Tng Signs Binding Life-of-mine Offtake Agreement With Gunvor (Singapore) For Remaining Vanadium Production

Key Points
Life-of-mine Offtake and Marketing Agreement (“Agreement”) signed with major global commodity trader
Gunvor (Singapore) (“Gunvor”) for 40% of the proposed vanadium pentoxide production from TNG’s 100%-
owned Mount Peake Project (“Project”) in the Northern Territory.
The Agreement with Gunvor complements the existing offtake agreement in place with Korea’s WOOJIN for
60% of the proposed vanadium pentoxide production from Mount Peake.
Under the Agreement, Gunvor will purchase vanadium pentoxide FOB for marketing and distribution on a
global basis.
TNG now has completed binding life-of-mine offtake agreements for all three of its high-value, high-purity
products proposed to be produced at Mount Peake – vanadium pentoxide, titanium pigment and iron oxide.
Australian resource and mineral processing technology company TNG Limited (ASX: TNG) (“TNG” or the
“Company”) is pleased to announce that it has executed a binding life-of-mine Offtake and Marketing Agreement
with global commodity trader, Gunvor (Singapore), for 40% of the high-purity vanadium pentoxide that is intended
to be produced from the Company’s flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the
Northern Territory, Australia.
TNG intends to produce approximately 6,000 tonnes per annum of high-purity vanadium pentoxide from its TIVAN®
Processing Facility proposed to be located in Darwin (NT) – one of three high-value products to be produced from
the fully integrated Mount Peake Project for export to a global customer base.
Under the Agreement, Gunvor will purchase vanadium pentoxide FOB, for global marketing and distribution for a
fixed discount.
With the execution of this Agreement, TNG has now executed offtake agreements for all three proposed product
streams for the Mount Peake Project:
100% of vanadium pentoxide production between Gunvor (40%) and WOOJIN (60%; see ASX announcement
dated 7 September 2015);
75% and up to 100% of titanium pigment production (see ASX announcement dated 13 May 2019); and
100% of iron oxide production (see ASX announcement dated 27 July 2020).
The execution of this Agreement with Gunvor completes the Company’s offtake arrangements, and is a major
milestone underpinning the Company’s commercial strategy for Mount Peake.
Founded in 2000, Gunvor Group is one of the world’s largest independent commodities trading houses by turnover,
creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are
sourced and stored, to areas of high demand.
With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and
upstream—Gunvor further generates sustainable value across the global supply chain for its customers. In 2019,
Gunvor generated US$75 billion in revenue moving more than 198 million tonnes of physical commodities.