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Sep 22, 2021 11:45 AM Pricing delayed 20 minutes


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Corporate Presentation Find out more about TVI through our latest Corporate Presentation GO TO CORPORATE PRESENTATION
The Balabag
The Balabag Gold-Silver Project Find out more about the Balabag Gold-Silver Project WATCH VIDEO
The Canatuan
The Canatuan Experience Click here to review TVI's history of success at the Canatuan project GO TO THE CANATUAN EXPERIENCE

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TVI Pacific Inc. (“TVI”) placed the first foreign invested mine into production in the Philippines after the passage of the Philippine Mining Act of 1995. From 2004 to 2014, TVI, as operator of the Canatuan gold-silver/copper-zinc mine, produced 105,200 ounces of gold, 1.8 million ounces of silver, 199,778 tonnes of copper concentrate and 30,558 tonnes of zinc concentrate and was recognized as one of the most responsible miners in the Philippines, committed to the highest levels of safety, environmental stewardship and sustainable development. Up until 2014, TVI carried out its work through its 100% owned Philippine operating subsidiary, TVI Resource Development (Phils.) Inc. (“TVIRD”), of which it has divested control in December 2013 but maintains a 30.66% interest in this joint venture, where TVI has joint control.

Views of Canatuan gold-silver/copper-zinc mine during its time of operation.

As at December 31, 2020, Canatuan is in the process of completing its final rehabilitation activities under the supervision of the Multi-Partite Monitoring Team (“MMT”) that includes members of the Local Government Units (“LGU”), representatives of the local community, the municipal and provincial government, and the Department of Energy and Natural Resources (“DENR”, as representatives of the national government).

TVI management’s track record of success has continued with the Agata Nickel/Iron project, Agata Mining Ventures Inc. (“AMVI”), which commenced operations in October 2014 and has since completed a total project-to-date of 298 shipments of 16.24 million wet metric tonnes of nickel laterite through to December 31, 2020. AMVI is a joint venture company between TVIRD (60%), Mindoro Resources Ltd. (“Mindoro”) (15%) and Minimax Mineral Exploration Corporation (25%), in which TVIRD is operator. The Agata Nickel/Iron Project site is strategically located within proximity to main markets in Asia and bears the opportunity for shipping all year round.

The Agata limestone project is also held by AMVI and is located in the same Mineral Processing Sharing Agreement (“MPSA”) area as the Agata Nickel/Iron project. As at December 31, 2020, AMVI is continuing to evaluate the feasibility of commencing a limestone direct shipping ore (“DSO”) operation or producing hydrated lime and a higher value ground calcium carbonate product marketable to the paper and plastics industries in Asia and in February 2020 the application for the Environmental Compliance Certificate (“ECC”) commenced. Receipt of the ECC is expected in the first quarter of 2021. Endorsements from the required LGU have been received for the project and the balance of the permitting process is continuing and is expected to be completed in 10 to 12 months from the current date.

On November 22, 2019, TVI announced that TVIRD had determined to advance the Balabag gold/silver project towards commercial production and was progressing with various development works. The project is situated approximately 75 kilometers (47 miles) east-northeast of TVIRD’s Canatuan mine. As at December 31, 2020, commissioning of the front-end circuits of the process plant is continuing and has included low grade ore being fed through the crushing area for the purpose of debugging the Mill. Critical remaining works include the Tailings Storage Facility (“TSF”) where stripping and removal of waste materials and the placement, spreading and compaction of numerous layers is continuing.

Aerial view of the Mill Plant Site of the Balabag Gold Project on November 15, 2020.

In addition to supporting the ongoing activities of TVIRD at Agata and Balabag, the Company is now focused on repeating its direct success at Canatuan by searching for new resource opportunities in the Asia Pacific Region. At December 31, 2020 also, TVI directly held a (i) a 2.97% equity interest in the shares of Integrated Green Energy Solutions Ltd (“IGES”); (ii) a 14.4% equity interest in the shares of Mindoro; and (iii) a 100% investment in shares of TG World Energy Corp. (“TG World”).

Resource Acquisition and Development Strategy

Management’s resource acquisition and development strategy is centered around the idea of Bootstrap Growth:

  • Acquire or joint venture with companies on resource deposits that may have a modest initial resource size but with the potential for significant resource growth;
  • Begin operations as quickly as possible to generate revenues and cash flow;
  • Use cash flows from operations to fund further exploration to grow the resource and expand operations.

Benefits of the Bootstrap Growth Strategy include:

  • Low upfront capital expenditures – lower risk;
  • No or minimal dilution to shareholders as growth is self-financed;
  • Demonstration to local communities and government entities the economic and social benefits reaped from the operations to ensure local support for expanded operations.