TSX-V : TVI

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Dec 05, 2022 02:32 PM Pricing delayed 20 minutes

OTCQX : TVIPF

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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”) has been recognized as one of the most responsible miners in the Philippines after having placed the first foreign invested mine into production following 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. Committed to the highest levels of safety, environmental stewardship and sustainable development, TVI carried out its work at Canatuan through TVI Resource Development (Phils.) Inc. (“TVIRD”), of which it owned 100% up until 2014 and then divested in part to result in joint control of TVIRD with Prime Resources Holdings, Inc. ("PRHI"), a private Philippine investment corporation and wholly-owned subsidiary of Prime Asset Ventures, Inc. (“PAVI”) which is in turn a member of the Villar Group. TVI Pacific currently holds a 30.66% interest in TVIRD.

Canatuan mine

View of Canatuan copper-zinc mine during its time of operation in 2013.

As at October 31, 2022, Canatuan continues to be 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 mine, Agata Mining Ventures Inc. (“AMVI”), which commenced operations in October 2014 and has completed through to October 31, 2022, a total project-to-date of 371 shipments of 20.20 million wet metric tonnes of nickel laterite. 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.

Agata Mine

View of Agata Nickel/Iron Mine site in operation in 2017.

The first shipment of gold doré from TVIRD’s 100%-owned Balabag Gold-Silver mine (“Balabag”) was completed on September 30, 2021, and through to November 18, 2022, thirty-one (31) shipments have been completed in the amount of 32,471 kg of gold doré containing 38,058 ounces of gold (“Au”) and 984,292 ounces of silver (“Ag”) for 49,458 gold equivalent ounces (“AuEq oz”). The project is situated approximately 75 kilometers (47 miles) east-northeast of TVIRD’s Canatuan mine. Twenty-four-hour operation of the plant was introduced in late August 2021 and a focus to optimize the operation has continued and has thus far resulted in a significant increase in average mill throughput and plant availability to 2,191 tonnes per day (“tpd”) and 92%, respectively, in the month of October 2022. TVIRD has advised that commercial production was achieved at Balabag effective November 1, 2021. The Tailings Storage Facility (“TSF”) continues to be constructed in stages to accommodate progressively increasing mineral resources as they are defined.

Balabag Mine

Mill Plant Site of the Balabag Gold Mine on September 30, 2021.

On November 4, 2021, TVIRD completed its acquisition of 100% of the outstanding equity in Greenstone Resources Corporation (“GRC”), the owner and operator of the Siana Gold Mine (“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 (“ASX”). Red 5 previously reported in their 2021 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. The Siana Mine was acquired by TVIRD complete with a modern 1.1mtpa Outotec mill that includes a single stage SAG mill and 6 CIL tanks, grid power with a back-up 8MW diesel fired power station, and other significant infrastructure that includes administration buildings, warehouse, mess hall, camp facilities and accommodation, engineering building and maintenance facilities. Rehabilitation of the processing plant is proceeding with some key processes at October 31, 2022, now undergoing early testing and commissioning using the ore stockpile. Dewatering and waste stripping of the Siana pit are also proceeding together with TSF6 road construction, excavation and embankment placement works.

Siana Gold Processing Plant

View of the Siana Gold Processing Plant July 2022.

On January 31, 2022, TVIRD obtained control of SageCapital Partners, Inc. (“SageCapital”) through the acquisition of all of its outstanding capital stock. SageCapital is a holding company incorporated under the laws of the Philippines which, in turn, owns 60% of the outstanding capital stock of Mt. Labo Exploration and Development Corporation (“MLEDC”), a Philippines mining and minerals exploration development company whose projects are based in Camarines Norte, Philippines, and which is the owner and operator of the Mabilo Project (“Mabilo”). With a near-surface deposit, Mabilo has potential for direct shipping ore (“DSO”) operations and it is contemplated that mining will use an open-pit mining method. The Mabilo mineralized deposit is classified as a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite (Fe3O4) and pyrite (FeS2). A NI 43-101 Technical Report prepared by Lycopodium Minerals Pty Ltd. and filed on May 2, 2016, under the SEDAR profile of RTG Mining Inc. (“RTG”), which holds a 40% interest in MLEDC through SRM Gold, reflects a historical Probable Mineral Reserves estimate of 7.8Mt at 2.0% Cu, 2.0g/t Au, 8.8g/t Ag and 45.5% Fe for Mabilo. TVIRD is currently proceeding with various organizational, community-related, permitting and site clean-up matters while considering next steps at Mabilo.

The Agata limestone project, also held by AMVI and in which TVIRD has a 60% interest, is located in the same Mineral Production Sharing Agreement (“MPSA”) area as the Agata nickel/iron mine. 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. It is expected that if the Agata Limestone project is to proceed, it will benefit from the use of the same infrastructure that has been developed to operate the Agata nickel/iron mine, including all administration buildings and offices, the laboratory, maintenance facilities, site roads and the port.

TVI does not operate or control any of the mines or projects of TVIRD.

In addition to supporting the ongoing activities of TVIRD at Agata, Balabag, Siana and Mabilo, 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.