TVI Pacific Inc. provided an update with respect to the various mines and projects held and operated by TVI Resource Development Phils. Inc., TVIRD owns 100% of the Balabag Gold Mine which covers a 4,779-hectare Mineral Production Sharing Agreement located within the Municipality of Bayog, Province of Zamboanga del Sur and Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay, Mindanao, Philippines. TVI announced on November 22, 2019 that TVIRD had determined to advance Balabag towards commercial production and continuous milling operations commenced in July, 2021 with the first shipment of gold doré completed on September 30, 2021.

Optimization works to improve plant efficiency have included: The fabrication, installation and commissioning of a column flotation cell to upgrade the quality of feed to the Merrill Crowe to result in improved metal recoveries. The introduction of a lead acetate dosing regime to improve the dissolution of both gold and silver. An oxygen generator is expected to also be installed to further increase the efficiency of the cyanidation process.

Improvements in the powerhouse ventilation and insulation to prevent damage to the electronics and alternator windings of the gensets from moist air flowing through from the smelting room and assay laboratory. The testing of polyurethane screens to further increase the capacity of the carbon-in leach circuit's carbon interstage screens. The tailings storage facility is being constructed in stages to accommodate both the increased throughput and progressively increasing resources as they may be defined.

Ongoing placement of Zone 3 is proceeding together with construction of the Stage 3 spillway. TVIRD is continuing also to finalize a Phase 7 exploration program that includes additional in-fill, step-out and vein extension resource drilling and follow-up mapping of Balabag and its immediately surrounding area. This program is expected to commence in 2023 and is currently estimated to include 27 drillholes for a total meterage of 3,975 meters.

The primary focus of this program will be to more thoroughly explore and further define resources within an expanded ultimate pit and is to include lateral and down dip continuity of the West Tinago vein system, the southeast extension of South Tinago stockwork zones and the down dip continuity of the East Miswi and Lalab vein system. Phase 5A, Phase 5B and Phase 6 drilling results, which have included 11,094 meters drilled over 101 drillholes, have not yet been included in the most recent Mineral Resource estimate presented in the NI 43-101 Technical Report entitled "NI 43-101 Exploration Results and Mineral Resource Update Report on the Balabag Gold-Silver Project" and filed under the Company profile on SEDAR on July 20, 2021. That Technical Report, dated July 19, 2021, has been based only on drill results collected through to completion of the Phase 4 drilling program in December 2020.

TVIRD has thus far made seven (7) payments against the Facility, each in the amount of $2.2 million and each including an approximate $0.2 million of interest, bringing the total principal repaid to date against the $28.5 million Facility to $13.3 million. The purpose of the Facility has been to finance development activities at Balabag. TVIRD owns 100% of Siana through its 100%-owned subsidiary, Greenstone Resources Corporation.

The mine covers a 3,289-hectare MPSA in addition to 100% of the neighboring 1,482-hectare MPSA No. 280-2009-XIII for the Mapawa Project and the Ferrer Claim. With all required permits in place for re-commencement of operations, rehabilitation of the processing plant at Siana is proceeding and includes the restoration and repair of the plant equipment.

To date, rehabilitation works have been completed as they relate to the crushing plant and the reagent circuit while work continues with the grinding circuit, the CIL and detoxification area, the elution and electrowinning area, and the power plant. The crushing plant is now undergoing early testing and commissioning using the ore stockpile and the filling of the CIL and detox tanks with water has also already commenced in preparation for the tank hydrotesting and air compressor pressure testing. Air and water supply commissioning is already ongoing.

Dewatering and waste stripping of the Siana pit are proceeding together with TSF6 road construction, excavation and embankment placement works. Construction of TSF6 forms part of the critical path to the restart of operations. The ore stockpile currently approximates 350 thousand tonnes.

The TVIRD Exploration team has also commenced a review of past drilling data of GRC that includes a total of 558 drillholes with an aggregate of 80,705.33 meters total meterage. Of the total drillholes included in the drill database file, only 504 drillholes have complete log data in the database which equates to 77,789.71 meters.