Page 1

TNG LIMITED ASX ANNOUNCEMENT 29 October 2021 September 2021 Quarterly Activities Report TNG to progress a fully - integrated operation at the Mount Peake Mine Site | Appointment of engineering and construction company Clough | Project Development Agreement executed with green energy company AGV | METS engaged for vanadium electrolyte production facility study SUMMARY MOUNT PEAKE PROJECT - VANADIUM - TITANIUM - IRON ( NT ) ( TNG : 100 % ) During the quarter , TNG advised it would progress development with an alternative site for the downstream TIVANⓇ Processing Facility ( " TPF " ) , at the Mount Peake mine site . The Company plans to develop the Mount Peake Project as a fully - integrated mining and processing operation within its existing Mining Leases at the Mount Peake mine site , located 235km north - west of Alice Springs in the Northern Territory . Subsequent to quarter - end , TNG appointed Clough Projects Australia Pty Ltd to develop the consolidated plant layout for the fully - integrated operation . • In July , SMS group ( " SMS " ) submitted the technical Front - End Loading ( " FEL ” ) - 3 report for the TPF to TNG's in - house Project engineering and development team ( “ Team ” ) and advised that the Front - End Engineering and Design ( " FEED " ) study for the Mount Peake Project had been completed . This is under review following the change in the location of the TIVANⓇ processing facility . TNG and SMS continue to progress the preparation of a revised Project Execution Model designed to address the ongoing commercial and logistical challenges associated with the global COVID - 19 pandemic . TNG GREEN ENERGY STRATEGY In September , the Company executed a Project Development Agreement with Malaysian - based green energy company AGV Energy & Technology to jointly and exclusively develop green hydrogen production projects in Australia using the " HySustain " technology developed by AGV and its partners . In August , TNG engaged Perth - based mineral process engineering group METS Engineering to undertake a technology and process design study for a vanadium electrolyte production facility for the Company's vanadium redox flow battery business unit . CORPORATE The Company's cash position at 30 September 2021 was $ 7.2 million . ASX CODE : TNG ABN 12 000 817 023 REGISTERED OFFICE Suite 20 , 22 Railway Road Subiaco , Western Australia 6008 T +61 8 9327 0900 W www.tngltd.com.au F +61 8 9327 0901 E corporate@tngltd.com.au