Austrade Critical Minerals Prospectus re TNG

The Mount Peake Project is an advanced critical minerals project that is progressing through final engineering optimisation, processing approvals and confirmation of capital requirements in support of a final investment decision. The Project will be an integrated mining and processing operation, with value-add downstream processing for final products undertaken in Australia. TNG has secured offtake agreements for 100% of production with an impressive group of global offtake partners. TNG is seeking debt and equity funding for development, supported by Germany’s KfW IPEX-Bank and KPMG Corporate Finance. TNG has received a total of up to A$800 million in conditional Letters of Support/Interest for Mount Peake from Australian, German and Korean Government backed funding sources. TNG is also progressing a number of potential strategic equity opportunities.Mount Peake is a world-scale integrated critical minerals project that will produce high-purity vanadium pentoxide (V2O5), titanium pigment (TiO2) and iron fines for global markets. The Project is well advanced, with a FEED study completed, Mining Licences granted, Native Title agreement secured and mine development environmental approvals in place. Mount Peake hosts a JORC Compliant Resource of 160 million tonnes, making it one of the largest undeveloped vanadium-titanium-iron projects in the world. The project will operate a conventional open pit mine over a 37-year initial mine life, using TNG’s 100% owned TIVAN® processing technology to convert magnetite concentrate into the three high purity final products.Mount Peake has Major Project Status with both the Federal and Northern Territory Governments.Mineral inventoryCommodity(ies):Mineral Resources as at 26 March 13 (0.1% V2O5 cut-off)Ore Reserves as at 31 July 15(15% Fe cut-off)Vanadium, Titanium, IronMeasured InferredProbable118 0.29 5.50 22 0.22 4.4041.1 0.42 7.9924.00 19.0028.00TonnesV2O5TiO2FeResource Category(Mt)(%)(%)(%)Indicated200.285.3022.00Total1600.285.3023.00Contained (kt)4488,48036,800TonnesV2O5TiO2FeReserve Category(Mt)(%)(%)(%)Total41.10.427.9928.00Contained (kt)1733,28411,508Project StatusPre-ConstructionOfftake AvailableNoMin Mine Life (Yrs)37Pre-tax IRR:Currently being updatedCapital Cost:Currently being updatedPre-tax NPV:Currently being updatedProduct & Annual Production Rate• Vanadium Pentoxide:6,000 tpa• Titanium Dioxide Pigment: 100,000 tpa• Iron Oxide: 500,000 tpaAustralian Critical Minerals Prospectus 2022 77VVanadium