TVI is a publicly traded Canadian resource company focused on the
evaluation and acquisition of interests in resource projects in the Asia
Pacific region.
TVI management’s track record of success includes putting 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 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 from the Canatuan
mines and was recognized as one of the most responsible miners in the
Philippines. 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.
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 since shipped a total
of 20.56 million wet metric tonnes of nickel laterite through 378
shipments as at June 30, 2023. TVIRD announced that AMVI would cease
operations at the end of November 2022 but has been successful thus far in
completing five additional shipments through the seven months ended July
31, 2023, bringing the total shipments to date to 20.67 million wet metric
tonnes of nickel laterite through 380 shipments. AMVI is a joint venture
company between TVIRD (60%), Mindoro Resources Ltd. (NEX:MIO.H)
(“Mindoro”) (15%) and Minimax Mineral Exploration
Corporation (“Minimax”) (25%), in which TVIRD is
operator.
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 June 30, 2023, fifty-eight (58) shipments had
been completed in the amount of 44,056 kg doré containing 58,243 ounces of
gold (“Au”) and 1,311,770 ounces of silver (“Ag”) for
73,234 gold equivalent ounces (“AuEq oz”). A further four
(4) shipments have been completed since June 30, 2023 and through to July
31, 2023, bringing the total number of shipments since completion of the
first shipment on September 30, 2021 to 62 shipments in the amount of
76,428 AuEq oz. Plant throughput in July 2023 averaged 2,088 tonnes per
day (“tpd”) and 2,304 tpd for the seven months ended July
31, 2023. The tailings storage facility (“TSF”) is being
constructed in stages to accommodate both the increased throughput and
progressively increasing resources as they may be defined. Placement of
Zone 3 is continuing to proceed.
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 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 has progressed with rehabilitation
of the plant to the stage that soft commissioning commenced on December 9,
2022 and is continuing. As of June 30, 2023, 420 kilograms of doré
containing 4,752 ounces of Au and 8,457 ounces of Ag have been smelted and
a total of 315 kilograms of doré containing 4,350 ounces of Au and 5,490
ounces of silver have been shipped through the period of soft
commissioning. The construction of TSF-6 continues to make significant
progress.
TVIRD has gained a 60% indirect interest in the Mabilo Project
(“Project”) through having acquired on January 31, 2022,
all the outstanding capital stock of SageCapital Partners, Inc.
(“SageCapital”). 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 at Mabilo while considering next steps and announced
on May 23, 2023 that TVIRD and SageCapital have signed a binding agreement
(the “Agreement”) with RTG with respect to an agreed
restructuring of Mabilo. The Agreement provides the opportunity to now
focus on finalizing the remaining permitting matters and financing plans
for Mabilo, together with surface rights, following which a commitment to
development is expected to be formalized by the Board of MLEDC.
TVI does not operate or control any of the mines or projects of TVIRD.
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 is currently focused on maximizing its valuation, which would also
maximize its investment value for TVI, by focusing on the following areas
of growth:
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Operating and continuing ramp-up of gold production at its Balabag
Gold-Silver Mine while adding additional reserves through ongoing
exploration.
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Advancing development and the restart of commercial operations at its
Siana Gold Mine.
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Advancing the Mabilo Project towards development and
production.
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Advancing the Pan de Azucar Project toward possible
development and production.
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Advancing the Agata Limestone Projects toward possible
development and production.
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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.
- Progressing plans to list on the PSE.