TSX-V : TVI

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Nov 26, 2021 03:32 PM Pricing delayed 20 minutes

OTCQX : TVIPF

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Nov 24, 2021 10:21 AM Pricing delayed 20 minutes
Corporate
Presentation
Corporate Presentation Find out more about TVI through our latest Corporate Presentation GO TO CORPORATE PRESENTATION
The Balabag
Gold-Silver
Project
The Balabag Gold-Silver Project Find out more about the Balabag Gold-Silver Project WATCH VIDEO
The Canatuan
Experience
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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Overview

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

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

As at September 30, 2021, 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 336 shipments of 18.3 million wet metric tonnes of nickel laterite through to September 30, 2021.  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 has the unique advantage to ship all year-round.

Agata Nickel/Iron Project site

Agata Nickel/Iron Project site

The Agata limestone project is also held by AMVI and is located in the same Mineral Production Sharing Agreement (“MPSA”) area as the Agata Nickel/Iron project. On June 1, 2021, the Environmental Compliance Certificate (“ECC”) was received while endorsements from the required LGU have also been received for the project and the balance of the permitting process is continuing. AMVI is also currently considering two alternatives to proceed, which include: (1) To self-finance the construction and commissioning of the plant and to separately negotiate an offtake agreement; or, (2) To negotiate with a potential offtaker to finance the project into production with AMVI retaining majority ownership and operating control while the offtaker would have the exclusive right to market and sell the limestone products.

TVI announced on November 22, 2019, that TVIRD had determined to advance its 100% owned Balabag gold/silver project towards commercial production and on September 30th, 2021, completed its first shipment of gold doré from Balabag in the amount of 855 kg containing 932 ounces of gold (“Au”) and 25,959 ounces of silver (“Ag”) for 1,263 gold equivalent ounces.  Twenty-four-hour operation of the plant was introduced in late August 2021.  Activities at site continue to be concentrated on optimizing the operation and the ramping-up of throughput to 2,000 tonnes per day.

Pouring of gold doré at Balabag in September 2021.

Pouring of gold doré at Balabag in September 2021.

On September 20, 2021, TVIRD completed the acquisition of 100% of the outstanding equity in Greenstone Resources Corporation (“GRC” and the “GRC Shares”), the owner and operator of the Siana Gold Project (“Siana”) and the Mapawa Project (“Mapawa”), both of which are located in the southern Philippine island of Mindanao.  Prior to the acquisition by TVIRD, GRC was the Philippines affiliate of Red 5 Limited (“Red 5”) (ASX: RED), a Perth, Western Australian-based gold company, the shares of which are listed on the Australian Securities Exchange.  Red 5 has previously reported in their 2020 Annual Report a combined historical Indicated JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 4.3Mt @ 4.6 g/t Au and 6.8 g/t Ag and combined Inferred JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 0.5Mt @ 8.9 g/t Au and 10.6 g/t Ag.  TVI is not treating this as a current mineral resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects as a qualified person has not done sufficient work to classify the historical estimate as current.  TVIRD’s plan is to recommence operations at Siana as soon as possible and is presently developing plans in furtherance of this objective.  The assets acquired include a modern 1.1mtpa Outotec mill, a gravity and CIL mill facility commissioned in 2012 at a capital cost of US $54 million that includes a single stage SAG mill and 6 CIL tanks, various other infrastructure required to restart and operate the project, and established government approvals and relationships with key stakeholders.

Thickener at Siana Gold Plant, construction of which was completed by October 2014 with 
    pre-commissioning, dry-commissioning and wet commissioning completed in November 2014.

Thickener at Siana Gold Plant, construction of which was completed by October 2014 with pre-commissioning, dry-commissioning and wet commissioning completed in November 2014.
Source: Red 5 Limited ASX Activities Report for the 3 months ended 31 December 2014.

In addition to supporting the ongoing activities of TVIRD at Agata, Balabag, Siana and Mapawa, TVI's management team is now focused on repeating its operational success in new jurisdictions in the Asia Pacific Region and is searching for resource opportunities that can be rapidly developed and put into production.  

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 of the economic and social benefits reaped from the operations to ensure local support for expanded operations.