Update On Proposed Offtake And Marketing Agreement Withgunvor (Singapore) For Remaining Vanadium Production

Australian resource and mineral processing technology company TNG Limited (ASX: TNG) (“TNG” or the

“Company”) provides an update on the negotiations for a life-of-mine Offtake and Marketing Agreement

(“Agreement”) with global commodity trader, Gunvor (Singapore), for 40% of the vanadium pentoxide that is

intended to be produced by the Company’s flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project

in the Northern Territory, Australia.

A Binding Term Sheet (as amended) was previously signed with Gunvor (see ASX announcements dated

11 December 2019 and 9 June 2020), under which the parties have been working to complete the Agreement. Due

to unforeseen circumstances, driven by the impact of the COVID-19 pandemic, the parties have mutually agreed to

extend the date for the targeted completion of the Agreement to 30 September 2020