History and Company Overview
TVI is a publicly traded Canadian resource company focused on evaluating and acquiring interests in resource projects across the Asia-Pacific region.
TVI’s management boasts a proven track record of success, including developing the first foreign-invested mine in the Philippines following the enactment of the Philippine Mining Act of 1995. From 2004 to 2014, TVI achieved significant production milestones at the Canatuan mines, including:
105,200 ounces of gold,
1.8 million ounces of silver,
199,778 tonnes of copper concentrate, and
30,558 tonnes of zinc concentrate.
During this period, TVI was recognized as one of the most responsible mining operators in the Philippines.
Until 2014, TVI operated through its wholly owned Philippine subsidiary, TVI Resource Development (Phils.) Inc. (“TVIRD”). In December 2013, TVI divested control of TVIRD but retained a 30.66% interest in the joint venture, maintaining joint control and continuing to benefit from the subsidiary’s ongoing operations.
TVI Management’s Track Record and Current Projects
Agata Nickel/Iron Mine
TVI’s management has consistently demonstrated operational excellence, as evidenced by the success of the Agata Nickel/Iron Mine, operated by Agata Mining Ventures Inc. (AMVI). Operations began in October 2014, and as of January 31, 2024, AMVI has shipped an impressive 20.78 million wet metric tonnes (wmt) of nickel laterite through 382 shipments.
Despite announcing a planned cessation of operations in November 2022, AMVI successfully executed seven additional shipments through January 31, 2024. Rehabilitation activities have commenced in alignment with the Final Mine Rehabilitation and Decommissioning Plan (FMRDP). AMVI operates as a joint venture, with TVIRD holding a 60% interest, alongside Mindoro Resources Ltd. (15%) and Minimax Mineral Exploration Corporation (25%), with TVIRD serving as operator.
Balabag Gold-Silver Mine
TVIRD’s 100%-owned Balabag Gold-Silver Mine has been a flagship project since its first shipment of gold doré on September 30, 2021. As of September 30, 2024, Balabag has achieved 123 shipments, producing:
74,098 kg of doré,
104,638 ounces (oz) of gold (Au), and
2,208,713 oz of silver (Ag), totaling 130,429 gold equivalent ounces (AuEq oz).
Balabag’s success underscores TVIRD’s ability to bring projects online and deliver consistent production, contributing significantly to the company’s revenues.
Siana Gold Mine and Mapawa Project
On November 4, 2021, TVIRD acquired 100% equity in Greenstone Resources Corporation (GRC), owner of the Siana Gold Mine and Mapawa Project, located in Mindanao, Philippines. Previously associated with Red 5 Limited (ASX: RED), GRC reported combined historical Indicated JORC 2012 mineral resources of:
4.3Mt @ 4.6 g/t Au and 6.8 g/t Ag, and
Inferred resources of 0.5Mt @ 8.9 g/t Au and 10.6 g/t Ag.
While these figures are not treated as current resources under NI 43-101 standards, they underscore the potential of the assets pending further validation.
Key achievements at Siana include:
Completion of Tailings Storage Facility 6 (TSF-6), which is now operational for mill tail deposition.
Between December 2022 and December 31, 2023, 365,249 tonnes of low-grade stockpile material with an average grade of 0.68 g/t Au and 4.37 g/t Ag were milled.
By September 30, 2024, Siana had smelted and sold 1,887 kg of doré, containing 18,858 oz of Au and 40,675 oz of Ag.
Mabilo Project
On January 31, 2022, TVIRD acquired a 60% indirect interest in the Mabilo Project through its purchase of SageCapital Partners, Inc., which holds a controlling stake in Mt. Labo Exploration and Development Corporation (MLEDC).
Located in Camarines Norte, Philippines, Mabilo is a near-surface copper-gold-iron skarn deposit with significant potential for direct shipping ore (DSO) operations. A historical NI 43-101 Technical Report prepared by Lycopodium Minerals Pty Ltd. (filed May 2, 2016) outlined Probable Mineral Reserves of 7.8Mt @ 2.0% Cu, 2.0 g/t Au, 8.8 g/t Ag, and 45.5% Fe.
Progress at Mabilo includes:
Addressing organizational, permitting, and community-related matters.
A binding agreement signed with RTG Mining Inc. on May 23, 2023, to restructure Mabilo.
Finalizing permitting and financing plans, setting the stage for full-scale development.
Summary
TVI Pacific Inc. holds a 30.66% interest in TVIRD, which operates these strategically significant mines and projects. While TVI does not directly operate or control TVIRD’s ventures, its association ensures continuous portfolio growth and value creation.
With proven operational success, a diversified portfolio, and ongoing development of high-potential assets like Balabag, Siana, and Mabilo, TVIRD demonstrates its commitment to sustainable growth and operational excellence, making TVI Pacific an attractive investment opportunity.
As the previous 100% owner of TVIRD, TVI’s focus upon responsible mining established the framework through which TVIRD received and has continued to receive various environmental and safety awards for its exceptional performance. The following is a full record of past and current awards:
| TVIRD Canatuan | |
| 2010 | PMIEA Platinum Achievement Award, Surface Mining Category Best Mining Forest Program – 3rd Runner Up, Metallic Category PMIEA Safest Mineral Processing, Concentrator Category |
| 2011 | PMIEA Titanium Award, Surface Mining Category PMIEA Safest Mining Operation PMIEA Safest Surface Operation PMIEA Safest Mineral Processing, Concentrator Category |
| 2012 | PMIEA Platinum Award, Surface Mining Category Best Mining Forest Program – 3rd Runner Up, Metallic Category PMIEA Safest Mining Operation PMIEA Safest Surface Operation PMIEA Safest Mineral Processing, Concentrator Category |
| 2013 | PMIEA Titanium Achievement Award, Surface Mining Category Best Mining Forest Program – 2nd Runner Up, Metallic Category PMIEA Safest Mineral Processing, Concentrator Category |
| Agata Nickel Project | |
| 2014 | PMIEA Safest Exploration Runner Up |
| 2015 | PMIEA Titanium Achievement Award, Mineral Surface Mining Category |
| 2016 | PMIEA Titanium Achievement Award, Mineral Surface Mining Category |
| 2017 | PMIEA Platinum Achievement Award, Mineral Surface Mining Category |
| 2018 | Presidential Mineral Industry Environmental Award (PMIEA), Mineral Surface Mining Category |
| 2019 | Presidential Mineral Industry Environmental Award (PMIEA), Mineral Surface Mining Category Philippine Representative to the ASEAN Mineral Awards for Best Practices in Mining Metallic Minerals Distribution Category |
| 2021 | Presidential Mineral Industry Environmental Award (PMIEA), Mineral Surface Mining Category |
| Balabag | |
| 2022 | Presidential Mineral Industry Environment Award (PMIEA), Surface Mining Category PMIEA Safest Mining Operation, Surface Mining Category Best Mining Forest – Second Runner-Up, Surface Mining Category Rachel Pingkian: Best Mine Safety Supervisor Edwin Loreno: Best Safety Inspector |
| 2023 | PMIEA Platinum Achievement Award, Mineral Surface Mining Category |
| Greenstone Resources Corporation | |
| 2016 | PMIEA Platinum Achievement Award, Mineral Surface Mining Category |
| 2023 | PMIEA Platinum Achievement Award, Mineral Surface Mining Category |
TVIRD is currently focused on maximizing its valuation, which would also maximize its investment value for TVI, by focusing on the following areas of growth:
Operating and continuing ramp-up of gold production at its Balabag Gold-Silver Mine while adding additional reserves through ongoing exploration.
Ramp-up of commercial operations at the Siana Gold Mine while progressing near-mine exploration within its tenemen.
Advancing the Mabilo Project towards development and production.
Advancing the Pan de Azucar Project toward possible development and production.
Advancing the Agata Limestone Projects toward possible development and production.
Repeating its success by exploring and developing its large portfolio of exploration/development tenements while continuing to search for new resource properties that can be acquired, rapidly developed and placed into production.