minerals required to make advanced technologies that will support the global push for decarbonisation

Vanadium is known as “ The Green Metal ” and is a significant area of focus in the Critical Minerals investment theme due to its green credentials

However, Vanadium also has significant defence applications, most importantly in the military aerospace sector. It is irreplaceable in these uses

Current geopolitical issues are creating supply concerns for this highly important mineral. Russia is a major producer (and is also a major producer of titanium)

All of these is creating a environment which is highly supportive of new project development

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Source: iScience, Volume 24, Issue 11, 19 November 2021, “Assessing the role of vanadium technologies in decarbonizing hard-to-abate sectors and enabling the energy transition”

The Company

TNG INVESTOR HIGHLIGHTS

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Attractive exposure to the most in demand metals sector globally (critical minerals)

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Innovative processing technology provides significant competitive advantages over any other vanadium projects globally – maximises diversification and ESG outcomes

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TNG is methodically following steps required to finalise outstanding approvals and commence project development activities

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Exposure to value-add VRFB energy and Green Hydrogen business focused on environmentally sustainable resources

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Current disconnect between TNG’s Market Cap value and its Project Value

Commitment to the Development of Sustainable Operations

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ENVIRONMENTAL

SOCIAL

GOVERNANCE

✓ Green energy strategy focussed on developing TNG’s operations in a carbon-efficient way
✓ Supportive relationship with Land Councils, native titleholders and the community at large
✓ Compliance with all legislative and common law requirements affecting its business
✓ Partnerships for application of green hydrogen and use of Vanadium Redox Flow Batteries
✓ Development of the TIVAN® process enabling the extraction of three high quality products from the magnetite concentrate, instead of only one
✓ Environmental management incorporated into all long-term plans
✓ Communication and consultation with local communities and local businesses about all operations and their environmental management
✓ Upskilling of local workforce ✓ Opportunities for Indigenous engagement
✓ Forecast of ~1,600 jobs during construction phase and ~1,000 jobs during the operational phase
✓ Adoption of systems of control and accountability as the basis for the administration of corporate governance
✓ Commitment to corporate governance through TNG’s Board and Management
✓ Adoption of the ASX Corporate Governance Council - Corporate Governance Principles and Recommendations

Mount Peake Project Key Facts

➢ Advanced stage of engineering and approvals ahead of a Final Investment Decision
➢ Vertically integrated mining and advanced processing operation
➢ Major Project Status awarded by the Australian Federal Government and the Northern Territory Government
➢ TIVAN® technology enabling production of three high-purity products at commercial grade
➢ Large flat-lying, shallow vanadium-titanium deposits in Australia
➢ Off-take agreements in place with global groups for all commodities
➢ Partnerships with Tier 1 development companies
➢ Mining licences and most regulatory permits/approvals in place

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Economic impact results have been developed by ACIL Allen using the Tasman Global computable general equilibrium model. The ACIL Allen reliance and disclaimer found at www.acilallen.com.au applies to all results and information presented in this brochure.

Located in Excellent Jurisdiction 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. Vanadium Electrolyte (VE), Ferrovanadium (FeV)

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Optimised processing layout and simplified commissioning from single site 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

Resource

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
➢ Plant to be capable of accepting third party ores

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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

Vertically Integrated Business Plan

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TIVAN® Technology

“3[RD] GENERATION” OF MINERAL PROCESSING TECHNOLOGY

	Old Tech *Gen#1*	Improved Processes *Gen#2*	TIVAN® *Gen#3*
Description	Only able to recover vanadium, disposing titanium and iron value	Recover vanadium; achieve some value through saleable combined titanium / iron co-product	Fully separate and produce three high quality products
Product quality	✓	✓✓	✓✓✓
ESG	✓	✓✓	✓✓✓
Revenue diversification	✓	✓✓	✓✓✓
OPEX competitive	✓	✓✓	✓✓
CAPEX intensity	✓	✓✓	✓✓

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TIVAN® FLOWSHEET
Pre-
Leach
Treatme
nt
Vanadium /
Iron Solution
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TIVAN® Processing Technology Advantage

CONVENTIONAL PROCESS = 1 PRODUCT

TIVAN® PROCESS = 3 PRODUCTS

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Pyrometallurgical
Process
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V O
2 5 Flake
or FeV
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Titano-magnetite
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1 tonne

US$186 Pre-OPEX Estimate

Titano-magnetite 6.93kg V2O5 = US$186 Concentrate

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V O
2 5 Flake
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TIVAN®
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Mount Peake
Titano-magnetite
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TiO
2 Pigment
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Iron Oxide
Fines
Fe O
2 3
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1 tonne 8.53kg V2O5 = US$229 Titano-magnetite 128kg TiO2 = US$461 Concentrate 708kg Fe2O3 = US$95

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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 price assumptions as at 31 March 2022: US$26,808/tonne for V2O5 (US$12.16/lb), US$3,600.00/t TiO2 pigment and US$135.00/tonne for high grade Fe2O3

Vanadium Market – Overview

Vanadium Global Consumption

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170,000
160,000
150,000
140,000
130,000
120,000
110,000
100,000
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Steel Other VRFB
V (mt)
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Global Price for V O O 2 5 98% min, US$ /lb V2 5

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14
12
10
8
6
4
2
0
Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22
FOB China In-warehouse Rotterdam TNG production cost
U$ /lb V2O5
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Current Vanadium Market Dynamics

LONG TERM DEMAND; MEDIUM TERM STRATEGIC SECURITY

➢ Vanadium is GREEN!

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Strengthening steel; so
less steel needs to be used; which means
greater efficiency in use of scarce natural resources; and
steel production itself is emissions intensive so less steel used = less emissions = good

➢ Vanadium is also MAGIC!

4 different oxidation states (V[2+] , V[3+] , V[4+] , V[5+] )
other green use is redox batteries – highest quality v needed; this is a large area of growth (see next slides)

➢ Vanadium’s other important use area is in Defence

Previously used in Tank armour; but no so much these days
Currently IRREPLACABLE in high performance titanium vanadium alloys for aerospace applications
think fighter jet air frames and missiles.
Important in civilian aviation too
This is why US has designated Vanadium a strategic metal since the cold war and keeps a strategic stockpile of it
The US is a net importer of V

SUPPLY

➢ Largest global supplier of Vanadium are: • China
Russia
➢ Not ideal from a strategic security of supply situation
Australia – low political risk jurisdiction – strong global ally – significant vanadium reserves but negligible current production

Note: Russia also a large supplier of titanium

SO WHAT??

➢ Sanctions on Russia are likely not going anywhere soon….
➢ “Critical Minerals” sector has already seen massive industry tailwinds due to the macro decarbonisation / energy transition thematic – Vanadium benefits from this
➢ Additional security of supply issues for V
➢ Strong support for new western V projects to get up
➢ Significant area of focus for western governments – Strategic alliance between Australia and Korea on Critical Minerals, similar with USA
Security of supply from like minded nations

V O 2 5 for Vanadium Redox Flow Battery (VRFB)

✓ VRFB requires the highest V purity which can only be produced from the Primary Mine Output, with 20,434mt produced in 2020

Historical and outlook for VRFB installations, 2010-2030 (GWh)

✓ TNG plans to produce high purity V2O5 (99.6%)
✓ V constitutes 30-50% of the cost of VRFB
✓ Average estimated for 1kWh (April 2022): 9kg V2O5 or 5.040kg V making 55L VE (1MWh needs approximately 55,000 litres VE)

Historical and outlook for vanadium demand from VRFBs, 2010-2030

✓ 1 kg of V2O5 will produce approximately 6 litres of VE with approximately 2 mol/litre of V
✓ In 2030, the use of V2O5 for VRB will represent 10% of global use compared to 1% today

Source: Woodie Mackensie (Roskill)

VRFB – A Sustainable Energy Storage Battery

TNG is a member of Vanitec, the Vanadium International Technical Committee

Project Development

➢ Clough completed an integrated layout at Mount Peake Mine Site
➢ Clough working with TNG’s Project Development team and SMS to:
Capitalise on improved constructability, operability and maintenance for the Project
Progress value engineering and design and deliver an updated capital cost
➢ Revised Project Execution Strategy:
SMS to provide a commercial and technical proposal for engineering and procurement for the delivery of the key TIVAN® Processing Plant at the Mount Peake Mine Site
Discussions with Australian-based engineering and construction companies for the delivery of both processing plants and NPI, early contractor involvement strategies, BOO/T planning, and the project management structure

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The new Mount Peake Project integrated operation layout (south-east view) prepared by Clough based on the deliverables prepared under the FEED study completed by SMS Group

Mount Peake Project Readiness

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REGULATORY

✓ Federal & NT Environmental approval received for the Mine Site
✓ Mining Management Plan Review submitted
✓ Environmental Impact Assessment process for the TIVAN® Processing Facility underway

TENURE & SOCIAL LICENCE TO OPERATE

✓ Native Title Agreement executed with Traditional Owners; liaison on amendments underway
✓ Mineral Leases granted
✓ Federal and NT Major Project Status

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TECHNICAL

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

✓ Value engineering and design for the integrated single site being undertaken by Clough Engineers COMMERCIAL

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

✓ Financiers mandated and running process

Project Financing

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KPMG CORPORATE FINANCE AND GERMAN KFW IPEX-BANK WORKING TOGETHER ON DELIVERING THE PROJECT FINANCING

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PROJECT DEBT

PROJECT EQUITY

➢ KfW IPEX-BANK mandated to raise up to US$600m (AU$850m)
- ➢ Strong history of support from ASX for pre-development activities
✓ Specialist ECA Financier and commercial lender
✓ Extensive expertise in Metals & Mining
➢ Export credit finance portion; priority:
✓ German (SMS content),
✓ Korean (vanadium offtake, critical minerals partnership)

✓ Australian

➢ Multiple sources of development equity being progressed:
- ✓ Strategic equity investors – significant interest in new critical minerals projects to ensure future supply
- ✓ Offtake partners
- ✓ ESG / Energy transition funds / investors
- ✓ ASX portion through existing broking relationships
➢ Availability of green / energy transition centric loans and funds
- ✓ Potential for various government grant funds
  - Significant support to the critical minerals sector
➢ Australian government concessional lending bodies
✓ Critical Minerals sector is a strategic area of focus

Next Steps

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CONCLUDE ENGINEERING

& PRE-DEVELOPMENT

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PERMITTING ACTIVITIES

& APPROVALS

➢ Complete review of the Mount Peake Project Execution Model
➢ Lodge revised

environmental assessment

  - ➢ Complete optimised layout for integrated operation

for the Mine Site
➢ Review mining management plan
➢ Value engineering process to optimise CAPEX
➢ Liaison underway with the CLC on revisions to Native Title Agreement
➢ Appointment of EPC contractors
➢ Establish full Project Development Team

DEVELOPMENT

PROJECT FINANCING ➢ Finalise debt & equity finance structure

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➢ TNG Board Final Investment Decision

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THANK YOU

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ASX : TNG
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DEVELOPING MOUNT PEAKE

A CRITICAL MINERALS PROJECT IN NORTHERN AUSTRALIA